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. See our updated Privacy Policy here.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
More View more
Real Time News
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here:
  • Recent price action in the US Dollar Index (DXY) casts a bearish outlook for the Greenback as it extends the series of lower highs and lows from earlier this week. Get your weekly USD technical forecast from @DavidJSong here:
  • USD/MXN drops back into its recent range as investors await further guidance from economic data. Get your weekly Mexican Peso forecast from @HathornSabin here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • What is your forex trading style? Take the quiz and find out:
  • Australian Dollar plunged for a fifth week but held key downtrend support at the yearly lows. Get your weekly AUD technical forecast from @MBForex here:
  • 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:
  • Last week’s march higher in EUR/USD may well extend further after Friday’s Eurozone economic statistics that will likely turn the ECB more hawkish on monetary policy. Get your weekly Euro forecast from @MartinSEssex here:
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here:
  • 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:
EUR/USD, AUD/USD & USD/CAD Technical Setups- Election Levels

EUR/USD, AUD/USD & USD/CAD Technical Setups- Election Levels

Michael Boutros, Strategist

Near-term Technical Outlook: Trade Setups on EUR/USD, AUD/USD & USD/CAD

  • Technical charts on trade setup we’ve been tracking in EUR/USD, AUD/USD &USD/CAD
  • Euro testing key support near September lows
  • Aussie at critical yearly open support zone
  • USD/CAD breakout stalls – support into 1.32

An update on technical setups we've been tracking inEuro, Aussie & Loonie. These are the targets and invalidation levels that matter heading into the US Presidential Elections and key central bank rate decisions this week.Review my latest Strategy Webinar for an in-depth breakdown of thesetrade setups and more.

Euro Price Chart – EUR/USD 120min

Euro Price Chart - EUR/USD 120min - Euro vs US Dollar Trade Outlook - Technical Forecast

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

In last week’s Euro Price Outlook we highlighted, “Key resistance / bearish invalidation remains steady at 1.1853/59– a region defined by the 100% extension of the late-September advance and the 61.8% Fibonacci retracement of the September range.” EUR/USD continued to respect this zone on a close basis with price briefly registering a high at 1.1880 before turning lower into the close of October.

Bottom line: That decline is now testing a key support zone at the October 2018 high / 61.8% extension at 1.16.21/33. Initial resistance now back at the 1.17-handle backed closely by the October open at 1.1719- both regions of interest for possible topside exhaustion IF reached. Bearish invalidation now lowered to 1.1786. A break lower from here exposes the lower parallel, currently near 1.1580 with critical confluence support eyed at 1.1482/99.Review my latest Euro Weekly Price Outlook for a look at the longer-term GBP/USD technical trade levels.

Euro Trader Sentiment – EUR/USD Price Chart

Euro Trader Sentiment - EUR/USD Price Chart - Euro vs US Dollar Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short EUR/USD - the ratio stands at -1.04 (49.10% of traders are long) – neutral reading
  • Long positions are22.39% higher than yesterday and 61.17% higher from last week
  • Short positions are12.96% higher than yesterday and 33.96% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/USD prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current EUR/USD price trend may soon reverse lower despite the fact traders remain net-short.

Australian Dollar Price Chart - AUD/USD Daily

Australian Dollar Price Chart - AUD/USD Daily - Aussie Trade Outlook - Technical Forecast

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

In my most recent Australian Dollar Technical Price Outlook we noted that AUD/USD, “carving the weekly opening-range just below the monthly open / downtrend resistance – look to the breakout for guidance,” with the broader risk for a deeper setback while below the September trendline. An outside-day reversal off monthly open resistance at 7160 last week takes Aussie back into key support here at 7016/42- looking for infection off this threshold heading into the elections with a break / close below needed to keep the short-bias viable heading deeper into November. Subsequent support objectives at 6963 and the 100% extension at 6835.

Bottom line: Aussie is testing a major support inflection zone here with the broader September downtrend still in play while below 7160. Review my latest Aussie Weekly Price Outlook for a look at the longer-term AUD/USD technical trade levels.

Canadian Dollar Price Chart - USD/CAD 120min

Canadian Dollar Price Chart - USD/CAD 120min - US Dollar vs Canadian Dollar 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, “critical support at 1.3046/56. Ultimately, we’re looking for basing this week with a breach above this formation needed to shift the focus higher again in the US Dollar.” The decline never reached that threshold with USD/CAD turning off the 78.6% retracement at 1.3085 into the close of October trade. The recovery failed last week at confluence resistance at 1.3375/82 and the focus is on this pullback heading into a heavy week of event risk.

Bottom line:Support rests at the lower parallel / 61.8% retracement at 1.3199- look for a reaction there IF reached with a close below 1.3156/62 ultimately needed to mark resumption of the broader downtrend. Weekly open resistance at 1.3313 with a breach higher keeping the focus on 1.3450. Review my latest Canadian Dollar Weekly Price Outlook for a closer look at the longer-term USD/CAD technical trading 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.