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. See our updated Privacy Policy here.

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
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Today's article and webinar recording for those who missed it - https://www.dailyfx.com/forex/market_alert/2021/06/23/Nasdaq-100-Outpaces-Dow-Jones-as-Reflation-Trade-is-Put-on-Pause.html?ref-author=phanks&QPID=917701&CHID=9
  • U.S. stocks rallied on Tuesday with the NASDAQ composite closing at an all time high as investors shifted into technology and other growth stocks. Get your market update from @WVenketas here:https://t.co/r1UXIkHlLo https://t.co/AhuUp0gSfM
  • Fed's Rosengren: - Cryptocurrencies and money market reform both need particular attention - People are encouraged to take risks during prolonged periods of extremely low interest rates
  • 🇰🇷 Consumer Confidence (JUN) Actual: 110.3 Previous: 105.2 https://www.dailyfx.com/economic-calendar#2021-06-23
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.32% 🇦🇺AUD: 0.30% 🇬🇧GBP: 0.11% 🇨🇭CHF: -0.00% 🇪🇺EUR: -0.13% 🇯🇵JPY: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UsCf9GyMQF
  • Fed's Rosengren: - We are still a long way from pre-pandemic levels in terms of employment - We still have a significant employment gap to close
  • Fed's Rosengren: - Since the economy opened up so fast, there are shortages of products and services - I expect inflation to be somewhat higher than 2% next year
  • Heads Up:🇰🇷 Consumer Confidence (JUN) due at 21:00 GMT (15min) Previous: 105.2 https://www.dailyfx.com/economic-calendar#2021-06-23
  • Fed's Rosengren: - Several areas of the economy are still struggling - While there are elevated prices for many goods and services, those prices will moderate next year
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 0.39% Oil - US Crude: 0.27% Gold: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EgbnKb4O6H
US Dollar Breaks Higher Ahead of Fed Policy Announcement

US Dollar Breaks Higher Ahead of Fed Policy Announcement

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The US Dollar took out chart resistance to hint at gains ahead even as markets brace for heavy-duty event risk by way of the FOMC monetary policy announcement.

Don’t have access the Dow Jones FXCM US Dollar Index? Try the USD basket via Mirror Trader as an alternative. **

US DOLLAR TECHNICAL ANALYSIS – Prices broke above resistance the top of a Flag chart pattern, hinting at bullish continuation ahead. Initial resistance is at 10820, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 10899. Near-term support is at 10693, the July 29 swing low.

Forex_US_Dollar_Breaks_Higher_Ahead_of_Fed_Policy_Announcement_body_Picture_5.png, US Dollar Breaks Higher Ahead of Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices are drifting sideways having pulled back from the 1700 figure to retest resistance-turned-support at 1687.40, the May 22 swing high.A reversal back below this barrier exposes the 76.4% Fibonacci expansion at 1675.10. Alternatively, a push above 1700 aims for the 100% level at 1710.90.

Forex_US_Dollar_Breaks_Higher_Ahead_of_Fed_Policy_Announcement_body_Picture_6.png, US Dollar Breaks Higher Ahead of Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a rising channel set from late June, hinting a move lower is ahead. Channel bottom support is now at 1317.10, with a break beneath that initially targeting the 23.6% Fibonacci expansion at 1273.98. Near-term resistance is at 1347.57, the July 24 high, followed by the channel top at 13847.51.

Forex_US_Dollar_Breaks_Higher_Ahead_of_Fed_Policy_Announcement_body_Picture_7.png, US Dollar Breaks Higher Ahead of Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices turned lower as expected. Sellers are now testing support at 102.70, the 38.2% Fibonacci retracement, with a break lower targeting the 50% level at 100.79. Near-term resistance is at 105.06, the 23.6% Fib.

Forex_US_Dollar_Breaks_Higher_Ahead_of_Fed_Policy_Announcement_body_Picture_8.png, US Dollar Breaks Higher Ahead of Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

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

DISCLOSURES