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.

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
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • 🇫🇷 Consumer Confidence (JAN) Actual: 92 Expected: 94 Previous: 95 https://www.dailyfx.com/economic-calendar#2021-01-27
  • US Dollar Outlook: DXY Forms Head and Shoulders Pattern Ahead of FOMC - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/01/27/US-Dollar-Outlook-DXY-Forms-Head-and-Shoulders-Pattern-Ahead-of-FOMC.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $USD $DXY #USDollar #FOMC https://t.co/rt603Ix66D
  • Heads Up:🇫🇷 Consumer Confidence (JAN) due at 07:45 GMT (15min) Expected: 94 Previous: 95 https://www.dailyfx.com/economic-calendar#2021-01-27
  • Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd #DailyFXGuides https://t.co/NWs5Lyiyyt
  • 🇩🇪 GfK Consumer Confidence (FEB) Actual: -15.6 Expected: -7.9 Previous: -7.5 https://www.dailyfx.com/economic-calendar#2021-01-27
  • 🇩🇪 GfK Consumer Confidence (FEB) Actual: -15.6 Expected: -7.9 Previous: -7.3 https://www.dailyfx.com/economic-calendar#2021-01-27
  • The US unemployment rate stood at 6.77% in Dec, which marks a long way to return to the pre-Covid level of 3.8%. The latest core PCE was at 1.4%, showing little sign of inflation overheating. This suggests that conditions for the Fed to consider tapering are far from met. #FOMC https://t.co/vtnC2V1Q2P
  • Heads Up:🇩🇪 GfK Consumer Confidence (FEB) due at 07:00 GMT (15min) Expected: -7.9 Previous: -7.3 https://www.dailyfx.com/economic-calendar#2021-01-27
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/npjFIwjcBL
  • Outside of GameStop and other activist driven stocks, risk markets seem to be struggling for direction. Maybe the Dow and EURUSD will draw direction from the growth forecasts, the FOMC rate decision and key earnings (like TSLA and AAPL). My analysis: https://www.dailyfx.com/forex/video/daily_news_report/2021/01/27/Dow-and-Dollar-Steel-for-FOMC-Top-Earnings-and-Growth-Fight-Against-Speculative-Control.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/SqdH9JM6Pu
NZD/USD Vulnerable to Dovish RBNZ; Sentiment Approaching Extreme

NZD/USD Vulnerable to Dovish RBNZ; Sentiment Approaching Extreme

David Song, Strategist

Talking Points:

- NZD/USD Retail Crowd Remains Net-Long Ahead of RBNZ Financial Stability Report.

- USDOLLAR Continues to Carve Higher Highs & Lows; Long-Term Outlook Remains Bearish.

Avoid the pitfalls of trading by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders" series.

NZD/USD

NZD/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • NZD/USD may continue to carve a series of lower highs & lows as there appears to be a near-term double-top formation accompanied by a bearish tilt in the Relative Strength Index (RSI).
  • With the Reserve Bank of New Zealand (RBNZ) scheduled to release its Financial Stability report on Wednesday, a greater willingness by Governor Graeme Wheeler to further support the real economy may dampen the appeal of the kiwi as the central bank continues to embark on its easing cycle in 2016.
  • NZD/USD has come up against a near-term hurdle around 0.6690 (161.8% expansion) to 0.6710 (50% retracement), with a break/close below opening up the next downside target around 0.6570 (100% expansion) to 0.6590 (38.2% retracement).
NZD/USD SSI
  • The DailyFX Speculative Sentiment Index (SSI) shows the FX crowd remains net-long NZD/USD since May 5, with the ratio approaching near-term extremes as it climbs towards +1.50.
  • The ratio currently stands at +1.34 as 57% of traders are long, with long positions 52.0% higher from the previous week, while open interest stands 3.9% above the monthly average.

Why and how do we use the SSI in trading? View our video and download the free indicator here

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11897.97

11910.96

11880.76

0.00

51.04%

NZD/USD Vulnerable to Dovish RBNZ; Sentiment Approaching ExtremeUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Even though the USDOLLAR struggles to retain the gains from the early morning trade, the greenback may mount a larger recovery amid the ongoing series of higher highs & lows; long-term outlook remains tilted to the downside as it preserves the descending channel formation from earlier this year.
  • Despite the slew of better-than-expected data prints from earlier this morning, Fed Fund Futures are showing a less than 10% probability for a June Fed rate-hike as Chair Janet Yellen appears to be in no rush to further normalize monetary policy.
  • Still waiting for a closing price above 11,898 (50% retracement) to look for move towards the top of the channel, which coincide with the next region of interest around 11,951 (38.2% expansion) to 11,965 (23.6% retracement).
DailyFX Calendar

Click Here for the DailyFX Calendar

Get our top trading opportunities of 2016 HERE

Read More:

Record Trend Following Long Position in Gold

AUD/CAD Into Key Support- Monthly Opening Range In Focus

US Dollar Bear Trap within an Even Bigger Bull Trap?!

USD/JPY Technical Analysis: Has It Bottomed?

--- 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.

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

DISCLOSURES