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
  • USD/MXN trades directionless, oscillating between small gains and losses, near the 20.15 area. Get your $USDMXN market update from @DColmanFX here:https://t.co/FFr3rlGh6n https://t.co/7tniccl9S8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.02% 🇪🇺EUR: -0.06% 🇬🇧GBP: -0.12% 🇨🇦CAD: -0.22% 🇦🇺AUD: -0.23% 🇯🇵JPY: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/LZfExkLfjB
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 1.31% Germany 30: 0.97% FTSE 100: 0.82% US 500: 0.57% Wall Street: 0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/gUKOWwsere
  • The July flash PMIs from Markit don't paint the most encouraging picture. The US and UK composite activity measures have slide, the Eurozone's has actually advanced and Australia's has tumbled. Despite this picture, SPX just off its record https://t.co/HrcdPASU9Q
  • The July PMIs haven't triggered late-in-the-week volatility which leaves the likes of the $SPX just off its record. DailyFX's @JohnKicklighter discusses weekend and what's ahead 👇 https://t.co/oB9i7XAXCz
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.37% Gold: -0.40% Silver: -1.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/es0k9q46z0
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.49%, while traders in Wall Street are at opposite extremes with 70.30%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Bo2bJUaa0h
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: -0.39% Oil - US Crude: -0.44% Silver: -1.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/mqveb8LmH7
  • 🇺🇸 Markit Manufacturing PMI Flash (JUL) Actual: 63.1 Expected: 62 Previous: 62.1 https://www.dailyfx.com/economic-calendar#2021-07-23
  • LNG looks fundamentally bullish. Low storage - supportive of sustained upward price action. Get your market update from @WVenketas here:https://t.co/h8NC2m4S2G https://t.co/TYADcug01i
USD Bullish Formation Takes Shape, AUD Weighed By Rate Outlook

USD Bullish Formation Takes Shape, AUD Weighed By Rate Outlook

David Song, Strategist

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10169.81

10176.13

10134.58

0.28

69.50%

USD_Bullish_Formation_Takes_Shape_AUD_Weighed_By_Rate_Outlook_body_ScreenShot123.png, USD Bullish Formation Takes Shape, AUD Weighed By Rate Outlook

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is 0.26 percent higher from the open after moving 56 percent of its average true range, and the short-term outlook certainly casts a bullish outlook for the greenback as the inverse head-and-shoulders formation continues to take shape. As the USDOLLAR holds above the October high (10,134), we should see the index carve out the right shoulder in the coming days, but we will wait for a move above the 10,200 figure to see the reversal pattern pan out as the 30-minute relative strength index approaches overbought territory. However, as the EU Summit takes center stage, we may see market volatility thin over the next 24-hours of trading, and the dollar may face range-bound prices before we see a bullish breakout.

USD_Bullish_Formation_Takes_Shape_AUD_Weighed_By_Rate_Outlook_body_ScreenShot124.png, USD Bullish Formation Takes Shape, AUD Weighed By Rate Outlook

As Germany maintains its strong opposition to Euro bonds, there’s limited scope of seeing a major development this week, and headlines coming out of the meeting may continue to sap risk-taking behavior as the group struggles to meet on common ground. Should the summit fail to calm market jitters, a flight to safety should prop up the dollar, and the index looks poised for another run at 10,300 as it appears to be carving out a higher low in June. At the same time, the slew of positive developments coming out of the world’s largest economy reinforces a positive outlook for the dollar as it limits the Fed’s scope to push through another large-scale asset purchase plan, and we will maintain our bullish call for the USD as the central bank extend ‘Operation Twist’ as oppose to QE3.

USD_Bullish_Formation_Takes_Shape_AUD_Weighed_By_Rate_Outlook_body_ScreenShot125.png, USD Bullish Formation Takes Shape, AUD Weighed By Rate Outlook

Three of the four components weakened against the dollar, led by a 0.41 percent decline in the Japanese Yen, while the Australian dollar is bucking the trend as it advances 0.11 percent against its U.S. counterpart. Nevertheless, market participants are still calling for lower borrowing costs in Australia, with Credit Suisse overnight index swaps reflecting expectations for 100bp worth of rate cuts over the next 12-months, and we should see the high-yielding currency face additional headwinds over the near-term as the RBA preserves a dovish tone for monetary policy. As the AUDUSD fails to push back above the 200-Day SMA at 1.0242, the pair appears to have carved a short-term top in June, and we may see the exchange rate fall back towards the 50.0 percent Fibonacci retracement from the 2010 low to the 2011 high around 0.9570 as interest rate expectations falter.

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong

To be added to David's e-mail distribution list, send an e-mail with subject line "Distribution List" to dsong@dailyfx.com.

Join us to discuss the outlook for the major currencies on the DailyFX Forums

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

DISCLOSURES