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.

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
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
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
GBP/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
USD/JPY
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
More View more
Real Time News
  • US Dollar Outlook: DXY Index Eyes Retail Sales Data, Yields -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/05/13/us-dollar-outlook-dxy-index-eyes-retail-sales-data-yields.html $USD #Forex #Trading https://t.co/10Hb8pYSp1
  • 🇳🇿 Business NZ PMI (APR) Actual: 58.4 Previous: 63.6 https://www.dailyfx.com/economic-calendar#2021-05-13
  • The Japanese Yen may fall against its major peers, but there is room for a near-term climb that wouldn’t necessarily overturn a bearish technical bias. USD/JPY is eyeing support. Get your market update from @ddubrovskyFX here:https://t.co/AEnQCXnwAL https://t.co/kUV7xoSWxZ
  • Heads Up:🇳🇿 Business NZ PMI (APR) due at 22:30 GMT (15min) Previous: 63.6 https://www.dailyfx.com/economic-calendar#2021-05-13
  • Chile central bank holds rate at 0.5% - BBG
  • The S&P 500 has broken beneath an important trendline from March 2020 as losses mount. Get your S&P500 market update from @PeterHanksFX here:https://t.co/aAc3vrKr7M https://t.co/RwQajLrpJy
  • USD/CAD briefly traded up to 1.22 before retreating to its current level around 1.216 $USDCAD https://t.co/eNc4JmYfKI
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.36% 🇳🇿NZD: 0.36% 🇯🇵JPY: 0.22% 🇦🇺AUD: 0.03% 🇬🇧GBP: -0.03% 🇨🇦CAD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BnPd5x9Xua
  • RT @BrendanFaganFx: Dow Jones Analysis: Stocks Rebound From Recent Losses as Disney Earnings Disappoint $DIS $ABNB $DASH Link: https://t.…
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.62% Silver: 0.17% Oil - US Crude: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vBHmVNt8z6
US Dollar Price Outlook: DXY Threatens Larger Recovery– Trade Targets

US Dollar Price Outlook: DXY Threatens Larger Recovery– Trade Targets

Michael Boutros, Strategist

The US Dollar Index turned just ahead of uptrend support last week with the recent rebound threatening larger recovery in price. These are the updated targets and invalidation levels that matter on the DXY charts heading into the close of the week. Review this week's Strategy Webinar for an in-depth breakdown of this oil price setup and more.

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

US Dollar Price Chart – DXY Daily

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

Chart Prepared by Michael Boutros, Technical Strategist; US Dollar Index on Tradingview

Technical Outlook: In my latest US Dollar Weekly Price Outlook we noted that, “DXY turned from big resistance last week and IF this pullback is the start of a larger correction, look for resistance ahead of 97.87.” Price turned just ahead of confluence support last week with the rebound now trading within the 97.71/87 resistance zone- look for a reaction here.

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

US Dollar Price Chart – DXY 120min

US Dollar Index Price Chart - DXY 120min - USD Technical Outlook

Chart Prepared by Michael Boutros, Technical Strategist; US Dollar Index on Tradingview

Notes: A closer look at DXY price action shows the index trading within the confines of a broad ascending pitchfork formation extending off the June lows with the weekly opening-range now taking shape just below the confluence resistance at 97.87- a region defined by the 61.8% retracement of the 2017 decline and the 38.2% retracement of the August range.

A breach above this region would expose topside resistance objectives at 98.07/12 backed by the median-line / 61.8% retracement at 98.27- look for a reaction there IF reached. Ultimately a topside breach / close above the yearly high-day close at 98.40 would be needed to mark resumption of the broader up-trend. Support steady at the 97.21 with a break below 97.02 needed to suggest a more significant high was registered this month. Such a scenario would have us targeting initial support objectives at 96.52.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: The US Dollar is testing near-term resistance here – IF broken, look for a larger recovery towards the median-line / uptrend resistance. From a trading standpoint, a good place to raise protective stops – ultimately, a larger recovery would have us looking for possible exhaustion / favorable short-entries on a stretch higher towards 98.27.

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

---

Relevant US Data Releases

US Economic Calendar - USD Key Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

Active Trade Setups

- Written by Michael Boutros, 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