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 USD/CAD and AUD/USD

Near-term Trade Setups in USD/CAD and AUD/USD

Michael Boutros, Strategist

Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

USD/CAD 240min Price Chart

USD/CAD Price Chart - US Dollar vs Canadian Dollar 240min - Loonie

In this week’s Canadian Dollar Price Outlook we noted that, “From a trading standpoint, the near-term risk is weighted to the downside after Friday’s reversal but initial monthly-open support rests just lower at 1.3388.” A brief stint below this level yesterday registered a low at 1.3357 (just pips from the 1.3354 confluence support zone) before reversing sharply higher with USD/CAD breaking above the 61.8% retracement / weekly opening-range high today at 1.3454/56.

Look for support ahead of the 1.3435/37 confluence zone IF price is heading higher on this stretch with near-term topside objectives at the May high at 1.3514 and 1.3537- a breach / close there would be needed to validate a breakout of the monthly range. A break of the lows would expose the 78.6% retracement at 1.3309.

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

USD/CAD Trader Sentiment

USD/CAD Trader Sentiment - Loonie Positioning - US Dollar vs Canadian Dollar Price Chart
  • A summary of IG Client Sentiment shows traders are net-short USD/CAD - the ratio stands at -1.67 (37.4% of traders are long) – bullish reading
  • Long positions are 29.5% lower than yesterday and 2.9% higher from last week
  • Short positions are 14.4% higher than yesterday and 11.2% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/CAD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger USDCAD-bullish contrarian trading bias from a sentiment standpoint.

See how shifts in Loonie retail positioning are impacting trend- Learn more about sentiment!

AUD/USD 120min Price Chart

AUD/USD Price Chart -

In my most recent Australian Dollar Price Outlook we noted that Aussie had, “filled the Sunday gap with the weekly opening-range set just above the yearly low at 6866.” The range remains intact heading into the close of the close on Thursday with price now poised to mark an outside-day reversal off the lows is Aussie closes at these levels.

Weekly open resistance stands at 6911 backed closely by the upper parallel of the pitchfork we’ve been tracking since the monthly high- ultimately a topside breach / close above 6934 is needed to suggest a larger recovery is underway. A break lower would still risk a drop towards 6854 and 6828- looking for a bigger reaction off one of those levels IF reached. Review my latest AUD/USD Weekly Price Outlook for a look at the longer-term technical trade levels.

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

-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