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
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
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Ambiguity abounds. The US open finds the $SPX loitering above its 100-day moving average as well as its technical 'correction' (-10% from highs) and below the neckline of its H&S break https://t.co/MlsRVbzkBi
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: -0.70% Oil - US Crude: -1.32% Silver: -1.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4xYTddorjQ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.28%, while traders in EUR/GBP are at opposite extremes with 64.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7OJ5FXh4rF
  • another nasty week in Cable $GBPUSD but most of that sell-off was Monday and Tuesday, after which support came into play. 2712 has now helped to hold the lows for three (going on four) days - even as $USD rally has continued https://t.co/kKURzmx61S https://t.co/eHZZ9rZC9X
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: -0.32% Silver: -0.93% Oil - US Crude: -1.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fdLE2SYbFA
  • While risks may be starting to skew to the upside in Brexit negotiations, GBP/USD continues to trade in choppy fashion, with pullbacks finding support at 1.2720-30. Get your $GBPUSD market update from @JMcQueenFX here:https://t.co/TOrUJKapR1 https://t.co/txDbUikOFZ
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.21% US 500: -0.30% Wall Street: -0.50% France 40: -1.37% Germany 30: -1.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eOrhf8Ozhy
  • Heads Up:🇺🇸 Fed Williams Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-25
  • 🇺🇸 Durable Goods Orders Ex Transp MoM (AUG) Actual: 0.4% Expected: 1.2% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2020-09-25
  • 🇺🇸 Durable Goods Orders MoM (AUG) Actual: 0.4% Expected: 1.5% Previous: 11.2% https://www.dailyfx.com/economic-calendar#2020-09-25
US DOLLAR Technical Analysis: Mid-Week Run At New Highs Falls Short

US DOLLAR Technical Analysis: Mid-Week Run At New Highs Falls Short

2015-12-02 20:03:00
Tyler Yell, CMT, Currency Strategist
Share:

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

Talking Points:

-US Dollar Technical Strategy: New Highs Seem All-But Inevitable

-Support in Tighter Focus than Resistance for Trend Sustainability

-Momentum per RSI (5) Looks Stable To Push the Price Higher

The US Dollar made a late-session run toward the November 6th, 2015 and the Year-to-date high of 12,219 on Janet Yellen’s comments. Chairwoman Yellen noted that the rate hike schedule was not predetermined, but she also noted the health of the economy was encouraging. Yellen will also speak tomorrow before the Joint Economic Committee of Congress, and she could be asked to explain the flight path in more detail. Any details that come out tomorrow that turn attention above 1.00%, which the US 2yr Treasury is currently pricing in could lead to further US Dollar strength. A lack of clarity from the Chairwoman would likely lead focus toward Friday’s Non-Farm Payroll. Today, we received a warning shot that Friday’s NFP number could be encouraging in the form of the ADP private payroll that came in at 217k vs. expectations of 190k with an additionally positive tone coming from an upward revision of last month’s numbers. All in all, we continue to come up short when looking for substantive reasons that the USD Bull Run is nearing an end.

Technically, the key support that is comprised of the zone of corrective highs from September and October and the March 13th closing high of 12,127 continue to encourage bulls. As we’ve seen from the SPX500, Bull markets are hard to stop. The US Dollar looks to be on a similar course that little will stop the US Dollar Bull Market, and a buy-the-dip environment is favored over trying to sell a top. Resistance remains at the YTD high of 12,219, but the economic calendar could push the price easily through that level if USD bulls are surprised by a better NFP number of the counterparts the US Dollar index continue to underperform. Beyond 12,219, the focus will turn to the Weekly R2 Pivot level ~12,250.

After a dismal ISM report earlier this week, we saw the US Dollar sell-off but stop well above the key support mentioned below. The low was near the Weekly S1 Pivot support, and a stop below this week’s low or lower in the key support zone and Weekly S2 Pivot support appear appropriate given the environment. Many traders understandable go back-in-forth between different fears, and one of the strongest fears is that of being the last one on the train. Only hindsight can reveal whether the entry was bad, but most signs now in FX and Intermarket analysis still favor further dollar strength, which will keep my eyes higher until we close below the S2 and 12,127/12,104 support. RSI (5) remaining above support continues to encourage USD Bulls as well.

Would You Like To See How Other Traders Are Positioned in Key Currencies? If so, Click Here

US DOLLAR Technical Analysis: Mid-Week Run At New Highs Falls Short

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

DISCLOSURES