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
More View more
Breaking news

Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

Real Time News
  • Senate has votes to advance bipartisan infrastructure proposal -BBG
  • US Dollar Outlook: DXY Whipsaws as Fed's Powell Stays Evasive The $USD ripped-then-dipped around the Fed announcement and Powell presser as markets digested a nod to goal progress that is not yet substantial. Now what? Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/28/us-dollar-outlook-dxy-whipsaws-as-fed-powell-stays-evasive.html #Forex #Trading https://t.co/gQjk8BQnH4
  • RT @LeaderMcConnell: Based on a commitment from Leader Schumer to Senators Portman and Sinema that the Portman-Sinema amendment to be filed…
  • The price of oil defends the advance from the monthly low ($65.01) amid a larger-than-expected decline in US inventories. Get your #crudeoil market update from @DavidJSong here:https://t.co/Bwfi4Zybkv https://t.co/BPWtwLnBMU
  • RT @burgessev: Barring something really surprising, Senate will move forward on bipartisan infrastructure deal shortly. Capito says: "I pla…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.65% 🇨🇭CHF: 0.49% 🇪🇺EUR: 0.22% 🇦🇺AUD: 0.18% 🇳🇿NZD: -0.00% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9L05PhfdwA
  • GBP/USD pushes higher as UK COVID cases fall, Fed remains highly accommodative $GBPUSD https://t.co/bPAGpMkhjN
  • GBP/USD has been lifted by signs that coronavirus cases in the UK are dropping and by suggestions that office attendance is rising.Get your $GBPUSD market update from @MartinSEssex here:https://t.co/RZxPm1XLto https://t.co/SIEjfEffBW
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.20% Gold: 0.49% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HByKIG4bmC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.75%, while traders in France 40 are at opposite extremes with 69.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tC95moURI1
NZD/USD Hit by Weak Dairy Auction- Next Hurdle Stands at 0.6700

NZD/USD Hit by Weak Dairy Auction- Next Hurdle Stands at 0.6700

David Song, Strategist

Talking Points:

- NZD/USD Weighted by Weak Dairy Auction- 0.6700 to Offer New Support?

- USD/CAD Holds Range Ahead of BoC Meeting- CPI Report on Radar.

- USDOLLAR Holds Narrow Range- Outlook Remains Mired by Mixed Data.

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

NZD/USD

NZD/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • NZD/USD under pressure as the Global Dairy Trade auction showed a 3.1% decline in the GDT Price Index accompanied by a 4.6% contraction in Whole Milk Powder prices; will watch former resistance around 0.6690 (161.8% expansion) to 0.6700 (100% expansion) for new support.
  • Even though the Relative Strength Index (RSI) retains the bullish formation from back in July, the failure to hold above 70 may spur a larger NZD/USD correction ahead of the Reserve Bank of New Zealand (RBNZ) October 28 interest rate decision as the central bank keeps the door open to further embark on its easing cycle.
  • DailyFX Speculative Sentiment Index (SSI)shows retail crowd has turned net-short NZD/USD on October 6, with the ratio sitting a recent extremes (-1.19) as 46% of traders are long.

USD/CAD

USD/CAD Daily Chart
  • With the Bank of Canada (BoC) widely expected to keep the benchmark interest rate on hold at 0.50%, more of the same from Governor Poloz and Co. may continue to foster range-bound prices in USD/CAD as it largely consolidates between 1.2860 (78.6% retracement) to 1.3080 (61.8% expansion).
  • However, an upward revision in the BoC’s economic forecast accompanied by a more hawkish outlook for monetary policy may boost the appeal the loonie and spur a larger correction in the exchange rate.
  • Key former resistance around 1.2790 (50% retracement) to 1.2800 (38.2% expansion) remains on the radar as the RSI preserves the bearish formation from back in July.

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

Read More:

Price & Time: Do Or Die This Week For USD/CAD?

Canadian Dollar Falls as Liberals Unseat PM Harper to Win Election

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11927.92

11933.93

11905.82

-0.02

61.33%

USDOLLARUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar pares the decline from the overnight trade despite the ongoing mixed batch of data coming out of the economy; may see the Federal Open Market Committee (FOMC) endorse a wait-and-see approach at the October 28 interest rate decision should the data prints continue to fall short of expectations.
  • Will keep a close eye on the Fibonacci overlap around 11,951 (38.2% expansion) to 11,965 (23.6% retracement) stands on the radar, with a break & close back above the region opening up the September high (12,104).
  • However, a near-term topping process in the USDOLLAR may spur a more meaningful decline into 11,826 (61.8% expansion) to 11,843 (38.2% retracement).

Join DailyFX on Demand for Real-Time SSI Updates!

NZD/USD Hit by Weak Dairy Auction- Next Hurdle Stands at 0.6700

--- 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

New to FX? Watch this Video

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES