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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Wall Street
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
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • The US Dollar caught a bid in the late part of last week to set a fresh September high. FOMC is around the corner, are bulls going to be able to push for another fresh high? Get your weekly US Dollar forecast from @JStanleyFX here:
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
  • The Australian Dollar remains vulnerable to most of its major counterparts, with AUD/USD and AUD/JPY resuming losses. Did AUD/NZD bottom? AUD/CAD may consolidate. Get your weekly Australian Dollar forecast from @ddubrovskyFX here:
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here:
  • While the meetings of central bankers in the US, Japan and the UK will be front, left and center of traders’ minds this coming week, it would be wise not to ignore next Sunday’s German Federal Election. Get your euro forecast from @MartinSEssex here:
  • Take a closer look visually at the most influential global importers and exporters here:
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • GBP/USD’s consolidation could end soon if price breaks out of a symmetrical triangle in play since July. At this time, a downside breakout is likely following the appearance of a death cross. Get your weekly $GBP forecast from @DColmanFX here:
USDOLLAR at Critical Inflection Point Heading Into May Open, NFPs

USDOLLAR at Critical Inflection Point Heading Into May Open, NFPs

Michael Boutros, Strategist

Talking Points

  • USDOLLAR approaching critical support range
  • Immediate short-bias at risk above 11711/21
  • Updated targets & invalidation levels


USDOLLAR at Critical Inflection Point Heading Into May Open, NFPs

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: The Dow Jones FXCM U.S. Dollar Index (Ticker: USDOLLAR) is approaching a critical support range to start off the week at 11711/21. This region is defined by the 1.618% Fibonacci extension of the decline off the yearly high & the 88.6% retracement of the April 2015 advance and converges on a few longer-term descending median-lines just lower. The short-bias is at risk heading into this threshold as we continue to mark ongoing divergence in the momentum profile.

Resistance stands with the upper median-line parallel / 11793 with a breach above 11830 needed to invalidate the broader downside outlook. A break below this key support threshold risks accelerated losses for the greenback with such a scenario eyeing the April 2015 low at 11634 backed by the median-line extending off the January 21st 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 at Critical Inflection Point Heading Into May Open, NFPs

Notes: The weekly opening range should offer some guidance as we hold just above this key support range. Looking for general weakness early in the week to settle-out before we get a more decisive move. Initial resistance is eyed at the weekly opening-range high at 11755 with a breach above 11784 needed to suggest a more significant rebound may be underway. Broader focus focus remains weighted to the downside sub-11830 with a break lower targeting intial support objectives at 11680 backed by 11634.

Added caution is warranted heading into Friday’s highly anticipated U.S. Non-Farm Payrolls report with the release likely to fuel increased volatility in USD crosses. Consensus estimates are calling for a print of 200K with the headline unemployment rate widely expected to hold at 5.0%. As has been the case over the past few quarters, we’ll be looking for changes in the labor force participation rate which climbed to a two-year high last month after falling to levels not seen since the late-1970s last September. 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 the close of the week.

Looking for trade ideas? Review DailyFX’s 2016 2Q Projections!

Relevant Data Releases

USDOLLAR at Critical Inflection Point Heading Into May Open, NFPs

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at 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.