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
More View more
Real Time News
  • RT @ZabelinDimitri: Rising Australia-#China tension could compound medium-term bearish outlook for #AUD https://www.dailyfx.com/forex/fundamental/article/guest_commentary/2021/08/02/Australian-Dollar-at-Risk-on-Delta-Variant-China-Tensions.html
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.03% Silver: -0.07% Oil - US Crude: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nelpgGVZMs
  • The USD Majors are poised within well-defined setups into the open of the month with a host of event risk on tap this week including the RBA & BoE interest rate decisions, NFP and Canada employment. Get your market update from @MBForex here:https://t.co/AbgczavQ22 https://t.co/KFcMs4zNmW
  • Bitcoin (BTC), Ethereum (ETH) giving back some of the weekend’s gains. Ethereum/Bitcoin spread makes a break above trendline resistance. Get your cryptocurrency update from @nickcawley1 here:https://t.co/WaYpm3pbN2 https://t.co/tvd4PHuB9Y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.64%, while traders in France 40 are at opposite extremes with 78.21%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7kvnpUR5Lp
  • Federal Reserve: Responses indicate that bank lending standards have eased notably since 2020
  • Federal Reserve: - Commercial real estate loans are in higher demand - Banks reported having eased standards and terms on commercial, industrial, and household loans during Q2
  • Federal Reserve: - Lending standards are at the easier end of the historic range - Commercial and industrial loans are in higher demand
  • Gold Price Forecast: XAU Gears Up for NFP, Can Bulls Bid the Break? https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2021/08/02/Gold-Price-Forecast-Gold-Gears-Up-for-NFP-Can-Bulls-Bid-the-Break.html $Gold https://t.co/OCWUzF0Xkb
  • 🇧🇷 Balance of Trade (JUL) Actual: $7.4B Expected: $8.694B Previous: $10.4B https://www.dailyfx.com/economic-calendar#2021-08-02
Weekly Technical Outlook: Dubious Dollar Strength Ahead of FOMC

Weekly Technical Outlook: Dubious Dollar Strength Ahead of FOMC

Michael Boutros, Strategist

FOMC to Drive Dollar Price Action

The Federal Reserve monetary policy meeting starts tomorrow with the release of the committee’s updated projections on growth, inflation and employment slated for the Wednesday. Newly minted Fed Chairman Jerome Powell is expected to hike interest rates by 25bps at his inaugural address with market participants awaiting the highly anticipated interest rate dot-plot and quarterly projections.

The US Dollar is under pressure to start the week with the DXY continuing to consolidate just below the March high-day reversal close at 90.24. The price analog we’ve been tracking from the 1994 decline suggests the risk remains for a new low in the index before turning higher and heading into this week’s event risk we’ll be looking for a possible exhaustion high in the index.

Key Levels in Focus

DXY – Risk is lower while below monthly open resistance at 90.67- Key support / bullish invalidation at the low-day reversal close at 89.08

EUR/USD – Price remains constructive near-term while above 1.2240 with a b reach above the yearly high-day close at 1.2409 needed to mark resumption of the broader uptrend.

GBPUSD – monthly OR break leaves risk higher into the March close- Key resistance at the yearly high-day close at 1.4134. Outlook remains constructive while above 1.3850s.

USD/CAD – Critical resistance being tested at 1.3103/32- Looking for signs of exhaustion while below this threshold. Initial support rests with Friday’s low ~1.2920s.

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

Keep in mind, it’s a BIG week for event risk with central bank rate decision on tap from the FOMC, BoE (Bank of England) and the RBNZ (Reserve Bank of Australia) on tap. In this webinar we review Updated technical setups on DXY, EURUSD, USDCHF, EURAUD, AUDUSD, AUDJPY, USDCAD, GBPUSD and GBPJPY.

New to Forex? Get started with this Free Beginners Guide

Key Data Releases

Economic Calendar

Other Setups in Play:

Why does the average trader lose? Avoid these Mistakes in your trading

---Written by Michael Boutros, Currency Strategist with DailyFX

To receive Michael’s analysis directly, please sign-up to his email distribution list

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES