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.

Free Trading Guides
EUR/USD
Bearish
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
GBP/USD
Mixed
USD/JPY
Bearish
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
Bullish
Oil - US Crude
Bearish
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
Bitcoin
Mixed
More View more
Real Time News
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.06% 🇯🇵JPY: 0.03% 🇬🇧GBP: -0.00% 🇨🇦CAD: -0.01% 🇪🇺EUR: -0.03% 🇨🇭CHF: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UT2Vl3reju
  • The US Dollar rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on #Coronavirus fears. What is the technical outlook for $USDIDR, $USDSGD, $USDMYR and $USDPHP? #ASEAN - https://www.dailyfx.com/forex/technical/article/special_report/2020/01/24/USDIDR-USDSGD-USDMYR-USDPHP-Coronavirus-Impact-on-Trends.html?CHID=9&QPID=917702 https://t.co/hCnmsObRuS
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.22%, while traders in US 500 are at opposite extremes with 76.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/x0bKaNAhmU
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/CY7vQwuEL1
  • So far this week, #GBP has been the best-performing #G10 currency against #USD with +0.78% spot-returns while #NOK has been the worst with -0.96% [delayed]
  • 🇳🇿 NZD Credit Card Spending (YoY) (DEC), Actual: 3.4% Expected: N/A Previous: 4.5% https://www.dailyfx.com/economic-calendar#2020-01-24
  • Heads Up:🇳🇿 NZD Credit Card Spending (YoY) (DEC) due at 02:00 GMT (15min), Actual: N/A Expected: N/A Previous: 4.5% https://www.dailyfx.com/economic-calendar#2020-01-24
  • My trading video for today: '$EURUSD, $USDJPY and $AUDNZD Absorb ECB, Risk Trends, Key Data' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/24/EURUSD-USDJPY-and-AUDNZD-Absorb-ECB-Risk-Trends-Key-Data.html?ref-author=Kicklighter?CHID=9&QPID=917719 https://t.co/jmks6CdRNI
  • The Indonesian Rupiah outperformed Thursday as the Bank of Indonesia held rates unchanged and the central bank noted that the economic cycle passed its bottom, welcoming #Rupiah appreciation as in line with the fundamentals #ASEAN #USDIDR #Indonesia
  • The $AUD is pressuring four-month trend support against its US counterpart as sellers fight to reassert the dominant, long-term downtrend. Get your market update from @IlyaSpivak here: https://t.co/Bup64Arva9 https://t.co/R867zN295e
Near-term Trade Setups in USD/CAD, EUR/USD & AUD/USD

Near-term Trade Setups in USD/CAD, EUR/USD & AUD/USD

2019-11-26 18:17:00
Michael Boutros, Technical Strategist
Share:

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

Canadian Dollar Price Chart - USD/CAD 240min

Canadian Dollar Price Chart - USD/CAD 240min - Loonie Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; USD/CAD on Tradingview

In my latest Canadian Dollar Price Outlook we noted that USD/CAD was, “approaching a critical resistance threshold and we’re on the lookout for near-term topside exhaustion up here.” The resistance zone in focus is 1.3335/55- a region defined by the 61.8% retracement of May decline and the May high-day close. The advance remains vulnerable into this region.

Initial support rests with the lower parallel / 1.3252 – a break / close below this threshold is needed to suggest a larger decline is underway. Subsequent resistance objectives at 1.3384 and 1.3435/37 (critical) in the event of a breach. Review my latest Canadian Dollar Weekly Price Outlook for a closer look at the longer-term USD/CAD technical trading levels.

Canadian Dollar Trader Sentiment – USD/CAD Price Chart

Canadian Dollar Trader Sentiment - USD/CAD Price Chart - Loonie Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short USD/CAD - the ratio stands at -3.07 (24.56% of traders are long) – bullish reading
  • Long positions are 2.27% higher than yesterday and 15.73% lower from last week
  • Short positions are 9.16% higher than yesterday and 20.38% higher 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 USD/CAD-bullish contrarian trading bias from a sentiment standpoint.

See how shifts in USD/CAD retail positioning are impacting trend- Learn more about sentiment!

Euro Price Chart - EUR/USD 240min

Euro Price Chart - EUR/USD 240min - Euro Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

In my most recent Euro Technical Price Outlook we noted that, EUR/USD was, “trading just below near-term downslope resistance.” Price tested and failed pitchfork resistance late-last week before turning lower with the decline now straddling confluence support at 1.1012/15. Critical support remains just lower at 1.0994 with a break / close below the low-week close at 1.0976 needed to mark resumption of the broader downtrend.

That’s said, watch out for possible exhaustion down here at the monthly opening-range lows. Resistance / near-term bearish invalidation stands with the upper parallel / last-week’s open at 1.1047- look for a breach there to suggest a more recovery is underway. Review my latest Euro Weekly Price Outlook for a look at the longer-term EUR/USD technical trade levels.

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

Australian Dollar Faces Retest of Key Support / Monthly Range Lows

In today’s Australian Dollar Price Outlook we highlighted a well-defined weekly opening-range in AUD/USD just above the November lows / key Fibonacci support at 6770. Price has continued to trade just below the November trendline and the focus is on a break of this near-term compression range. We’re on the lookout for possible downside exhaustion into these lows with a breach above 6810 ultimately needed to fuel a larger recovery. Review my latest Australian Dollar Weekly Price Outlook for a look at the longer-term AUD/USD 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

News & Analysis at your fingertips.