Talking Points[ul][li]Weekly DailyFX Scalp Webinar archive covering featured setups
[/li][li]Updated targets & invalidation levels
[/li][*]Event Risk on Tap This Week[/ul]
DailyFX chief currency strategist John Kicklighter tweeted this chart setup today:
“Started a short in $EURGBP with 100 pip stop. If it confirms a turn, I’ll build it up. Details in trading video”
To get the latest updates on all his trading ideas, you can follow John Kicklighter on Twitter.
Today in his article on DailyFX, forex trading instructor Tyler Yell discusses the following talking points:[ul][li]Crude Oil Technical Strategy: Setting Up For Breakout
[/li][li]WTI / Crude Oil Holding RSI(5) Support at 40 Into Support
[/li][li]Support (Daily Close Basis) Focus $45.65-$46.15[/ul]
[/li]
[I]Below is an excerpt from Christopher Vecchio’s weekly update on the Speculative Sentiment Index (SSI).[/I]
The retail crowd’s shift into heavier net-long US Dollar positions last week coincided with the start of the next leg lower across the USD-complex.
[B]Weekly Summary of Forex Trader Sentiment and Changes in Positioning[/B]
With these small speculators continuing to add to net-long US Dollar positions amid weakness, we still prefer to fade the crowd’s recent positioning shifts. As such, further declines in various USD-pairs in the days ahead seems like the likely outcome.
The ratio of long to short positions in the USDJPY stands at 2.79 as 74% of traders are long. Yesterday the ratio was 2.63; 72% of open positions were long. Long positions are 3.2% higher than yesterday and 10.5% above levels seen last week. Short positions are 2.9% lower than yesterday and 9.7% below levels seen last week.
We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the USDJPY may continue lower. The trading crowd has grown further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.
Talking Points:[ul][li]GBP/USD Threatens Bearish RSI Formation- BoE Testimony in Focus.
[/li][li]EUR/USD Pullback Eyes Former Support- Dovish ECB on Tap?
[/li][*]USDOLLAR Mounts Larger Rebound Ahead of Fed Rhetoric.[/ul]
Talking Points
[ul]
[li]NZD/CAD posts reversal candle off key resistance- scalps favor shorts
[/li][li]Updated targets & invalidation levels
[/li][li]Event Risk on Tap This Week
[/li][/ul]
The latest version of Trading Station Desktop is now available for download.
We’ve made 176 performance enhancements to improve order execution and further stabilize the platform, along with many other polishes to functionality to optimize your trading experience. Below are a couple of the new features.
[B]Good-Till-Date Entry Orders
Market Behavior Indicators
[/B]
Technical Outlook
[ul]
[li]EUR/CAD is trading into resistance of a descending formation off the September highs
[/li][li]Resistance confluence & Bearish invalidation at 1.4956/80
[/li][li]Key support 1.4561/90- Break lower targets objectives at 1.4450 / ML support & 1.4891
[/li][li]A breach higher shifts focus back towards targets into the September high-day close at 1.5095
[/li][li]Key Event Risk Ahead: European Central Bank (ECB) Interest Rate Decision & Canada Retail Sales tomorrow & Canada Consumer Price Index (CPI) on Friday
[/li][li]
[/li][/ul]
On Friday October 23, 2015, GBP/JPY traded its largest volume in over 5 years.
Friday ended up as a daily close higher, but the high price of the day may kick off an aggressive Elliott Wave 3 lower. Jeremy Wagner discusses the implications in his article on DailyFX.com.
Our retail forex trader data warns that the Euro will likely continue lower as the US Dollar rallies across the board.
Quantitative strategist David Rodriguez discusses his sentiment-based outlook for the Euro and other major currencies in his Weekly Speculative Sentiment Index (SSI) report.
EUR/USD’s second-worst month of the year is November.
For more details, see Christopher Vecchio’s article on DailyFX.com
[I]Talking Points[/I]
[ul]
[li]GBP/USD holding descending channel ahead of key Event Risk
[/li][li]Updated targets & invalidation levels
[/li][li]Event Risk on Tap This Week
[/li][/ul]
The Speculative Sentiment Index (SSI) reveals that retail forex traders remain heavily short the US Dollar. The latest analysis by David Rodriguez on DailyFX.com points to continued USD gains against these key currencies.
Talking Points
[ul]
[li]Weekly Scalp Webinar archive covering featured setups post NFP
[/li][li]Updated targets & invalidation levels
[/li][li]Event Risk on Tap This Week
[/li][/ul]
AUD/JPY Daily
Technical Outlook
[ul]
[li]AUD/JPY holding below channel resistance off the October high
[/li][li]Interim support 86.13/28- Break lower targets 85.46 & 84.58/72
[/li][li]Resistance at 87 backed by near-term bearish invalidation 87.43/50
[/li][li]Daily RSI support-trigger pending- break would be bearish
[/li][li]Key Event Risk Ahead: Aussie Unemployment tomorrow and Japan Industrial Production & GDP later this week
[/li][/ul]
The Euro has broken through all meaningful levels of volume-based support versus the US Dollar, and risks remain for a return to multi-year lows near the $1.05 mark. Resistance now stands at former support near $1.08, but we would need to see a break above more substantive volume-based resistance levels starting at $1.10 to call for a larger EUR rebound.
EUR/USD Volume at Price Chart
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
Data source: FXCM Real Directional Volume Indicator
See more information on DailyFX on the Real Volume and Transactions indicators
See full analysis in this week’s Speculative Sentiment Index (SSI) report by David Rodriguez on DailyFX.com
Today, currency analyst James Stanley discusses what he considers the top three risks facing global markets right now.
[B]RISK #1: Liquidity[/B]
For more details on all 3 risks identified by James Stanley, see his article on DailyFX.com.
There is no doubt that Yuan joining SDR basket is a milestone event, but for investors and traders, how would you benefit from this new development?
In her latest article on DailyFX.com, Renee Mu discusses a list of opportunities that you may be able to use to invest in China at the moment or in the near future.