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
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
Bearish
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
Bearish
GBP/USD
Bearish
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
  • 🇲🇽 Business Confidence (NOV) Actual: 42.4 Previous: 41.6 https://www.dailyfx.com/economic-calendar#2020-12-01
  • $GBPNZD could be poised to extend its run to fresh yearly lows as price struggles to break back above the 78.6% Fib (1.9024) A push to challenge the 88.6% Fib (1.8676) looks on the cards if sellers can drive price below the November low (1.8896) $GBP $NZD #technicalanalysis https://t.co/DlRb2haxL6
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.09%, while traders in NZD/USD are at opposite extremes with 74.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OiM0irh4dG
  • Heads Up:🇲🇽 Business Confidence (NOV) due at 12:00 GMT (15min) Previous: 41.5 https://www.dailyfx.com/economic-calendar#2020-12-01
  • Stock diversification can help investors through volatile periods within the stock markets. Get your guide to stock diversification here: https://t.co/is594vNNcT https://t.co/kUxUFk5TW0
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 3.23% Gold: 1.67% Oil - US Crude: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EOQKtjK8EG
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇨🇭CHF: 0.29% 🇨🇦CAD: 0.23% 🇬🇧GBP: 0.12% 🇦🇺AUD: 0.05% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/eI4xtkV6Gd
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.55% Wall Street: 1.19% US 500: 1.15% Germany 30: 0.73% France 40: 0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UwXqB3FED1
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/lpeiULx9Wq
  • #Gold prices recovering lost ground after collapsing to the lowest levels in over 4 months Breaking back above the 200-DMA (1799) could inspire a more extended rally and bring the September low (1848) into play. #XAUUSD #bullion https://t.co/npQWLB7Ywo https://t.co/EGbqmv2bjp
US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD, USD/JPY

US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD, USD/JPY

2020-02-11 20:00:00
James Stanley, Strategist
Share:

US Dollar, EUR/USD, GBP/USD, USD/JPY, USD/CAD Price Analysis

  • Today marked the start of the Fed’s twice-annual Humphrey Hawkins testimony.
  • A number of additional drivers remain on the calendar for this week, including tomorrow’s release of US CPI for the month of January.
  • US Dollar strength has run very loudly so far through February, with the currency finally finding some element of resistance earlier today.

US Dollar Bullish Breakout into Key Resistance

The US Dollar’s bullish trend finally ran into some element of resistance today just ahead of Chair Powell’s Humphrey Hawkins testimony on Capitol Hill. The Greenback has had a strong outing so far in February, gaining each trading day of the month until this morning’s pullback came into play. Prices found a high off of the 78.6% retracement of the Q4 sell-off, and since then a bit of a pullback has started to show.

For longer-term approaches, this can be attractive for bearish swing scenarios. On a shorter-term basis, recent momentum can remain attractive on the long side, looking for this recent pullback to be a corrective part of a bullish item of continuation.

US Dollar Daily Price Chart

us dollar

USD on Tradingview

EUR/USD Breaks Down, Pulls Back from Two-Year Lows

At the core of that USD-strength has been a sell-off in the Euro, with EUR/USD continuing last week’s breakout below the 1.1000 handle in a fairly consistent manner. Price action pushed all the way below the 1.0900 handle, albeit briefly, before a pullback started to show. This can keep the door open for lower-high resistance potential around the same 1.0955 level that was previously looked at for support. Of note, that prior area of well-heeled support has yet to be tested for resistance around the 1.1000 level.

EUR/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 9% -2% 1%
Weekly 14% 17% 16%
Current Retail Sentiment in EUR/USD
Get My Guide

EUR/USD Daily Price Chart

euro to us dollar

EUR/USD on Tradingview

GBP/USD Pushing Back Towards 1.3000

Similar to EUR/USD above, US Dollar strength has been showing very visibly; albeit to a more exaggerated degree against the British Pound. GBP/USD price action ran into a confluent area of support yesterday which has helped to hold the lows. As looked at short-term, prices are making a push-higher, and that prior zone of support around the 1.3000-handle may soon come back into play, opening the door for lower-high scenarios.

GBP/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 1% -4% -2%
Weekly 2% -3% -1%
Current Retail Sentiment in GBP/USD
Get My Guide

GBP/USD Four-Hour Price Chart

british pound to us dollar

GBP/USD on Tradingview

USD/CAD Nears Danger Zone

USD/CAD has put in a notable reversal so far in 2020 after opening the year below the vaulted psychological level of 1.3000. A flip at the BoC in January helped matters, and price action in the pair is now trading near some significant swing highs from the second-half of last year. Follow-through support has shown up at a prior bearish trend-line projection, keeping the door open to long-USD strategies in the pair.

USD/CAD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 8% -15% 1%
Weekly 18% -3% 12%
Current Retail Sentiment in USD/CAD
Get My Guide

USD/CAD Daily Price Chart

us dollar to canadian dollar

USD/CAD on Tradingview

USD/JPY

Notable is how USD/JPY hasn’t really reflected much of that recent USD-strength, with a number of resistance levels sitting just above. The potential for continued risk aversion around the building fear around coronavirus is likely playing a role, and should risk aversion make another appearance, the short-side of USD/JPY can remain as attractive. I had looked into the backdrop around the pair last week with similar motive; and again this morning as that resistance zone remained in-effect.

USD/JPY BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 2% 13% 6%
Weekly -1% 1% 0%
Current Retail Sentiment in USD/JPY
Get My Guide

USD/JPY Daily Price Chart

us dollar to japanese yen usd/jpy

USD/JPY on Tradingview

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES