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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
Bullish
Gold
Mixed
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
Mixed
More View more
Real Time News
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • 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/tnF1RME8gJ
  • Top event risk on my radar for the week ahead: Musk on SNL (Sat); run of Fed speak with Brainard, Williams, Bostic (Tues); US CPI and UK GDP (Wed); Mexico central bank rate decision (Thur); US earnings - PLTR, BABA, ABNB, DASH, DIS (Tues-Thur). What are you watching?
  • It starts. This man is living the life. https://t.co/YhD4oMNAFG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.82% 🇦🇺AUD: 0.77% 🇨🇭CHF: 0.75% 🇳🇿NZD: 0.62% 🇯🇵JPY: 0.46% 🇨🇦CAD: 0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/j5I6Gut0CR
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.85% Silver: 0.53% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wZsuyfwuv1
USDOLLAR Braces for NFPs- Rally to Offer Favorable Short Entries

USDOLLAR Braces for NFPs- Rally to Offer Favorable Short Entries

Michael Boutros, Strategist

Talking Points

  • USDOLLAR eyes near-term structural support ahead of NFPs
  • Broader outlook remains bearish sub 11985
  • Updated targets & invalidation levels

USDOLLAR Daily

USDOLLAR Braces for NFPs- Rally to Offer Favorable Short Entries

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: The Dow Jones FXCM U.S. Dollar Index (Ticker: USDOLLAR) is working on its fifth day of consecutive declines after reversing off confluence resistance at 12030 noted on Monday. Heading into Non-Farm Payrolls tomorrow, the immediate short-bias is at risk while above the median line extending off the yearly high with interim resistance eyed at the 50-line (red) backed by 11970. Our broader bearish invalidation level is now lowered to Monday’s outside-day reversal close at 11985- note that the upper median-line parallel converges on this level over the next few days. A break lower targets the 76.4% retracement at 11793 backed by a key support confluence at 11721/31.

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 Braces for NFPs- Rally to Offer Favorable Short Entries

Notes: Interim support is eyed at 11846/54 where the October low converges on the March low & the median-line extending off the weekly high. A break below this threshold targets subsequent support objectives at the broader median-line extending off the January 21st high (~11820) and the 76.4% retracement of the advance off the May low at 11793.

A breach above the 50-line risks a rally back towards the upper median-line parallel before resuming lower. Keep in mind tomorrow’s NFP release comes on the start of the month / quarter and we’ll want to remain nimble & lower leverage heading into the weekend. Consensus estimates are calling for a print of 205K jobs for the month of March with the headline unemployment rate widely expected to hold steady at 4.9%. Traders will also be closely eyeing the broader labor force participation rate as well as the wage inflation figures.

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 April trade.

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

Relevant Data Releases

USDOLLAR Braces for NFPs- Rally to Offer Favorable Short Entries

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here 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