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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Heads Up:🇯🇵 Housing Starts YoY (OCT) due at 05:00 GMT (15min) Expected: -9.3% Previous: -9.9% https://www.dailyfx.com/economic-calendar#2020-11-30
  • Learn why dividend stocks are favored by investors and why it might be the right choice for you here:https://t.co/VUsJFHBARb https://t.co/Brit0AFo8e
  • China National Offshore Oil Corp (CNOOC) plunged nearly 10% in Hong Kong on Monday after Trump Administration put it onto export blacklist alongside several other Chinese firms.
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.27% Gold: -0.86% Silver: -2.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/o4wizaAcjD
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.21% 🇯🇵JPY: 0.18% 🇨🇭CHF: 0.12% 🇪🇺EUR: 0.07% 🇦🇺AUD: 0.06% 🇨🇦CAD: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/t7tsKRwoku
  • Volatility in forex trading is a measure of the frequency and extent of changes in a currency's value. More volatility means more trading risk, but also more opportunity for traders as the price moves are larger. Learn more about volatility here: https://t.co/M04SelwdDE https://t.co/OtLcdaikP1
  • The general tone and trend for global stocks is favorable for higher prices as a new week and the final month of the year arrives.Get your #equities technical analysis from @PaulRobinsonFX here:https://t.co/KXERPuw8sL https://t.co/wtdbaIIWw3
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.03%, while traders in EUR/USD are at opposite extremes with 76.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8T2gdjJ3Xz
  • #Copper futures storming toward $3.50 as Chinese manufacturing and non-manufacturing PMI exceed market expectations Prices look set to challenge key resistance at the 127.2% Fib extension as RSI and MACD climb to their highest levels since July. $CPER #XCUUSD https://t.co/gdtX56jYP5
  • China A50 index attempts to defy gravity amid souring sentiment across the APAC. Financial stocks were leading the gains: - Ping An Insurance (+2.07%) - Citic Securities (+3.08%) - ICBC (+4.93%) - CCB (+2.79%) https://t.co/SN6wabgJpu
EUR/USD Continues to Threaten Range Resistance Ahead of ECB Meeting

EUR/USD Continues to Threaten Range Resistance Ahead of ECB Meeting

2017-01-13 18:12:00
David Song, Strategist
Share:

Talking Points:

- EUR/USD Continues to Threaten Range Resistance Ahead of ECB Policy Meeting.

- AUD/USD Capped by December High (0.7525); Australia Employment Report on Tap.

DailyFX

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

EUR/USD

1.0640

1.0673

1.0596

27

77

EUR/USD Daily

EUR/USD Daily Chart

Chart - Created Using Trading View

  • EUR/USD clings onto the gains from earlier this week, but the pair may face range-bound conditions ahead of the European Central Bank’s (ECB) interest rate decision on January 19 as President Mario Draghi and Co. keep the door open to further support the monetary union; broader outlook for the euro-dollar remains tilted to the downside, with the failure to close above the Fibonacci overlap around 1.0660 (50% expansion) to 1.0680 (78.6% expansion) raising the risk for a move back towards the monthly opening range.
  • After extending the deadline for the quantitative easing (QE) program to December 2017, the Governing Council is expected to retain the current policy as ‘headline inflation rates are likely to pick up significantly further at the turn of the year,’ and more of the same from President Draghi may sap the bearish sentiment surrounding the single-currency especially as the central bank plans to throttle back its asset-purchases to EUR 60B/month starting in April.
  • Lack of momentum to push/close above the Fibonacci overlap around 1.0660 (50% expansion) to 1.0680 (78.6% expansion) may open up broader range, with the first downside region of interest coming in around 1.0470 (38.2% expansion) to 1.0500 (50% expansion) followed by 1.0780 (100% expansion) to 1.0790 (38.2% expansion).

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

AUD/USD

0.7489

0.7509

0.7449

5

60

AUD/USD Daily

AUD/USD Daily Chart

Chart - Created Using Trading View

  • The near-term rebound in AUD/USD may continue to unravel as the former-support zone around 0.7530 (38.2% expansion) appears to be acting as new resistance; the bearish harami (inside-day) candle formation paired with the failed run at the December high (0.7525) may bring the broader bearish outlook back into focus especially as near-term advance appears to be getting exhausted.
  • Nevertheless, Australia is expected to add another 10.0K jobs in December following a 39.1K expansion the month prior, and an upbeat employment report may boost the appeal of higher-yielding currency as it encourages the Reserve Bank of Australia (RBA) to gradually move away from its easing-cycle; may see Governor Philip Lowe adopt a hawkish tone and talk down expectations for additional monetary support at the February 7 policy meeting as the central bank argues ‘globally, the outlook for inflation is more balanced than it has been for some time.
  • Failed attempts to close above the Fibonacci overlap around 0.7500 (50% retracement) to 0.7530 (38.2% expansion) may open up the downside targets in the week ahead, with the first area of interest coming in around 0.7390 (38.2% retracement) to 0.7410 (23.6% expansion) followed by 0.7330 (50% retracement) to 0.7350 (38.2% expansion).

For More Updates, Join DailyFX Currency Analyst David Song for LIVE Analysis!

Click HERE for the Entire DailyFX Webinar schedule.

DailyFX Calendar

Click Here for the DailyFX Calendar

If you’re looking for trading ideas, check out our Trading Guides.

Read More:

DAX: Bull-flag Consolidation Taking Shape

Yen Looks To Yield Spread For Direction, Trump Calls Out Toyota

USD/JPY Technical Analysis: Short-Term Look At Recent Pull-Back

January Forex Seasonality Sees Further US Dollar Strength to Start the Year

--- 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