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
  • US #NaturalGas futures (Henry Hub) shoot past 6USD during Tuesday's Asia-Pacific trading session (though prices have trimmed most gains), nearing the 2014 high Prices have climbed over 37% since September 23rd https://t.co/DuzWPdN1kA
  • WTI #CrudeOil prices extend gains during Tuesday's Asia-Pacific trading session, nearing the July high at 76.95 Prices are up almost 0.9% on the day so far https://t.co/7afvVUXO27
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/vtqOrB41CF
  • Brent oil prices hit $80 per barrel for the first time since October 2018 #trading #OOTT
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/QwYndzNRVs
  • This week has started with the recovery rally in risk assets stalled and the Dollar looking down multiple barrels of fundamental threat in monetary policy and debt politics. $EURUSD is well positioned as indicator 1.1650-1.1750 https://www.dailyfx.com/forex/video/daily_news_report/2021/09/28/EURUSD-and-USDJPY-Staged-for-Breaks-as-Fed-Calculus-Shifts-US-Debt-Limit-Looms.html https://t.co/y8pFw0XRqr
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/OYWQSvNK12
  • AUD/NZD, Could This be the Turnaround? - #AUDNZD chart on @TradingView https://t.co/Hl6VSfO5R8
  • Another pleasure being on @ausbiztv with host @AusAndrewG talking about US indices, rising bond yields and $USDJPY Check out the full interview here! - https://t.co/GWWCZ7t9Tf https://t.co/WmqUvCMvpZ
  • 🇦🇺 Retail Sales MoM Prel (AUG) Actual: -1.7% Previous: -2.7% https://www.dailyfx.com/economic-calendar#2021-09-28
Technical Outlook for USD Index, EUR/USD, USD/CAD, Gold Price & More

Technical Outlook for USD Index, EUR/USD, USD/CAD, Gold Price & More

Paul Robinson, Strategist

The US Dollar Index (DXY) is set to keep on converging as the year draws quickly to a close, may make trading limited in opportunity now but lead to a good start to 2019. The Euro may have another little move left in it if the developing triangle has anything to say for it. USD/CAD finally broke a multi-tested trend-line, keeps pressure on. Gold is rallying into resistance but if can clear has a little room to go until the next levels are met.

Technical Highlights:

  • US Dollar Index (DXY) poised to congest even further
  • EUR/USD triangle is working towards a narrower apex
  • USD/CAD finally breaks trend support, keeps pressure on
  • Gold at resistance, if can clear has a little more room to run

See the DailyFX Q4 Forecasts to find out where our team of analysts think your favorite markets and currencies are headed as the year quickly draws towards its conclusion.

US Dollar Index (DXY) poised to congest even further

The US Dollar Index (DXY) is looking to break a trend-line from September, but even if it does there is an even more important trend-line running up from April just a short distance below. Between the top-side trend-line from November of last year and the one just below, the DXY may be set to continue congesting as the year comes to a conclusion. If this is the case then a hold of the lower trend-line may offer another small trade higher as convergence continues. While not ideal in the very near-term, could set up for an explosive situation as the calendar flips to 2019.

US Dollar Index (DXY) Daily Chart (Convergence continuing...)

DXY daily chart, convergence continuing...

See what key fundamental and technical factors are expected to drive the Dollar through year-end in the Q4 USD Forecast

EUR/USD triangle is working towards a narrower apex

EUR/USD continues to build on the triangle discussed in the weekly Euro technical forecast, and soon it should be ready to break out of the congestion pattern. Trend favors a downside break of the symmetrical triangle, but the downside may be limited as the November underside trend-line quickly comes back into play. But, as the downside may be limited, a top-side breakout is seen as being even more limited with a thicket of resistance to climb through starting just after the point of breakout.

EUR/USD Daily Chart (Building a Triangle)

EUR/USD daily chart, building a triangle

See what key fundamental and technical factors are expected to drive EUR/USD through year-end in the Q4 Euro Forecast

USD/CAD finally breaks trend support, keeps pressure on

Finally, after numerous tests of the uptrend line from October, USD/CAD broke it yesterday. This keeps pressure on with rallies as seen in the very near-term as likely to be short-lived. Levels of support to watch arrive around 13127, 13050, then near 13000.

USD/CAD 4-hr Chart (T-line broken, keeps pressure on)

USD/CAD 4-hr chart, t-line broken, keeps pressure on

Gold at resistance, if can clear has a little more room to run

Gold is getting a little kick to it the past couple of days, with resistance in the high 1230s, low-1240s firmly in play. Continuing higher with the trend off the August low, a breakout above 1243 should have the 200-day at 1257 and top of the rising channel (possible bear-flag) in play. A failure to hold could bring more chop and the lower parallel back into focus.

See what key fundamental and technical factors are expected to drive Gold through year-end in the Q4 Gold Forecast

Gold Daily Chart (a break above resistance keeps it trading higher)

Gold daily chart, if resistance breaks, then higher

Resources for Forex & CFD Traders

Whether you are a new or an experienced trader, DailyFX has 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

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