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
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/danCiP5vqK
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/t34kotPE8R
  • 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/lM1OIJdjhr
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/6qGEVjDlN6
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here: https://t.co/T7iAD0fbbU https://t.co/xVSG7nKIQG
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/HGWZikGQAa
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtp8kFe https://t.co/2cQ0JgAfh7
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
USD Continues To Test Long-Term Trend, JPY Reversal Hinges On BoJ

USD Continues To Test Long-Term Trend, JPY Reversal Hinges On BoJ

David Song, Strategist

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10011.2

10024.34

9995.93

-0.01

49.63%

USD_Continues_To_Test_Long-Term_Trend_JPY_Reversal_Hinges_On_BoJ_body_ScreenShot063.png, USD Continues To Test Long-Term Trend, JPY Reversal Hinges On BoJ

Although the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) remains little changed from the open, the short-term rebound may gather pace over the remainder of the week as the upward trend in the 30-minute relative strength index continues to take shape. As headlines coming out of Europe saps risk-taking behavior, we may see market sentiment continue to taper off in the days ahead, and the dollar looks poised for a larger correction as the Fed continues to talk down speculation for additional monetary support. Nevertheless, we should see risk-trends continue to drive price action for the reserve currency as the economic docket for the U.S. remains fairly light for the rest of the week, but China’s Consumer Price report on tap for later tonight may prop up market sentiment should the data fuel expectations for more easing from the People’s Bank of China.

USD_Continues_To_Test_Long-Term_Trend_JPY_Reversal_Hinges_On_BoJ_body_ScreenShot064.png, USD Continues To Test Long-Term Trend, JPY Reversal Hinges On BoJ

In contrast to Boston Fed President Eric Rosengren, Dallas Fed President Richard Fisher struck a hawkish tone for monetary policy, arguing that the FOMC ‘has done enough’ as market participants continue to look for another large-scale asset purchase program. Mr. Fisher warned that additional monetary stimulus risks ‘overburdening the central banks,’ and encouraged the government to create incentives to foster private sector activity. As the FOMC continues to embark on ‘Operation Twist,’ we continue to see limited scope for QE3, and the shift in the policy outlook should continue to prop up the dollar as the central bank appears to be moving away from quantitative easing. As the USDOLLLAR continues to straddle the ascending channel from earlier this year, we would need to see the relative strength index preserve the upward trend for confirmation, and the rebound from 9,980 may continue to gather pace as the greenback appears to be carving out a higher low in August.

USD_Continues_To_Test_Long-Term_Trend_JPY_Reversal_Hinges_On_BoJ_body_ScreenShot065.png, USD Continues To Test Long-Term Trend, JPY Reversal Hinges On BoJ

Three of the four components rallied against the greenback, led by a 0.23 percent against the Japanese Yen, but the low-yielding currency may struggle to hold its ground over the next 24-hours of trading as the Bank of Japan is widely expected to strike a dovish tone for monetary policy. Beyond the rate decision, newly appointed Takahide Kiuchi and Takehiro Sato are anticipated to push for additional stimulus amid the ongoing weakness in the real economy, and we should see the central bank continue to carry out its easing cycle throughout the second-half of the year as it aims to meet the 1percent target for inflation. As the USDJPY remains supported by the 78.00 figure, it looks as though the pair is building a short-term base in August, and we will keep a close eye on the relative strength index as it continues to move away from oversold territory.

--- 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

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

DISCLOSURES