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
Bullish
GBP/USD
Mixed
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
Gold
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
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • #Crypto update: $BTC -2% $BCH -3% $LTC -2.7% $XRP -2.9% $ETH -2%
  • President Trump: We're doing very well on #USMCA, hearing from unions that it is looking very good $USDCAD $USDMXN
  • US Dollar Returns to Resistance Ahead of CPI, FOMC https://www.dailyfx.com/forex/fundamental/article/drivers_of_price_action/2019/12/09/us-dollar-holds-key-resistance-ahead-of-cpi-fomc-usd-price-chart-js56.html https://t.co/tcJR97ZjxZ
  • Poll: Volatility levels are exceptionally low across the financial system and activity is mean reverting. Also worth noting volatility and risk assets (like the Dow) move inversely to each other. When do you think volatility will 'normalize' (likely explode, then settle higher)?
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 0.13% Oil - US Crude: 0.01% Gold: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YiXXwwfBML
  • Senate Finance Committee Chairman Grassley spoke with USTR's Lighthizer on Monday about #USMCA and is hopeful a deal announcement can come soon $USDCAD $USDMXN
  • The #Dow Jones has rallied more than 25% in the year-to-date, easily recouping losses from last winter. Get your market update from @PeterHanksFX here:https://t.co/iwTMNbWq7S https://t.co/PWFYVH90i9
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.95%, while traders in US 500 are at opposite extremes with 76.85%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XmQ5X9mG3U
  • I'm keeping this visual marker of the US-China December 15 deadline for the former increasing the tariff list on the latter if no deal is struck. $USDCNH https://t.co/ryK4BeXyCI
  • My fears of that impending December 15th tariff escalation are not soothed... https://t.co/3RLJx3mWDz
Technical Outlook: DXY, Euro-crosses, Gold, DAX & More

Technical Outlook: DXY, Euro-crosses, Gold, DAX & More

2017-03-29 11:24:00
Paul Robinson, Currency Strategist
Share:

Paul conducts webinars Tuesday – Friday each week. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.

In today’s webinar, we discussed the bounce unfolding in the US Dollar Index (DXY) from support – lasting or temporary? If the bounce doesn’t spawn into a rally and treads close to support, then the likelihood of it breaking down (and potentially with force) will rise with each failed attempt to move higher. EURUSD is pulling back from resistance but looks to be somewhat supported, so does GBPUSD. USDJPY is trying to mount a recovery but is already up against former support (now resistance).

We put a lot of focus on several Euro cross-rates – EURAUD, EURNZD, EURCAD, and EURJPY. All look vulnerable and have set-ups currently in progress for lower prices. Sterling crosses have similar looks, but don’t provide the same clarity, so our focus will remain on Euro cross-rates for now. USDZAR has had a razor-sharp bounce the past couple of sessions, but it has done so in the past only to fail. Resistance is close at hand, so we will be watching for a potential reversal to kick off a new leg lower. USDMXN is still on the radar as a sell.

Gold and silver are holding up well despite the USD bounce, but are up against solid resistance. They will need to clear above key lines/levels to continue the advance.

Crude oil is bobbling between two longer-term trend-lines, with 47 as the line-in-the-sand after three reversals from that level. Overall, price action looks corrective and an eventual breakdown below 47 is anticipated; 45, then 42/43 will be targeted on a close below 47.

The DAX rallied back sharply, but now faces off against a steadfast top-side trend-line extending over peaks as far back as April of last year. The CAC 40 is poking its head above a 16 ½ year trend-line, but it will require a weekly close above to give the ‘all-clear’. The S&P is rebounding, but has its work cut out for it if it is to confirm the end of a correction.

Trading Ideas and Guides

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES

News & Analysis at your fingertips.