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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
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
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • The Japanese #Yen may continue to exhibit a bullish behavior as the Bank of Japan (BoJ) appears to be in no rush to alter the path for monetary policy. Get your #currencies update from @DavidJSong here: https://t.co/HFjc6KGzRw
  • The New Zealand Dollar appears poised to extend its climb against its haven-associated counterparts as long-term trend break hints at cyclical upturn. Get your $NZDUSD market update from @DanielGMoss here: https://t.co/CPxP1Q8B6d https://t.co/n2wESiqnpJ
  • The US Dollar may rise against ASEAN currencies like the Singapore Dollar if local retail sales and sentiment data disappoints. USD/IDR may fall on the Bank of Indonesia. Get your market update from @ddubrovskyFX here:https://t.co/HpH8pXFdLl https://t.co/laHmaZXpJe
  • The US Dollar may rise against the Singapore Dollar and Philippine Peso. USD/MYR’s downtrend holds, but a bullish pattern brews. USD/IDR seems stuck between key technical levels.Get youe #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/TF6DRVp6kX https://t.co/WEtxkdSwxD
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/4wlRjBTCzK
  • The #Dollar has bottoming potential, but that is starting to lose weight as it fails to sustain any lift; next week could be a big one for #USD’s near-term outlook. Get your #currencies update from @PaulRobinsonFX here: https://t.co/IifHjik7gM https://t.co/R9b4jdTPnO
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/lW1rqjpy0x
  • I’d like to thank my followers, I just reached 5,000 which is quite a milestone for someone that isn’t a huge fan of the platform. Thank you all very much ❤️
  • Technology stocks continue to be a source of weakness for US equities, undermining risk appetite. Meanwhile, US-China tensions simmer beneath the surface creating uncertainty. Get your #equities update from @PeterHanksFX here: https://t.co/yH8oTwT3iW https://t.co/tvfrXThyaC
  • 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/lIJdiz4xSz https://t.co/Xi9QU3ADPF
US Dollar Grasps for Support: USD/CAD, EUR/USD, AUD/USD

US Dollar Grasps for Support: USD/CAD, EUR/USD, AUD/USD

2020-01-06 14:50:00
James Stanley, Strategist
Share:

US Dollar Talking Points:

  • The US Dollar is grasping for support through the 2020 open after an outsized bearish theme showed up in Q4 of last year. Can sellers continue to drive?
  • Commodity currency pairs have shown that USD-weakness most vividly, with both USD/CAD and AUD/USD put in notable moves. Meanwhile, EUR/USD remains at a key resistance area on the chart.

US Dollar Grasps for Support After Q4 Reversal

The US Dollar has come into 2020 after testing a key area of support ahead of the 2019 close; finishing a strong Q4 reversal after what had been a generally upbeat first three quarters of 2019. This support comes in around the 96.47 level, which is the 23.6% Fibonacci retracement of the 2011-2017 major move in DXY. This same level had helped to set resistance in August of 2018 before becoming support in December of that year. Below current price action, support potential exists at 95.82 which provided a couple of different support inflections in 2019, after which the 95.03 level becomes of interest as this marks the 2019 low that was set in the second week of last year.

USD Forecast
USD Forecast
Recommended by James Stanley
Q1 Forecasts Have Just Been Released
Get My Guide

US Dollar Weekly Price Chart

us dollar weekly price chart

Chart prepared by James Stanley; US Dollar on Tradingview

USD/CAD Plummets to Yearly Low, Takes out 1.3000 Big Figure

That US Dollar sell-off is most visible against commodity currencies and USD/CAD is a prime example. Given the outsized move in Oil prices on heightened geopolitical tensions, the pair has had a bit of additional drive-lower as CAD strength has helped to hasten the declines, taking out the 1.3000 level on the last day of 2019 after sellers had previously shied away from the big figure on a number of instances. That psychological level has already been re-purposed as resistance in the early outlay of the New Year as a small range has developed near these 15-month lows. Below current price action, another area of support interest shows around 1.2928, which is the 50% marker of the 2017 sell-off in the pair.

USD/CAD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -6% -7% -6%
Weekly -11% -1% -9%
Current Retail Sentiment in USD/CAD
Get My Guide

USD/CAD Weekly Price Chart

usdcad weekly price chart

Chart prepared by James Stanley; USDCAD on Tradingview

EUR/USD Rides at Resistance, Can Bulls Break Through?

The month of December saw a bullish move develop in EUR/USD after the pair had spent much of the prior four months digesting in a symmetrical wedge formation. That breakout flickered-higher on the heels of the December ECB rate decision, which was Christine Lagarde’s first as the European Central Bank President. That pattern of strength has largely remained in tact ever since, helped along by the drubbing in the US Dollar, and price action in EUR/USD is currently caught at a key area on the chart that runs from 1.1187-1.1212. This zone has seen numerous inflections over the past few years, most recently helping to set resistance in August after showing as support in June and July. A hold of resistance in the current zone can keep the pair of interest for reversal scenarios, particularly for those looking to long scenarios in the US Dollar.

EUR/USD Daily Price Chart

eurusd eur/usd daily price chart

Chart prepared by James Stanley; EURUSD on Tradingview

AUD/USD: Pulls Back After .7000 Re-Test, Can Buyers Continue to Push?

The first eleven months of last year brought an aggressively bearish trend into AUD/USD, continuing a move that had driven for the bulk of the prior year, as well. After topping-out above .8100 in January of 2018, sellers remained in control until a new level of support came into play around the .6700 handle. That support zone was tested multiple times in August, September and October of last year, with each instance seeing bears unable to break through.

As USD-weakness showed up in December AUD/USD broke through a number of resistance variables, including a late-month run above the .7000 psychological level that hadn’t been in-play for more than five months prior. Buyers were unable to sustain the move through the 2020 open and price action has pulled back to find short-term support at an area of prior resistance, taken around the .6930 level on the chart.

AUD/USD Daily Price Chart

audusd aud/usd daily price chart

Chart prepared by James Stanley; AUDUSD on Tradingview

--- 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