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
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
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
Bitcoin
Mixed
More View more
Real Time News
  • - The Singapore Dollar (SGD) presents a unique undertaking for traders - It is guided by the MAS, which manages the exchange rate instead of short-term rates - Learn the principals of developing an SGD fundamental forecast to trade USD/SGD https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html
  • #DidYouKnow a #Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/c51s3IBcEu https://t.co/eWM70sTfq3
  • Natural Gas trading is popular among traders due to its volatility. How can you trade this? Find out here: https://t.co/GSzSS9fn7Z https://t.co/bl0lp9NtkQ
  • #EURUSD pivot points (daily) – S3: 1.0991, S2: 1.1065, S1: 1.1093, R1: 1.1167, R2: 1.1214, R3: 1.1288- https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Hello there, traders! Themes for this week's webinar: - US-China #tradewar - #HongKongProstests: Carrie Lam's visit to Beijing - #UKElections2019 recap + outlook - Government shutdown in 2020? - Update on #RCEP - CRUCIAL rate decision this week⬇️ https://www.dailyfx.com/webinars/146770987
  • With increasing volatility in weather patterns, how might storms, hurricanes, and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Get your market update from @ZabelinDimitri here:https://t.co/O4dgBl47fq https://t.co/eMb7iCfdqS
  • Join analyst @DavidJSong at 5:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/1rVzPr6gx4
  • See the DailyFX Fundamental and Technical forecasts for the week ahead on the major currencies, indices and commodities here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2019/12/15/Dow-Pound-and-Aussie-Dollar-Test-Post-Trade-War-Election-Breakouts.html
  • The US-China agreement brings this scene from camp cinema history to mind: https://t.co/WsfoGMZbw1 via @GIPHY https://t.co/h045efj8Em
  • What is the ascending triangle and how can you trade it? Find out here: https://t.co/SyL29jQflv https://t.co/F8415DaNGE
USDOLLAR at Cross Roads Heading Into 2Q- Initial Support 11970

USDOLLAR at Cross Roads Heading Into 2Q- Initial Support 11970

2016-03-28 18:12:00
Michael Boutros, Technical Strategist
Share:

Talking Points

  • USDOLLAR posts outside reversal candle off confluence resistance
  • Immediate focus is on break of 11970-12030 range
  • Updated targets & invalidation levels

USDOLLAR Daily

USDOLLAR at Cross Roads Heading Into 2Q- Initial Support 11970

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: The Dow Jones FXCM U.S. Dollar Index (Ticker: USDOLLAR) is attempting to mark an outside day reversal off confluence resistance at 12030. The index is coming off a 6-day advance from slope support at 11854 with our immediate outlook lower while within the confines of the descending median-line formation extending off the mid-January high.

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

USDOLLAR 30min

USDOLLAR at Cross Roads Heading Into 2Q- Initial Support 11970

Notes: A break below trendline support off the monthly lows shortly after the Asia open last night was accompanied with a support trigger-break in momentum, shifting the immediate focus lower. The decline is now testing interim confluence support at 11970 where basic trendline resistance off the monthly high (grey) converges on the 50% retracement of the May advance.

We’ll be expectiong a rebound here but remain on the lookout for short-triggers while below the upper median-line parallel / 12030. A break lower targets support obejctives at 11933 backed by 11888/91 & the lows at 11846/54. A breach of the weekly opening-range high invalidates the immediate short-bias with such a scenario eyeing initial targets at the 200-day moving average at 12059 & confluence Fibonacci resistance at 12073/76.

Event risk is limited ahead of Friday’s highly anticipated Non-Farm Payroll report where consensus estimates are calling for the addition of some 210K jobs for the month of March. Added caution is warranted heading into the close of the month / quarter as we’re likely to see increased intraday volatility. Continue tracking this setup 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 March trade.

Looking for trade ideas? Review DailyFX’s Top Trading Opportunity of 2016

Relevant Data Releases

USDOLLAR at Cross Roads Heading Into 2Q- Initial Support 11970

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 Desk at 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.