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
Oil - US Crude
Bullish
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
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/nB2f5m56nq
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/Q0yRRpMpPX
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/iVOEuK40rn
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
EUR/USD, USD/CAD, DXY – Dollar Charts for Next Week

EUR/USD, USD/CAD, DXY – Dollar Charts for Next Week

Paul Robinson, Strategist

USD Technical Outlook:

  • DXY broke channel, has bottoming look to it
  • EUR/USD still holding onto support (for now)
  • USD/CAD working on building base for higher prices

The US Dollar Index (DXY) is working on trying to rise off an area of confluence between a level that goes back as far as 1998 and a trend-line from 2011. This week the DXY was able to snap the downward channel dating back to May, and may be on the verge of posting an inverse head-and-shoulders pattern. Yesterday’s reversal post-ECB demonstrates bullish price action. A firm rise above 94 should have the USD gaining some good traction towards an important test of the March low at 94.65.

DXY Monthly Chart (trying to life off big support)

DXY monthly chart

DXY Daily Chart (trying to life off big support)

DXY daily chart

U.S. Dollar Currency Index (DXY) Charts by TradingView

EUR/USD put in a solid bearish reversal candle yesterday post-ECB, it may mark the last push higher we see for a while should support just below break. There is a channel line from May along with some lows back to last month that are helping keep the upside intact. The general price action since the end of June could still be a bullish consolidation pattern or a topping sequence, which is why watching support here is important. A firm break below 11752 could mark the beginning of a sizable drop. Keep holding above support and at some point it is still possible EUR/USD gets into gear for a run…

EUR/USD Daily Chart (sitting on support)

EUR/USD daily chart

EUR/USD Chart by TradingView

USD/CAD is working on an inverse head-and-shoulders pattern after breaking a downward channel. There are some good levels in the pair to watch between the 13130-area and around 13250. The lower threshold is working on supporting the shoulders while the upper level acts as the neckline. A push to around 13260 should have USD/CAD picking up steam. The channel off the lows can also be used as a guide moving forward.

USD/CAD 4-hr Chart (bottoming potential)

USD/CAD 4-hr chart

USD/CAD Charts by TradingView

For all the charts we looked at, check out the video above…

Resources for Forex Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

---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