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. See our updated Privacy Policy here.

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
Wall Street
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
More View more
Real Time News
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/Xja8DHUqlH
  • 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/9po5Lg4vnR
  • The Japanese Yen is eyeing the upcoming Bank of Japan rate decision and CPI figures, but JPY crosses will likely remain dependent on broader market sentiment. Get your weekly $JPY forecast from @FxWestwater here: https://t.co/x9rbQpPfWe https://t.co/2x1R5XTVea
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/uCaWQiu4Ly
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/g2To3LmUah
  • RT @michaeljburry: Read thread.
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/AueigVsuk4
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/P1iOONG90N
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/62bGLvt8fE
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/A0sIYo2iP1
AUD/USD Eyes Key Support on Record Trade Deficit- NFP in Focus

AUD/USD Eyes Key Support on Record Trade Deficit- NFP in Focus

David Song, Strategist

Talking Points:

- AUD/USD Struggles Following Record Trade Deficit; Retail FX Crowd Remains Net-Long.

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

- USDOLLAR Outlook Hinges on NFP Report- IMF Favors Fed Rate Hike in 2016.

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

AUD/USD

AUD/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Lack of momentum to push back above former support around 0.7820 (38.2% retracement) risks a further decline in AUD/USD as the dismal data prints coming out of the Australian economy raises the Reserve Bank of Australia’s (RBA) scope to further embark on its easing cycle.
  • Will keep a close eye on key support around 0.7570 (50% expansion) to 0.7590 (100% expansion), but a closing price below the Fibonacci overlap may open the door for fresh 2015 lows in the exchange following the failed run at the January high (0.8294).
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long AUD/USD, but seeing the ratio approach extremes as the ratio climbs to +2.38.

USD/CAD

USD/CAD Daily Chart
  • Canadian dollar may face increased volatility over the next 24-hours of trade as the Canadian Employment report is expected to show a 10.0K rebound in job growth, while the Organization of the Petroleum Exporting Countries (OPEC) holds its semi-annual meeting on June 5.
  • Ongoing series of positive developments coming out of the economy may encourage the Bank of Canada (BoC) to adopt a more upbeat tone, but seems as though the bar remains high to further normalize monetary policy as Governor Stephen Poloz endorses a wait-and-see approach.
  • Need a break/close above 1.2545 (23.6% retracement) or below 1.2370 (38.2% retracement) to favor a more directional bias for USD/CAD.

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

Read More:

Price & Time: USD/JPY - Pause or Paws?

USDOLLAR Flirts with Breakdown- Shorts Favored Sub 11960 Ahead of NFPs

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11924.71

11931.47

11863.05

0.26

96.96%

AUD/USD Eyes Key Support on Record Trade Deficit- NFP in FocusUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite the rebound in the Dow Jones-FXCM U.S. Dollar, the technical outlook highlights the risk for a further decline as it continues to carve a series of lower highs & lows after failing to retain the bullish formation carried over from the previous month.
  • Market forecast currently calls for a 225K rise in U.S. Non-Farm Payrolls (NFP), but will keep a close eye on Average Hourly Earnings especially as the Fed struggles to spur price growth, while the International Monetary Fund (IMF) argues for a rate hike in the first-half of 2016.
  • Failure to push back above 11,898 (50% retracement) to 11,901 (78.6% expansion) continues to put 11,826 (61.8% expansion) to 11,843 (38.2 retracement) on the radar.

Join DailyFX on Demand for Real-Time SSI Updates!

AUD/USD Eyes Key Support on Record Trade Deficit- NFP in Focus

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