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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in Germany 30 are at opposite extremes with 60.54%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0hZsxwi79S
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the week! https://t.co/chKtG7ezG9
  • ECB Sources - New rift opening in ECB GC over future stimulus & economic projections - Hawk wanted in Sep to quietly reduce pace of PEPP purchases and objected to projections excluding fiscal measures - Doves object to Lagarde's timid language on Euro strength
  • EU's Sefcovic says UK position far apart from what the EU can accept $GBP
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.16% 🇦🇺AUD: 0.55% 🇪🇺EUR: 0.34% 🇳🇿NZD: 0.21% 🇯🇵JPY: 0.15% 🇨🇦CAD: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/40nxAUXNSB
  • Weekly Strategy Webinar starting in 15mins! https://t.co/lxd5fZnn4H
  • RT @meremortenlund: 🇺🇸💸Here is how to trade the US election https://t.co/mOl43ebajd
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/fqXGrwfEYs
  • Join @MBForex at 8:30 AM ET/12:30 PM GMT for his weekly strategy #webinar Register here: https://t.co/VAnAfZU02T https://t.co/57Z0cB6HsJ
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-28
EUR/USD, USD/CAD, DXY – Dollar Charts for Next Week

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

2020-09-11 12:07:00
Paul Robinson, Strategist
Share:

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…

Building Confidence in Trading
Building Confidence in Trading
Recommended by Paul Robinson
Start building confidence today.
Get My Guide

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