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.

Free Trading Guides
EUR/USD
Mixed
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
Bullish
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
Wall Street
Mixed
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
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
  • 🇯🇵 Housing Starts YoY Actual: -12.9% Expected: -12.1% Previous: -7.6% https://www.dailyfx.com/economic-calendar#2020-05-29
  • 🇯🇵 Consumer Confidence Actual: 24.0 Previous: 21.6 https://www.dailyfx.com/economic-calendar#2020-05-29
  • Heads Up:🇯🇵 Housing Starts YoY due at 05:00 GMT (15min) Expected: -12.1% Previous: -7.6% https://www.dailyfx.com/economic-calendar#2020-05-29
  • Heads Up:🇯🇵 Consumer Confidence due at 05:00 GMT (15min) Previous: 21.6 https://www.dailyfx.com/economic-calendar#2020-05-29
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.14%, while traders in US 500 are at opposite extremes with 78.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RqW7nbBjB3
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.28% 🇪🇺EUR: 0.14% 🇦🇺AUD: 0.12% 🇬🇧GBP: 0.07% 🇳🇿NZD: -0.06% 🇨🇦CAD: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4JS19zN9h3
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.04% Wall Street: -0.05% FTSE 100: -1.04% France 40: -1.29% Germany 30: -1.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KJYkjRqknS
  • USD/ZAR: A rally from here could be an important tell as to whether the level seen as support previously (17.76) will turn into a point of resistance for sellers to lean against. Get your $USDZAR technical analysis from @PaulRobinsonFX here:https://t.co/TNsQ4JJu6E https://t.co/GMxZj0n8XP
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/j71z9WYeBm
  • My trading video for today: "S&P 500 and $AUDUSD Await Trump China Presser, $EURJPY Climbs on Stimulus" https://www.dailyfx.com/forex/video/daily_news_report/2020/05/29/SP-500-and-AUDUSD-Await-Trump-Statement-EURJPY-Climbs-on-Stimulus.html?ref-author=Kicklighter&QPID=917719&CHID=9
Retail FX Remains Short EUR/USD Ahead of ECB- GBP/USD Eyes June Low

Retail FX Remains Short EUR/USD Ahead of ECB- GBP/USD Eyes June Low

2015-09-02 16:55:00
David Song, Strategist
Share:

Talking Points:

- EUR/USD Retail Crowd Remains Net-Short Ahead of ECB Meeting.

- GBP/USD Searches for Support Ahead of BoE Rate Decision.

- USDOLLAR Approaches Key Resistance Despite Disappointing ADP Employment Report.

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

EUR/USD

EUR/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Even though the long-term outlook for EUR/USD remains bearish, need a break of the near-term upward trends in price & the Relative Strength Index (RSI) along with a close below soft support around 1.1150 (61.8% retracement)to favor a further decline.
  • The European Central Bank (ECB) is widely expected to retain its current policy in September, but a downward revision in the economic forecast paired with a more dovish outlook for monetary policy may trigger a near-term selloff in the single currency should the Governing Council show a greater willingness to expand/extend its quantitative easing (QE) program.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long EUR/USD since March 9, but the ratio remains off of recent extremes as it holds at -1.46 with 41% of traders long.

GBP/USD

GBP/USD Daily Chart
  • GBP/USD may continue to give back the rebound from June (1.5669) as it fails to hold the July low (1.5329) and marks a closing below 1.5330 (78.6% retracement); will look for the RSI to dip into oversold territory for confirmation.
  • Nevertheless, fresh comments coming out of the Bank of England (BoE) September 10 interest rate decision may prop up GBP/USD in the week ahead should we see a growing dissent within the Monetary Policy Committee (MPC) following the 8-1 split during the previous meeting.
  • Break/close below 1.5250 (100% expansion) to expose 1.5669 (June low ) to 1.5180 (23.6% retracement).

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

Read More:

Price & Time: USD/CAD Symmetry Awaits

AUDNZD: Rinse & Repeat- Reversal Scalp Back in Play Ahead of GDP

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

12034.90

12047.17

12019.78

0.17

44.71%

Retail FX Remains Short EUR/USD Ahead of ECB- GBP/USD Eyes June LowUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar continues to work its way towards 12,049 (78.6%) despite the ongoing mixed batch of data coming out of the economy; will keep a close eye on market expectations for the Non-Farm Payrolls (NFP) report as the ADP figures disappoint.
  • With the ISM Non-Manufacturing survey on tap, will dig into the employment component to better-gauge expectations for job growth; seeing bets that the NFP report may be the deciding factor a Fed September rate hike.
  • With the previous failed attempts in June, July and August, still waiting for a close above 12,049 (78.6% retracement) to open up the next topside objective at 12,082 (61.8% expansion).

Join DailyFX on Demand for Real-Time SSI Updates!

Retail FX Remains Short EUR/USD Ahead of ECB- GBP/USD Eyes June Low

--- 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

News & Analysis at your fingertips.