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
EUR/USD
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The US Dollar will be bracing for a cascade of political risks including the first presidential debate, ongoing stimulus talks, the Supreme Court vacancy against the backdrop of key employment data. Get your #currencies update from @ZabelinDimitri here: https://t.co/quU4MmUjxA https://t.co/jF6ubwRz1P
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/3wsYlSxd26 https://t.co/PfIVibmqn1
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/lKvEMf4QRe
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here: https://t.co/GGVrB3r7if https://t.co/HPHUC8EG3o
  • 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/5uSWKoLkd6 https://t.co/q80wSAoxXP
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/7mc19Gxrvm
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/09/26/Gold-Price-Outlook-Rising-US-Dollar-Sinks-XAUUSD-Will-Losses-Extend.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gPhy0KoW3W
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDnpPbn https://t.co/Xtk5g4JQEB
  • 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/3Wked6GBOp https://t.co/SsUguHB39W
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/aD1ZWhTWZp
GBP/USD Retains Bearish RSI Momentum Ahead of UK CPI- 1.5900 on Tap?

GBP/USD Retains Bearish RSI Momentum Ahead of UK CPI- 1.5900 on Tap?

2014-10-10 16:35:00
David Song, Strategist
Share:

Talking Points:

- GBP/USD Retains Bearish Momentum Ahead of U.K. Consumer Price Index (CPI) .

- USD/CAD Bullish Outlook Remains Favored Despite Strong Canada Employment

- USDOLLAR Marks Lower-Highs With More Fed Rhetoric on Tap Next Week.

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

GBP/USD

GBP/USD Daily Chart
  • GBP/USD continues to carve lower-highs during first full-week October as bearish momentum in Relative Strength Index (RSI) remains in play.
  • With the U.K. Consumer Price Index (CPI) expected to slow to an annualized 1.4% from 1.5% in August, the next downside objective comes in around 1.5890 (61.8% retracement) to 1.5900 (50.0% expansion).
  • The DailyFX Speculative Sentiment Index (SSI) for GBP/USD continues to highlight a net-long retail positioning after flipping on October 2, with the ratio currently standing at +1.38.

USD/CAD

USD/CAD Daily Chart
  • Despite 74.1K rise in Canada Employment, USD/CAD continues to hold opening monthly range, with the bullish RSI momentum providing conviction/confirmation for a further advance.
  • With the inverse head-and-shoulders pattern highlighting a bullish bias, next topside objective comes in around 1.1300 pivot to 1.1320 (61.8% expansion).
  • Canada Consumer Price Index (CPI) may cast bearish outlook for the Canadian dollar as the headline reading for inflation is expected to slow to an annualized 2.0% from 2.1% in August.

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

Read More:

Price & Time: EUR/USD Correction Over?

FX Markets Flash Classic ’Risk Off’ Mode, Boosting Demand for JPY, USD

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11048.62

11067.93

11004.22

0.32

96.68%

GBP/USD Retains Bearish RSI Momentum Ahead of UK CPI- 1.5900 on Tap?USDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar Index remains at risk for a larger near-term decline as it appears to be carving a series of lower-highs, while bearish RSI momentum takes shape.
  • Will continue to watch Fed commentary next week, especially as Chair Janet Yellen is scheduled to speak at the Boston Fed Conference on October 17.
  • 10,869 (78.6% retracement) to 10,887 (61.8% retracement) will be the near-term region of interest, followed by 10, 752 (38.2% expansion) to 10,759 (61.8% retracement).

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

Import Price Index (MoM) (SEP)

12:30

-0.7%

-0.5%

Import Price Index (YoY) (SEP)

12:30

-1.4%

-0.9%

Fed's Charles Plosser Speaks on Monetary Policy

13:00

Fed's Esther George Speaks on U.S. Economy

17:00

Fed's Jeffrey Lacker Speaks on Financial Firm Bankruptcy

19:00

Fed's Daniel Tarullo Speaks on International Finance

13:00

Fed's John Williams Speaks on Chinese Exchange Rate

14:30

Click Here for the DailyFX Calendar

--- 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