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
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
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/dQxyAORI9P
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZnn4H
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here: https://t.co/782gHedGTW https://t.co/i6fB1PIQbx
  • #Crudeoil prices could reverse lower as the #OPEC Monthly Oil Market Report (MOMR) forecasts fading global demand and oversupply concerns. Get your #commodities update from @DanielGMoss here: https://t.co/G02ajeLPqZ https://t.co/THuauT4XQ9
  • The outlook for the $EURUSD pair has worsened after its failure to move back to the high just above 1.20 touched on September 1 despite the #ECB’s decision earlier this month not to talk down the Euro. Get your #currencies update from @MartinSEssex here: https://t.co/kDCHxHgGlU https://t.co/Li4jHqaNdC
  • #USDollar Outlook Bearish on Mnuchin & Powell Testimonies, Key US Data ⬇️ https://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2020/09/20/US-Dollar-Outlook-Bearish-on-Mnuchin-Powell-Testimonies-Key-US-Data.html
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/fuWSUDE1pT
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/eRTdlhAOFN
  • The Japanese #Yen may continue to exhibit a bullish behavior as the Bank of Japan (BoJ) appears to be in no rush to alter the path for monetary policy. Get your #currencies update from @DavidJSong here: https://t.co/HFjc6KGzRw
  • The New Zealand Dollar appears poised to extend its climb against its haven-associated counterparts as long-term trend break hints at cyclical upturn. Get your $NZDUSD market update from @DanielGMoss here: https://t.co/CPxP1Q8B6d https://t.co/n2wESiqnpJ
US Dollar Bounces at Support While Gold Prices Stuck Below Resistance

US Dollar Bounces at Support While Gold Prices Stuck Below Resistance

2019-06-17 17:05:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

US Dollar bounces at nine-month support line. Gold price Elliott wave outlook is towards lower levels on the inability to break through resistance.

The video above is a recording of a US Opening Bell webinar from June 17, 2019. We focused on the Elliott wave patterns for key markets such as EURUSD, DXY, GBPUSD, USDJPY, USDCAD, gold, silver, and crude oil.

US Dollar Pattern Looks like a Top is in, but has not broken support

The US Dollar has made little progress through the current calendar year. Looking backward, the impulsive bear wave in 2017 suggests a partial correction to the upside in a three-wave structure is highly likely. We can count the minimum waves in place for an (A)-(B)-(C) Elliott wave zigzag pattern beginning in February 2018. This proposed zigzag has corrected a Fibonacci 61.8% of the 2017 down trend. If the top is in, then a break of the blue trend line will be a large signal towards lower pricing.

After a break of the trend line, several wave counts suggest continued weakness to 92-94. From there, the wave counts diverge with some suggesting a run at new highs while others hint towards deeper weakness into the low 80’s. We will watch the structure of any correction to tip our hands and provide clues as to which is the higher probability path.

Read more…

How to trade US Dollar Index

US Dollar Index longer term forecast for a down trend using elliott wave theory.

Gold prices repel at resistance

Last week, discussed how gold prices challenge resistance and that if $1365 were to hold, the door is open for a retest below $1265.

On Friday, gold price did challenge the high making it to $1358 before retreating. Last week’s challenge came with divergence on the Relative Strength Index oscillator. These are bearish symptoms for gold and suggests Friday’s high at $1358 might be wave ‘D’ of an Elliott wave triangle pattern that began in July 2016. If correct, then gold prices are poised to fall below $1265 in the ‘E’ leg, or final leg of the triangle.

An important point to keep in mind is that a correction would be the final leg of a multi-year triangle. In other words, this is a BIG pattern. Therefore, emotions tend to run high as traders try to hold on to old and tiring trends. Keep your focus on the larger pattern at play as the better trading opportunities with better risk to reward ratios appear once the large patterns end.

Bottom line, so long as gold prices remain below $1365, anticipate a retest and temporary break below $1265 to finalize the 3-year triangle pattern. If gold breaks above $1365, then we need to reconsider the triangle pattern already over and that gold may be advancing deep into the $1400’s and possibly $1500’s.

Read more: top gold trading strategies and tips

elliott wave gold forecast showing a down trend to below $1265.

Elliott Wave Theory FAQ

How does Elliott Wave theory work?

Elliott Wave theory is a trading study that identifies the highs and lows of price movements on charts via wave patterns. Traders analyze the waves for 5-wave moves and 3-wave corrections to determine where the market is at within the larger pattern. Additionally, the theory maintains three rules and several guidelines on the depth of the waves related to one another. Therefore, it is common to use Fibonacci with Elliott Wave analysis. We cover these topics in our beginners and advanced Elliott Wave trading guides.

After reviewing the guides above, be sure to follow future Elliott Wave articles to see Elliott Wave Theory in action.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. Jeremy provides Elliott Wave analysis on key markets as well as Elliott Wave educational resources. Read more of Jeremy’s Elliott Wave reports via his bio page.

Join Jeremy in his live US Opening Bell webinar where these markets and more are discussed through Elliott wave theory.

Follow Jeremy on Twitter at @JWagnerFXTrader .

Recent Elliott Wave analysis you might be interested in…

GBPUSD Elliott Wave Analysis: Bullish Wave 3 could carry to 1.35

S&P 500 Patterns Point to an Eventual December Low Retest

8 scenarios after an Elliott wave impulse pattern completes

USD/JPY Technical Analysis: 3 Year Pattern Complete?

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

DISCLOSURES