Never miss a story from David Song

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to David Song

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Talking Points:

- USDOLLAR Preserves Bearish Structure Ahead of FOMC Minutes

- USD/CAD Range in Focus Ahead of Canada Employment Report

- NZD/JPY Close Above 89.50 to Raise Scope for Higher-High





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






USDOLLAR(Ticker: USDollar):

  • Downside remains favorable for Dow Jones-FXCM U.S. Dollar Index as it continues to come off trendline resistance.
  • The dip below 10,406 (1.618% Fibonacci expansion from the August decline) opens the door for a move back towards 10,375 as it appears to be carving a lower-high in July.
  • Federal Open Market Committee (FOMC) Minutes in focus ahead of the Humphrey-Hawkins Testimony scheduled for next week.
  • May get more of the same from the FOMC as Chair Janet Yellen continues to highlight subdued wages.


  • Remains capped by 1.0690-1.0700 (23.6% Fib retracement), while 1.0610-20 (78.6% Fib expansion) holds up as near-term support.
  • A look at the broader channel favors a more meaningful rebound as it straddles trendline support.
  • Canada Employment report is expected to show another 20.0K rise in job growth; strong pickup may prompt a more material shift in the Bank of Canada (BoC) policy as Governor Stephen Poloz scales back willingness to lower the benchmark interest rate further.


  • Making another move at 89.50 pivot, but need a closing price above the region to favor a further advance.
  • Would also like to see a bullish break in the Relative Strength Index (RSI) for confirmation/conviction.
  • Will watch the April high (89.91), but the next key topside objective comes in around 90.00 (50.0% Fib expansion)

For more updates, sign up for David's e-mail distribution list.

Bearish USD Setup in Focus Ahead of FOMC Minutes, Yellen Testimony

Join DailyFX on Demandfor Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: Do or Die for Crude Oil?

AUDUSD July Range Targets Key Support- Shorts Favored Sub 9440


Bearish USD Setup in Focus Ahead of FOMC Minutes, Yellen Testimony

Chart - Created Using FXCM Marketscope 2.0

  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)





MBA Mortgage Applications (JUL 4)




Federal Open Market Committee Meeting Minutes


Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail 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