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
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
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
Bearish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: -0.01% 🇨🇦CAD: -0.02% 🇯🇵JPY: -0.18% 🇳🇿NZD: -0.43% 🇬🇧GBP: -0.77% 🇦🇺AUD: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rAo0MfnXVB
  • Heads Up:🇺🇸 Fed Bullard Speech due at 16:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-27
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.91% US 500: 0.14% FTSE 100: 0.12% France 40: 0.06% Germany 30: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hZuIomNwSE
  • The United States will not certify the autonomy of Hong Kong, putting its trade status in danger - BBG
  • RT @Lagarde: I am heartened to see this common European answer to the economic difficulties resulting from the coronavirus pandemic. #Stron…
  • Hey traders! With the bullish bias in the past few days, what are some highlights we are getting into today? Find out 👇 from @DailyFX Chief Strategist, @JohnKicklighter ! https://t.co/eXO2YWutRY
  • https://t.co/Mi7kAVUVOI
  • El crudo #WTI se juega los 35$ por barril en un marco político preocupante #oil #petroleo #trading https://t.co/B6NjYvTgs8
  • Austria's Kurz says EU plan's loan vs grant split and size needs to be debated $EUR
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.11% 🇯🇵JPY: -0.13% 🇨🇭CHF: -0.29% 🇳🇿NZD: -0.59% 🇬🇧GBP: -0.84% 🇦🇺AUD: -1.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2f7woqEyzE
Trading Outlook for USD-pairs, Cross-rates Ahead of FOMC

Trading Outlook for USD-pairs, Cross-rates Ahead of FOMC

2018-01-31 12:26:00
Paul Robinson, Strategist
Share:

Today is the FOMC meeting, no rate hike expected, it will be about Fed language. Several USD-pairs put in bearish reversal bars last week, but showing no follow-through, suggesting more USD weakness. A couple of cross-rates are piquing interest.

Technical Highlights:

For longer-term technical and fundamental analysis, and to view DailyFX analysts’ top trading ideas for 2018, check out the DailyFX Trading Guides page.

USD-pairs no follow-through on forceful rejections, trends remain intact

Later today, we have the FOMC announcement, with very little expectation of a rate hike this time around. Next likely time is in March. Today will be about Fed language, so volatility could still flare up. For live coverage of the FOMC announcement, join Chief Strategist, John Kicklighter, starting at 18:45 GMT time.

EUR/USD put in a forceful bearish reversal-bar last week around the 2008 trend-line, but has found no follow-through since. The consolidation after such an event suggests it will at least try and make a run at a new high. If, however, we see another reversal soon, it could be solid confirmation of the prior reversal and usher in lower prices.

GBP/USD is doing similar, but with a little less clarity. The rend overall remains higher and as long as 13980 holds, so does a neutral to upward bias. AUD/USD and NZD/USD were both rejected at key long-term resistance zones, but are in the process of negating those bars from last week. Aussie has good trend-line support as it heads further into a zone extending back to 2010.

Chart 1 – AUD/USD

audusd daily price chart

USD/JPY is putting in another wedge on the 4-hr, with room to run still to the 2012 trend-line. It’s a big line of support, so a reaction could take place should it drop down under 10800. USD/CAD is trading around a trend-line dating back to 2012, with about 20 or so points to firmly test it. Worth keeping an eye on in the mid-12200s.

To see how retail traders are positioned and what it might mean about future price fluctuations, see the IG Client Sentiment page.

Chart 2 – USD/JPY: 4-hr

usdjpy 4-hr price chart

EUR/JPY is turning higher off support which comes in by way of a range which developed during last quarter. As long as yesterday’s low at 13413 maintains, so does an upward bias. AUD/NZD still has the big-picture set-up we discussed not long ago, but will take time for support and the neckline of the head-and-shoulders pattern to break; close below 10824 viewed as likely to kick off a bigger slide.

Chart 3 – EUR/JPY: Daily

eurjpy daily price chart

Trader Resources

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email – SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES

News & Analysis at your fingertips.