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  • Retail CFD traders (via IG) have flipped net long on the $SPX for the first time since the Pandemic low almost a year ago:
  • ...also for those without kids or are not inherently young at heart, March 2nd is Dr. Seuss's birthday.
  • The price of gold struggles to retain the rebound from the start of the week as longer-dated US Treasury yields hold above pre-pandemic levels. Get your $XAUSD market update from @DavidJSong here:
  • Uh oh. Another financial product/meme pivot. I think Elon is just a BTD kind of guy who is in tune with the social trading trends and wants to bring the retail crowd along with him. Would fit the essence of Tesla and Space X
  • Canadian #Dollar Forecast: $USDCAD Bears Fail at Support- March Levels -
  • I feel the LaserEyes trend is a more effective social spread because of the visual impact. Kind of disappointed the community hasn't gotten a more tangible visual cue for BTD / BTFD. Or maybe there is one and I'm just behind the trend....which happens a lot recently
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.87% 🇨🇦CAD: 0.78% 🇳🇿NZD: 0.45% 🇪🇺EUR: -0.19% 🇯🇵JPY: -0.20% 🇨🇭CHF: -0.70% View the performance of all markets via
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: -0.35% Oil - US Crude: -0.37% Gold: -0.50% View the performance of all markets via
  • The price of oil extends the series of lower highs and lows from the February high ($63.81) ahead of the (OPEC) (JMMC) meeting on March 3. Get your #crudeoil market update from @DavidJSong here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX:
Euro Outlook Mired by Bets for Dovish ECB- AUD Searches for Support

Euro Outlook Mired by Bets for Dovish ECB- AUD Searches for Support

David Song, Strategist

Talking Points:

- EUR/USD to Face Larger Rebound Should ECB Attempt to Buy More Time

- AUD/USD Searches for Support Ahead of Australia Employment Report.

- USDOLLAR RSI Threatens Overbought Territory; ADP & ISM Non-Manufacturing Bodes Well for NFP.

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


EUR/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • EUR/USD looks poised to hold the tight range ahead of the European Central Bank (ECB) interest rate decision even as the Governing Council is widely expected to sound increasingly dovish in November.
  • However, we may see a relief rally in EUR/USD should the ECB make an attempt to buy more time and merely reiterate the statement from the October 2 meeting.
  • The DailyFX Speculative Sentiment Index (SSI) shows a recent flip in position as the retail crowd is now net-long EUR/USD, with the ratio currently standing at +1.17.


AUD/USD Daily Chart
  • Downside targets remain favored for AUD/USD as the long-term bearish momentum in the Relative Strength Index (RSI) continues to take shape, while the Reserve Bank of Australia (RBA) retains the verbal intervention.
  • Even though Australia’s Employment report is expected to show a 20.0K rebound in job growth, market participants may show a limited reaction amid the change in methodology.
  • As the AUD/USD continues to search for a lower-low, next level of interest comes in around 0.8510 (50.0% expansion) to 0.8525 (50.0% expansion).

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Read More:

Price & Time: Waiting On USD/CHF

Crude Oil Testing Key Level Ahead Of US Inventories Data

USDOLLAR(Ticker: USDollar):





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






Euro Outlook Mired by Bets for Dovish ECB- AUD Searches for SupportUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar Index rallies to a fresh high of 11,248, but there appears to be an RSI divergence taking shape as the oscillator struggles to push back into overbought territory.
  • Even though the ISM Non-Manufacturing index fell short of market expectations, the employment component showed a faster rate of job growth in service-based sectors, which certainly raises the scope of seeing a better-than-expected Non-Farm Payrolls (NFP) report.
  • With the topside push, the next topside objective for USDOLLAR comes in around 11,308 (50.0% expansion) -11,312 (78.6% retracement).

Join DailyFX on Demand for Real-Time SSI Updates!





MBA Mortgage Applications (OCT 31)




ADP Employment Change (OCT)




Markit Purchasing Manager Index- Services (OCT F)




Markit Purchasing Manager Index- Composite (OCT F)




ISM Non-Manufacturing Index (OCT)




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--- Written by David Song, Currency Analyst

To contact David, e-mail Follow me on Twitter at @DavidJSong.

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