News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
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
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/e4G1gTGhex
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/pS48NIuwqX
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/gFVVZTGbe1
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/nHXiNJhLes
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/h0TmJcZeqr
  • $USDCAD sold off aggressively last week, putting it into position to test the important 2017 low; trading bias is neutral to bearish. Get your market update from @PaulRobinsonFX here: https://t.co/sphxUAW9TB https://t.co/ZhsTeJOOM8
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/qP96xmgDVn
  • The pro-risk Australian Dollar may extend gains after the record miss in US jobs data, amplifying dovish rhetoric from the Federal Reserve and keeping the Dow Jones and S&P 500 intact. Get your market update from @ddubrovskyFX here: https://t.co/yf8mPX3O3W https://t.co/uCCmjaxUhF
  • Who else is keeping close tabs on Dogecoin $DOGE this weekend? All eyes on Elon Musk @elonmusk, the proverbial 'Dogefather,' and his Saturday Night Live @nbcsnl performance kicking off at 11:30PM ET. The #crypto is already looking nice and perky following that trendline break! https://t.co/nrQsnlUqWj https://t.co/4lOz6NLQTG
  • There is some very interesting event risk over the opening half of this coming week of trade. It starts with Elon Musk hosting SNL tonight for Dogecoin traders and moves into US inflation data to as means to stir the ongoing Fed debate and Dollar https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/LXhjv7ToWC
Near-term Trade Setups in EUR/USD and NZD/USD

Near-term Trade Setups in EUR/USD and NZD/USD

Michael Boutros, Strategist

New to Forex? Get started with our Beginners Trading Guide!

NZD/USD 120min Price Chart

NZD/USD Price Chart - New Zealand Dollar vs US Dollar 120minute - Kiwi

In my most recent NZD/USD Technical Outlook we noted that Kiwi had, “turned from multi-month consolidation resistance and keeps the focus on a reaction just lower near the 2018 trendline. From a trading standpoint, we’ll favor fading weakness while below 6889” Price has broken below this threshold with Kiwi now approaching downside support targets at the 200-day moving average near 6735. Subsequent objectives are eyed at the 61.8% retracement at 6722 and the yearly open at 6705- ultimately a break below this region would be needed to suggest a more significant high is in place.

Initial resistance stands at the highlighted trendline confluence around ~6790 with a near-term bearish invalidation now lowered to 6807/19- a region defined by the March / weekly open and the 100-day moving average. A close above this threshold would shift the focus back towards the weekly opening-range high at 6837. Review my latest NZD/USD Weekly Price Outlook for a look at the longer-term technical trade levels.

Review this week's Strategy Webinar for a in-depth review of these setups and more!

NZD/USD Trader Sentiment

NZD/USD Trader Sentiment- Kiwi Positioning
  • A summary of IG Client Sentiment shows traders are net-short NZD/USD - the ratio stands at -1.11 (47.4% of traders are long) – neutral reading
  • Long positions are21.2% higher than yesterday and 25.5% higher from last week
  • Short positions are 4.9% lower than yesterday and 9.3% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Kiwi may continue to rise. Yet traders are less net-short than yesterday & compared with last week and the recent changes in sentiment warn that the current NZD/USD price trend may soon reverse lower despite the fact traders remain net-short.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

EUR/USD Daily Price Chart

EUR/USD Price Chart - Euro Daily - Euro vs US Dollar

In our last Euro Price Outlook, we noted that EUR/USD had, “pulled back from a BIG resistance-confluence last week at the yearly open and we’re looking for a low wile within the confines of this near-term formation. From a trading standpoint, the immediate risk remains for further losses while below the monthly open but we’re looking for a reaction / more favorable entries on a move towards the lower parallel.” Price has broken lower with Euro now testing critical Fibonacci support at the 61.8% retracement of the 2017 advance at 1.1186.

There’s no setup here just yet, but we’ll be looking for a reaction around this threshold. A daily close below would keep the focus lower in price targeting the multi-year pitchfork support of the formation extending off the 2015 / 2017 lows, currently around ~1.1131 (are of interest for possible downside exhaustion). Initial resistance steady at 1.13 backed by the 100-day moving average at 1.1354. Critical resistance remains with the yearly open at 1.1445.

From a trading standpoint, we’re looking for a stabilization (constructive price action) above 1.1186 over the next few days IF Euro is going to rebound. That said, the threat remains for a larger decline towards longer-term parallel support near 1.1130. Click here for the latest EURUSD scalp report.

Find yourself getting trigger shy or missing opportunities? Learn how to build Confidence in Your Trading

-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex

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

DISCLOSURES