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
Bullish
GBP/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
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
Mixed
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.31% 🇨🇭CHF: 0.23% 🇪🇺EUR: 0.16% 🇯🇵JPY: -0.01% 🇳🇿NZD: -0.07% 🇦🇺AUD: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6mXD54E7Mm
  • Coming up at half past the hour: my weekly webinar on market sentiment. Do join me if you're free. You can sign up here: https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917711
  • $NOK underperforming relative to its major counterparts following the Norges Bank Regional Network Report - The report highlighted that growth in the autumn months rose 2.1%, down from 3%.
  • RT @C_Barraud: 🇪🇺 #Eurozone Dec ZEW Expectations Survey: 11.2 v -1.0 prior (1st + reading since Apr 2019; highest since Mar 2018) 🇩🇪 #GERM…
  • RT @LiveSquawk: US NIFB Small Business Optimism Nov: 104.7 (est 103.0 ; prev 102.4)
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: -0.35% Wall Street: -0.41% France 40: -0.58% Germany 30: -1.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FODtVpJAzb
  • LIVE IN 30 MIN: Analyst and Editor @MartinSEssex discusses the most important events and themes that have driven market sentiment and will drive it in the days ahead here - https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917720
  • USD vs Canadian Dollar Price Forecast: USD/CAD A Pullback or a Comeback? More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2019/12/10/USD-vs-Canadian-Dollar-Price-Forecast-USDCAD-A-Pullback-or-a-Comeback-MK.html?CHID=9&QPID=917714 https://t.co/iVS5e7KM5L
  • Gold Prices May Rise as Markets Eye Fed, UK Vote, US Tariffs - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2019/12/10/Gold-Prices-May-Rise-as-Markets-Eye-Fed-UK-Vote-US-Tariffs.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold #FOMC #UKElections2019 #tariffs https://t.co/sgSTVrKh1p
  • WTO members have agree to extend moratorium in regard to placing tariffs on digital trade until June 2020 - Reuters
Webinar: Dollar Prospects Hinge on Yellen- EUR, GBP Setups Favored

Webinar: Dollar Prospects Hinge on Yellen- EUR, GBP Setups Favored

2016-02-08 20:01:00
Michael Boutros, Technical Strategist
Share:

Talking Points

USDOLLAR Daily

Webinar: Dollar Prospects Hinge on Yellen- EUR, GBP Setups Favored

Chart Created Using FXCM Marketscope 2.0

Notes:The Dow Jones FXCM U.S. Dollar Index (Ticker USDOLLAR) rebounded off confluence support last week on the back of the NFP release. The focus range to start the week is 12049- 12123/31 and we’ll be looking for the weekly opening range to offer further guidance on our near-term directional bias. Base case scenario- a breach of this range is capped off by 12204 with our broader bearish invalidation level set at the high-day close at 12280. A break of the lows targets support objectives at 12023 & the 50% retracement at 11970.

EURUSD Daily

Webinar: Dollar Prospects Hinge on Yellen- EUR, GBP Setups Favored

Notes: The breakout potential we noted last week materialized with the rally taking out all of our topside objectives before stalling just ahead of a key resistance confluence at 1.1253/63. Interim support rests at 1.1120 backed by our bullish invalidation level at 1.1045/53. Note that this level is now defined by the 61.8% extension of the advance off the December low, the 200-day moving average & basic medina-line support. Bottom line- the pair remains constructive while above 1.1045 with a breach of key resistance targeting the August High-Day outside reversal close at 1.1385 (also the 88.6% retracement of the October decline).

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders” series.

GBPUSD Daily

Webinar: Dollar Prospects Hinge on Yellen- EUR, GBP Setups Favored

Notes: Sterling reversed off the 1.4654/88key resistance zone last week with the decline now checking a support confluence at 1.4373 where the 50% retracement of the advance converges on a pair of slope lines extending off the May high. If the pound is heading higher- Here is where you would want to see support. A break below this threshold shifts the focus towards the 2016 low-day close at 1.4219.

Continue to track these setups and more throughout the week, subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Check out SSI to see how retail crowds are positioned as well as open interest heading into February trade.

Relevant Data Releases

Webinar: Dollar Prospects Hinge on Yellen- EUR, GBP Setups Favored

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

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

DISCLOSURES

News & Analysis at your fingertips.