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
Oil - US Crude
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
  • The GOP has rejected the Democrats global offer on an infrastructure agreement - CNN
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.13% Silver: 0.11% Gold: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/blZDvtm5lh
  • 🇺🇸 New Home Sales MoM (JUN) Actual: -6.6% Expected: 3.5% Previous: -7.8% https://www.dailyfx.com/economic-calendar#2021-07-26
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.88%, while traders in Wall Street are at opposite extremes with 72.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/leiNtJOg06
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 0.35% Gold: 0.06% Oil - US Crude: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/5GFYVwsGKM
  • Heads Up:🇺🇸 New Home Sales MoM (JUN) due at 14:00 GMT (15min) Expected: 3.5% Previous: -5.9% https://www.dailyfx.com/economic-calendar#2021-07-26
  • A somewhat relatively subdued start to the week for the Euro, with the currency remaining anchored around the 1.18 handle. Get your market update from @JMcQueenFX here:https://t.co/9e9i7pW8DQ https://t.co/54lOyEZbed
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 0.01% US 500: -0.13% Wall Street: -0.18% Germany 30: -0.22% FTSE 100: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/X9yC7S8wfC
  • DoJ are reportedly examining if Tether misled banks about Crypto business
  • 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/0ZqB956gzL
US Dollar Technical Forecast: USD in Key Zone, PMI, NFP on Deck

US Dollar Technical Forecast: USD in Key Zone, PMI, NFP on Deck

James Stanley, Senior Strategist

US Dollar Talking Points:

  • A back-loaded economic calendar may run into holiday-thin liquidity ahead of the July 4th holiday in the United States.
  • The US Dollar has held near a key zone following the FOMC-fueled breakout two weeks ago.
  • EUR/USD may hold some attraction for USD-bulls, as the pair has held resistance at a big spot on the chart.
  • The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.
Advertisement

The final three days of last week turned out to be very quiet in the US Dollar, with each day’s candle showing some element of indecision. A Wednesday spinning top led into two consecutive dojis, and this highlights how there’s some element of equilibrium with the current USD spot rate. But – this doesn’t mean that it’ll stay that way for long, as holiday thin conditions will likely show in the latter portion of this week and that’s when two really big US data releases come out.

High-Impact Data Ahead of July 4th Holiday

DailyFX Economic Calendar

Taken from DailyFX Economic Calendar

Thursday brings PMI and Friday brings Non-farm Payrolls, and after the FOMC rate decision a couple of weeks ago, fully expect intense focus to be paid to both reports. NFP, in particular, should be notable as this will be the first look that markets get at employment and wage inflation for the month of June. Expectations for new jobs are high, with the expectation for +690k jobs to have been added during the month of March, a jump from the +559 that had printed in early-June for the month of May.

In the US Dollar, prices have held around the big zone that was noted last Tuesday, showing between two Fibonacci levels at 91.82 and 91.93. After a brief spot of support early last week, this zone soon became resistance and helped to hold the highs through last week’s close. And, so far this week, we’re seeing even more indecision in today’s non-completed candle.

To learn more about Fibonacci, check out DailyFX Education

US Dollar Daily Price Chart

US Dollar Daily Price Chart

Chart prepared by James Stanley; USD, DXY on Tradingview

EUR/USD in Resistance Zone

For USD-strength strategies, EUR/USD may hold some interest. I had looked into the matter just after the FOMC rate decision, highlighting a big zone of resistance in EUR/USD that could open the door for bearish trend scenarios. That zone runs from 1.1965-1.2000, and last week, this held the highs on Wednesday and Friday. So far this week, sellers pushed down to a near-term lower-low, highlighting the bearish potential that may be brewing in EUR/USD, particularly if USD bulls prevail around this week’s drivers of PMI and NFP.

EUR/USD Daily Price Chart

EURUSD Daily Price Chart

Chart prepared by James Stanley; EURUSD on Tradingview

--- Written by James Stanley, Senior 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