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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Will be covering the Japanese #Yen to see how retail positioning could shape the outlook for $USDJPY, $AUDJPY and $EURJPY Starting in about 30 minutes! Signup for the session below:
  • Join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here:
  • #BlackRock: We are neutral U.S. equities. We see U.S. growth momentum peaking and expect other regions to be attractive ways to play the next leg of the restart as it broadens to other regions, notably Europe and Japan $SPX $NDX
  • #BlackRock: The new nominal theme leads to a steeper yield curve expectation than market pricing. We see yields rising gradually, keeping us broadly underweight government bonds, particularly for longer maturities #trading $TLT
  • BlackRock: We are overweight European equities, and neutral Japan #trading
  • Gold prices face off with rising Treasury yields as jobs data approaches. Meanwhile, iron ore prices caught a small bid on bullish port activity out of China. Get your market update from @FxWestwater here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • #Blackrock: We are moderately pro-risk and keep some cash to potentially further add to risk assets on any market turbulence #trading $SPX $RUT $DJIA
  • RT @BrendanFaganFx: Natural Gas Outlook: Price Continues to Soar as Severe Winter Shortage Looms $NG $NG_F Link:…
  • USD/CAD is set to snap a five-day sell-off with today’s rally breaking near-term downtrend resistance. Get your $USDCAD market update from @MBForex here:
US Dollar Technical Forecast: Bulls Look to Take Back Momentum

US Dollar Technical Forecast: Bulls Look to Take Back Momentum

Thomas Westwater, Analyst

US Dollar Talking Points:

  • USD momentum looks for reversal from bulls
  • 200-day moving average within reach to recapture bullish move
  • ISM Services helps lift USD

US Dollar bulls are showing up at January support after the greenback recorded eight consecutive down days, helped in part by an upbeat ISM services beat. The US Dollar basket, now sitting at 9742.8, bounced off support from a consolidation range set through January. The bearish action through the past week has seen the USD smash through its 20,50, and 200-day moving averages as coronavirus fears rip through markets.

US Dollar Index and Daily Percent Change

Dollar Index with daily price change percentage

Leading up to this week’s selloff, the US Dollar set a multi-year high on February 20th, overtaking April 2017 levels after a pivot off 2018 lows set in February of 2018. The leadup to recent highs from the February 2018 low accounted for a 13.21 percent gain in the USD Index, the largest since the 2014 rally of 27.23 percent.

US Dollar Basket (Weekly Chart)

US Dollar basket Weekly chart

The greenback may find further support near current levels, helped by recent points of earlier resistance. Downward momentum also may see a near-term reversal with the relative strength index showing near oversold conditions. However, the lower bound of price range over the past year would allow the USD to depreciate further downward before breaking new yearly lows.

A break below current levels would likely leave bears in charge until the next zone of resistance, possibly near January lows. Conversely, bulls will aim to retake momentum. A move up to challenge recent highs may manifest if price moves back above the 200-day moving average.

US Dollar Basket (Daily Chart)

US Dollar Basket Daily Chart

--Written by Thomas Westwater, Intern Analyst for

Contact and follow Thomas on Twitter @FxWestwater

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