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
EUR/USD
Mixed
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Breaking news

Australia added 114.7k jobs in July, beating 30.0k estimate. Unemployment rate fell to 7.5%, outperforming the 7.8% estimate

Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:https://t.co/sR7HqpK8BI https://t.co/PSyPSFwSQq
  • - #Crudeoil prices could get a tailwind from newly growing US-#Iran political risks - Washington is seeking to extend an arms embargo beyond its October deadline - #Geopolitical tensions are not unfamiliar to oil traders, but is this time different? https://www.dailyfx.com/forex/fundamental/article/special_report/2020/08/13/Crude-Oil-Prices-Brace-for-Impact-with-US-Iran-Tensions-Brewing.html
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/RD5jfhST15
  • If you missed today's live coverage of the Australian jobs reports where I discussed recent price action and the trajectory of $AUDUSD, $AUDJPY and $AUDNZD, check out the recording on YouTube here - https://t.co/DFtslv9p9J
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 1.36% Gold: 1.08% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/D73pACW7Wo
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.20% 🇬🇧GBP: 0.19% 🇨🇭CHF: 0.14% 🇦🇺AUD: 0.07% 🇨🇦CAD: 0.04% 🇳🇿NZD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/iWfve22mC7
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.74%, while traders in US 500 are at opposite extremes with 78.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pr60jYN4lU
  • Are we witnessing a positive month for the FTSE as bulls take control? Find out here: https://t.co/j89IW0WMY7 https://t.co/JECJAfuFJW
  • #AUDUSD edged slightly higher after better-than-expected jobs report https://t.co/1sG8q6hGcc
  • 🇦🇺 Full Time Employment Chg (JUL) Actual: 43.5K Previous: -38.1K https://www.dailyfx.com/economic-calendar#2020-08-13
Dollar Outlook vs Mexican Peso, South African Rand, South Korean Won

Dollar Outlook vs Mexican Peso, South African Rand, South Korean Won

2020-06-04 01:00:00
Dimitri Zabelin, Analyst
Share:

US Dollar, Mexican Peso, South African Rand, South Korean Won – TALKING POINTS

  • USD/MXN could be showing signs of bottoming out after bullish pattern was invalidated
  • USD/ZAR selloff could come to a halt ahead of key support after over-11 percent decline
  • USD/KRW rejected at key resistance and has broken vital uptrend – what happens next?

USD/MXN Analysis

USD/MXN has fallen over 8 percent after the pair broke through what at the time appeared to be the formation of a bullish pattern known as a Pennant. USD/MXN is hovering just above a floor at 21.4134, a possible sign of downside exhaustion. If sellers back off and are replaced with an influx of buyers looking to find a bottom, it could help push the pair higher until it hits former support-turned-resistance at 23.2345.

USD/MXN – Daily Chart

Chart showing USD/MXN

USD/MXN chart created using TradingView

USD/ZAR Outlook

Since mid-April, USD/ZAR has fallen over 11 percent and has ripped up two floors at 17.8289 and 17.1808 along its descent. The pair may now attempt to retest support at 16.5272, which if broken could inspire further liquidation. Having said that, if UZD/ZAR does not close another day below recently-punctured support, a turnaround may ensue and the pair may retest 17.8989.

USD/ZAR Analysis

Chart showing USD/ZAR

USD/ZAR chart created using TradingView

USD/KRW Forecast

While selling pressure in USD/MXN and USD/ZAR may start letting up, USD/KRW’s decline may accelerate. The pair just recently broke a five-month uptrend after being rejected at resistance at 1240.65. USD/KRW may now test support at 1210.41, which if cleared opens the door to further liquidation. In this scenario, selling pressure may start alleviating close to the floor at 1190.87.

USD/KRW Analysis

USD/KRW

USD/KRW chart created using TradingView

--- Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter

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

DISCLOSURES

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.