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
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
  • It starts. This man is living the life. https://t.co/YhD4oMNAFG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.82% 🇦🇺AUD: 0.77% 🇨🇭CHF: 0.75% 🇳🇿NZD: 0.62% 🇯🇵JPY: 0.46% 🇨🇦CAD: 0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/j5I6Gut0CR
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.85% Silver: 0.53% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wZsuyfwuv1
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.33%, while traders in Wall Street are at opposite extremes with 77.43%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IrlL0LEJe3
  • Fresh projections coming out of the Bank of England (BoE) instills an improved outlook for the $GBP. Get your market update from @DavidJSong here:https://t.co/BNicSsCTZG https://t.co/2tjCVIx1Vp
  • Gold Price Forecast: Gold Bulls Re-Ignite Big-Picture Bullish Trend https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/05/07/gold-price-forecast-gold-bulls-re-ignite-big-picture-bullish-trend.html $Gold https://t.co/TaJCgg0w0T
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.24% Germany 30: 0.17% FTSE 100: 0.17% Wall Street: 0.01% US 500: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/WlYaH7FiDo
  • Dogecoin investors will be looking to Elon Musk and SNL this weekend for any mention of the high-flying crypto $DOGE #Dogecoin https://t.co/vFogrrQecR
  • EU's von der Leyen: It is essential to share vaccines, to distribute vaccines, and invest in increasing vaccine manufacturing capabilities $EUR
  • 🇺🇸 Consumer Credit Change (MAR) Actual: $25.84B Expected: $20B Previous: $27.58B https://www.dailyfx.com/economic-calendar#2021-05-07
US Dollar Technical Analysis – Flirting with Trend Reversal

US Dollar Technical Analysis – Flirting with Trend Reversal

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10375 (double bottom)
  • Resistance: 10462 (channel top), 10495 (support-turned-resistance)

The Dow Jones FXCM US Dollar Index looks to be attempting to set a double bottom at 10375, the October 22 close. Confirmation of the upward reversal pattern requires a breach of resistance is at 10462, marked by the top of a falling channel that has guided the benchmark currency downward since the beginning of the year. A daily close above this barrier initially targets horizontal support-turned-resistance at 10495.

Our long-term fundamental outlook still favors a broadly stronger US Dollar against its key counterparts in the months ahead. As such, we remain long the greenback via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Flirting with Trend Reversal

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

DISCLOSURES