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.

Free Trading Guides
EUR/USD
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
Oil - US Crude
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
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
Mixed
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • The $AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here:https://t.co/LkEFJViPWY https://t.co/1X34MD9j2R
  • Signals from retail trader positioning hint that the FTSE 100 and S&P 500 could have room for weakness ahead as the CAC 40 attempts to climb towards key resistance. Get your European #equities update from @ddubrovskyFX here:https://t.co/gepciUHqxT https://t.co/BAJ9f1nTwE
  • 🇯🇵 Retail Sales YoY Actual: -13.7% Expected: -11.5% Previous: -4.7% https://www.dailyfx.com/economic-calendar#2020-05-28
  • 🇯🇵 Industrial Production YoY Prel Actual: -14.4% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-05-28
  • 🇯🇵 Retail Sales YoY Actual: -13.7% Expected: -11.5% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-05-28
  • Heads Up:🇯🇵 Retail Sales YoY due at 23:50 GMT (15min) Expected: -11.5% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-05-28
  • Heads Up:🇯🇵 Industrial Production YoY Prel due at 23:50 GMT (15min) Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-05-28
  • 🇯🇵 Unemployment Rate Actual: 2.6% Expected: 2.7% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2020-05-28
  • Heads Up:🇯🇵 Unemployment Rate due at 23:30 GMT (15min) Expected: 2.7% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2020-05-28
  • The US Dollar has fallen substantially this week as the Dollar Basket (DXY) skirts the edge of lower-lows as it forfeits the ground it captured in the March rally. Get your $USDCAD market update from @PeterHanksFX here: https://t.co/JW6ohifDeF https://t.co/twToadCrtr
USDollar Technical Analysis: Q415 Could Open with USDollar Strength

USDollar Technical Analysis: Q415 Could Open with USDollar Strength

2015-09-30 16:55:00
Tyler Yell, CMT, Currency Strategist
Share:

To receive Tyler’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • USDollar Technical Strategy: Awaiting Completion of Running Triangle to Buy
  • March 13th, 2015 Daily Range Resistance of 12,064- 12,149 Is Trend Defining Test
  • Support Zone: 12,020/50 Should Hold If Uptrend Is Sustaining

The US dollar has ended 3Q2015 in a sideways crawl. As recently mentioned, this is significant given where the crawl is taking place. In short, for the last week of September, the US dollar index has begun a sideways correction into the lower-end of the March 13, 2015 price range of 12, 049 – 12, 164. It’s worth noting, that this range has held price down for over half of 2015 and looks to be the last technical lid of resistance before a very aggressive and painful breakouts that would see commodities, emerging markets, and certain equities feeling the pinch even further.

On a shorter timeframe, the USDollar index looks to be tracing out a running triangle. This triangle is the first consolidation of note after the significant higher low was printed on September 18, after a two-week drop from the September 4 Nonfarm Payroll high of 12,094 that we recently broke. Triangles are typically seen as consolidation patterns that favor the prior trend, which in USDollar is higher. If support near 12,020 continues to hold, the bias will remain higher for US dollar and focus will be on a daily and potential weekly close in early October above the March 13th range.

Consolidations are a favorable place to enter on a risk: reward basis becauseyour stop is close to your invalidation point. On USDOLLAR, that level for me is 12,020. The issues with entering during a corrective move is at the timing of the continuing move is less probable and therefore the trade can incur opportunity costs as well as a lower probability of playing out appropriately. Therefore, I prefer to wait a breakout above corrective resistance of the current short-term pattern around 12,080 continuing to keep stops tight below the recent higher low at 12,050 and then moving stops to break even on a close above 12,064 (March 13th high). In that instance, short-term targets would be 12, 162 (YTD / April 13thth high).

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USDollar Technical Analysis: Q415 Could Open with USDollar Strength

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

DISCLOSURES

News & Analysis at your fingertips.