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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • Twitter Earnings Summary REV. $1.284B vs. EST. $1.285B EPS: ($0.54) vs. EST. $0.15 $TWTR
  • Hefty beat from Google as well. After hours reaction thus far also tepid. Not looking good for the underlying sense of enthusiasm that has carried markets to record highs these past few days despite a lack of tangible data https://t.co/Uuqm31DRQ1
  • Google (Alphabet) Earnings Summary REV. $65.12B vs. EST. $63.39B EPS: $27.99 vs. EST. $23.50 $GOOGL
  • Clean beat on top and bottom line, but Microsoft's immediate response is very tame at +0.3% after hours https://t.co/QmBEGSJQ3F
  • EUR/USD consolidate after trading to a fresh monthly high (1.1669) during the previous week. Get your $EURUSD market update from @DavidJSong here:https://t.co/XuJtSzSbmq https://t.co/af2XAVI0Od
  • Microsoft Earnings Summary REV. $45.3B vs. EST. $43.94B EPS: $2.71 vs. EST. $2.07 $MSFT
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.09% Wall Street: -0.02% FTSE 100: -0.08% Germany 30: -0.27% France 40: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/oieS7MyK6p
  • We have some serious earnings due after the close: $GOOG; $MSFT; $TWTR and $AMD
  • Japanese #Yen Outlook: $USDJPY Rips To Resistance- Tug-of-War into #BoJ - https://t.co/SJRK4ji4d5 https://t.co/3HtyokZjVE
  • WTI is attempting to retrace yesterday's losses, with price finding support around the $83.50 level $CL $CL_F https://t.co/Z83omC95yA
USD Technical Analysis: DXY at Familiar Resistance Yet Again, Will it Hold?

USD Technical Analysis: DXY at Familiar Resistance Yet Again, Will it Hold?

Justin McQueen, Strategist

USD Analysis and Talking Points

  • USD looks to make a test at key resistance
  • Trend signals suggest scope for further USD gains, albeit marginal

See our Q3 FX forecast to learn what will drive major currencies throughout the quarter.

USD Eyes June Double Top

As the US Dollar basket yet again approaches the 95.00 handle, eyes are back on the familiar resistance, which has previously capped its rise. This is situated at 95.20, which had curbed further gains for the DXY on June 21st and 28th. The question is, will it hold again?

Trend signals suggest that there is scope for additional gains in the USD. RSI indicators on a daily timeframe is just shy of moving into the overbought area, subsequently, signalling that a continued USD rise will likely be limited. Alongside this, momentum indicators have moved into positive territory, showing slightly positive signs, however, progress is needed.

Short term resistance at the 94.76 level, which marks the 76.4% Fibonacci Retracement level of the 94.20-93.33 fall is holding up for now. However, a break above this could set the DXY on course for a retest of the June double top.

US Dollar Price Chart: Daily Time Frame (March 2018-July 2018)

USD Technical Analysis: DXY at Familiar Resistance Yet Again, Will it Hold?

Chart by IG

Speculative Positioning Indicates Modest USD Upside

CTFC speculative positioning have shown that net USD longs are currently around the highest since May 2017, which equate to $15.303bln. Consequently, this suggests that upside in the US Dollar is modest from current levels.

USD Technical Analysis: DXY at Familiar Resistance Yet Again, Will it Hold?

Source: Thomson Reuters (CTFC FX Speculative Positioning)

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES