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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • $EURGBP dropped from 0.8890 to below 0.8860 this morning, pushing to its lowest level since May. $EUR $GBP https://t.co/5TotJhsKzT
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.74% US 500: 0.66% France 40: 0.47% Wall Street: 0.36% FTSE 100: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/NvjQjChgXS
  • The @bankofcanada is widely expected to stand pat on monetary policy with the overnight rate to remain at 0.25% alongside no change in the current pace (CAD 4bn/week) or composition of QE purchase. Get your market update from @JMcQueenFX here:https://t.co/gK5wVUwxlG https://t.co/YbME7aXeeM
  • Reports of an explosion heard in Madrid - La Sexta TV Station
  • #Gold dropped quickly this morning, falling from $1,850 to below $1,835 before bouncing back. The precious metal is now trading around $1,850 again. $XAU $GLD https://t.co/gAs3ytl9g2
  • $EURGBP at risk of extended losses after breaking to the downside of a 12-month Symmetrical Triangle pattern and slashing through the support range at 0.8865 - 0.8875 A push towards 0.8670 - 0.8690 looks on the cards if sellers hurdle psychological support at 0.8800 $EUR $GBP https://t.co/zS9CyhUqMf
  • *Slight move higher in USDCAD
  • $EURCAD fell to its lowest level since the weekend following Canada December CPI print and ahead of the BoC's policy decision. $EUR $CAD https://t.co/wSzoYavl55
  • Slight move higher in $CAD following lower than expected CPI figures - Average of common, trim and median now 1.6% from 1.7% BoC next up where there have been some suggestion of a micro-cut. Although, analysts are widely expecting policy to remain unchanged
  • 🇨🇦 Core Inflation Rate YoY (DEC) Actual: 1.5% Previous: 1.5% https://www.dailyfx.com/economic-calendar#2021-01-20
US DOLLAR Technical Analysis: Can NFP Moonshot Hold?

US DOLLAR Technical Analysis: Can NFP Moonshot Hold?

Tyler Yell, CMT, Currency Strategist

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

Talking Points:

-US Dollar Technical Strategy: US Dollar Favors Continuation Higher

- Weekly Close above Prior YTD High Invigorates Bulls

-US Dollar May Get Bullish Benefit of the Doubt Into December 16th, FOMC Meeting

The US Dollar surprised even the optimists on Friday, and the index closed at its highest level in 12 years. As we closed last week's technical analysis note on the US dollar, we are sticking with the upside until there is reason not to, and that reason remains absent. Looking at multiple dollar indices like DXY & BBDXY, there appears to be a breakout that could sustain itself well into the hotly anticipated December 16 FOMC announcement, where Janet Yellen and the Federal Reserve may raise the reference rate for the first time since 2006. One development since Friday that’s worth keeping an eye on is the Interest Rate Hike Probability. We’ve seen a steady drop from post-NFP of 72%, now down to 66%. A further drop would show confidence in the USD is waning as well.

The US Dollar index will look to Friday’s high of 12,219 followed by the 1.272% extension of the September 4 through October 15 range. Confident Bulls will look higher toward the equal wave target off the May Low near 12,244. Friday’s low would need to break before bears begin to think any momentum is shifting in their direction. Furthermore, an argument for the bear case will be difficult to make until the November opening range low of 12,013 is broken with a daily and/ or weekly close.

We’re now looking at a ‘buy-the-dip’ market given the US Dollar strength. Value buyers should keep an eye on the weekly pivot of 12,145 and then the November 6 low of 12,104. A break below there would show the enthusiasm that came with that NFP print has dissipated and longs may become too expensive. If those hold, upside targets will sit near 12,315 and could even extend to 12,600 (1.618% extension off the May-Sept.-Oct extremes). From an Elliott wave perspective, US Dollar could be considered starting the 3rd leg of a 5-wave rally that began in August. If this is accurate, then pullbacks can present great opportunities.

Would You Like To Knowthe Traits of Successful FX Traders? If So, Click Here

US DOLLAR Technical Analysis: Can NFP Moonshot Hold?

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

DISCLOSURES