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.

Free Trading Guides
EUR/USD
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
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
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
Real Time News
  • 🇯🇵 Housing Starts YoY Actual: -12.9% Expected: -12.1% Previous: -7.6% https://www.dailyfx.com/economic-calendar#2020-05-29
  • 🇯🇵 Consumer Confidence Actual: 24.0 Previous: 21.6 https://www.dailyfx.com/economic-calendar#2020-05-29
  • Heads Up:🇯🇵 Housing Starts YoY due at 05:00 GMT (15min) Expected: -12.1% Previous: -7.6% https://www.dailyfx.com/economic-calendar#2020-05-29
  • Heads Up:🇯🇵 Consumer Confidence due at 05:00 GMT (15min) Previous: 21.6 https://www.dailyfx.com/economic-calendar#2020-05-29
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.14%, while traders in US 500 are at opposite extremes with 78.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RqW7nbBjB3
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.28% 🇪🇺EUR: 0.14% 🇦🇺AUD: 0.12% 🇬🇧GBP: 0.07% 🇳🇿NZD: -0.06% 🇨🇦CAD: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4JS19zN9h3
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.04% Wall Street: -0.05% FTSE 100: -1.04% France 40: -1.29% Germany 30: -1.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KJYkjRqknS
  • USD/ZAR: A rally from here could be an important tell as to whether the level seen as support previously (17.76) will turn into a point of resistance for sellers to lean against. Get your $USDZAR technical analysis from @PaulRobinsonFX here:https://t.co/TNsQ4JJu6E https://t.co/GMxZj0n8XP
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/j71z9WYeBm
  • My trading video for today: "S&P 500 and $AUDUSD Await Trump China Presser, $EURJPY Climbs on Stimulus" https://www.dailyfx.com/forex/video/daily_news_report/2020/05/29/SP-500-and-AUDUSD-Await-Trump-Statement-EURJPY-Climbs-on-Stimulus.html?ref-author=Kicklighter&QPID=917719&CHID=9
Dow Snaps Six Day Losing Streak as USD Index Looks to Mount 10,000

Dow Snaps Six Day Losing Streak as USD Index Looks to Mount 10,000

2012-05-10 21:35:00
Michael Boutros, Strategist
Share:
Dow_Snaps_Six_Day_Losing_Streak_as_USD_Index_Looks_to_Mount_10000__body_Picture_4.png, Dow Snaps Six Day Losing Streak as USD Index Looks to Mount 10,000Dow_Snaps_Six_Day_Losing_Streak_as_USD_Index_Looks_to_Mount_10000__body_Picture_3.png, Dow Snaps Six Day Losing Streak as USD Index Looks to Mount 10,000

The greenback is fractionally softer at the close of North American trade with the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) off by just 0.06% on the session after moving nearly 78% of its daily average true range. The losses come the back of a modest rebound in risk appetite with stocks closing mixed on the session amid ongoing concerns regarding the deepening crisis in Europe. By the close of trade the Dow and the S&P were higher by 0.16% and 0.25% respectively with the NASDAQ closing lower by 0.04% on the session.

The dollar continues to hold below trendline resistance dating back to the October highs after breaking above channel resistance dating back to the March highs yesterday. Daily support now stands at the confluence of the 50-day moving average and the 61.8% Fibonacci extension taken from the August 1st and October 27th troughs at 9945. Topside resistance continues to stand at the psychological 10,000-mark with a breach above this level eyeing our next objective at the 78.6% extension at 10,080. Note that RSI has encountered resistance at the 60 mark as the dollar’s advance softened. A look at historical price action sees the dollar surging 1.4% - 1.5% in the days following an RSI breach above the 60-level. As such we will continue to eye the oscillator with a confirmed close above this level offering further conviction on our directional bias.

Dow_Snaps_Six_Day_Losing_Streak_as_USD_Index_Looks_to_Mount_10000__body_Picture_2.png, Dow Snaps Six Day Losing Streak as USD Index Looks to Mount 10,000

An hourly chart shows the index continuing to trade within the confines of an ascending channel formation after recovering from a brief break below channel support. Although the dollar recovered, we note that bearish RSI divergence has been identified with a break above RSI trendline resistance needed to alleviate further downside pressure. Interim topside resistance stands at the 10,000-mark backed by 10,025 and 10,040. A break back below this channel eyes the 61.8% extension at 9945 with subsequent floors seen at 9920 and 9900.

Dow_Snaps_Six_Day_Losing_Streak_as_USD_Index_Looks_to_Mount_10000__body_Picture_1.png, Dow Snaps Six Day Losing Streak as USD Index Looks to Mount 10,000

The greenback declined against three of the four component currencies highlighted by a 0.40% decline against the Australian dollar. A rebound in risk saw haven flows reverse with the aussie paring a portion of the steep declines seen over the past few sessions with the advance offering favorable short entries as we maintain our bearish bias on the high yielder. The Japanese yen is the weakest performer of the lot with a loss of 0.40% on the session. For a complete breakdown and detailed scalp levels on the AUDUSD and the USDJPY, refer to today’s Winners/Losers report. Our bias on the greenback remains weighted to the topside with pullbacks in the index offering favorable long entries. Only a break below the 9900-level invalidates our directional bias.

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

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

News & Analysis at your fingertips.