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.

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
Oil - US Crude
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
More View more
Real Time News
  • 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/danCiP5vqK
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/t34kotPE8R
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/lM1OIJdjhr
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/6qGEVjDlN6
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here: https://t.co/T7iAD0fbbU https://t.co/xVSG7nKIQG
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/HGWZikGQAa
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtp8kFe https://t.co/2cQ0JgAfh7
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
USD Setups Heading Into March Open- Key Rate Decisions, NFPs on Tap

USD Setups Heading Into March Open- Key Rate Decisions, NFPs on Tap

Michael Boutros, Strategist

Talking Points

  • USD crosses in focus heading into major central bank rate decisions, NFPs
  • Monthly/weekly opening range to offer guidance heading into March trade
  • Updated targets & invalidation points on EURUSD, GBPUSD, USDCAD & USDCHF

EURUSD Daily Chart

Forex_USD_Setups_Heading_into_March_Open-_Key_Rate_Decisions_NFPs_on_Tap_body_EURUSD_DAILY.png, USD Setups Heading Into March Open- Key Rate Decisions, NFPs on Tap

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD reacts to key Fibonacci resistance at 1.3767
  • Daily RSI failure to mount 60 / Support trigger break – bearish
  • Weekly opening range support break- bearish
  • Near-term support 1.3660- Break targets objectives at 1.3590/1.3613, 1.3515 & 1.3457/76
  • Breach above 1.3767 resistance (bearish invalidation) targets 1.38, 1.3830 & 1.3895
  • Key Events Ahead: Eurozone Unemployment data on Friday, ECB next week

Notes: Looking for the weekly/March opening range to offer further evidence that a more meaningful turn is materializing off of the 1.3767 resistance target highlighted in yesterday’s EURUSD scalp report. Use caution heading into the ECB rate decision on Thursday with the event likely to offer further clarity on our near-term directional bias.

GBPUSDDaily Chart

Forex_USD_Setups_Heading_into_March_Open-_Key_Rate_Decisions_NFPs_on_Tap_body_GBPUSD.png, USD Setups Heading Into March Open- Key Rate Decisions, NFPs on Tap

Technical Outlook

  • Key Resistance 1.6722/54- Long bias at risk below this level
  • Breach targets objectives at 1.6877/90, 1.7040/65
  • Interim support 1.66- Break targets larger correction off Feb high
  • Support 1.6536, 1.6441/69- Broader trend constructive above 1.6252
  • Daily RSI continues to respect 40-support / pending resistance trigger- bullish
  • Key Events Ahead: BoE Rate Decisionnext week

Notes: 1.6722/54 represents a significant region of resistance and is defined by multiple longer-term key Fibonacci levels and the 2011 high. The pair has continued to respect this barrier on a close basis with the high close coming in exactly at 1.6742. We’ll be looking for the weekly/monthly opening ranges to form below this threshold with a break of said range likely to offer further guidance on a near-term bias heading into March trade.

USDCAD Daily Chart

Forex_USD_Setups_Heading_into_March_Open-_Key_Rate_Decisions_NFPs_on_Tap_body_USDCAD_DAILY.png, USD Setups Heading Into March Open- Key Rate Decisions, NFPs on Tap

Technical Outlook

  • USDCAD turns ahead of Fib support / TL resistance breach- bullish
  • Outside key reversal on 2/19 / RSI resistance trigger break- bullish
  • Topside resistance objectives at 1.1157, 1.1223/34&1.1300
  • Support now 1.1050, 1.0906- bullish invalidation
  • Break targets support at 1.0825/30 & 1.0702/24
  • Key Events Ahead: BoC Rate Decision on Wednesday

Notes: The USDCAD scalp setup highlighted earlier this month has been in play with the first two primary objectives having been achieved. A breach/close above 1.1157 is critical to maintain our near-term topside bias and again we will look for the March opening range for conviction here. Failure to do so and a shift below this week’s low suggests more meaningful correction off the December high may still be in play. Look to the BoC rate decision on Wednesday with the Canadian employment report coinciding with NFPs on Friday.

USDCHF Daily Chart

Forex_USD_Setups_Heading_into_March_Open-_Key_Rate_Decisions_NFPs_on_Tap_body_USDCHF.png, USD Setups Heading Into March Open- Key Rate Decisions, NFPs on Tap

Technical Outlook

  • USDCHF key support range in focus- 8850/88- bullish invalidation.
  • Break risks losses into support targets at 8717 & 8670
  • Resistance 8920/35, 9039, 9069
  • Daily RSI trigger(s) pending

Notes: The 8850/88 support range is a key barrier we’ve noted since December as being a major inflection point for the USDCHF. Failure to close below this threshold puts the bearish bias at risk and the immediate focus is now weighted to the topside against this threshold. I’ve wanted to be on the long-side of this trade for some time now, but we just haven’t gotten the validation needed to fight this downtrend. That said, we’ll respect the March opening range while noting the risk of substantial losses with a break/close below 8850.

Follow the progress of these trade setups and more throughout the trading week with DailyFX on Demand.

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars next Monday on DailyFX and Tuesday- Thursday mornings next week on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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

DISCLOSURES