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
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
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
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
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkzWwW https://t.co/9j004hyzUZ
  • Learning how to trade does not have to feel foreign. Hone your skills and build your confidence with free DailyFX guides today! https://t.co/lnxaQOsgid https://t.co/7myL4vGnt8
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yxE0OmLIP0
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUd00T https://t.co/iSrjZTeWwf
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/WeLInepZiD https://t.co/7B0KI8HehW
  • 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: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
  • 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/IsnpfIZNKr https://t.co/5js6tWk5bY
  • The Euro has regained lost ground against its major counterparts recently. Are further gains in the offing or is this just a short-term countertrend correction? EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD key levels. Get your market update from @DanielGMoss here:https://t.co/Z71MZEIJWC https://t.co/YAr1kN4eKd
A Weekly Technical Perspective on DXY, GBP/USD & Crude

A Weekly Technical Perspective on DXY, GBP/USD & Crude

Michael Boutros, Strategist

In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. We looked at a few of these charts in today’s Weekly Strategy Webinar and heading into major event risk later this week, here are the key levels to consider.

DXY Weekly Chart

DXY  Price Chart - Weekly Timeframe

Notes: The index is testing slope resistance extending off the 2012 high after breaking above the October opening-range highs / median-line last week. That said, the immediate advance remains vulnerable while below last week’s high with interim support seen at the 2016 low-week reversal close at 93.89- a break there would be needed to suggest a more significant near-term high is in place.

Bottom line: Heading into this week’s FOMC policy decision and Non-Farm Payroll report, the focus is on a reaction off this slope with the risk for a move lower back to parallel support. A breach-higher would shift the focus towards topside resistance objectives at 95.90 backed by the median-line (~95.58) and the 50% retracement / 52-week moving average at 97.42/70.

New to Forex? Get started with this Free Beginners Guide

GBP/USD Weekly Chart

GBP/USD Price Chart - Weekly Timeframe

Notes: We’ve been tracking this median-line formation extending off the 2016 low and earlier this month we noted a constructive outlook while above confluence support at 1.3036. The outlook remains unchanged heading into the November open and the focus remains on the lower parallel heading into the Bank of England (BoE) interest rate decision this week.

Bottom line: The pair remains constructive while above the July high-week reversal close at 1.3036. Look for a breach above the high-week close at 1.3494 to validate resumption of the broader up-trend targeting 1.3675 & the upper parallels.

See how shifts in GBP/USD retail positioning are impacting trend- Click here to learn more about sentiment!

Crude Weekly Chart

Crude Oil Price Chart - Weekly Timeframe

Notes: Crude is approaching a critical resistance zone at 54-55; a region defined by the 100% extension of the advance off the early lows, the 78.6% retracement of the 2015 decline and former slope support extending off the April low. Note that just higher stands the upper median-line parallel around ~56.25 – the long-bias is at risk into this region but the focus remains higher while above 49.80 where the 52-week moving average converges on basic slope support.

Bottom line: The immediate advance is vulnerable heading into these topside targets but ultimately we’ll be looking for a pullback to get long with a breach targeting confluence Fibonacci resistance at 59.94-60.06.

Check out our Q4 Crude Oil projections on the in our Free DailyFX Trading Forecasts

Previous Weekly Technical Perspectives

- 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.

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

DISCLOSURES