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
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.43%, while traders in Germany 30 are at opposite extremes with 80.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/klgOuNPYtk
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.45% US 500: 0.20% France 40: -0.10% Germany 30: -0.25% FTSE 100: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/umSIPmSxrY
  • $EURCAD has continued to head lower today, now trading right around the 1.5000 level. The pair hit a fresh one-year low, currently trading at its lowest level since early March of last year. $EUR $CAD https://t.co/Oj9JYasyTU
  • US Indices are rebounding from last week's sell off today. The Dow is leading the way, rising to a fresh all-time high. The Nasdaq remains negative for the day. DOW +2.00% NDX -0.55% SPX +0.91% RUT +1.70% $DIA $QQQ $SPY $IWM
  • Another look at the deviation in 'internal' interest in US equities: the candle is the Nasdaq 100 to S&P 500 ratio ($NDX-$SPX) overlaid with the S&P 500 itself in blue https://t.co/m2WK4Q2Bs5
  • A notable deviation in direction from the tech-heavy Nadex composite (candle) overlaid with the S&P 500 in blue. The 5-day correlation is still holding up but will start deviating fast at this pace https://t.co/VYY5imk1yS
  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY https://t.co/t5KRSYu0TP
  • EUR/USD trades to a fresh yearly low (1.1857) as longer-dated US Treasury yields continue to push above pre-pandemic levels. Get your $EURUSD market update from @DavidJSong here:https://t.co/XWIah8irtj https://t.co/GIXPFZz2qQ
  • USD/MXN has continued to rip in 2021, flying in the face of the bearish trend from 2020. Get your $USDMXN market update from @JStanleyFX here:https://t.co/uePriXERH8 https://t.co/qRjLbgglov
  • $USDMXN strong breakout from the falling wedges that had built coming into this year. Prices now finding resistance at 50% marker of the 2017-2020 major move whether looking for usd strength or weakness, there's attractive items on $USDMXN for either https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/03/08/Mexican-Peso-Price-Forecast-MXN-USDMXN-USD-MXN-Breakout-to-Fibonacci-Resistance.html https://t.co/7TwqgZDXfH https://t.co/ocsiEw3IwC
Weekly Technical Perspective on DXY, GBP/USD and NZD/USD

Weekly Technical Perspective on DXY, GBP/USD and NZD/USD

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. Here are the key levels that matter on the weekly charts for the DXY, GBPUSD and NZDUSD ahead of this week’s FOMC, BoE and RBNZ interest rate decisions. Review this week’s Strategy Webinar for an in-depth breakdown of these setups and more.

Check out our New 2018 projectionsin our Free DailyFX Trading Forecasts

DXY Weekly Price Chart

DXY Price Chart - Weekly Timeframe

Notes: We’ve been tracking this price analog in the U.S. Dollar Index since last year and heading into the Federal Reserve interest rate decision on Wednesday, the risk remains lower while below the 2017 low-week close at 91.33 (bearish invalidation). Interim support rests with the 2010 high at 88.71 backed closely by confluence support at 88.18 where the 50% retracement of the 2011 advance converges on basic slope support.

Bottom Line: The focus remains on a break of the 88.18 - 91.33 price range. A downside break would likely fuel accelerated losses towards the 2011 trendline support around ~86.75 while a topside breach would suggest that a more significant low is in place.

New to ForexTrading? Get started with this Free Beginners Guide

GBP/USD Weekly Price Chart

GBP/USD Price Chart - Weekly Timeframe

Notes: The British Pound has been trading within the confines of this ascending pitchfork formationextending off the 2016 / 2017 lows with prices turning just ahead of the upper median-line parallel early in the year. Price broke through the monthly opening-range last week and leaves the risk higher heading into the close of the month. That said, price is now approaching the median-line and a daily close above this threshold would be needed to keep the immediate advance viable.

Bottom line: The broader focus in Sterling remains weighted to the topside while above the lower median-line parallel / 2016 high-week close (Brexit) at 1.3675 (keep an eye on the RSI support trigger). A breach / close above the 2018 high-day close at 1.4134 would keep the long-bias in play targeting the 200-week moving average at ~1.4280s and the yearly high at 1.4346.

GBP/USD IG Client Positioning

GBP/USD IG Client Sentiment
  • A summary of IG Client Sentiment shows traders are net-short GBPUSD- the ratio stands at -1.16 (46.3% of traders are long) – weak bullishreading
  • Long positions are 6.0% higher than yesterday and 1.5% lower from last week
  • Short positions are 4.5% higher than yesterday and 9.1% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBPUSD prices may continue to rise. However, retail is less net-short than yesterday but more net-short from last week and the combination of current positioning and recent changes gives us a further mixed GBPUSD trading bias from a sentiment standpoint.

Why does the average trader lose? Avoid these Mistakes in your trading

NZD/USD Weekly Price Chart

NZD/USD Price Chart - Weekly Timeframe

Notes: The New Zealand Dollar has continued to consolidate below the January highs at 7436 with the 200-week moving average catching the closes on the downside over the past few months. I’m looking for a resolution to this key price range over the coming weeks with key support (bullish invalidation) eyed at 7094-7140 where the 52-week moving average, 50% retracement, and the yearly open converge on basic slope support.

Bottom line: Kiwi remains in a well-defined range heading into the RBNZ interest rate decision later this week. Price may see some upside as we approach the range lows (note we turned today near monthly-open support at 7208) but ultimately, we’ll be looking for a breakout of this zone for near-term guidance. Note that near-term price action highlights a possible 5-wave decline off the monthly highs, suggesting that a recovery at these levels should prove correction and keeps the broader focus weighted to the downside for now.

Previous Weekly Technical Perspectives

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

To receive Michael’s analysis directly, please sign-upto his email distribution list

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES