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
EUR/USD
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
Oil - US Crude
Bearish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Breaking news

US House Speaker Nancy Pelosi announces no fiscal stimulus deal reached after failed talks Thursday evening

Real Time News
  • Heads Up:🇯🇵 Unemployment Rate (AUG) due at 23:30 GMT (15min) Expected: 3% Previous: 2.9% https://www.dailyfx.com/economic-calendar#2020-10-01
  • RT @FxWestwater: EU Stoxx 50 Forecast: Bears Ready to Drag Index Lower on Rising Virus Cases? - via @DailyFX https://www.dailyfx.com/forex/market_alert/2020/10/01/EU-Stoxx-50-Forecast-Bears-Ready-to-Drag-Index-Lower-on-Rising-Virus-Cases.html ht…
  • The New Zealand Dollar’s correction lower against the Japanese Yen and US Dollar may be at an end, as NZD remains constructively perched above key chart support. Get your $NZD market update from @DanielGMoss here:https://t.co/8GiKFTfrMP https://t.co/NbRPmU4ce2
  • S&P 500 Outlook: Stocks Flop, VIX Pops on Failed Stimulus Talks Link to Analysis via @DailyFX - https://www.dailyfx.com/forex/market_alert/2020/10/01/sp500-outlook-stocks-flop-vix-pops-on-failed-stimulus-talks.html $ES_F $SPX $SPY #Trading https://t.co/FDVzo9yV4X
  • Yesterday’s gains in the Euro had largely stemmed from month & quarter end rebalancing flows, which had been quite the contrary to various investment bank models touting USD buying. Get your $EURUSD market update from @JMcQueenFX here:https://t.co/zgvi24o4SR https://t.co/7qn4zTf6es
  • $EURUSD Daily Pivot Points: S3: 1.1497 S2: 1.157 S1: 1.1601 R1: 1.1673 R2: 1.1716 R3: 1.1789 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.48% 🇦🇺AUD: 0.28% 🇨🇭CHF: 0.25% 🇪🇺EUR: 0.21% 🇯🇵JPY: -0.06% 🇬🇧GBP: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/7SFSKZGIXS
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.39% Gold: 1.04% Oil - US Crude: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/shTxKyCvb8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.66%, while traders in US 500 are at opposite extremes with 65.68%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rUjXP0dNLh
  • New York City Government Bonds downgraded from Aa1 to Aa2 by Moody's - BBG
USD Setups Heading Into March Open- Key Rate Decisions, NFPs on Tap

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

2014-02-27 21:44:00
Michael Boutros, Strategist
Share:

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