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
  • RT @FxWestwater: Asia AM - Australian Dollar Forecast: $AUDUSD May Rise on Chinese Industrial Profits Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/07/26/Australian-Dollar-Forecast-AUDUSD-May-Rise-on-Chinese-Industrial-Profits.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:…
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/c36fpKL4nN
  • 🇰🇷 GDP Growth Rate QoQ Adv (Q2) Actual: 0.7% Expected: 0.7% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-07-26
  • 🇰🇷 GDP Growth Rate YoY Adv (Q2) Actual: 5.9% Expected: 6% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-07-26
  • 🇰🇷 GDP Growth Rate QoQ Adv (Q2) Actual: 0.7% Expected: 0.7% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-07-26
  • Heads Up:🇰🇷 GDP Growth Rate QoQ Adv (Q2) due at 23:00 GMT (15min) Expected: 0.7% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-07-26
  • Heads Up:🇰🇷 GDP Growth Rate YoY Adv (Q2) due at 23:00 GMT (15min) Expected: 6% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-07-26
  • (Weekly Technical) Australian Dollar Outlook Still Biased Lower: AUD/USD, AUD/JPY, AUD/NZD, AUD/CAD #AUD $AUDUSD $AUDJPY $AUDNZD $AUDCAD https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/07/25/Australian-Dollar-Outlook-Still-Biased-Lower-AUDUSD-AUDJPY-AUDNZD-AUDCAD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/FlpHFIrQFp
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/XcuZbWNuie
  • The Mexican peso starts the week with a neutral bias despite broad-based U.S. dollar weakness reflected in the DXY Index. Get your market update from @DColmanFX here:https://t.co/pOu7SbQuKi https://t.co/Cmg92SZy5E
USDOLLAR Carving Lower High- EUR Threatening Bullish Momentum

USDOLLAR Carving Lower High- EUR Threatening Bullish Momentum

David Song, Strategist

Talking Points:

- USDOLLAR Remains at Risk of Lower-High Amid Bearish RSI Momentum

- Euro Retains Range-Bounce Prices; ECB Pledges to Act if Needed

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10570.54

10600.43

10569.46

-0.20

85.34%

USDOLLAR Daily

Forex_USDOLLAR_Carving_Lower_High-_EUR_Threatening_Bullish_Momentum_body_Picture_3.png, USDOLLAR Carving Lower High- EUR Threatening Bullish Momentum

Chart - Created Using FXCM Marketscope 2.0

  • Continues to Approach Former Support; Lower High on Tap?
  • Interim Resistance: 10,657 (61.8 expansion)- Former Support
  • Interim Support: 10,509 (23.6 retracement) to 10,524 (38.2 retracement)

Release

GMT

Expected

Actual

Chicago Fed National Actvity Index (JAN)

13:30

-0.20

-0.39

Dallas Fed Manufacturing Activity Survey (FEB)

15:30

3.0

0.3

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) continues to hold below former support (10,615) amid the weakening outlook for the world’s largest economy, and the greenback remains at risk of carving a lower high ahead of the Federal Open Market Committee (FOMC) Meeting on March 19 as the recent slowdown in economic activity drags on the interest rate outlook.

The recent rebound in the USD appears to be a mere correction as the Relative Strength Index (RSI) preserves the bearish momentum from the previous month, and the dollar outlook may turn increasingly bearish over the coming days should we see a lower-high take shape during the last full-week of February.

With that said, we continue to favor ‘selling bounces’ in the USDOLLAR as it carves a new series of lower highs paired with lower lows, and a further shift in interest rate expectations may spur a larger decline in the reserve currency as market participants see the Fed taking a more delayed approach in normalizing monetary policy.

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

Forex_USDOLLAR_Carving_Lower_High-_EUR_Threatening_Bullish_Momentum_body_ScreenShot139.png, USDOLLAR Carving Lower High- EUR Threatening Bullish Momentum

EURUSD Daily

Forex_USDOLLAR_Carving_Lower_High-_EUR_Threatening_Bullish_Momentum_body_Picture_1.png, USDOLLAR Carving Lower High- EUR Threatening Bullish Momentum
  • RSI Struggling to Retain Bullish Trend; Lower High at 1.3770?
  • Interim Resistance: 1.3800 (100.0 expansion) to 1.3830 (61.8 retracement)
  • Interim Support: 1.3450 (38.2% retracement) to 1.3460 (50.0% expansion)

Three of the four components advanced against the greenback, led by a 0.63 percent rally in the Australian dollar, while the Euro lagged behind as European Central Bank (ECB) President Mario Draghi reiterated that the Governing Council will act if needed as it sticks to its one and only mandate to ensure price stability.

Indeed, there’s bets that the ECB will further embark on its easing cycle at the March 6 meeting in order to further insulate the monetary union, but the central bank may largely rely on forward-guidance to manage market expectations as the board is expected to present its 2016 forecast for growth and inflation.

Should the updated assessment highlight a greater willingness to implement more non-standard measures, a more dovish shift in the policy outlook may generate fresh lows in the EURUSD, and we will keep a close eye on the RSI as it appears to be threatening the bullish momentum carried over from the previous month.

--- 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