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
  • 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
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here: https://t.co/qFpg0DCxxL https://t.co/quQxg4WBy3
USDOLLAR Fails to Hold 2014 Range- Support Targets to Watch

USDOLLAR Fails to Hold 2014 Range- Support Targets to Watch

David Song, Strategist

Talking Points:

- USDOLLAR Pares Decline as Yellen Sees FOMC Staying on Current Path

- British Pound to Eye Fresh Highs on More Hawkish BoE

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10622.72

10643.03

10606.71

-0.21

96.19%

USDOLLAR Daily

Forex_USDOLLAR_Fails_to_Hold_2014_Range-_Support_Targets_to_Watch_body_Picture_3.png, USDOLLAR Fails to Hold 2014 Range- Support Targets to Watch

Chart - Created Using FXCM Marketscope 2.0

  • 2014 Range in Focus Ahead of Humphrey-Hawkins Testimony
  • Bearish RSI Momentum Highlights Risk for Fresh Lows
  • Interim Resistance: 10,753 (23.6 expansion) to 10,759 (61.8 retracement)
  • Interim Support: 10,561 (100.0 extension)- Closing Basis

Release

GMT

Expected

Actual

NFIB Small Business Optimism (JAN)

12:30

93.9

94.1

Fed's Charles Plosser Speaks on U.S. Economy

14:00

Fed Chair Janet Yellen Testifies to House Committee

15:00

Wholesale Inventories (DEC)

15:00

0.5%

0.3%

Wholesale Trade Sales (MoM) (DEC)

15:00

0.7%

0.5%

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) bounced back from a fresh yearly low (10,609), and the greenback may continue to track higher over the remainder of the week as we see a growing number of Fed officials push for a more aggressive approach in normalizing monetary policy.

Indeed, Fed Chair Janet Yellen said the central bank will stick to its current path as it moves away from its easing cycle, while Philadelphia Fed President Charles Plosser, who votes on the Federal Open Market Committee (FOMC) this year, favors speeding up the pace of the taperas he’s ‘worried’ that the board will be late in raising the interest rate.

In light of the fresh batch of central bank rhetoric, it seems as though we will see another $10B reduction at the March 19 meeting, and the policy outlook should continue to limit the downside for the greenback as long as the Fed stays on course to conclude Quantitative Easing (QE) later this year.

Join DailyFX on Demandto Cover Current U.S. Dollar Trade Setups

Forex_USDOLLAR_Fails_to_Hold_2014_Range-_Support_Targets_to_Watch_body_ScreenShot077.png, USDOLLAR Fails to Hold 2014 Range- Support Targets to Watch

AUDUSD Daily

Forex_USDOLLAR_Fails_to_Hold_2014_Range-_Support_Targets_to_Watch_body_Picture_1.png, USDOLLAR Fails to Hold 2014 Range- Support Targets to Watch
  • Remains at Risk For Lower High- Close Above Resistance to Foster Larger Correction
  • Interim Resistance: 0.9050 (23.6 expansion) to 0.9080 (38.2 retracement)
  • Interim Support: 0.8670 (100.0 expansion) to 0.8700 (78.6 expansion)

Three of the four components strengthened against the greenback, led by a 0.88 percent rally in the Australian dollar, and higher-yielding currency may face a larger correction over the near-term as it threatens resistance.

Indeed, rising home prices in the $1T economy dampens the Reserve Bank of Australia’s (RBA) scope to further assist with the rebalancing of the real economy, but Governor Glenn Stevens may keep the door open to implement another rate cut later this year as the central bank head sees higher unemployment along with subdued wage growth.

As a result, we will maintain a long-term bearish view for the AUDUSD as it continues to carve a series of lower highs paired with lower lows, and the deviation in the policy outlook should continue to limit the topside for the aussie-dollar as the Fed anticipates a more robust recovery in 2014.

--- 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.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

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