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.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
US Dollar Rallies as Gold, Oil Give Back Gains

US Dollar Rallies as Gold, Oil Give Back Gains

2020-01-08 13:32:00
James Stanley, Currency Strategist

US Dollar Talking Points:

Quick Run of Fear, Mostly Priced Out

The big item for today was a quick run of fear from last night that, largely, has been priced-out of markets. Upon news that Iran had sent a series of missiles towards a military base in Iraq, the initial response was one of fear with US equity futures tumbling as Gold and Oil prices spiked. Those moves proved to be temporary, however, as a tweet from Iran’s Foreign Minister indicated that the missile strike was a ‘one and done’ in response to the US drone strike that killed Qassem Soleimani. S&P 500 equity futures are already back above yesterday’s close, Gold prices have given back most of that spike and Oil prices have taken all of those gains out, and then some.

The big question now is what President Trump may say or do on the matter, as he’s expected to offer comments later this morning.

Gold Hourly Price Chart

gold hourly price chart

Chart prepared by James Stanley; Gold on Tradingview

That quick run of fear had reverberations through FX markets as well, with both the Yen and US Dollar showing quick spurts of strength. In the Dollar, that strength has continued while the Yen has given back gains. This highlights the potential for strength in the US Dollar, as looked at in yesterday’s webinar as the Greenback has found support around a longer-term level or zone so far in early-2020 trade, very similar to the support that was helping to hold the lows through much of December.

USD Forecast
USD Forecast
Recommended by James Stanley
Download our fresh Q1 Forecast
Get My Guide

US Dollar Weekly Price Chart

us dollar weekly price chart

Chart prepared by James Stanley; US Dollar on Tradingview

Also looked at yesterday, the US Dollar had put in some bullish items on a shorter-term basis as well, with a range building through early 2020 trade that carried a potential topside bias. While resistance had held in around the 97.05-97.20 area, support was coming from a rising trendline, making for an ascending wedge like backdrop that will often be approached in a bullish manner. With last night’s quick run of fear, combined with this morning’s continuation of strength, the Greenback has now broken out to a fresh 2020 high. The big question now is for how long that move might run.

US Dollar Hourly Price Chart

us dollar hourly price chart

Chart prepared by James Stanley; US Dollar on Tradingview


As looked at in yesterday’s webinar, there’s a few likely places that US Dollar strength could remain as attractive. The current backdrop in EUR/USD may be one as the pair has put in tendencies of a range marked by a test of a key resistance zone in the early-portion of this year. As looked at on Monday, EUR/USD was testing the 1.1187-1.1212 zone that’s been in-play in a number of ways over the past few years. Most recently, this zone helped to set swing highs in the pair in early-August of last year, after a rather busy first-half of 2019 saw this level come in as support multiple times.

This can keep the door open for longer-term range potential, in which a deeper test towards longer-term support, taken from around the 1.1000 handle, could remain as an item of interest for those looking at long USD or short-Euro exposure.

Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 5% -11% -2%
Weekly -2% -2% -2%
Current Retail Sentiment in EUR/USD
Get My Guide

EUR/USD Daily Price Chart

eurusd daily price chart

Chart prepared by James Stanley; EURUSD 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.


News & Analysis at your fingertips.