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
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
Oil - US Crude
Mixed
Wall Street
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
Gold
Bullish
GBP/USD
Bullish
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
Breaking news

AUD/USD drops after NDRC suspends China-Australia economic development talks

Real Time News
  • Wall Street Futures Update: Dow Jones (-0.015%) S&P 500 (-0.096%) Nasdaq 100 (-0.191%) [delayed] -BBG
  • The US Dollar may continue trading lower against ASEAN currencies, with USD/SGD and USD/THB eyeing key support ahead. USD/IDR and USD/PHP also exhibit bearish postures. Get your market update from @ddubrovskyFX here:https://t.co/A5n9A8NBy4 https://t.co/5Eud5rCxyc
  • Do you think Dow Jones will outperform Nasdaq in May?
  • RT @KyleR_IG: First gaslighting, and now the silent treatment. This isn't a healthy relationship.
  • NDRC halts activities under China-Australia economic dialogue [update via Bloomberg] - cites Australia's disruption of cooperations with China $AUDUSD slipping lower, falling to lows of the day, China is AU's largest trading partner, feeling disruption woes #AUD #NDRC https://t.co/xQ8W11UVL2
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.00% Oil - US Crude: -0.13% Silver: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rO6XynukTE
  • The US Dollar still remains under pressure against most ASEAN currencies heading into May. A busy week awaits the Indonesian Rupiah, Thai Baht, Philippine Peso and Singapore Dollar. Get your market update from @ddubrovskyFX here:https://t.co/Ed95511S7Y https://t.co/8lJQ0eheXN
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.13% 🇦🇺AUD: 0.05% 🇪🇺EUR: 0.03% 🇬🇧GBP: 0.01% 🇨🇭CHF: -0.05% 🇯🇵JPY: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/5vSj1gpuhD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.94%, while traders in France 40 are at opposite extremes with 81.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/w9YlTeEscN
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/7tbKUVpC3F
USD/JPY Approaches Key Support Zone Ahead of BoJ Minutes

USD/JPY Approaches Key Support Zone Ahead of BoJ Minutes

David Song, Strategist

Talking Points:

- USD/CAD Slips to Fresh Monthly Low as Canada Retail Sales Jump 2.2%; RSI Flashes Bearish Signal.

- USD/JPY Extends Bearish Series Ahead of BoJ Minutes; Approaches 111.60 Support Zone.

DailyFX Table

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

USD/CAD

1.3287

1.3365

1.3265

63

100

USD/CAD Daily

USD/CAD Daily Chart

Chart - Created Using Trading View

  • USD/CAD pares the rebound from earlier this week, with the pair slipping to a fresh monthly low of 1.3264 as Canada Retail Sales exceeds market forecast and jumps 2.2% in January; a close below the Fibonacci overlap around 1.3290 (50% retracement) to 1.3310 (38.2% retracement) raises the risk for a further decline in the exchange rate especially as former-trendline support on the Relative Strength Index (RSI) appears to be offering resistance.
  • The pickup in household consumption accompanied by the ongoing expansion in the labor market may put pressure on the Bank of Canada (BoC) lift the benchmark interest rate off of the record-low, but the Consumer Price Index (CPI) may tame interest rate expectations as the headline reading for inflation is expected to hold steady an annualized 2.1% in February; in turn, Governor Stephen Poloz may continue to endorse a wait-and-see approach at the next meeting on April 12 as ‘subdued growth in wages and hours worked continue to reflect persistent economic slack in Canada.’
  • Moreover, the second-tier data prints coming out of the U.S. may fail to prop up on the dollar as the Federal Open Market Committee (FOM) is widely expected to retain the current policy at the next interest rate decision on May 3, but Fed Fund Futures may continue to highlight expectations for a move in June as Chair Janet Yellen and Co. continue to project three to four rate-hikes for 2017.
  • Indeed, the broader outlook for USD/CAD remains constructive as the pair continues to operate within the upward trending channel carried over from 2016, but a close below the Fibonacci overlap around 1.3290 (50% retracement) to 1.3310 (38.2% retracement) may open up the next downside target around 1.3210 (61.8% retracement) followed by the 1.3100 (78.6% retracement) handle.

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

USD/JPY

112.16

112.87

112.13

39

74

USD/JPY Daily

USD/JPY Daily Chart

Chart - Created Using Trading View

  • USD/JPY appears to be working its way towards the February low (111.69) as it extends the series of lower highs & lows from the previous week, but another failed attempt to break the Fibonacci overlap around 111.30 (50% retracement) to 111.60 (38.2% retracement) may produce range-bound conditions ahead of Japan’s 2016 fiscal year-end; will keep a close eye on the RSI as it comes up against the bullish trend carried over from the previous year.
  • The Bank of Japan (BoJ) Minutes may generate a limited market reaction as the central bank sticks to its Quantitative/Qualitative Easing (QQE) Program with Yield-Curve Control, but Governor Haruhiko Kuroda and Co. may keep the door open to further support the real economy as they struggle to achieve the 2% target for inflation.
  • Nevertheless, the recent appreciation in the Japanese Yen appears to be accompanied by a consolidation in risk appetite as the Nikkei (JPN225) highlights a similar dynamic and continues to pullback from a fresh 2017-high (19,704), and market sentiment may continue to influence the dollar-yen exchange rate over the near-term as market participants mull the deviating paths for monetary policy.
  • A close below the Fibonacci overlap around 112.40 (61.8% retracement) to 112.50 (38.2% retracement) raises the risk for another test of the near-term support zone around 111.30 (50% retracement) to 111.60 (38.2% retracement).

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

Click HERE for the Entire DailyFX Webinar schedule.

DailyFX SSI
  • The DailyFX Speculative Sentiment Index (SSI) shows the retail crowd has been net-short USD/CAD since February 28, while traders remains net-long USD/JPY since January 9.
  • Retail trader data shows 38.8% of traders are net-long with the ratio of traders short to long at 1.58 to 1. The number of traders net-long is 1.7% lower than yesterday and 31.4% lower from last week, while the number of traders net-short is 5.0% higher than yesterday and 20.5% lower from last week.
  • Retail trader data shows 72.2% of traders are net-long with the ratio of traders long to short at 2.6 to 1.he number of traders net-long is 5.1% lower than yesterday and 5.9% lower from last week, while the number of traders net-short is 0.2% higher than yesterday and 27.3% lower from last week.
  • Seems as though retail interest has narrowed sharply from the previous week, and this dynamic may continue to take shape over the coming days on the back of month/quarter-end flows.

Why and how do we use the SSI in trading? View the free trading guide here

DailyFX Calendar

Click Here for the DailyFX Calendar

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

Read More:

Technical Weekly: GBP/USD Bullish Outside Week; Downtrend Over?

Gold Prices Shine as USD Drops- Post FOMC Rally Eyes Initial Resistance

DAX – Rising Wedge Reaches Maturity, Waiting for the Break

Positioning Shift And Sentiment May Pressure Oil As Supply Swells

--- 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