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.

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
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Breaking news

EU Official says UK trade deal imminent and expected by the end of the weekend barring last minute breakdown in talks

Real Time News
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.92% France 40: 0.39% Wall Street: 0.36% US 500: 0.27% Germany 30: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/HH3FYmipyh
  • Heads Up:🇮🇪 GDP Growth Rate QoQ (Q3) due at 11:00 GMT (15min) Previous: -6.1% https://www.dailyfx.com/economic-calendar#2020-12-04
  • Heads Up:🇮🇪 GDP Growth Rate YoY (Q3) due at 11:00 GMT (15min) Previous: -3% https://www.dailyfx.com/economic-calendar#2020-12-04
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/RjoAc25ELG
  • EU Official also notes that the EU stands firm on state aid demands
  • EU Official says UK trade deal imminent and expected by the end of the weekend barring last minute breakdown in talks $GBP
  • BoE's Saunders says more stimulus is needed, a rate cut and QE may be the best approach $GBP
  • BoE's Saunders says positive news on vaccines has reduced some downside risks, but they are not out of the woods yet $GBP
  • 🇬🇧 Construction PMI (NOV) Actual: 54.7 Expected: 52 Previous: 53.1 https://www.dailyfx.com/economic-calendar#2020-12-04
  • The bullish engulfing candle is one of the forex market's most clear-cut price action signals for reversals and continuation. Learn more about this price action trading signal here: https://t.co/Yg6ecRZZNr https://t.co/2TwubJVn72
US Dollar Decimated, Now What? USD Technical Outlook

US Dollar Decimated, Now What? USD Technical Outlook

2020-03-08 10:00:00
Paul Robinson, Strategist
Share:

USD Technical Highlights:

  • US Dollar Index walloped below support
  • May bounce near-term, but still has room to go on downside

US Dollar Index walloped below support

The US Dollar has taken a pounding in recent sessions, with the range thus far this year nearly matching all of last year’s total range. One has to think that with the momentum we are seeing now that it will end up expanding to the downside and break the 2019 low of 95.03. That isn’t a bold call.

The past couple of sessions have brought with them support breaks via both trend-lines and price. Conditions are becoming oversold here, but not the type that look like they are best faded. A bounce could be in the works near-term, and if recent momentum is any signal, it might be a small one before another thrust lower.

Would-be shorts may want to use a small bounce or pause as an opportunity to enter in anticipation of further downside. There are a pair of trend-lines of slightly differing angles rising up from 2011 and 2014 that look like the next material levels of support. These currently clock in just under 94.

Keep an eye on the Euro as it keeps driving higher, it accounts for about 57% of the index. If the levels outlined above are to be seen, a trend-line from 2008 around 11700 could be met. If the DXY and Euro hit these levels, we will reassess. With markets moving as fast as they are, that discussion might happen in the not-too-distant future.

USD Forecast
USD Forecast
Recommended by Paul Robinson
Get our USD fundamental and technical outlook here.
Get My Guide

US Dollar Index Daily Chart (smacked below support)

US Dollar Index Chart

USD Chart by TradingView

US Dollar Index Weekly Chart (has room to go lower)

US Dollar Chart weekly

USD Chart by TradingView

Forex & CFD Trader Resources

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---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.

DISCLOSURES