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
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
Oil - US Crude
Bullish
Wall Street
Bearish
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
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/5KaUvfGM4I
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/9Bjkh5413e
  • 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/BdgFmkRxVw https://t.co/FqAsp91Gia
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/cKOUmtj7Dj
  • 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/Yl9vM7kO6a https://t.co/TnL91f7sl7
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/cDcjl3Ue09
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/KWOX5wSipe
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/cwSWCpKtaj
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zu5hMovbz6
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/QMKyTBOKNG
USDJPY to Fresh 2019 Highs as EURUSD Tests Below 1.1300

USDJPY to Fresh 2019 Highs as EURUSD Tests Below 1.1300

James Stanley, Senior Strategist

USDJPY, EURUSD US Dollar Talking Points:

- US Dollar bulls continue to drive, and the currency has opened the week with a fresh monthly high as prices make a fast approach at the 2019 high around the 97.00-handle. This week brings a slew of Fed speakers with commentary set to be offered every day of the week. On the data-front US CPI is released on Wednesday, Advance Retail Sales on Thursday and U of Mich. Consumer Sentiment on Friday.

- Going along with that US Dollar strength is a test of longer-term support in EUR/USD as the pair works below the 1.1300 level. While the trend in EURUSD has been very consistent over the past week-and-a-half, this area of longer-term support around 1.1300 has offered rebuttal on multiple bearish drives in over the past three months. Will sellers finally be able to break prices down below 1.1200? Meanwhile, USD/JPY has run-up to fresh 2019 highs while USDCAD tests higher-low support in a key zone.

- DailyFX Forecasts have been published for Q1, 2019 on a variety of currencies such as the US Dollar or the Euroand are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator.

US Dollar Bulls Remain in Driver Seat

The US Dollar has opened this week’s trade by continuing the bullish trend that started around the late-January FOMC rate decision. That meeting took place on the Wednesday before last, and since then Dollar bulls have taken-control of near-term price action in the currency to push up to fresh monthly highs, eclipsing the 96.68 level that held the bullish advance in the latter-portion of last week. Ahead on the chart, the 97.00 looms large and a test above this zone would constitute a fresh 2019 high.

US Dollar Eight-Hour Price Chart

us dollar usd eight hour price chart

Chart prepared by James Stanley

On this week’s economic calendar, the potential exists for continued USD volatility, as a slew of Fed speakers are set to give commentary each day of this week; and on the data front, US CPI is released on Wednesday, Advance Retail Sales is due on Thursday morning and U of Mich Consumer Sentiment is unveiled on Friday morning.

USD: Fed-Speak for This Week (Times in Eastern)

FOMC Speakers on This Week's Calendar

Chart prepared by James Stanley

EUR/USD Rides Short-Term Trend into Range Support

For much of the past three months, EUR/USD has been exhibiting back-and-forth price action. Resistance has held for much of the period in a zone that runs from 1.1448-1.1500 while support has shown at a series of higher lows from 1.1200-1.1300.

But, over the past week and change as the US Dollar strength has become more pronounced, EUR/USD has dropped lower with an impressive degree of consistency. On the hourly chart below, a bearish trend-line has been added to highlight this theme.

EUR/USD Hourly Price Chart

eurusd eur/usd hourly price chart

Chart prepared by James Stanley

The big question at this point around EUR/USD is whether sellers can retain control as longer-term support has come into the equation. Since the bearish trend in the pair stalled-out in November, there have been numerous attempts from sellers to leave this zone behind, most recently a couple of weeks ago. But each has thus far failed; and that can make the prospect of chasing this move in the early-portion of this week as challenging item.

EUR/USD Eight-Hour Price Chart

eurusd eur/usd eight hour price chart

Chart prepared by James Stanley

USD/JPY Trades Above Key 110.00 Level, Breaks Out to Fresh 2019 High

Going along with that US Dollar strength has been a topside push in USD/JPY as the pair is now trading at fresh 2019 highs. The 110.00 level had provided numerous instances of resistance over the past few weeks as the pair recovered from the early-year surge of Yen-strength. This pair was looked at in this week’s FX setups, focusing on topside moves to open the door for bullish strategies in the pair.

USD/JPY Four-Hour Price Chart

usdjpy usd/jpy four hour price chart

Chart prepared by James Stanley

USD/CAD Tests Higher-Low Support After Last Week’s Bounce

USD/CAD had a strong outing last week, and this comes after setting a fresh two-month low on the first day of February. Sliding Oil prices contributed to last week’s move, but the Friday jobs report out of Canada brought a quick run of CAD-strength to push USD/CAD down to a key zone of prior support that runs from 1.3236-1.3259. A hold of this support can open the door for a re-test of resistance at 1.3325 and the zone that runs from 1.3361-1.3385. On the other hand, should that 1.3325 resistance hold, the door remains open for another push lower, looking for a re-test of the February low that takes place around the 1.3066 Fibonacci level.

USD/CAD Four-Hour Price Chart

usdcad usd/cad four hour price chart

Chart prepared by James Stanley

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts for Q1 have a section for each major currency, and we also offer a plethora of resources on USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.

Forex Trading Resources

DailyFX offers a plethora of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at.

If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES