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  • 🇧🇷 Industrial Production MoM (JAN) Actual: 0.4% Expected: 0.4% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-03-05
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  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.01% 🇪🇺EUR: -0.36% 🇨🇦CAD: -0.40% 🇬🇧GBP: -0.70% 🇦🇺AUD: -0.84% 🇳🇿NZD: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Sk0eN8AzQ8
EUR/USD Downside Targets Remain Favored- 1.1300 in Focus

EUR/USD Downside Targets Remain Favored- 1.1300 in Focus

David Song, Strategist

Talking Points:

- EUR/USD Slips to Fresh Monthly Low as ECB Implements EUR 60B/Month QE Program.

- AUD/USD Range Vulnerable to Slowing China Recovery; RSI Structure in Focus.

- USDOLLAR Extends Advance Ahead of FOMC Meeting; Topside Targets on Radar.

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EUR/USD

EUR/USD Daily

Chart - Created Using FXCM Marketscope 2.0

  • EUR/USD tags a fresh monthly low of 1.1403 as European Central Bank (ECB) unveils EUR 60B/month bond-purchase program, which will run through September 2015.
  • Will retain the approach to sell-bounces in EUR/USD as long as the Relative Strength Index (RSI) holds in oversold territory, with the next key downside target coming in around 1.1300 (161.8% expansion) to 1.1310 (100% expansion).
  • Seeing increased volatility in the DailyFX Speculative Sentiment Index (SSI) as retail-crowd turns net-long EUR/USD following the ECB interest rate decision, with the ratio currently standing at +1.01.

AUD/USD

AUD/USD Daily
  • AUD/USD may preserve the range-bound price action over the remainder of the week as the pair continues to hold above the monthly opening low, while the bullish RSI momentum takes shape.
  • However, aussie may face additional headwinds over the next 24-hours of trade as China’s HSBC Manufacturing survey is expected to show another contraction in business outputs.
  • Nevertheless, need a bearish break in RSI along with a close below 0.8000-20 to favor

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Read More:

USDMXN Head-and-shoulders On Radar

Price & Time: Regime Change In Gold

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11749.67

11753.51

11669.34

0.40

144.47%

EUR/USD Downside Targets Remain Favored- 1.1300 in FocusUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar breaks out ahead of the Federal Open Market Committee (FOMC) policy meeting on January 28; topside targets favored as RSI pushes back into overbought territory.
  • Interested to see the Fed’s response to the wave of global monetary support especially given the 2015 rotation within the committee.
  • Close above 11,721 (38.2% expansion) should provide conviction/confirmation for a move into 11,774 (50% expansion).

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Release

GMT

Expected

Actual

Initial Jobless Claims (JAN 17)

13:30

300K

Continuing Claims (JAN 10)

13:30

2400K

FHFA House Price Index (MoM) (NOV)

14:00

0.3%

Kansas City Fed Manufacturing Activity (JAN)

16:00

8

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--- Written by David Song, Currency Analyst

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

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