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
Bullish
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
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/E9ZmJvqO0z
  • 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/fqxw1AoKc1
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here: https://t.co/B3Jct6mIBD https://t.co/xTGIM2hRBv
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here: https://t.co/S8UoHzOwFN https://t.co/qI6UZdggvM
  • 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/6wxX6oQurn
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/w009tJEQZn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/2AeO1AdD2M
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/INJz4NSugQ
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZX8cS https://t.co/qdrsi61CN8
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/IyQdfq29fz
USDOLLAR May Fail to Benefit from FOMC Minutes- AUD/USD Eyes 0.9400

USDOLLAR May Fail to Benefit from FOMC Minutes- AUD/USD Eyes 0.9400

David Song, Strategist

Talking Points:

- USDOLLAR Continues to Search for Lower Low Ahead of FOMC Minutes

- AUD/USD Threatens Trendline Resistance Ahead of Australia Employment

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10453.61

10464.47

10447.83

0.01

46.35%

USDOLLAR Daily

USDOLLAR-May-Fail-to-Benefit-from-FOMC-Minutes--AUDUSD-Eyes-0.9400_body_Picture_3.png, USDOLLAR May Fail to Benefit from FOMC Minutes- AUD/USD Eyes 0.9400

Chart - Created Using FXCM Marketscope 2.0

  • Looking for Lower Low Within Descending Channel as RSI Remains Bearish
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,440 (78.6 retracement)

Release

GMT

Expected

Actual

MBA Mortgage Applications (APR 4)

11:00

--

-1.6%

Wholesale Inventories (FEB)

14:00

0.5%

0.5%

Wholesale Trade Sales (MoM) (FEB)

14:00

1.0%

0.7%

Federal Open Market Committee Meeting Minutes

18:00

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

19:30

Fed's Daniel Tarullo Speaks on U.S. Economy

23:00

Click Here for the DailyFX Calendar

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is struggling to hold the advance to 10,464, and the Federal Open Market Committee (FOMC) Minutes may do little do prop up the reserve currency as the central bank plans to retain its asset-purchase program well into the second-half of 2014.

The bearish sentiment surrounding the greenback may gather pace ahead of the next Fed meeting on April 30 as Chair Janet Yellen remains reluctant to normalize monetary policy, and would need a material shift in the policy outlook to look for a key reversal in the greenback as the central bank appears to be in no rush to move away from its easing cycle.

With that said, the dollar remains at risk of giving back the advance from back in October (10,354) as it continues to search for a lower low, and we continue to favor ‘selling bounces’ in the reserve currency as price and the Relative Strength Index (RSI) preserve the bearish trend from earlier this year.

Read More:

Price & Time: Important Break Looming

FOMC Minutes Pose Risk as USD Breakdown Looms: GBP/USD, USD/JPY

USDOLLAR-May-Fail-to-Benefit-from-FOMC-Minutes--AUDUSD-Eyes-0.9400_body_ScreenShot051.png, USDOLLAR May Fail to Benefit from FOMC Minutes- AUD/USD Eyes 0.9400

AUD/USD Daily

USDOLLAR-May-Fail-to-Benefit-from-FOMC-Minutes--AUDUSD-Eyes-0.9400_body_Picture_1.png, USDOLLAR May Fail to Benefit from FOMC Minutes- AUD/USD Eyes 0.9400
  • Risks Pullback as RSI Highlights Overbought Conditions
  • Interim Resistance: 0.9400 Pivot to 0.9420 (38.2 expansion)
  • Interim Support: 0.9200 (100.0 expansion) to 0.9220 (61.8 retracement)

Join DailyFX on Demandto Cover Current Australian dollar Trade Setups

The greenback rallied against two of the four components led by a 0.12 percent decline in the Australian dollar, and the AUD/USD may face a larger pullback in the coming days as it comes up against trendline resistance.

Nevertheless, another 2.5K rise in Australia Employment may limit the downside for the aussie-dollar, but a rise in the jobless rate to 6.1 percent – an 11-year high – may put increased pressure on the Reserve Bank of Australia (RBA) to further embark on its easing cycle in an effort to further assist with the rebalancing of the real economy.

In turn, the AUD/USD may have made a high for the month as it struggles to clear the 0.9400 handle, and we will look to ‘buy dips’ following a near-term correction only if price and RSI retain the bullish trend dating back to February.

--- 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