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  • USD/JPY strengthening during trade, adding to an impressive run for the Dollar/Yen pair in 2021 https://t.co/xHRuS8D2i0
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: -0.21% Oil - US Crude: -0.21% Gold: -1.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4hoyPt34ex
  • The latest CFTC positioning data for the week ending March 2nd saw speculators continue to unwind their US Dollar net shorts. Get your market update from @JMcQueenFX here:https://t.co/S3Kx4OBphE https://t.co/fejOV0AXYv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.43%, while traders in Germany 30 are at opposite extremes with 80.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/klgOuNPYtk
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.45% US 500: 0.20% France 40: -0.10% Germany 30: -0.25% FTSE 100: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/umSIPmSxrY
  • $EURCAD has continued to head lower today, now trading right around the 1.5000 level. The pair hit a fresh one-year low, currently trading at its lowest level since early March of last year. $EUR $CAD https://t.co/Oj9JYasyTU
  • US Indices are rebounding from last week's sell off today. The Dow is leading the way, rising to a fresh all-time high. The Nasdaq remains negative for the day. DOW +2.00% NDX -0.55% SPX +0.91% RUT +1.70% $DIA $QQQ $SPY $IWM
  • Another look at the deviation in 'internal' interest in US equities: the candle is the Nasdaq 100 to S&P 500 ratio ($NDX-$SPX) overlaid with the S&P 500 itself in blue https://t.co/m2WK4Q2Bs5
  • A notable deviation in direction from the tech-heavy Nadex composite (candle) overlaid with the S&P 500 in blue. The 5-day correlation is still holding up but will start deviating fast at this pace https://t.co/VYY5imk1yS
  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY https://t.co/t5KRSYu0TP
Weekly Trade Levels for EUR/USD, USD/CAD, Gold, Crude Prices & More

Weekly Trade Levels for EUR/USD, USD/CAD, Gold, Crude Prices & More

Michael Boutros, Strategist

New to Forex Trading? Get started with this Free Beginners Guide

US Dollar Testing Yearly Highs

US 3Q GDP figures were mixed on Friday and although the headline print beat estimates, a weaker than expected read on Core PCE (Personal Consumption Expenditure) casts a shadow on the inflationary outlook. The greenback was under considerable pressure after on Friday with the US Dollar Index (DXY) turning from the yearly high-day close at 96.71- A close above this region is needed to keep the focus higher with the long-bias at risk while below this level near-term. Technical setups on the commodities also keep the gold and crude trades in focus this week- here are the targets and invalidation levels that matter.

Key Trade Levels in Focus

DXY – Resistance at the high-day close at 96.71 backed by 97.00/10 – risk for exhaustion at one of these levels.Support / near-term bullish invalidation at 96.07/13.

EUR/USD – Price would need to stabilize above 1.1345 early in the week- resistance breach above 1.1432 to validate a reversal. A break lower exposes yearly low at 1.1301.

USD/CAD – Critical resistance range at 1.3130/55- looking for possible exhaustion while below. Support at 1.3067/75- break there needed to shift focus lower.

USD/JPY – Looking for failure into 113.08/27- Break below yearly up-slope support / 112 would be exposes 111.46/ 60.

Gold – Critical resistance at 1235/38. Interim support 1221/22 backed by 1214. Bullish invalidation at 1208.

Crude Oil – Immediate focus to start the week is on key support zone at 65.27/82, short-bias is at risk while above this level near-term. Bearish invalidation steady at 69.17/60. A break lower exposes 64.40 backed by the June low at 63.57.

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

It’s a big week of event risk with central bank interest rate decisions from the BOJ & BOE (Super Thursday) highlighting the economic calendar. Heading into the close of the week, its jobs Friday with US Non-Farm Payrolls (NFP) and Canada employment figures on tap. In this webinar we review updated technical setups on DXY, EUR/USD, USD/CAD, Crude Oil, Gold, USD/JPY, S&P 500 (SPX), TNX (10yr Treasury Yield), AUD/USD, NZD/USD, GBP/JPY, GBP/USD, EUR/JPY, GBP/NZD and GBP/AUD

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

Key Event Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups:

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

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.

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