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.

Free Trading Guides
EUR/USD
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
Oil - US Crude
Bearish
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
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • #Dollar vs Mexican #Peso Technical Outlook: $USDMXN Breakdown Levels - https://t.co/CjeHj7lC8u https://t.co/dmeH2chdDt
  • NYC Mayor De Blasio says the city does not want National Guard troops to help with protests $SPX
  • Trump will meet soon with advisors to talk about new relief bill - DJ via BBG
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.24% 🇳🇿NZD: 1.03% 🇨🇦CAD: 0.56% 🇪🇺EUR: 0.46% 🇨🇭CHF: -0.07% 🇯🇵JPY: -0.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XNw8pkSsXa
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 1.98% Germany 30: 1.33% FTSE 100: 0.81% Wall Street: 0.71% US 500: 0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/J2WnVIkNxh
  • Trump says a COVID-19 vaccine is coming along really well, along with therapeutics $SPX
  • President Trump to speaking to the market's interests optimism of a expedited economic reopening, but not a lot of detail to gain traction around https://t.co/gc54MZMtuG
  • The $DXY Dollar Index is often a mirror of EURUSD - as the benchmark cross accounts for a vast majority of the trade-weighted index. The DXY is also down 6 straight trading days, but it hasn't seen a 7th since October 2007 https://t.co/ipeUVxqHOj
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.60% Gold: 0.25% Silver: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nBg1O9AB2c
  • GBP/USD has broken convincingly to the upside from a symmetrical triangle chart pattern, implying that further gains can be expected. Get your $GBPUSD technical analysis from @MartinSEssex here: https://t.co/tsEeGa8kAd https://t.co/yOhxlK2crH
FOMC, NFP, U.S. Elections to Keep USD in Spotlight

FOMC, NFP, U.S. Elections to Keep USD in Spotlight

2016-11-01 19:02:00
James Stanley, Strategist
Share:

To receive James Stanley’s Analysis directly via email, please sign up here.

- In this webinar, we used price action to look at numerous USD crosses ahead of tomorrow’s Federal Reserve rate decision and Friday’s release of U.S. Non-Farm Payrolls.

- The next week brings significantly elevated risk of volatility with tomorrow’s FOMC meeting, Thursday’s ‘Super Thursday’ batch of announcements out of the Bank of England, Friday’s Non-Farm Payrolls and then U.S. Presidential elections taking place next Tuesday. While many newer traders will look at such an environment opportunistically, traders should be far closer to fear rather than greed here.

- We started off by taking a ‘big picture’ look at the U.S. Dollar, which was incredibly strong until Friday of last week, when news of the FBI re-opening the investigation into Hillary Clinton’s emails began to bring the Greenback lower. While many are likely asserting that this bout of USD weakness is towards an individual candidate, the more likely explanation is that after markets had bought USD in anticipation of a rate hike from the Fed in the next couple of months, uncertainty in the environment has brought questions to whether or not that the Fed will hike, and that’s the more likely culprit for this recent bout of USD weakness.

- We looked at USD/CHF as a candidate for continued USD-weakness. For more information behind that setup, please check out our article from yesterday entitled, Pin Bar at Range Resistance. Swissy has built-in to a fairly strong range over the past five months, and a recent inflection off of resistance opened the door for a short-side entry.

- We then moved on to look at USD/JPY as a long-USD candidate. We’ve been discussing this one for a while now, and with the U.S. Dollar in the midst of a retracement, top-side re-entries may make themselves available against the Yen in the coming days. We had discussed this setup in this morning’s Market Talk article entitled, A Sliding Scale of Weakness in Yen, USD and Oil.

--- Written by James Stanley, Analyst for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES

News & Analysis at your fingertips.