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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
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
Wall Street
Bearish
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
Bearish
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
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.49%, while traders in Germany 30 are at opposite extremes with 69.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SAhyfFIUX0
  • Intel upside remains constrained by chip shortages and supply chain disruptions - CEO
  • Intel Q1 Earnings: Revs: $19.67B vs. est. $17.86B EPS: $1.39 vs. est. $1.15 $INTC
  • Gold Price Outlook: Are Gold Bulls Back in the Driver's Seat? https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2021/04/22/gold-price-outlook-are-gold-bulls-back-in-the-drivers-seat.html $Gold
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.00% US 500: -0.02% France 40: -0.40% Germany 30: -0.51% FTSE 100: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/j5sQjRSVGX
  • GBP/USD is in full-retreat, falling below the 1.39 level as investors flock to $USD $GBPUSD https://t.co/QojEW8ksLC
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/TUcaaK6R0T
  • White House Press Sec. Jen Psaki: President Biden believes that expenditures can be done on the backs of the wealthiest $USD
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.38% Gold: -0.70% Silver: -1.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/CYQirgCosh
  • All three major US indices fall into negative territory following President Biden's alleged proposal of higher capital gains taxes $SPX $NDX $DJI https://t.co/f0Bb21TCVX
USD Continues to Carve Higher Low- AUD to Face Limited Rebound

USD Continues to Carve Higher Low- AUD to Face Limited Rebound

David Song, Strategist

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10625.53

10677.47

10604.47

-0.28

87.55%

Forex_USD_Continues_to_Carve_Higher_Low-_AUD_to_Face_Limited_Rebound_body_ScreenShot036.png, USD Continues to Carve Higher Low- AUD to Face Limited Rebound

Chart - Created Using FXCM Marketscope 2.0

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is 0.28 percent lower from the open after moving 74 percent of its average true range, and the greenback may continue to give back the rebound from the previous week as the downward trend carried over from the previous month remains intact. At the same time, the index appears to be stuck in a consolidation formation, but we may see a bullish breakout as the greenback carves a higher low above the 10,500 handle In turn, we will keep a close eye on the 30-minute relative strength index over the next 24-hours of trading as the oscillator approaches oversold territory, and we may see the reserve currency resume the upward trend from earlier this year amid the shift in the policy outlook.

Forex_USD_Continues_to_Carve_Higher_Low-_AUD_to_Face_Limited_Rebound_body_ScreenShot037.png, USD Continues to Carve Higher Low- AUD to Face Limited Rebound

As the relative strength index on the daily chart continues to come off of support (41), the oscillator may threaten the bearish trend carried over from the previous month, and the greenback may regain its footing ahead of the next FOMC interest rate decision on June 19 as tapering the asset purchase program becomes a growing discussion at the central bank. Indeed, the USDOLLAR may continue to build a short-term base in June, and the greenback looks poised to make another run at the 10,900 handle as the FOMC faces limited scope to further embark on its easing cycle. As the economic recovery gradually gathers pace, we may see a growing number of Fed officials adopt a more hawkish tone for monetary policy, and the central bank may switch gears later this year as the world’s largest economy gets on a more sustainable path.

Forex_USD_Continues_to_Carve_Higher_Low-_AUD_to_Face_Limited_Rebound_body_ScreenShot038.png, USD Continues to Carve Higher Low- AUD to Face Limited Rebound

Three of the four components bounced back against the USD, led by a 1.78 percent rally in the Japanese Yen, while the Australian dollar bucked the trend as the higher-yielding currency shed 0.44 from the open. Indeed, the AUDUSD looks primed for a sharp rebound amid the bullish divergence in the relative strength index, but the fundamental developments coming out of the $1T economy may continue dampen the appeal of the aussie as the region faces a slowing recovery. As Australia is expected to shed 10.0K jobs in May, the persistent slack in the real economy may prompt the Reserve Bank of Australia (RBA) to implement another rate cut in the second-half of 2013, and we will continue to sell rallies in the AUDUSD as Governor Glenn Stevens keeps the door open for additional monetary support. In turn, we may see the 23.6 percent Fibonacci retracement from the 2011 high to low around 0.9780-90 may continue to provide interim resistance, and we should see the bearish trend dating back to 2011 produce further declines in the exchange rate as the interest rate outlook remains weak.

--- 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, please follow this link.

Bring the economic calendar to your charts with the DailyFX News App.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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

DISCLOSURES