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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/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
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
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/OD2HjojJ9f
  • Gold has set a fresh 7 month low - testing below a huge spot of confluent support ahead of month-end the break happened overnight, and we've now seen about 7 hours of posturing above the 1750 level $Gold $GC $GLD https://t.co/QsFNeU4E9J https://t.co/hkHqj97Vap
  • AUD/USD IG Client Sentiment: Our data shows traders are now net-long AUD/USD for the first time since Feb 02, 2021 when AUD/USD traded near 0.76. A contrarian view of crowd sentiment points to AUD/USD weakness. https://www.dailyfx.com/sentiment https://t.co/izRyhYLOFW
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/Z7TayeGRXB
  • 🇿🇦 Balance of Trade (JAN) Actual: ZAR11.83B Expected: ZAR15.2B Previous: ZAR32B https://www.dailyfx.com/economic-calendar#2021-02-26
  • 🇮🇳 GDP Growth Rate YoY (Q4) Actual: 0.4% Expected: 0.5% Previous: -7.5% https://www.dailyfx.com/economic-calendar#2021-02-26
  • 🇲🇽 Balance of Trade (JAN) Actual: $-1.236B Previous: $6.262B https://www.dailyfx.com/economic-calendar#2021-02-26
  • 🇧🇷 Unemployment Rate (DEC) Actual: 13.9% Expected: 13.9% Previous: 14.1% https://www.dailyfx.com/economic-calendar#2021-02-26
  • S&P 500 back down to support area (3805-10) https://t.co/VgJHDImfZY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.38%, while traders in GBP/JPY are at opposite extremes with 70.18%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XtCpP1uEI6
EURUSD Turns Higher But The US Dollar Remains Bullish

EURUSD Turns Higher But The US Dollar Remains Bullish

Nick Cawley, Strategist

Euro and US Dollar News and Charts:

  • Fed Powell dampens expectations, but multiple rate hikes remain on the table.
  • EURUSD remains in a downtrend while the US dollar basket remains bullish.

We have just released our Brand New Q4 Trading Forecasts including USD and EUR.

EURUSD Nudges Back Towards 1.1400 – Hurdles Remain

Fed Chair Powell gave markets a nudge yesterday evening suggesting that the current level of rates is just below the broad range of estimates of the level that would be neutral for the economy. Investors took this as a dovish shift, but o second reading the wording of Powell’s speech refuted that. While in September Powell said that rates ‘were a long way from neutral’, yesterday he widened this by saying that rates were just below the ‘broad range of estimates’ of the level of rates that would be neutral for the economy. With the broad range of 2.5% to 3.5% and a current Fed Funds rate of 2% to 2.25%, this gives a median of 3 to 4 rate hikes of 0.25% before we hit Powell’s target.

The US Dollar basket (DXY) dipped lower but remains in a strong uptrend, underpinned by interest rate expectations. The basket has rallied from a low of just under 88 in February this year and currently trades at 96.20, just off its recent 1near 18-month high at 97.16. While a further small dip cannot be discounted, the firm trend higher will provide support for the US dollar around the 95.50 – 96.00 area.

US Dollar Basket (DXY) Daily Price Chart (February - November 29, 2018)

EURUSD Turns Higher But The US Dollar Remains Bullish

EURUSD remains pointed to the downside with a series of unbroken lower highs dominating the charts from late-September. The pair need to break and close above the 1.1470 – 1.1475 area to break this trend before 1.1625 and 1.1660 come into view. On the downside support appears at 1.1300 ahead of 1.1215 and 1.1187.

IG Client Sentiment Datashows investors are currently 61.3.0% net-long EURUSD,a contrarian bearish signal, and recent daily and weekly positional shifts (longs grew by 34.2% from last week) give us a stronger bearish trading bias.

EURUSD Daily Price Chart (March – November 29, 2018)

EURUSD Turns Higher But The US Dollar Remains Bullish

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on EURUSD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES