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
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
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
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • $DOGEUSD's daily range post Elon SNL spot is 0.2900. That may not sound like a lot but the current spot rate is ~ 0.5600. The lower wick (reversal from Sunday's low) is a 35% recovery from the low. A speculator's market, not an investor's. https://t.co/hAjg8YO7xA
  • What are some factors driving AUD? Get your free forecast for this quarter here:https://t.co/z85CIVYiuK #DailyFXGuides https://t.co/ZhVyZvw5Ii
  • Last week ended well for $EURUSD, with Friday’s shockingly poor US jobs data giving it a lift, and this week could well see its advance extend if it can break conclusively above resistance at 1.2150. Get your market update from @MartinSEssex here: https://t.co/EFPGUI8Uxc https://t.co/LZA6oXsmJO
  • $GBPUSD broke higher from a Symmetrical Triangle pattern late last week. Meanwhile, $EURGBP remains largely rangebound. Get your market update from @FxWestwater here: https://t.co/hnjGCww0ET https://t.co/0LcIv5Yudg
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/0gwSneZjOL
  • Another week of record breaking gains in the alt-coin space, while Ethereum (ETH) continues to print fresh highs and eats into Bitcoin’s (BTC) market dominance. Get your market update from @nickcawley1 here: https://t.co/robpKfDf8U https://t.co/3sOzL01rcI
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/K1F3QlB8ik
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/cXImPrjl8x
  • Crude Oil Forecast: Oil Prices Edge Lower Toward Trend Support -via @DailyFX WTI #CrudeOil closed the week slightly higher on balance, but the commodity is struggling at resistance as bears look to challenge trend support. Link to Full Analysis: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/05/08/crude-oil-forecast-oil-prices-edge-lower-toward-trend-support.html #OOTT https://t.co/MvtP36QxY8
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/3f5sLijsVB
USD Index to Test Near-Term Support, Fed Beige Book to Offer Clarity

USD Index to Test Near-Term Support, Fed Beige Book to Offer Clarity

Michael Boutros, Strategist
USD_Index_to_Test_Near-Term_Support_Fed_Beige_Book_to_Offer_Clarity_body_Picture_4.png, USD Index to Test Near-Term Support, Fed Beige Book to Offer ClarityUSD_Index_to_Test_Near-Term_Support_Fed_Beige_Book_to_Offer_Clarity_body_Picture_3.png, USD Index to Test Near-Term Support, Fed Beige Book to Offer Clarity

The greenback is softer at the close of North American trade with the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) off by 0.09% on the session after moving 114% of its daily average true range. Remarks made by Fed Chairman Ben Bernanke fueled exceptional volatility early in the session as the he testified before the Senate Banking Committee. Although Bernanke refrained from introducing new plans for another large scale asset purchase program, its seems as though market participants continue to see scope for further easing from the central bank with the chairman leaving the door open to expand the balance sheet as the recent batch of data coming out of the domestic economy raises the threat of deflation. Cleveland Fed President Sandra Pianalto was also on the wires today, citing the current state of the economy requires a, “highly accommodative” policy. The recent rhetoric disseminated by the voting members of the committee suggest that there is an increased willingness to expand monetary policy as the recovery slows with markets taking solace in the fact that the central bank remains a backstop should conditions deteriorate. That said, it remains unlikely that the Fed will act unless the tape on economic data significantly falters. By the close of trade in New York, all three major stock indices were in the black with the Dow, the S&P, and NASDAQ advancing 0.62%, 0.74% and 0.45% respectively.

The dollar closed the session just above the 60-day moving average (3-month) at 10,098 after failing an attempt to mount the former October highs at the 10,134 pivot. This level holds as interim daily resistance with subsequent ceilings seen higher at the 78.6% Fibonacci extension taken from the October and February troughs at 10,180 and 10,220. A break below the short-term trendline support dating back to the June lows eyes support targets at the 61.8% extension at 10,072 backed by the June lows at 10,030 with a move below this level invalidating our medium-term bullish bias.

USD_Index_to_Test_Near-Term_Support_Fed_Beige_Book_to_Offer_Clarity_body_Picture_2.png, USD Index to Test Near-Term Support, Fed Beige Book to Offer Clarity

An hourly scalp charts shows the index approaching trendline support dating back to the June lows after rebounding off the confluence of the 61.8% Fibonacci extension taken form the June 20th and 29th troughs and short-term trendline resistance at 10,152. Interim support targets are eyed at 10,090 backed by 10,065 and 10,050. A break back above interim resistance at the 38.2% extension eyes subsequent topside targets with a breach above trendline resistance offering further conviction on our directional bias.

USD_Index_to_Test_Near-Term_Support_Fed_Beige_Book_to_Offer_Clarity_body_Picture_1.png, USD Index to Test Near-Term Support, Fed Beige Book to Offer Clarity

The greenback declined against three of the four component currencies highlighted by a 0.67% decline against the Australian dollar which now looks poised for a tag of the July highs at 1.0330. A breach above this mark risks further losses for the greenback within initial resistance targets eyed at the former December highs at 1.0380. The Japanese yen is the weakest performer on the session with a decline of 0.30% as improved risk appetite reduced the appeal of the yen as a store of wealth. For a complete technical outlook on the both the AUDUSD and the USDJPY, refer to today’s Winners/Losers report. Look for the dollar to remain under pressure heading into Asia Pacific with tomorrow’s Fed Beige book likely to offer further clarity on economic conditions within the Fed’s twelve districts.

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

Review today’s Scalp Webinar for further insight on the USDOLLAR and other current setups

Join Michael on Wednesday morning for a Live Scalping Webinar on DailyFX Plus (Exclusive for Live Clients) at 1400GMT (10ET)

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”

Introduction to Scalping for Beginners Webinar

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

DISCLOSURES