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
Bearish
Oil - US Crude
Bearish
Wall Street
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
Gold
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
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • The British Pound is eyeing a push to fresh yearly highs against the US Dollar. However, various technical setups suggest GBP could lose ground to JPY, EUR and NZD in the near term. Get your $GBP market update from @DanielGMoss here:https://t.co/NSUnZnPb4Q https://t.co/RuBAAWS37w
  • Deadline on TikTok sale on hold as talks continue with the U.S - BBG
  • Australian Dollar May Extend Gains Despite Escalating China Trade Tensions - https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2020/12/05/Australian-Dollar-May-Extend-Gains-Despite-Escalating-China-Trade-Tensions.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD https://t.co/dvwlnImvDl
  • IGCS hints that gold prices may reverse higher as the S&P 500 aims for new highs. Things are looking a little bit more choppy for the growth-linked Australian Dollar. Get your $AUD market update from @ddubrovskyFX here:https://t.co/xiaQOr5D7D https://t.co/ZIwVyai2m2
  • The US Dollar technical outlook remains broadly bearish against ASEAN currencies like the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso. Where to from here? Find out from @ddubrovskyFX here:https://t.co/ijSi1wlLpQ https://t.co/k34HQK8UXU
  • San Francisco issues new stay-at-home order for residents - Reuters via BBG
  • Productive procrastination = you have a list of tasks in varying degrees of importance and you put the most important and high-priority item on the bottom but still need to feel and be productive so you do other tasks while avoiding the thing u need to do the most. Familiar?
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.61% 🇬🇧GBP: -0.12% 🇨🇭CHF: -0.13% 🇪🇺EUR: -0.22% 🇯🇵JPY: -0.34% 🇳🇿NZD: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OgYcNSUCI2
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.59% Gold: -0.10% Oil - US Crude: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Jc0b1GCn7D
  • Despite reaching an all-time high in April 2020, USD/ZAR has steadily declined as bulls failed to maintain favor. Get your $USDZAR market update from @Tams707 here:https://t.co/32cstWfLt1 https://t.co/7RlEbk7r3I
USDOLLAR Rebound at Risk Ahead of CPI- 11905 Resistance

USDOLLAR Rebound at Risk Ahead of CPI- 11905 Resistance

2016-04-13 19:39:00
Michael Boutros, Strategist
Share:

Talking Points

  • USDOLLAR is eyeing near-term confluence resistance head of U.S. CPI
  • Near-term bearish invalidation at 11905
  • Updated targets & invalidation levels

USDOLLAR 30min

USDOLLAR Rebound at Risk Ahead of CPI- 11905 Resistance

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: The Dow Jones FXCM U.S. Dollar Index (Ticker: USDOLLAR) has been trading within the confines of a descending median-line formation off the January 21st high with the recent rally off the lows targeting confluence resistance at 11905- a region defined by the upper median-line parallel and a basic 23.6% retracement of the late February decline. We’ll reserve this level as our bearish invalidation mark heading into tomorrow’s CPI print with a breach above 11919 shifting the focus towards subsequent resistance objectives at 11952 & the 38.2% retracement at 11964.

Note that a near-term embedded median-line formation off the lows has continued to define price action well. Interim support rests at 11861 backed by the 2016 low-day close at 11830. A break below this region is needed to validate the resumption of the broader downtrend with such a scenario targeting the lows at 11809 backed by the 76.4% retracement at 11793. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

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

USDOLLAR Rebound at Risk Ahead of CPI- 11905 Resistance

Why and how do we use the SSI in trading? View our video and download the free indicator here

Relevant Data Releases This Week

USDOLLAR Rebound at Risk Ahead of CPI- 11905 Resistance

Other Setups in Play:

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

---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 Deskat 12:30 GMT (8:30ET)

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

DISCLOSURES