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
Wall Street
Bearish
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
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/v6RGICQvge
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/rws9LHJV3E
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2021/09/18/Japanese-Yen-Forecast-JPY-Crosses-Eye-BoJ-CPI-as-Haven-Flows-Bolster-Yen-Strength.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/FVisZuTP6M
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here: https://t.co/H1BaTlIHjY https://t.co/zP3mjfslSD
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Of1thU4zXw
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://t.co/p2FhEwym1E https://t.co/MjiYB85TSF
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/fIO9TP7D62
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/Xja8DHUqlH
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/9po5Lg4vnR
Charts for Next Week – USD/JPY, Yen-rates, AUD/USD, Gold Price & More

Charts for Next Week – USD/JPY, Yen-rates, AUD/USD, Gold Price & More

Paul Robinson, Strategist

Looking ahead to next week, there is reason to believe we could be in for more weakness in JPY pairs as yen strength picks up momentum. Aussie is a set-up we’ve been tracking to the downside and with the broader pattern triggered the trading is bias is from the short-side. Gold was firmly rejected on an attempt to break resistance, it’s working closer to a sustained breakout.

Technical Highlights:

  • USD/JPY at resistance on daily, 4-hr technical pattern
  • Yen cross-rates on verge of picking up more downside momentum
  • AUD/USD bear-flag broken, trading bias is lower
  • Gold rejected lower, still winding up for a move soon

In a slump right now or want ideas for when the inevitable slump arrives? (It happens to everyone) Check out these 4 ideas for restoring and maintaining confidence.

USD/JPY at resistance on daily, 4-hr technical pattern

USD/JPY is currently trading at a confluence of trend-line and price zone resistance on the daily time-frame. Pulling in closer, on the 4-hr chart, there is a rising wedge forming which suggests a breakout is coming soon. A break to the downside will have a rejection from resistance confirmed and likely have USD/JPY rolling downhill. A breakout above ~11180 is needed to clear all resistance.

USD/JPY Daily Chart (Resistance)

usd/jpy daily chart, resistance

See the IG Client Sentiment page for how sentiment changes can help you better gauge market direction.

USD/JPY 4-hr Chart (Rising Wedge)

usd/jpy 4-hr chart, rising wedge

Yen cross-rates on verge of picking up more downside momentum

Yen cross-rates were swiftly hit last week, and barring any significant rallies between the time of this writing and the end of today’s session, there will be key-reversal bars on the weekly time-frame in the direction of the trend across the group.

A couple that we looked at were EUR/JPY and AUD/JPY. The former not only is about to post its second weekly reversal (with this week’s the most important), but also made a slight lower-low from last week. The trading bias is to the downside with rallies seen as likely to fail.

Enjoy the recording? Come join Paul or any of the other analysts live next week – check out the Webinar Calendar for details.

EUR/JPY Weekly Chart (Reversing with trend)

eur/jpy weekly chart, reversing with trend

EUR/JPY Daily Chart (Momentum lower, rallies vulnerable)

eur/jpy daily chart, momentum lower, rallies vulnerable

AUD/JPY posted (again, assuming no major turnarounds) its second key-reversal in a row on the weekly chart; follow-through looks to be in store for next week. There is room to go before the low-end of the range dating back to March is met. Like EUR/JPY, a lower low on the daily was also carved out from last week.

AUD/JPY Weekly Chart (Reversal Bars in direction of trend)

aud/jpy weekly chart, reversal bars in direction of trend

AUD/JPY Daily Chart (Room to go before support)

aud/jpy daily chart, room to go before support

AUD/USD bear-flag broken, trading bias is lower

This is a set-up we’ve been tracking as of recent, with AUD/USD having now broken the underside trend-line off the bear-flag, we’re looking for further weakness from here. The approach on this end is to look for a bounce first, then join in short with a targeted objective of around 7330, or the May 2017 low.

AUD/USD Daily Chart (Bear-flag triggered)

aud/usd daily chart, bear-flag triggered

Gold rejected, still winding up for a move soon

Gold tried to break back inside the multi-month range, but was swiftly rejected with the dollar surging post-ECB. This still maintains the coiling price action on the daily between the bottom of the range and the December 2016 trend-line; looking for one side to give-way very soon.

Gold Daily Chart (Rejection, breakout likely soon)

gold daily chart, rejection at resistance, breakout likely soon

Resources for Forex & CFD Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES