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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • $Gold setting up camp on this support, same spot of prior confluent resistance from the bull flag breakout $GC $GLD https://t.co/FE5bl3c9gW
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.52% Gold: 0.00% Silver: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/dbJZhVXKhu
  • Heads Up:🇺🇸 NAHB Housing Market Index (JUN) due at 14:00 GMT (15min) Expected: 83 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-06-15
  • Heads Up:🇺🇸 Business Inventories MoM (APR) due at 14:00 GMT (15min) Expected: -0.1% Previous: 0.3% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 0.44% Germany 30: 0.29% FTSE 100: 0.21% Wall Street: 0.03% US 500: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/wUKJcyCkjB
  • 🇺🇸 Industrial Production YoY (MAY) Actual: 16.3% Previous: 16.5% https://www.dailyfx.com/economic-calendar#2021-06-15
  • 🇺🇸 Industrial Production MoM (MAY) Actual: 0.8% Expected: 0.6% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-06-15
  • The lack of technical or fundamental drivers sees stocks take the path of least resistance. DAX 30 and IBEX 35 drift higher. Get your #DAX market update from @HathornSabin here:https://t.co/pTSiYtOYha https://t.co/CGwIcLj51d
  • Combine some modest Dollar strength pre-FOMC and a slide from the Sterling after its run of data and $GBPUSD looks like it is tempting fate on a head-and-shoulders pattern. Dubious of follow through until tomorrow though https://t.co/jofJwvwwEu
  • Heads Up:🇺🇸 Industrial Production MoM (MAY) due at 13:15 GMT (15min) Expected: 0.6% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-06-15
USD Posts Largest Single Day Decline in March- Consolidation Ahead

USD Posts Largest Single Day Decline in March- Consolidation Ahead

Michael Boutros, Strategist
USD_Posts_Largest_Single_Day_Decline_in_March-_Consolidation_Ahead_body_Picture_4.png, USD Posts Largest Single Day Decline in March- Consolidation AheadUSD_Posts_Largest_Single_Day_Decline_in_March-_Consolidation_Ahead_body_Picture_3.png, USD Posts Largest Single Day Decline in March- Consolidation Ahead

The greenback posted its largest single day decline this month with the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) off by more than 0.58% at noon in New York. The decline pared the entire week’s advance with the index now back below former long-standing trendline resistance dating back to the October highs. Although CPI data came in at expectations, a weaker than expected University of Michigan confidence survey accelerated the dollar’s decline with interim support seen at the 61.8% Fibonacci extension taken from the August 1st and October 27th troughs at 9945. The index has now completed a 5-wave rally with the correction likely to find support at this level before heading lower. Only a break of the ascending channel formation would shift our bias more aggressively bearish. Note that a break below RSI trendline support risks further losses for the greenback with such a scenario likely to challenge channel support. Daily topside resistance stands with the 78.6% extension at 10,080 backed by 10,134.

USD_Posts_Largest_Single_Day_Decline_in_March-_Consolidation_Ahead_body_Picture_2.png, USD Posts Largest Single Day Decline in March- Consolidation Ahead

An hourly chart shows the index breaking below channel support dating back to the February 29th lows before losing steam just ahead of the 61.8% extension at 9945. A break here eyes subsequent floors at 9920, 9900 and 9875. Topside resistance now stands with former channel support backed by 10,030 and 10,055. Note that RSI now rest deep in oversold territory with a pullback offering favorable shorts as the dollar continues its descent.

USD_Posts_Largest_Single_Day_Decline_in_March-_Consolidation_Ahead_body_Picture_1.png, USD Posts Largest Single Day Decline in March- Consolidation Ahead

The greenback fell against all four component currencies for a second consecutive day highlighted by a 0.85% decline against the British pound. For complete scalp targets on GBPUSD, refer to today’s Winners/Losers report. The yen was the weakest performer of the lot with an advance of just 0.27% despite broad dollar losses. Our longer-term outlook on the USDJPY remains weighted to the topside however with pullbacks in the exchange rate offering favorable long entries. Look for the dollar to consolidate into the close with further weakness expected next week before the dollar can find a base off which to mount its counteroffensive.

---Written by Michael Boutros, Currency Strategist with DailyFX.com

Join Michael Tuesday morning for Live Trading Q&A session at 1330GMT (9:30ET)

To contact Michael email mboutros@dailyfx.com or follow him on Twitter @MBForex for the latest charts and commentary

To be added to Michael’s distribution list, send an email with the subject line “Distribution List”

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

DISCLOSURES