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
Bullish
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
Bullish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Ever wonder if there are other chart types that can be sued for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/TIZQzitE1j
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.37% Gold: -0.28% Silver: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3xWt8YB351
  • The opening range for April raises the scope for a further decline in the US Dollar Index (DXY) as the monthly high (93.34) lines up with the first day of the month. Get your market update from @DavidJSong here: https://t.co/3iHUdOz7Oy https://t.co/ZmsEtSOICA
  • New Zealand Dollar Forecast: NZD/USD, NZD/JPY Key Levels with RBNZ on Tap - https://www.dailyfx.com/forex/market_alert/2021/04/12/New-Zealand-Dollar-Forecast-NZDUSD-NZDJPY-Key-Levels-with-RBNZ-on-Tap.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $NZD $NZDUSD $NZDJPY https://t.co/tziU8yPkpm
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇪🇺EUR: -0.10% 🇨🇭CHF: -0.13% 🇬🇧GBP: -0.17% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ALbF5MkoCp
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in France 40 are at opposite extremes with 82.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SJNlYSTnZU
  • Dow Jones, Nikkei 225, ASX 200 Outlook: Bank Earnings in Focus as US Stocks Hit Records https://www.dailyfx.com/forex/market_alert/2021/04/12/Dow-Jones-Nikkei-225-ASX-200-Outlook-Bank-Earnings-in-Focus-as-US-Stocks-Hit-Records.html https://t.co/lGG8J2ntXT
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/VRfjvmBq6N
  • 🇯🇵 PPI YoY (MAR) Actual: 1% Expected: 0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI MoM (MAR) Actual: 0.8% Expected: 0.4% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
US Dollar Outlook: EUR/USD, GBP/USD, USD/CAD, DXY

US Dollar Outlook: EUR/USD, GBP/USD, USD/CAD, DXY

Paul Robinson, Strategist

US Dollar Highlights:

  • USD Index (DXY) trying for a replay of the summer
  • EUR/USD the main driver behind the DXY
  • GBP/USD still holding up, but may succumb to selling
  • USD/CAD trying to recapture trend-line break

USD Index (DXY) trying for a replay of the summer

The US Dollar Index (DXY) didn’t quite make it down to the trend-line from September of last year, but it did hold the 200-day, relatively speaking, with only a couple of minor recent breaches. The surge thus far this week has a similar look to it.

The push higher has momentum matching rallies that happened from previous multi-week lows, such as in June/July and September of last year. Those lows led to price swings to new cycle highs. That would mean the 100-line could come into play before year-end. A break below 97.11 and the trend-line will dent a bullish outlook, potentially putting significant pressure on the Dollar.

US Dollar Index (DXY) Daily Chart (back to new cycle highs soon?)

US Dollar Outlook: EUR/USD, GBP/USD, USD/CAD, DXY

U.S. Dollar Currency Index (DXY) Chart by TradingView

EUR/USD the main driver behind the DXY

The Euro broke the channel off the October low, and with a little more weakness it will have no real support to keep it from running lower to the lows beneath 10900. As ~57% of the DXY index, the Euro will be the main driver of its next move. A bump higher from here will have the recent highs, the September trend-line, and 200-day in play as resistance around 11175/90.

EUR/USD Daily Chart (set up for losses)

US Dollar Outlook: EUR/USD, GBP/USD, USD/CAD, DXY

EUR/USD Chart by TradingView

Trading Forecasts and Educational Guides for traders of all experience levels can be found on the DailyFX Trading Guides page.

GBP/USD still holding up, but may succumb to selling

Cable has held up relatively well given the monster move last month. The digestion phase could take on the shape of a wedge with a little more time, but it will need to hold here around the top slope of the channel off the September low. A breakdown below the slope and 12788 could bring some pressure on GBP/USD and a more pronounced pullback.

GBP/USD Daily Chart (holding well so far)

US Dollar Outlook: EUR/USD, GBP/USD, USD/CAD, DXY

GBP/USD Chart by TradingView

USD/CAD trying to recapture trend-line break

USD/CAD bounce has the 2012 trend-line back in play, so far it is not fully above but trying to recapture the threshold. A move above 13208 should do the trick and have more upside in play towards the 200-day at 13274 and the May trend-line just above that level. A breakdown through 13115 could indicate recent strength to only be a bounce and have the important 13000-level under attack.

USD/CAD Daily Chart (levels to watch)

US Dollar Outlook: EUR/USD, GBP/USD, USD/CAD, DXY

USD/CAD Chart by TradingView

***Updates will be provided on the above thoughts and others in the trading/technical outlook webinars held at 1030 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES