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
Mixed
Oil - US Crude
Mixed
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
Mixed
More View more
Real Time News
  • 🇯🇵 Tertiary Industry Index MoM (FEB) Actual: 0.3% Previous: -1.7% https://www.dailyfx.com/economic-calendar#2021-04-20
  • (Special) Canadian Dollar Analysis, Will Momentum Continue? USD/CAD, GBP/CAD, CAD/JPY #CAD $USDCAD $GBPCAD $CADJPY https://www.dailyfx.com/forex/technical/article/special_report/2021/04/20/Canadian-Dollar-Analysis-Will-Momentum-Continue-USDCAD-GBPCAD-CADJPY.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/k9OXz7Xc0G
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UfoNfSgu16
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.44% 🇳🇿NZD: 0.38% 🇨🇦CAD: 0.30% 🇨🇭CHF: 0.05% 🇯🇵JPY: 0.03% 🇬🇧GBP: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/LY6p1GMAIY
  • Heads Up:🇯🇵 Tertiary Industry Index MoM (FEB) due at 04:30 GMT (15min) Previous: -1.7% https://www.dailyfx.com/economic-calendar#2021-04-20
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.20% US 500: 0.14% FTSE 100: -0.02% Germany 30: -0.04% France 40: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/JfhA2eyx8v
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/KRWQChtT4q
  • The Dollar took out the 50-day moving average to start the week and we are now slipping through the 100 DMA to start Tuesday trade. Watching $USDJPY, GBPUSD and earnings into Tuesday trade https://www.dailyfx.com/forex/video/daily_news_report/2021/04/20/Dollar-Breaks-USDJPY-and-GBPUSD-Technical-Barriers-Earnings-and-Dogecoin-on-Deck.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/w9Wc3qSMtN
  • Australian Dollar Price Outlook: AUD/USD, AUD/JPY, AUD/NZD, AUD/CHF - https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2021/04/20/Australian-Dollar-Price-Outlook-AUDUSD-AUDJPY-AUDNZD-AUDCHF.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDNZD $AUDUSD $AUDJPY
  • $AUDUSD, Australian govt. bond yields rising after #RBA minutes They mentioned a 1st step to tapering 'is likely to occur end of June' when TFF is likely to end They also said they may consider extending it amid deterioration in financial system, but signs are currently missing https://t.co/ROgYfwKOub
US DOLLAR Technical Analysis: FOMC Minutes Drop Dollar

US DOLLAR Technical Analysis: FOMC Minutes Drop Dollar

Tyler Yell, CMT, Currency Strategist

Talking Points:

-US Dollar Technical Strategy: Staying Below 12000 Resistance Remains Focus

-Anti-Dollar Assets Continue To Rally [EMFX, Commodities, & Equities]

-Dollar Dives Post-FOMC Minutes As No Harmonic View Resides Among Fed

Access Our Free Q3 Dollar Outlook As The Fed Appears Cornered Regarding Effective Monetary Policy

August has been a rough month for US Dollar Bulls. On August 9, the CBOE SPX Volatility Index or VIX hit the lowest level in 12-months, which is usually indicative of a fearless market that would rather be chasing yield. Yield has been found in Emerging Market currencies like the MXN and capital appreciation has been sought in commodities, which both benefit from a weak USD environment.

On Tuesday, there was a rather large speedbump that arose in the form of an interview by NY Fed President William Dudley. President Dudley argues that a September hike is still possible and that the market was underpricing in the possibility of a hike in 2016. The market corrected its US Dollar selling bias on the comments, and going into the minutes Traders appeared still curious as to how serious the statement should be taken.

The minutes of the July 27 FOMC Meeting did not lift the Dollar as some hoped following Dudley’s comments. USD/JPY punched closer to 100 again. The main issue is the view that data will be needed in order to validate a rate hike. However, the data over the last two months, despite the July NFP, has been an underwhelming performance of economic reports, which could mean a rate hike is further off than US Dollar Bulls had hoped.

For more on what may be ahead, let’s go to the charts.

ST H1 USDOLLAR Index Chart / Rising Support Under Pressure

US DOLLAR Technical Analysis: FOMC Minutes Drop Dollar

The short-term chart above shows a bullish channel (Blue) that the US Dollar may be favoring off a possible triple bottom in the ~11,680 zone. After a rather hot run from post-Brexit to late July, the US Dollar has gone soft again and now looks to be sitting on a rather thin support. Should the support fail to hold, we could see an air pocket in the market with a quick repositioning back toward the weak-USD view help pre-Dudley.

Find The Habits That Emerged from Successful Traders When We Studied 10’s of Millions Real Trades

If the US Dollar cannot find lift-off here, it’s tough to imagine the scenario that it will. Thankfully, we can look to the charts for guidance from here.

The Fundamentals And Technical Picture May Be Aligning to US Dollar Strength

US DOLLAR Technical Analysis: FOMC Minutes Drop Dollar

To See How Live Clients Are Positioned In FX & Equities Click Here Now

The simple way to look at the chart above is to see that the slope of the lines that have guided price action since Q32015 are downward sloping. While there has been pockets of US Dollar strength in January post the initial rate high and post-Brexit, the US Dollar Index has failed to find month over month gains with any consistence.

The simplified key levels that should be watched should US Dollar strength emerge is the 12,000/100 zone. A break higher from these levels would take the price of US Dollar Index above the channel resistance, and could be first clear sign since Q12015 that a Dollar breakout environment has arrived. Absent such a breakout, the preference will remain to sell rallies.

Strong/Weak View of G8 FX for Tuesday, August 17, 2016

Of the four counterparts for the US Dollar of the EUR, GBP, JPY, & AUD, the EUR, JPY & AUD have been resilient and have proven to be a better purchase over the US Dollar. The JPY initially strengthened to 98.77 on the Brexit confirmation but has pushed back below ¥100 per USD this week.

US DOLLAR Technical Analysis: FOMC Minutes Drop Dollar

Shorter-Term US Dollar Technical Levels for Tuesday, August 17, 2016

For those interested in shorter-term levels of focus than the ones above, these levels signal important potential pivot levels over the next 48-hours of trading.

US DOLLAR Technical Analysis: FOMC Minutes Drop Dollar

T.Y.

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

DISCLOSURES