DailyFX.com -

Talking Points

  • USD/JPY nearing neckline of possible head & shoulders pattern
  • SPX records new all-time high
  • NZD/USD overcomes key Fib retracement

New to Currency Trading? Learn More HERE

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Price & Time: Kiwi "Still Dancing"

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains under pressure since failing at the start of the month near a key Gann/Fibonacci confluence in the 102.80 area
  • Our near-term trend bias is lower in the exchange rate while below this level
  • A daily close under 101.60 sould confirm the start of a more meaningful decline in the rate
  • Minor turn windows are seen tomorrow and around the middle of next week
  • A close over 102.80 would turn us positive on USD/JPY

USD/JPY Strategy: Like the short side while below 102.80.


Support 2

Support 1


Resistance 1

Resistance 2







Price & Time Analysis: S&P 500

Price & Time: Kiwi "Still Dancing"

Charts Created using Marketscope – Prepared by Kristian Kerr

  • S&P 500 broke through a key Fibonacci projection at 1955 yesterday to record a new all-time high
  • Our near-term trend bias remains positive on the index while over 1925
  • The 1970 area is the next potential resistance area of note
  • An important cycle turn window is seen around the middle of next month
  • A daily close under 1925 would turn us negative on the index.

S&P 500 Strategy: Like the long side while over 1925.


Support 2

Support 1


Resistance 1

Resistance 2

S&P 500






Focus Chart of the Day: NZD/USD

Price & Time: Kiwi "Still Dancing"

Yellen’s comments yesterday were on the dovish side as she effectively said the central bank led liquidity party will continue for the foreseeable future. “High yielding” currencies benefitted sending NZD/USD through key resistance at .8700 to the next Fibonacci retracement (88.6% of the May decline) near .8735. We think Wednesday’s close over .8700 confirms our positive cyclical view (read HERE) on the Bird and should set the stage for a general move higher into the next turn window of importance around the end of the month. Shorter-term cycle studies suggest some minor weakness could be seen around the beginning of next week, but this should just provide an opportunity to add to long positions. Only unexpected aggressive weakness under this week’s low near .8640 would undermine the positive near-term technical structure.

To receive Kristian’s analysis directly via email, please SIGN UP HERE.

Related Articles
  1. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  2. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  3. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  4. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  5. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  6. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  7. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  8. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  9. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  10. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.

You May Also Like

Hot Definitions
  1. Cyber Monday

    An expression used in online retailing to describe the Monday following U.S. Thanksgiving weekend. Cyber Monday is generally ...
  2. Bar Chart

    A style of chart used by some technical analysts, on which, as illustrated below, the top of the vertical line indicates ...
  3. Take A Bath

    A slang term referring to the situation of an investor who has experienced a large loss from an investment or speculative ...
  4. Black Friday

    1. A day of stock market catastrophe. Originally, September 24, 1869, was deemed Black Friday. The crash was sparked by gold ...
  5. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  6. Barefoot Pilgrim

    A slang term for an unsophisticated investor who loses all of his or her wealth by trading equities in the stock market. ...
Trading Center