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
Bearish
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
Bearish
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
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Update on #Cryptocurrencies #BITCOIN -3.05% #BITCOINCASH +4.24% #ETHEREUM -4.53% #RIPPLE -1.91% #LITECOIN -3.36%
  • Japanese #Yen Outlook: $USDJPY Dives into Key Technical Support Pivot - https://t.co/vzJ2u0MUbS https://t.co/4NE2BirSlY
  • Really glad I’m not the only one who thinks like this https://t.co/kGQ6p4HO61
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.56%, while traders in NZD/USD are at opposite extremes with 70.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kYXsXPuSmJ
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -1.32% Silver: -3.74% Oil - US Crude: -5.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1IZV4KJruu
  • More weakness in Eurozone economic data coupled with a surge in COVID-19 cases has seen ECB interest rate cut expectations pulled forward, and the odds of surprise action at the October meeting are non-zero. Get your market update from @CVecchioFX here:https://t.co/JdP6FXyQXF https://t.co/88FWLMNtTu
  • Gold IG Client Sentiment: Our data shows traders are now at their most net-long Gold since Sep 04 when Gold traded near 1,933.11. A contrarian view of crowd sentiment points to Gold weakness. https://www.dailyfx.com/sentiment https://t.co/mtvMK2qH5Q
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.09% 🇨🇭CHF: -0.10% 🇪🇺EUR: -0.33% 🇳🇿NZD: -0.78% 🇦🇺AUD: -0.88% 🇨🇦CAD: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/fJ7TOYyATO
  • UK Covid deaths over 300 for second consecutive day - BBG
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: -2.56% Wall Street: -2.58% FTSE 100: -2.85% France 40: -3.59% Germany 30: -4.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/tfywVfpiH6
US Dollar Technical Analysis: Trendline Support at Risk of Breaking

US Dollar Technical Analysis: Trendline Support at Risk of Breaking

2015-10-14 16:24:00
Tyler Yell, CMT, Currency Strategist
Share:

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

Talking Points:

  • US Dollar Technical Strategy: Now Looking to Sell Strength
  • March 13th, 2015 Daily Range Resistance of 12,064- 12,149 Is Trend Defining
  • Support Zone: Trendline Drawn Off Daily Price Closes From Mid-May / 200-DMA

The October seasonal studies painted a very clear picturefor the US dollar. The picture was not favorable, and now, the support that has held up the sanguine currency is at risk of failing. A break of this support could bring pronounced downside. We recently stated that a clear change of fortunes could be in the process. A break and hold below trendline support would be the next confirmation, second to the multiple failures at the March 13th, 2015 Daily Range Resistance.

September 18th support at 11,865 is now in focus. A break below would prompt attention towards a more significant reversal as outlined by the red downward channel. Taking into account the move higher from October 15, 2014, to March 13th, 2015, the Fibonacci retracement tool may be of assistance to us. Current price support sits at 23.6% of that range, which is a minor support, and a break below opens the 38.2% level as a target. The 38.2% retracement of the range is very close to the May low of 11,634. From a trader’s perspective, the September 18th low and Fibonacci support levels are the key levels were focusing on now. A break of those levels takes us toward the 2015 open (11,550) and the 50% retracement (11,535) of the range above. Additionally, the 200-day moving average aligns with the trendline in focus.

Q4 Opening Range Resistance currently sits at 12,085 and remains the focal point on the chart that would need to break before we give preference to the bullish view. Looking to the currencies that have strengthened over the last ten days, (EUR, commodity currencies, and emerging market currencies) a lot of lost ground could be reclaimed. Especially if they intend to reverse or retrace a portion of the trend that began the summer of 2014. Either way, the trendline support will be a good place to keep your focus on the chart should a stronger retracement be at hand.

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

US Dollar Technical Analysis: Trendline Support at Risk of Breaking

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

DISCLOSURES