News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/cQwbeZ6Feq
  • #Oil prices saw a reprieve to the recent selling pressure but remain at risk while below downtrend resistance. Here are the levels that matter on the #WTI technical chart. Get your #commodities update from @MBForex here: https://t.co/CcXsF3JCMH https://t.co/RUmS1cX52v
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/boEI8RuQdC
  • The growth-linked New Zealand Dollar may rise on the upcoming #RBNZ rate decision following rosy economic data. However, downside potential in the S&P 500 could offset $NZDUSD gains. Get your #currencies update from @ddubrovskyFX here: https://t.co/LfCe6C6G3P https://t.co/kUeBxxeaEf
  • It was a quiet week in Aussie as $AUDUSD put in its second consecutive week of indecision. But taking a more granular look highlights the potential for a reversal scenario. Get your #currencies update from @JStanleyFX here: https://t.co/PPK20nubAf https://t.co/0nfmRRFNnz
  • The S&P 500 pushed the market's comfort with a head-and-shoulders pattern through Friday's close. What should we look for in technical patterns, overlapping fundamental tides and speculative positioning for the likes of $EURUSD next week? https://www.dailyfx.com/forex/video/daily_news_report/2020/09/19/EURUSD-Pressure-Building-while-Anxious-Traders-Weigh-Did-SP-500-Break.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/lgVJVwi8th
  • Sterling remains trapped by overarching fundamentals drivers and both $GBPUSD and $EURGBP are going to have to wait until the Brexit dust settles. Get your #currencies update from @nickcawley1 here: https://t.co/vF1K1cy0nd https://t.co/NSA7qiQihc
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/d9EmTOHyTv
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/xqbUxwWgTZ
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/Gi8LHCT5sB
USD Price Action Setups Ahead of Yellen

USD Price Action Setups Ahead of Yellen

2017-07-11 19:13:00
James Stanley, Strategist
Share:

- If you’re looking for trading ideas, check out our Trading Guides. And if you’re looking for ideas that are more short-term in nature, please check out our IG Client Sentiment.

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

- In this webinar, we used price action to analyze macro markets ahead of tomorrow’s Humphrey Hawkins testimony from Fed Chair Janet Yellen in front of Congress.

- The center of our discussion was the U.S. Dollar as shown in ‘DXY’. The Dollar remains extremely weak, and just ahead of our webinar, a tweet from Donald Trump Jr. appeared to illicit some interest across FX markets, and the Dollar was sliding lower during much of the session. This was a big part of our quarterly forecast, as myself and John Kicklighter looked at continued downside for the Greenback going into Q3.

- We then moved over to EUR/USD, which has just hit my first objective from last week’s Analyst Pick. I’m looking for additional upside here in the pair, but re-entry would need pullback so that support can be used to base risk management. We looked at a series of topside targets above 1.1500, including 1.1615 and 1.1714.

- We then moved over to GBP/USD, which I took a stop on earlier. As we’ve been discussing around this pair, there is the potential for more topside. As long as support shows north of the prior swing-low around 1.2750, bullish approaches could be utilized with the goal of topside trend resumption.

- We then moved over to AUD/USD, which ran into a long-term down-ward sloping trend-line last week. The pair appears to have put in the initial stages of a breakdown, and this could open the door to bearish strategies in the direction of the longer-term trend.

- We then looked at NZD/USD, which has put in a robust reaction to a confluent zone of resistance. Given the veracity of the bullish run until resistance came into play, traders may want to look for a bit of additional confirmation before looking to press the underside of the pair. For those that are looking to place near-term NZD-weakness strategies, AUD/NZD could be more attractive.

- GBP/JPY – we looked at the prospect of bullish continuation in GBP/JPY. The pair has put in an aggressive bearish move to run down towards prior support around 146.00. We looked at how a trader can use price action in the attempt of confirming support before looking at taking on bullish exposure.

- EUR/JPY – The parabolic move has continued, and price action is now well-elevated from the 130.00 psychological level. While the trend is very attractive here, prices are massively overbought, and I want to wait for some element of support before being able to add long exposure.

--- Written by James Stanley, Strategist for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES