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
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
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
  • The price of #gold may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670). Get your Gold market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/UQVPIVCTCP
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
USD Struggles Amid Lackluster Data- Gold Short Trigger on Tap?

USD Struggles Amid Lackluster Data- Gold Short Trigger on Tap?

2015-09-28 17:00:00
David Song, Strategist
Share:

Talking Points:

- USDOLLAR Struggles as Mixed Data Continues to Drag on Interest Rate Expectations.

- Gold September Rebound Continues to Unravel; Waiting on RSI Trigger.

- NZD/USD Marks Another Failed Attempt to Break 0.6400 Resistance-Zone.

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

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

12056.77

12088.12

12050.04

-0.12

75.42%

USD Struggles Amid Lackluster Data- Gold Short Trigger on Tap?USDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar struggles to retain the overnight advance amid the ongoing batch of mixed data prints coming out of the economy; may raise the bar for a 2015 rate hike as the Fed remains ‘data dependent.’
  • Even though New York President William Dudley argues that the Federal Open Market Committee (FOMC) remains on course to normalize monetary policy, may continue to see a 9-1 split at the October 28 interest rate decision should the fundamental developments highlight a slower recovery.
  • Break of the opening monthly range continues to favor a bullish outlook for the USDOLLAR, with the next region of interest coming in around 12,162 (April high) to 12,176 (78.6% expansion).

Join DailyFX on Demand for Real-Time SSI Updates!

USD Struggles Amid Lackluster Data- Gold Short Trigger on Tap?

XAU/USD

Gold Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • With Gold prices failing to close above $1154 (61.8% retracement) to $1155 (61.8% retracement), the previous metal may continue to give back the advance from earlier this month as it appears to be carving a lower-high on a long-term series; waiting for a break of the bullish momentum in the Relative Strength Index (RSI) for conviction/confirmation.
  • May see global investors continue to treat Gold as a commodity rather than a currency as weak energy prices continue to dampen the outlook for inflation, while the Federal Reserve keeps the 2015 liftoff on the table.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd has flipped back to net-long XAU/USD going into the end of September, with the ratio approaching recent extremes as it advances to +1.28, but market participation continues to unwind as open interest stands 18.5% below its monthly average.

Read More:

Price & Time: Key Timing Week For Gold

Gold Rallies Into Critical Resistance Ahead Fed, NFP

NZD/USD

NZD/USD Daily Chart
  • Will continue to favor opportunities to sell-bounces in NZD/USD amid the string of failed attempts to close above near-term resistance around 0.6400 (38.2% retracement); may see the range-bound price action give way as risk appetite continues to deteriorate.
  • With the Reserve Bank of New Zealand (RBNZ) keeping the door open to implement additional rate cuts, disappointing developments coming out of China may further dampen the appeal of the kiwi.
  • Will continue to favor the downside targets, with the next region of interest coming in around 0.6160 (161.8% expansion) to 0.6210 (161.8% expansion).

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

--- 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.