Technical Analysis

USDJPY and GOLD Both Looking For A Three-Wave Reversal – Elliott wave Analysis

USDJPY and GOLD Both Looking For A Three-Wave Reversal – Elliott wave Analysis

/
USDJPY is at the lows, now in wave five out of a triangle so market can see a low soon. Keep in mind that after every five waves, market will make a three wave recovery. In our case this reversal will be expected in the next few trading days. Technical support is at 111.30/111.50. USDJPY,…
EURUSD Analysis: Will Trade At 1.1540

EURUSD Analysis: Will Trade At 1.1540

/
The European Single Currency appreciated 0.18% against the US Dollar since Friday’s session. During Friday ‘s session, the currency pair depreciated to pass the 55-hour SMA to stop the trade at the 1.1550 mark. During Monday morning hours, the rate retraced to trade at the 1.1560 mark. In regards to the near-term future, most likely,…
GBPUSD Analysis: Trades Below Weekly PP

GBPUSD Analysis: Trades Below Weekly PP

/
The British pound depreciated 0.89% against the US Dollar since Friday’s session. During the previous session, the rate passed the 55-hour and the 100-hour SMAs supports together with the 50.00% Fibo and the weekly PP level to stop the trade at the 1.3101 mark. On Monday, the British pound was located below the weekly PP…
USDJPY Analysis: Will Trade Downside

USDJPY Analysis: Will Trade Downside

/
The US Dollar depreciated 0.36% against the Japanese Yen since Friday’s session. During the previous trading session, the currency pair was resisted by the 55-hour SMA during the whole trading session. On Monday morning, the US Dollar was located near the monthly S1 at the 111.66 mark. In regards to the near-term future, most likely,…
XAUUSD Analysis: Trades At 1,230.00

XAUUSD Analysis: Trades At 1,230.00

/
The gold price appreciated 0.87% since Friday’s session. During the previous trading session, the yellow metal broke the large pattern to stop the trade at the 1,218.76 mark. During Monday morning hours, the gold broke the monthly R2 at the 1,227.33 mark to trade at the 1,230.99 mark. In regards to the near-term future, the…
GBP/AUD 4H Chart: Breaches 50-Hour SMA

GBP/AUD 4H Chart: Breaches 50-Hour SMA

/
The British Pound has appreciated substantially against the Australian Dollar since the middle of August after the currency pair reversed from the lower boundary of an ascending channel pattern at 1.7290. The exchange rate has breached the 50-hour simple moving average at 1.8461 during the morning hours of Monday’s trading session. Everything being equal, it…
GBP/CAD 4H Chart: Potential Target At 1.6963

GBP/CAD 4H Chart: Potential Target At 1.6963

/
The Pound Sterling has been trading in a two-week ascending channel against the Canadian Dollar. The currency pair made a U-turn north from the lower boundary of the channel on October 3. The exchange rate opens below a support cluster formed by the combination of the weekly and the monthly PPs at 1.7089 during Monday’s…
Crude Oil Outlook: Saudi Tensions Boost Oil Price But Key Barriers Still Hold

Crude Oil Outlook: Saudi Tensions Boost Oil Price But Key Barriers Still Hold

/
WTI oil moved higher in early Monday’s trading, in extension of recovery from $70.49 (11 Oct low), after bullish close on Friday signaled stabilization following strong fall on Wed/Thu last week. Rising tensions over missing Saudi prominent journalist sparked fresh concerns about supply, as the US President Trump threatened severe punishment while Saudi Arabia responded,…
Gold Advances To Almost 3-Month Peak, Exits Trading Range

Gold Advances To Almost 3-Month Peak, Exits Trading Range

/
Gold reached a fresh near three-month high of 1230.33 today, continuing the aggressive bullish rally that started in the preceding week. The price successfully surpassed the narrow 1180.60 – 1212.50 range that had been holding since August 20, suggesting further upside moves in the near term. Having a look at the technical indicators, in the…
AUDUSD Outlook: Fresh Recovery Looks For Break Through Fibo Barrier At 0.7145

AUDUSD Outlook: Fresh Recovery Looks For Break Through Fibo Barrier At 0.7145

/
The Aussie dollar holds positive tone on Monday and accelerated higher in European trading, on positive signals from China and weaker greenback. Fresh rally pressures pivotal barrier at 0.7145 (Fibo 38.2% of 0.7314/0.7041 bear-leg), break of which would generate bullish signal for extension of recovery from 0.7040 zone base. Formation of 5/10SMA bull-cross and north-heading…

ANALYST PICKS

Near-term Setups in EUR/USD and GBP/USD

Near-term Setups in EUR/USD and GBP/USD

/
New to Forex? Get started with our Beginners Trading Guide! GBP/USD 120min Price Chart Earlier this week we highlighted the potential for a breakout in GBP/USD as prices continued to trade within the confines of a clear weekly / monthly opening-range. Our bottom line noted that we were, “looking for a breakout of the 1.29-1.3165…
EURGBP Short: GBP Dependent on Brexit Outcome, Italian Risk Remains

EURGBP Short: GBP Dependent on Brexit Outcome, Italian Risk Remains

/
EURGBP Trading Strategy: Short at 0.8810, target 0.8620 stop 0.8870 Trade Risk: Failure to reach a deal at next week’s summit, alongside increased UK political uncertainty and an increased likelihood that the Italian budget will be approved by the EU. EURGBP Fundamental Overview GBP: Next week will be key for the overall direction in the…
EUR/USD Rate Risks Larger Rebound as Bullish Sequence Unfolds

EUR/USD Rate Risks Larger Rebound as Bullish Sequence Unfolds

/
EUR/USD continues pare the decline from the September-high (1.1815) as updates to the U.S. Consumer Price Index (CPI) highlight a diminishing threat for above-target inflation, and the exchange rate may stage a larger rebound over the coming days as it extends the bullish sequence from the monthly-low (1.1432). Keep in mind, one dismal data print…
New Zealand Dollar Struggles For  Fudamental Support

New Zealand Dollar Struggles For Fudamental Support

/
New DailyFX Quarterly Forecasts for Q4 are available here The New Zealand Dollar is down to lows not seen since early 2016 against its US big brother, and has shed nearly 10% this year so far. However, the kiwi’s punishment beating could be far from over yet. Of course, it’s no great news that interest…