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
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
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇬🇧 Construction PMI (FEB) due at 09:30 GMT (15min) Expected: 51 Previous: 49.2 https://www.dailyfx.com/economic-calendar#2021-03-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.76%, while traders in Germany 30 are at opposite extremes with 65.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tF7NDRkMxh
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.56% Gold: 0.32% Silver: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oQYFEnQWXw
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/5Rb6Zace9V
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.34% 🇳🇿NZD: 0.21% 🇨🇦CAD: 0.08% 🇨🇭CHF: -0.06% 🇪🇺EUR: -0.12% 🇯🇵JPY: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Ksc3KraqP3
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.12% US 500: -0.20% France 40: -0.48% FTSE 100: -0.50% Germany 30: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/u0DuzvS8In
  • Dow Jones, S&P 500 Perched at Key Support as Attention Turns to Powell - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/03/04/Dow-Jones-SP-500-Perched-at-Key-Support-as-Attention-Turns-to-Powell.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $DJIA $SPX $ES $YM $DJI https://t.co/xon6vWNM7K
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/523qqvxg5j
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/KG9k8BnyD6
  • Gold Price Forecast: Long-Term Yields May Keep XAU/USD on the Backfoot - https://t.co/YV1gkiTPrq #GOLD $GLD $XAUUSD https://t.co/oT1lIcChN6
US Dollar Index Weekly Price Outlook: USD Collapse Searches Support

US Dollar Index Weekly Price Outlook: USD Collapse Searches Support

Michael Boutros, Strategist

The US Dollar Index is down more early 1% since the start of the week with price threatening a break of the monthly opening-range lows on Friday. These are the updated targets and invalidation levels that matter on the DXY weekly chart. Review this week’s Strategy Webinar for an in-depth breakdown of this US Dollar setup and more.

New to Forex Trading? Get started with this Free Beginners Guide

US Dollar Index Price Chart - DXY Weekly

US Dollar Index Price Chart - DXY Weekly - USD Technical Outlook

Notes: In my last US Dollar Weekly Price Outlook we noted that, “A reversal in the US Dollar Index has taken price back towards multi-month slope support – watch the weekly close. A break lower would expose key confluence support at 96.14- look for a bigger reaction there IF reached.” The index is poised to mark an outside-weekly reversal this week with price turning just ahead of the June highs to cover the entire monthly range.

The move leaves the risk weighted to the downside heading into next week with a close below the September support slope (blue) needed to keep the immediate short-bias viable. Key support remains at the confluence of the yearly open and the 2018 trendline (red) at 96.14- a break / close below this threshold is needed to suggest a larger reversal is underway in the greenback with such a scenario targeting the 2019 low-week close at 95.66 and the yearly swing low at 95.03. Initial resistance steady at the 61.8% retracement of the 2017 decline at 97.87 with bearish invalidation now lowered to the yearly swing high at 98.37.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: An outside-weekly reversal in the US Dollar Index leaves the risk weighted to the downside in the greenback. That said, look for a weekly close below the September trendline to validate the break targeting yearly open support. From a trading standpoint, the focus is on a test of confluence support lower down near 96.14- look for a reaction there. I’ll publish an updated DXY scalp setup once we get further clarity in near-term price action.

Even the most seasoned traders need a reminder every now and then-Avoid these Mistakes in your trading

---

Key US Data Releases

US Key Data Releases - Econmic Calendar

Economic Calendar - latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

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

Follow Michael on Twitter @MBForex

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

DISCLOSURES