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
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
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
USD/JPY
Mixed
More View more
Real Time News
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/p9Pkkbo2zf
  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/nBfJcptUDK
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
US Dollar Near-term Technical Setups: USD/CAD, AUD/USD, GBP/USD

US Dollar Near-term Technical Setups: USD/CAD, AUD/USD, GBP/USD

Michael Boutros, Strategist

Near-term Technical Outlook: USD/CAD, AUD/USD & GBP/USD

An update on trade setups we've been tracking inthe Canadian Dollar, Australian Dollar and the British Pound. These are the technical targets and invalidation levels that matter heading into next week. Review my latest Strategy Webinar for an in-depth breakdown of thesetrade setups and more.

Canadian Dollar Price Chart – USD/CAD Daily

Canadian Dollar Price Chart - USD/CAD Daily - US Dollar vs Canadian Dollar Trade Outlook- Loonie Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; USD/CAD on Tradingview

In my latest Canadian Dollar Price Outlook we noted that, “is contracting within the April opening-range, just below confluence resistance. From a trading standpoint, we’re on breakout watch with the broader recovery at risk below 1.26.” Price held below monthly open resistance this week at 1.2562 with USD/CAD continuing to press the lows towards key support at 1.2468/84- a region defined by the 61.8% retracement of the March rally and the yearly low-day close. We’re looking for price inflection off this zone in the days ahead. A break / close below would likely fuel an accelerated Loonie run with such a scenario exposing the yearly close-low at the 1.24-handle. Review my latest Canadian Dollar Weekly Price Outlook for a closer look at the longer-term USD/CAD technical trading levels.

Canadian Dollar Trader Sentiment – USD/CAD Price Chart

Canadian Dollar Trader Sentiment - USD/CAD Price Chart - Loonie Retail Positioning - Technical Outlook
  • A summary of IG Client Sentiment shows traders are net-long USD/CAD - the ratio stands at +1.51 (60.14% of traders are long) – bearish reading
  • Long positions are7.80% lower than yesterday and 4.49% higher from last week
  • Short positions are 12.61% higher than yesterday and 13.73% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CAD prices may continue to fall. Traders are less net-long than yesterday but more net-long from last week. The combination of current positioning and recent changes gives us a further mixed USD/CAD trading bias from a sentiment standpoint.

Australian Dollar Price Chart - AUD/USD Daily

Australian Dollar Price Chart - AUD/USD Daily - Aussie Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; AUD/USD on Tradingview

In this week’s AUD/USD Technical Outlook we highlighted the Aussie breakout above the February trendline with, “the advance now targeting initial resistance objectives at the 50% retracement / 25% parallel at ~7770 with critical resistance just higher at the 2018 yearly open / 61.8% Fibonacci retracement at 7801/25- looking for a larger reaction there IF reached.” Price registered a high at 7761 this week before pulling back and the outlook remains unchanged into the close of the week.

While the broader focus remains higher, we’re on the lookout for possible topside exhaustion into these levels near-term. Ultimately, losses should be limited to the late-march highs at 7664 IF price is heading higher on this stretch. Broader bullish invalidation at he monthly open at 7593. A topside breach above the above this key threshold would keep the focus on the yearly high-day close at 7871. Review my latest Aussie Weekly Price Outlook for a closer look at the longer-term AUD/USD technical trade levels.

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

Sterling Price Chart – GBP/USD Daily

Sterling Price Chart - GBP/USD Daily - British Pound vs US Dollar Trade Outlook - Cable Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; GBP/USD on Tradingview

In my most recent Sterling Price Outlook we alerted readers to an outside-day reversal in GBP/USD as price rebounded sharply off confluence support at 1.3646/75. Our ‘bottom line’ kept the focus on this rebound while noting to, “look for possible topside exhaustion into the February trendline with a close below 1.3646 needed to validate a deeper correction.” The advance is now extending towards yearly slope resistance with the 100% extension of the advance eyed at 1.3857- area of interest for possible price inflection IF reached. A topside breach / close higher exposes the yearly high-week close at 1.3931 and more significant resistance at 1.3955/99. Monthly open support now 1.3781 with 1.3646/75 still critical. Review my latest Sterling Weekly Price Outlook for a closer look at the longer-term GBP/USD technical trade levels.

Sterling Trader Sentiment – GBP/USD Price Chart

Sterling Trader Sentiment - GBP/USD Price Chart - British Pound Retail Positioning - Cable Technical Outlook
  • A summary of IG Client Sentiment shows traders are net-long GBP/USD - the ratio stands at +1.48 (59.65% of traders are long) – typically bearish reading
  • Long positions are8.11% lower than yesterday and 11.33% lower from last week
  • Short positions are0.16% lower than yesterday and 3.29% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current GBP/USD price trend may soon reverse higher despite the fact traders remain net-long.

-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex

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

DISCLOSURES