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
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
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
Mixed
GBP/USD
Bullish
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
  • The S&P 500's refusal to hit a record and Dollar's anchor to range this past week is sign of summer liquidity conditions, but the quiet is not insurmountable. 'S&P 500 Record and Dollar Break Look to Stimulus and Trade to Override Seasonality' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/15/SP-500-Record-and-Dollar-Break-Look-to-Stimulus-and-Trade-to-Override-Seasonality-.html https://t.co/mbvPkdQfYl
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkcMZBK https://t.co/kFk6ccU3Sk
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/aXSB0bG3y0
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/i342ipPuvW
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/tHp0Nb3Tr5
  • USD/JPY is bucking the trend in USD weakness, tentatively putting it on a path towards higher levels. Get your $USDJPY technical analysis from @PaulRobinsonFX here: https://t.co/RnrBCFE3gt https://t.co/hTSdTcIwZY
  • The Canadian Dollar gained with government bond yields. Might USD/CAD find its way to current 2020 lows? Canada’s benchmark stock index, the TSX Composite, faces the March high.Get your $USDCAD market update from @ddubrovskyFX here:https://t.co/0Ba8E2S7vC https://t.co/JLUTzF6xlY
  • IG Client Sentiment is warning that the S&P 500, gold prices and AUD/USD could fall ahead as upside exposure accumulates. What are key technical levels to watch for next? Find out from @ddubrovskyFX here: https://t.co/YsBypn73vy https://t.co/erPb9HMRVc
  • The US Dollar could be readying to rise against the Singapore Dollar and Indonesian Rupiah ahead. Will USD/PHP and USD/MYR also follow this outlook? Find out from @ddubrovskyFX here: https://t.co/xvMPZha5SB https://t.co/P9QLmnY1Fg
  • The Euro has been struggling to maintain its upside momentum. Is EUR/USD readying to turn lower? EUR/AUD may be aiming to rise, but has EUR/CAD topped? Find out from @ddubrovskyFX here: https://t.co/vlJM3iQIYS https://t.co/8FGl10wDto
US Dollar Technical Outlook: EUR/USD, GBP/USD, AUD/USD, NZD/USD

US Dollar Technical Outlook: EUR/USD, GBP/USD, AUD/USD, NZD/USD

2019-12-15 10:00:00
Daniel Dubrovsky, Analyst
Share:

US Dollar Technical Forecast

  • US Dollar weakness persisted, but strong gains on Friday overturned breakouts
  • EUR/USD, GBP/USD, AUD/USD and NZD/USD struggled around trend lines
  • Large wicks showed signs of indecision in investors, will reversals follow next?

US DollarWeek Ahead

This past week was not a pretty one for the US Dollar, but it could have been worse. It continued depreciating on average against its major counterparts on fundamental themes such as trade wars and the UK General Election. It did push out a comeback on Friday, leaving behind fairly large wicks and signals of indecision. What does the week ahead entail from a pure technical standpoint?

Forex for Beginners
Forex for Beginners
Recommended by Daniel Dubrovsky
Forex for Beginners
Get My Guide

EUR/USD Technical Outlook

EUR/USD managed an important technical breakout, pushing above a key falling trend line from June. It was also on pace to breach the next psychological barrier which is a range between 1.1163 and 1.1182. Yet, sellers managed to come back into play, leaving behind a large shadow. That has both reinforced resistance and undermined the breakout through the descending line. Immediate support is a boundary between 1.1109 and 1.1075 which if taken out, puts the dominant downtrend back in focus.

EUR/USD Daily Chart

Daily EURUSD Price Chart

EUR/USD Chart Created in TradingView

GBP/USD Technical Outlook

The British Pound also struggled to confirm breakouts above key technical barriers. These are a combination of the falling trend line from June 2015 and 1.3473. Instead, prices got caught within the psychological barrier between 1.3304 and 1.3381. That has reinforced resistance which may keep bulls at bay in the week ahead. Immediate support sits below at 1.3177 before the familiar range between 1.3013 and 1.2950. If the British Pound manages to overcome resistance on the other hand, that would expose 1.3712 which is the former low from March 2018.

GBP/USD Daily Chart

Daily GBPUSD Price Chart

GBP/USD Chart Created in TradingView

AUD/USDTechnical Outlook

A similar story unfolded in the Australian Dollar after AUD/USD closed above key falling resistance from December 2018. The horizontal range between 0.6894 and 0.6929 held as prices turned lower on Friday and stopped short of support at 0.6862. That has undermined that technical breakout and reinforced resistance. Taking out the former would pave the way for uptrend resumption towards July highs. Otherwise, prices may turn lower from here towards 0.6800 and 0.6754.

For timely updates on US Dollar price action, you may follow me on Twitter here @ddubrovskyFX

AUD/USD Daily Chart

Daily AUDUSD Price Chart

AUD/USD Chart Created in TradingView

NZD/USD Technical Outlook

This is as the New Zealand Dollar left behind a Shooting Star candlestick against the US Dollar, which is a sign of indecision. NZD/USD also failed to push above a descending trend line from March. Cautious weakness may confirm the candlestick pattern and pave the way for a reversal of the near-term uptrend from October. That may send prices towards the ceiling of the Ascending Triangle (0.6424 – 0.6465) now that its breakout has played out. Otherwise, resuming gains puts the focus on highs from July.

NZD/USD Daily Chart

Daily NZDUSD Price Chart

NZD/USD Chart Created in TradingView

Starts in:
Live now:
Aug 19
( 00:08 GMT )
You might be interested in
What Do Other Traders Buy/Sell Bets Say About Price Trends?
Register for webinar
Join now
Webinar has ended

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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.