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
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
Oil - US Crude
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
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
  • US 10yr Treasury yields have slipped back below 1.10 today, but remain notably higher compared to earlier in the pandemic $USD $IEF https://t.co/PYLCZGwPHt
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.31% France 40: 0.30% Germany 30: 0.23% US 500: -0.25% Wall Street: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/079WIJ3r9O
  • $EURJPY had been heading higher today, crossing above 126.20 and hitting its highest levels since last week. $EUR $JPY https://t.co/bKsWiKxRmz
  • USD/CAD trending lower has been a theme since it peaked in dramatic fashion back in March, but the downtrend may be put to the test soon as a falling wedge pattern comes to light. Get your $USDCAD market update from @PaulRobinsonFX here:https://t.co/qjobL4Uyq9 https://t.co/wgd9nZSGpj
  • US Indices remain in the red but have pared some losses as session advances into the afternoon. DOW -0.38% NDX -0.13% SPX -0.24% RUT -0.03% $DOW $QQQ $SPY $IWM
  • A bout of risk aversion sees the Australian Dollar under pressure this morning with a larger than expected drop in retail sales adding to the soft tone for the currency. Get your $AUD market update from @JMcQueenFX here:https://t.co/fCa9gCxxxk https://t.co/WaAG58Ztar
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 64.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/juDA0EsIR7
  • Totally normal market behavior happening in $GME which was just halted after surging 69% in the session https://t.co/UT6RrOhZ2L
  • $EURCAD hit an intraday high just shy of 1.5500 before turning slightly downward. The pair is currently trading at its highest levels since early last week. $EUR $CAD https://t.co/Cj6Vu9Rg5L
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: -0.84% Oil - US Crude: -1.40% Silver: -1.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Nc1fRSiBw5
Dollar Price Outlook: USD Slammed to Yearly Lows as Fear Runs Rampant

Dollar Price Outlook: USD Slammed to Yearly Lows as Fear Runs Rampant

Michael Boutros, Strategist

US Dollar Technical Price Outlook: DXY Weekly Trade Levels

  • US Dollartechnical trade level update – Daily & Intraday Charts
  • USD plunges alongside broader risk markets as Coronavirus fears grow
  • DXY sell-off targeting initial support objectives just lower

The US Dollar plummeted more than 4% off the February highs in just under three weeks with the decline taking DXY to fresh 2020 lows. The decline marks the largest weekly range for the greenback since January 2017 and is poised to post the largest weekly decline since the May 2017 breakdown. While the broader focus remains weighted to the downside, the sell-off is now approaching initial weekly confluence support just lower and leaves the immediate short-bias vulnerable. These are the updated technical targets and invalidation levels that matter on the US Dollar Index (DXY) weekly price chart. Review my latest Strategy Webinar for an in-depth breakdown of this US Dollar trade setups and more.

Starts in:
Live now:
Feb 01
( 13:02 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

US Dollar Index Price Chart – DXY Weekly

US Dollar Index Price Chart - DXY Weekly - USD Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; US Dollar Index on Tradingview

Notes: In my last US Dollar Weekly Price Outlook we noted that a breakout in DXY kept the focus higher in the greenback with, “subsequent resistance objectives at 99.43 and the 2017 uncovered close at 99.98- an area of interest for possible topside exhaustion IF reached.” The index registered a high at 99.91 before reversing sharply with the decline breaking below yearly open / uptrend support at 96.50 this week.

The next majors support objective is eyed at the 95.46/66 confluence zone where the 38.2% retracement and the 2019 low-week close converge on the lower parallel of the descending pitchfork extending off the 2019/2020 highs- look for a reaction there IF reached. Ultimately, a break / close below last year’s low at 95.03 is needed to fuel the next leg lower in the Dollar with such a scenario exposing the 2016 low-week close / 50% retracement at 93.92-94.08. Initial resistance now back at 96.50 with bearish invalidation now lowered to the median-line, currently ~97.30s.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: The US Dollar price reversal has covered the entire yearly range in under three weeks with the decline now approaching the first major support hurdle. From a trading standpoint, look to reduce short-exposure / lower protective stops on a test of confluence support just lower. Ultimately a rebound may offer more favorable entries closer to downtrend resistance with a break lower needed to fuel the next leg in price. I’ll publish an updated US Dollar Price Outlook once we get further clarity on the near-term technical DXY trade levels.

USD Forecast
USD Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly US Dollar Price Forecasts!
Get My Guide

---

Previous Weekly Technical Charts

Building Confidence in Trading
Building Confidence in Trading
Recommended by Michael Boutros
Learn how to Trade with Confidence - Free Trading Guide
Get My Guide

--- Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES