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. See our updated Privacy Policy here.

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
Wall Street
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
  • The South African rand has continued its depreciation against the U.S. dollar this week after the Evergrande default probability remains. Get your $USDZAR market update from @WVenketas here:https://t.co/24dVHrkMDG https://t.co/aNNU5qnha6
  • What is more concerning than just US equities down or global equities being down is that 'risk' across the board is under serious pressure. The more intense and persistent this trend, the greater the risk it turns self-sustaining https://t.co/KPblFpeaqf
  • It's rare event where the buy-and-hold, long volatility crowd do a victory lap and say their formal 'I knew it'. The $VXX short-term volatility ETF is up sharply on heavy volume. One of my 'early warning' signals https://t.co/5XqfJJTqR3
  • Coinbase will drop its plans to launch its crypto lending program that was under regulatory scrutiny
  • $SPX Daily- Levels Discussed in today's Webinar. . . https://t.co/veixIAiLGT
  • Canadian Dollar Price Forecast: USD/CAD Spikes, Pulls Back - Loonie Levels https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/20/Canadian-Dollar-Price-Forecast-USD-CAD-USDCAD-Spikes-Pulls-Back-Loonie-Levels.html $USDCAD https://t.co/x94xr5DiNe
  • Technical Setups: $USD Majors, #Gold, #Oil, $SPX & #Bitcoin ahead of #FOMC (Webinar Archive) - https://t.co/nYxIJk2k8h
  • Airline stocks retracing losses, some already in positive territory, despite the large sell-off in the market. News that the US will overhaul its COVID-19 travel rules and lift some restrictions are good news for the airline industry $JETS $UAL $AAL $ALK
  • The S&P 500 have taken a clear dive to start the week and fear of full risk aversion is gaining traction. DailyFX's @JohnKicklighter discusses what to expect in the markets this week! https://t.co/Mlyp5Tbdax
  • $USD still pulling back from resistance. 93.43 was the Q1 swing high, still playing a role in $DXY support potential around prior res, ~93.20 https://t.co/3TnlEu0yZX https://t.co/ub8o4D8NhW
Trading Around the U.S. Dollar: Price Action Setups

Trading Around the U.S. Dollar: Price Action Setups

James Stanley, Senior Strategist

- If you’re looking for trade ideas, please check out our Trading Guides. And if you’re looking for shorter-term trade ideas, please check out our IG Client Sentiment.

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

- In this webinar, we used price action to look at macro markets ahead of a series of drivers in the FX market. We discussed some of the more prominent themes in this morning’s Market Talk article, and in this webinar we went a step further to investigate strategy around USD for the days ahead.

- We started off with USD as the ‘DXY’ is putting in bullish continuation. The driver here appears to be this morning’s Advance Retail Sales report out of the U.S., which has led to a break of the resistance zone that showed-up last week, after the solid NFP report at the beginning of August. Traders will likely want to pick their spots here, looking to weak currency for usd-strength plays and strong currencies for short-USD scenarios.

- The first that we looked at was EUR/USD, where a really strong bullish trend is finally facing some element of pullback. We saw another test of support at 1.1685 this morning, and we looked at a subordinated zone of potential support from 1.1585-1.1610 that could be usable for bullish continuation approaches. Until prices break-below 1.1500, this could remain as one of the more attractive short-USD setups.

- We then looked at GBP/USD, which is breaking-lower after another disappointing inflation print. We had looked at the technical setup around Cable earlier this morning shortly after that print, and as we looked at on the webinar – there are setups on both sides here. On the bullish side, traders can look to play an inflection off of the bullish trend-line and, on the bearish side, traders can look to trade bearish momentum with stops above the prior swing around 1.3030.

- We then moved over to USD/CAD, which has put-in a rather consistent bullish trend-channel, with prices climbing over a key resistance level at 1.2744. This can open the door to near-term bullish continuation strategies until either a) the bullish trend channel sees a down-side break or b) a ‘bigger picture’ resistance level comes into play.

- We then looked at USD/JPY, which is threatening to break out of the recent bearish trend. The area around 111.00 is key for such, as this was prior resistance when the pair was on the way down. A topside break of the 111.00 zone opens the door for bullish continuation, and with a wide zone of potential resistance from 111.61-112.40, there are a few different areas for traders to look to work with swings.

- We then looked at playing reversals in AUD/USD and NZD/USD, along with relevant levels of interest.

- We closed by looking at setups in EUR/JPY and GBP/JPY, which remain attractive for playing a reversal or continuation of the recent theme of risk aversion.

--- Written by James Stanley, Strategist 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