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
Bullish
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
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
Mixed
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/nBfJcptUDK
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/tnF1RME8gJ
Dow Jones Signals A Possible Uptrend Reversal – DJIA Price Technical Forecast

Dow Jones Signals A Possible Uptrend Reversal – DJIA Price Technical Forecast

Mahmoud Alkudsi, Analyst

Dow Jones Outlook

Dow Jones – Price Action

Last week, the Dow Jones printed 29,057- it’s all time high. However, the index declined after and settled below 29,000 handle. The price closed on Friday in the green with a 0.6% gain.

Alongside this, the Relative Strength Index (RSI) remained flat above 50 highlighting a weaker uptrend momentum.

Just getting started?See our Beginners’ Guide for FX traders

Dow Jones PRICE Daily CHART (July 1, 2018 – Jan 13, 2020) Zoomed OUT

Dow Jones daily price chart 13-01-20 zoomed out

Dow Jones PRICE Daily CHART (AUg 8 – Jan 13, 2020) Zoomed IN

Dow Jones daily price chart 13-01-20. zoomed in

Looking at the daily chart, we notice on Wednesday the Dow retraced to its lowest level in 2020 at 28,128. Currently, the price is still trading in the upside channel originated form the Oct 3 low at 25,736.

It’s worth noting the bearish divergence between RSI and the price (a high with a higher high on the price with high and a lower high on the oscillator). This signals a possible uptrend reversal.

A close below 27,319 may lead more buyers to exit the market. This could send the price towards 25,079. That said, the weekly support levels marked on the chart should be considered as some traders may exit/ join the market at these levels.

Dow Jones Four Hour PRICE CHART (DEC 20, 2018 – Jan 13, 2020)

Dow Jones four hour price chart 13-01-20

Looking at the daily chart, we notice on Friday the Dow Jones tested trading below the Fib extension 161.8% at 28,834. The price opened this week with a gap to the upside. However, remained trading nearby the Fib Extension level.

A break below 28,579 could press the Dow towards the weekly support at 27,956. Although, the lower line of the upward channel discussed on the daily chart with the daily support underlined on the chart should be watched closely. On the other hand, a break above 29,057 may resume bullish price action towards 29,719. Yet, the upper line of the upward channel should be kept in focus.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES