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. See our updated Privacy Policy here.

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
Oil - US Crude
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
More View more
Real Time News
  • The Citi Economic Surprise Index tracking the US just turned negative for the first time since June 2020 This means economists are now overestimating the health and vigor of the economy, opening the door to disappointment ahead This does note bode well for NFPs next week...
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.00% 🇨🇭CHF: -0.04% 🇪🇺EUR: -0.05% 🇦🇺AUD: -0.09% 🇨🇦CAD: -0.13% 🇳🇿NZD: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/yZQPhHsvEr
  • Heads Up:🇸🇬 Unemployment Rate Prel (Q2) due at 02:30 GMT (15min) Previous: 2.9% https://www.dailyfx.com/economic-calendar#2021-07-30
  • Amazon Earnings Cast a Shadow on Nasdaq 100. APAC Stocks to Open Mixed https://www.dailyfx.com/forex/market_alert/2021/07/30/Amazon-Earnings-Cast-a-Shadow-on-Nasdaq-100-APAC-Stocks-to-Open-Mixed.html https://t.co/R5aoytGQvQ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.22%, while traders in Wall Street are at opposite extremes with 77.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/DdoKAC3hFV
  • Delta Variant accounts for 92% of new Covid cases in the US https://t.co/Ub43kJfk3L
  • Crude oil prices are trading largely unchanged following last week's rebound as the Delta variant of Covid and Chinese regulatory measures temper the near-term demand outlook. Get your market update from @FxWestwater here:https://t.co/T3oQa9qksd https://t.co/WdLYBIYQKU
  • The British Pound could remain vulnerable against the US Dollar while perhaps looking to push higher against the Australian Dollar, Canadian Dollar and New Zealand Dollar.Get your market update from @ddubrovskyFX here:https://t.co/9iZa4oE4WQ https://t.co/wyhhb4Jqxa
  • Hang Seng Index Futures at Key Inflection Point, Top to Resume? - #HSI1! chart https://t.co/dYgRPKhc9h
  • Amazon Q2 Earnings: -EPS at $15.12, versus $12.28 estimate (23% higher) -Revenue at $113 billion, versus $115 billion estimate (1.7% lower) -Share price tumbled 7% during after-hours trade as the company reported a slight revenue miss and gave weak third-quarter guidance
Webinar: Gold Prices Sport a Bearish Pattern; EUR/USD May Dip to 1.1650

Webinar: Gold Prices Sport a Bearish Pattern; EUR/USD May Dip to 1.1650

Jeremy Wagner, CEWA-M, Head of Education

Until today, Gold prices have quietly rallied. We think this may set up a larger correction. Learn the patterns we are following along with key levels to watch.

The video above is a recording of a US Opening Bell webinar from November 20, 2017.

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 Gold, EUR/USD, GBP/USD, USD/JPY, NZD/USD, USD/CAD, EUR/JPY and GBP/JPY.

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

Gold prices started the day in selling mode. Based on the Elliott Wave pattern we are following, gold prices are near an area that a larger pivot lower is possible. Gold has been in a sideways consolidation since early October and it appears this sideways consolidation is nearing a bearish pivot zone. A break down below the October 2017 low would likely lead to additional losses. We have been anticipating a bearish reversal that forecasts a drop down to $1216 and possibly lower. So long as gold prices remain below $1306, we ought to respect the potential for a deeper move down towards $1216.

EUR/USD has been trading in volatile form lately. We believe that the wave four correction ended in early November at 1.1553. As a result, EUR/USD is moving higher in a wave five to retest 1.20. It appears as though we started with an impulsive move higher from Nov 7 to Nov 15. We think this impulse has an extended 5th wave at smaller degree of trend. Therefore, it is higher probability we will see a large portion of that extended fifth wave retraced. We will anticipate EUR/USD to fall back towards 1.1650-1.1675. In this price zone, we will look for symptoms of a bullish reversal higher.

Here are some Elliott Wave resources shared on the webinar.

Beginner and advanced Elliott Wave guides

What is a zigzag?

3 Elliott Wave flat patterns and how to trade them.

---Written by Jeremy Wagner, CEWA-M

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

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

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