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Top Trade Idea For July 23rd, 2014 – USD/JPY

Out of all the major currency pairs, the USDJPY has undoubtedly been one of the dullest thus far this year. The pair has been trapped within a tight range from roughly 101.00 to 104.00 since mid-January, driving the average weekly range (ATR) to levels not seen since before the introduction of Abenomics in Q3 2012. […]

Chart Of The Day For July 23rd, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3454, 1.3396, 1.3324 Resistance:1.3502-12, 1.3583, 1.3629 The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support at 1.3454, the 50% Fibonacci expansion, clears the way for a decline to the 61.8% level at 1.3396. Alternatively, reversal back above the 1.3502-12 […]

US Dollar May Rise on Fed Bets as June Inflation Data Tops Forecasts

Talking Points: US Dollar Likely to Rise if June’s Inflation Data Outshines Expectations Aussie Dollar Higher, Yen Declines as Risk Appetite Firms in Asian Trade See Economic Data Releases on Your Charts with the DailyFX News App A quiet economic calendar in European trading hours is likely to see investors looking ahead to the release […]

Chart Of The Day For July 22nd, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583, 1.3613, 1.3650 The Euro fell as expected after prices produced a bearish Evening Star candlestick pattern, sinking to the lowest level in a monthagainst US Dollar. Sellers are testing support in the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low). A daily close below this boundary initially exposes 1.3454 […]

AUDUSD rejects resistance and forms bearish engulfing pattern

The AUDUSD pair is trading within a descending triangle formation, which has been respected yet again today with the rejection of a key resistance level. With price action having broken below a short term support, a bearish englufing pattern is pointing towards further downside to come. The four hour chart show that bearish engulfing pattern […]

EUR/USD Breakdown, GBP/CAD, USD/CAD Breakouts Eyed this Week

Talking Points: EURUSD below July 2012-July 2013 TL, needs below 1.3475. GBPCAD and USDCAD still both point to breakouts higher. Reminder that July forex seasonals in QE era work against USD. It’s admittedly another quiet start to the trading week, with fewer than ten economic data releases (including central banker speeches) on the calendar for […]

Chart Of The Day For July 21st, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-607, 1.3650, 1.3689 The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support in the 1.3502-12 area, marked by the 38.2% Fibonacci expansion and the June 5 low, initially exposes the 50% level at 1.3454. Alternatively, reversal […]

Week in FX Americas – Inflation Concerns Come to the Fore

US consumer sentiment declines Consumer has a balanced view on inflation Canucks take price rise on stride Despite the geopolitical event risk in play, a couple of North American economic releases on Friday gauged consumer sentiment and inflation concerns. In the U.S, the preliminary University of Michigan Consumer Sentiment Index for July declined to 81.3 […]

Yen May Continue Higher as Geopolitical Jitters Fuel Risk Aversion

Talking Points: Yen May Continue Higher as Geopolitics Drive Risk Aversion Canadian Dollar Advanced Before June CPI Data Overnight See Data Releases on Your Charts with the DailyFX News App The economic calendar is quiet in European hours, with May’s Eurozone Current Account figures the only noteworthy item on the docket. Volatility may be on […]

Top Trade Idea For July 18th, 2014 – AUD/USD

Aussie Dollar has developed quite pronounced support just below .9330. This area coincides with the 30 May peak and the market has since failed to move below this area on 3 occasions. This time around, price has found this level having made both a lower low and a lower high. In these circumstances a break […]

Chart Of The Day For July 18th, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-607, 1.3650, 1.3689 The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support in the 1.3502-12 area, marked by the 38.2% Fibonacci expansion and the June 5 low, initially exposes the 50% level at 1.3454. Alternatively, reversal […]

No Yellin’ – EUR, GBP, JPY Ready to Breakout?

After many months of low forex volatility, one gets the distinct impression that the worst is probably behind us, and that there are a few signs emerging that would suggest that the main forex pairs are on the cusp of a major breakout. Dealers and investors require movement for opportunity and are just itching for […]

Euro Looking for a Lifeline in Revised June Inflation Data

Talking Points: Euro May Rise if June’s Inflation Reading is Revised Upward Yen Gains as Aussie, NZ Dollars Fall on Fading Risk Appetite See Data Releases on Your Charts with the DailyFX News App A revised set of June’s Eurozone CPI figures headlines an otherwise lackluster economic calendar in European trading hours. The benchmark year-on-year […]

Chart Of The Day For July 17th, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-1.3603, 1.3650, 1.3689 The Euro fell as expected after prices produced a bearish Evening Star candlestick pattern, sinking to the lowest level in a monthagainst US Dollar. Sellers are set to test support in the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low). A daily close below this boundary initially […]

EUR Heavy Handed While Loonie Bulls Stand Ready

On day one of her congressional testimony Janet Yellen said very little that was new to the Senate Banking Committee. The Federal Reserve chief cited ongoing slack in the U.S. jobs market as a concern and she put the emphasis back on the data ‘dots’ with one of her comments of +1% rates at the […]

British Pound Rallies on Inflation Report, Will Jobs Data Curb or Amplify?

Talking Points: Dollar Advances on Yellen Commentary but Checked by Risk Waver British Pound Rallies on Inflation Report, Will Jobs Data Curb or Amplify? Euro Eyes 1.3500 as Equities Slide, Bond Yields Slowly Gain Dollar Advances on Yellen Commentary but Checked by Risk Waver Technically speaking, the US Dollar is in the middle of an […]

Top Trade Idea For July 16th, 2014 –GBP/USD

The pound lost some ground this morning in reaction to the UK labour market data. As expected, the unemployment rate fell to 6.5% in May from 6.6% in April, while jobless claims dropped by 36,300 applications last month which was better than expected. However, earnings growth was again weaker, which remains one of the main […]

Chart Of The Day For July 16th, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-1.36, 1.3650, 1.3689 The Euro fell against the US Dollar as expected after producing a bearish Evening Star candlestick pattern. Sellers are now targeting the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low), with a break below that on a daily closing basis exposing 1.3454 (50% Fib). Alternatively, a turn above […]

Forget Euro Sentiment, Yellen to Provide FX direction

A plethora of economic data releases coupled with central bank rhetoric is expected to have a meaningful impact on forex market volatility this week and it can’t come too soon. Overnight in Australasia, it was the Bank of Japan (BoJ) and the Reserve Bank of Australia (RBA) that got the ball rolling. However, both have […]

Put GBP/CAD on Your Radar as GBP/USD, GBP/CHF See Key Reversals

Talking Points: GBP-crosses bullish both technically and fundamentally post-CPI. Time to put GBPCAD on your radar as USDCAD rallies too. Reminder that July forex seasonals in QE era work against USD. When the Bank of England eliminated the link between the labor market and its interest rate regime in February, it did so under the […]

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