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Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

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  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.65% 🇨🇭CHF: 0.49% 🇪🇺EUR: 0.22% 🇦🇺AUD: 0.18% 🇳🇿NZD: -0.00% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9L05PhfdwA
  • GBP/USD pushes higher as UK COVID cases fall, Fed remains highly accommodative $GBPUSD https://t.co/bPAGpMkhjN
  • GBP/USD has been lifted by signs that coronavirus cases in the UK are dropping and by suggestions that office attendance is rising.Get your $GBPUSD market update from @MartinSEssex here:https://t.co/RZxPm1XLto https://t.co/SIEjfEffBW
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.20% Gold: 0.49% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HByKIG4bmC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.75%, while traders in France 40 are at opposite extremes with 69.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tC95moURI1
  • $USD now at two week lows, cutting into secondary support zone 92.19-92.26 $DXY https://t.co/n14cvwLofZ https://t.co/HaPRsGzyxJ
  • Infrastructure week, for real this time https://t.co/jh4BLwj0aC
  • Facebook Earnings Summary: Revenues: $29.08 B vs $27.89 B est. EPS: $3.61 vs. $3.03 est. $FB down ~5% in AH session
  • Update - gold extending its rally to session highs as the US Dollar continues to slide following this comment from Powell. The Fed Chair also stuck to his transitory inflation script during the presser. Meanwhile, real yields just hit new all-time lows. $GLD $DXY $XAUUSD https://t.co/GEpIKpttUs
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.00% US 500: -0.02% France 40: -0.09% FTSE 100: -0.13% Germany 30: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3OyFlMWOIP
EUR/USD, USD Index & More – Charts for Next Week

EUR/USD, USD Index & More – Charts for Next Week

Paul Robinson, Strategist

Technical Outlook:

  • EUR/USD little lift off major long-term trend-line
  • DXY could be gearing up for another run soon

The Euro continues to tread on a very important long-term trend-line that rises up from as far back at 1985 when reconstructing it with the current constituents’ currencies pre-Euro. It is a big line indeed, and so far it being held, but not exactly in a way that invokes confidence from the long-side. The repeated failed attempts to rally are getting smaller and suggest that a breakdown could happen very soon. The price action is coiling up and on that a break below 10768 will likely have EUR/USD rolling towards the March low at 10637, which if broken could spell serious trouble as the single currency tries to leave behind the multi-decade support line.

EUR/USD Monthly Chart (major long-term trend-line)

EUR/USD monthly chart

EUR/USD Daily Chart (weakening price action)

EUR/USD daily chart

EUR/USD Charts by TradingView

The US Dollar Index (DXY) is largely driven by the Euro as it accounts for ~57% of the index. On that, if the Euro does indeed break the major long-term trend-line then we would see a significant lift in the index. The current price action suggests a base is forming, and with the general trend higher over the years it appears likely it will in some fashion continue higher. There is support right around 98.20 via a late-March low and the 200-day MA in confluence. The first level of resistance clocks in at 100.93. Perhaps price bobbles around a bit before moving, but if one side or the other breaks momentum could pick up.

US Dollar Index (DXY) Daily Chart (may be building base for run)

US Dollar Index (DXY) daily chart

US Dollar Index (DXY) Chart by TradingView

For all the charts we looked at, check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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