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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.11% Silver: 0.55% Gold: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nwOjSyoAbq
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: -0.03% 🇯🇵JPY: -0.04% 🇨🇭CHF: -0.09% 🇨🇦CAD: -0.18% 🇦🇺AUD: -0.30% 🇬🇧GBP: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zrfx5KPV5X
  • EU's Šefčovič: says Brexit talks are difficult but constructive $GBP
  • 🇫🇷 Unemployment Benefit Claims (OCT) Actual: -56.6K Previous: -15.2K https://www.dailyfx.com/economic-calendar#2020-11-25
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: France 40: -0.17% US 500: -0.18% Wall Street: -0.25% Germany 30: -0.36% FTSE 100: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/arymbmpUKF
  • Heads Up:🇩🇪 Bundesbank Wuermeling Speech due at 11:15 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-11-25
  • As a trader do you know when the markets let you take a break? Find out when the stock markets are closed. Check out @DailyFX holiday calendar here. https://t.co/M3ndtjxrOd https://t.co/EZ7emLN3F6
  • Heads Up:🇫🇷 Unemployment Benefit Claims (OCT) due at 11:00 GMT (15min) Previous: -15.2K https://www.dailyfx.com/economic-calendar#2020-11-25
  • 🇿🇦 Business Confidence (Q4) Actual: 40 Previous: 24 https://www.dailyfx.com/economic-calendar#2020-11-25
  • Heads Up:🇿🇦 Business Confidence (Q4) due at 10:00 GMT (15min) Previous: 24 https://www.dailyfx.com/economic-calendar#2020-11-25
Webinar: GBP and EUR Rally Closer to Longer Term Pivots

Webinar: GBP and EUR Rally Closer to Longer Term Pivots

2017-09-18 19:19:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

The video above is a recording of a US Opening Bell webinar from September 18, 2017.

Looking for methods to improve your trading, check out this guide on Traits of Successful Traders guide.

In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on several key markets for this week. Some of the key markets we analyzed (not in this order) include GBP/USD, EUR/USD, EUR/GBP, USD/JPY, gold, oil, Dow Jones Industrial Average, USD/CAD, AUD/USD.

As the headline suggests, even though Cable has punched higher as the interest rate expectations climb for the Bank of England, we think GBP/USD is in a terminal pattern higher. Though GBP/USD has broken above 1.3450, we think a top is looming nearby. From a longer term perspective, we are anticipating a wave 4 top to form from nearby levels. On the intraday chart, there appears to be a couple more jabs at higher prices. The weekly Ichimoku analysis shows GBPUSD can toy around within 1.37 for the next couple of weeks and still be ‘normal’ within the context of the up wave.

EUR/USD appears to be grinding in a sideways triangle. Once this triangle exhausts, we would be surprised to see it poke it head up to 1.22. There are two wave relationships sitting on top of each other near 1.22. You have the 50% retracement level from May 2014 to the March 2015 low. In addition, wave C of the expanded flat correction is 1.618 times the length of wave A at 1.22. Therefore, we anticipate a reaction to occur near here.

Taking the EUR/GBP cross, we think the odds are shifting towards new highs above .9300. The pattern appears to be displaying an impulse from the April 18 low, which shifts the bias to the upside. We think the April 18 low of .8297 is an important low and therefore becomes a key level. So long as we are above .8297, look for a resumption of the up trend to continue.

USD/JPY appears to be in the early stages of a large up trend. We wrote on Friday how a move above 111.60 sets the stage for continued higher prices. Absent a break out that holds above that level, consider a set back towards 109.60 to be another buying opportunity.

Crude oil prices may have begun to exit the longer term triangle pattern. If that is the case, then crude oil may soon retest $55. In the near term, softness back towards $48 is not out of the question. Much below $48 and we may need to consider the triangle pattern still on going.

Gold prices have sold off today. We wrote last week how we were anticipating a dip back towards $1310 to as the bullish pattern appears poised to retest $1375. Gold has pressed the extremes of this range dipping to $1305. Therefore, if a rally does not begin soon, then we may have to re-evaluate the wave picture and consider the ‘c’ wave of a larger triangle pattern complete.

Learn more about trading with Elliott Wave by grabbing these beginner and advanced EW guides.

Are you new to trading FX? We created this guide just for you.

---Written by Jeremy Wagner, CEWA-M

Discuss these markets with Jeremy in Monday’s US Opening Bell webinar.

Follow me on Twitter at @JWagnerFXTrader .

See Jeremy’s recent articles at his Bio Page.

To receive additional articles from Jeremy via email, join Jeremy’s distribution list.

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

DISCLOSURES