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.

Free Trading Guides
EUR/USD
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
Bearish
USD/JPY
Mixed
Gold
Bearish
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Breaking news

ECB leaves all rates unchanged in line with expectations

Real Time News
  • Some ECB officials wanted Lagarde to cite risks on subzero rates -BBG
  • Update on #Cryptocurrencies #BITCOIN +0.14% #BITCOINCASH +0.54% #ETHEREUM +0.84% #RIPPLE -0.54% #LITECOIN -0.15%
  • $USDCAD had shot-up to test resistance in a prior zone of support after the Friday employment releases, and sellers have since come back to re-test monthly lows following yesterday’s #FOMC rate decision. More from @JStanleyFX here:https://t.co/QuRR2gnJT8 https://t.co/EnGJyGzOIG
  • US 30-Year Bonds Draw 2.307% Primary Dealers Awarded: 15.5% Direct Bidders Awarded: 21.1% Indirect Bidders Awarded: 63.4% B/C Ratio: 2.46
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • here we go, starting now -> https://www.dailyfx.com/webinars/643096611 https://t.co/bNQQ0K2hwF
  • LIVE IN 5 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Trump to discuss China trade issues with advisers this afternoon -BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.67%, while traders in France 40 are at opposite extremes with 77.30%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tfwztUY3jx
  • LIVE IN 15 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/registerToSeminar?webinar=3952937094787220994&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Compelling Trade Setups in Euro Crosses

Compelling Trade Setups in Euro Crosses

2011-07-01 21:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

This week’s S&P rally was the largest 1 week rally (5.6%) since the move off of the July 2010 low (which was after the flash crash). Either a triangle pattern is unfolding since the February top or a flat pattern is complete at the June low. Both patterns suggest fresh highs (above 1368) before a MAJOR top forms. The short term (next day or 2) picture is uncertain.

Treasuries consolidated and may continue to do so next week but there are signs that the trend has reversed (impulsive decline for example). 124 is resistance in the 30 yr. Again, the implications are probably bullish for risk in general but may also lead to a larger USD reversal down the road as the USD would no longer be attractive as a funding currency. This is especially bearish for CHF and JPY. The above chart plots the interest rate differential (10 yr) on USD and CHF. The combination of an increasing differential and this week’s key reversal makes the long USDCHF idea my favorite for July. Short term support is 8400/40.

The EURUSD and USD index are in triangles and will probably trade in tighter ranges as July gets underway. This is good for short term range scalping systems and not so good for trend/swing systems, which have worked particularly well since the May EURUSD top (EURUSD has seen swings of at least 7 big figures 3 times since). The EURUSD is at its triangle line now and additional resistance is at 14560 and 14620. Support comes in at 14440, 14400 and 14325.

The AUDUSD traded above the June high (10775) and shorts will probably throw in the towel now – so I like shorting early next week for a test of at least 10600 (a pullback in stocks and consolidation in bonds would help the cause).

Other charts to keep an eye on:

Silver and gold – nearing recent lows and could break down

Crude – testing trendline resistance

EURCAD – testing trendline support for the 5th time in last 2 months. The short term Elliott wave pattern suggests that the decline will accelerate.

EURAUD – quietly making lower highs since March and sports a clean head and shoulders top and short term Elliott wave pattern. The implications are also for weakness to accelerate.

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

DISCLOSURES

News & Analysis at your fingertips.