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.

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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Notice

BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

Real Time News
  • Heads Up:🇰🇷 Unemployment Rate (MAR) due at 23:00 GMT (15min) Previous: 4% https://www.dailyfx.com/economic-calendar#2021-04-13
  • Hello Traders! Apologies for the last-minute change in scheduling, but I will be hosting my biweekly webinar an hour earlier than normal Please join the session below, starting in about 20 minutes I will be covering the #Yen and Swiss #Franc around retail trader positioning! https://t.co/i1ctUMp221
  • Please join @ddubrovskyFX at 19:00 EST/23:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/Bb3CTCTm44 https://t.co/UxS5mmoG2K
  • Top event risk for the next 24 hours according to what I think generates actual market movement: Earnings (GM, JPM, BBBY); CB speak from Powell, Lagarde, Kuroda; US Senate Foreign Relations Committee meeting on Chinese policy. Missing anything important?
  • The USD was flat against SGD, THB, IDR and PHP as falling Treasury yields offset potential gains from Emerging Market Stock declines. Ahead, all eyes are on Chinese GDP, US CPI, Powell and the MAS. Get your $USD market update from @ddubrovskyFX here:https://t.co/qwileJ3OUX https://t.co/i1U5Frptnn
  • RT @BrendanFaganFx: Grab SPAC Set to Take Markets by Storm, After Commanding $40 Billion Valuation Link: https://www.dailyfx.com/forex/market_alert/2021/04/13/Grab-SPAC-Set-to-Take-Markets-by-Storm-After-Commanding-40-Billion-Valuation.html
  • Gold remains in a range just above the March lows / technical support at 1682/89 with price drifting towards the upper bounds. Get your $XAUUSD market update from @MBForex here:https://t.co/4VJsyYuuyj https://t.co/IzeSIJCKmy
  • Coinbase direct listing reference price set at $250 - BBG $COIN
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.36% 🇪🇺EUR: 0.32% 🇯🇵JPY: 0.30% 🇨🇦CAD: 0.23% 🇨🇭CHF: 0.17% 🇬🇧GBP: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hUCfi54zxT
  • RT @mattleising: BN 13:49 *COINBASE DIRECT LISTING REFERENCE PRICE SET AT $250: NASDAQ
US Dollar Price Action Setups After USD Breakout: USD/CAD, GBP/USD

US Dollar Price Action Setups After USD Breakout: USD/CAD, GBP/USD

James Stanley, Senior Strategist

US Dollar Talking Points:

The US Dollar is breaking out to fresh three-week-highs today and this comes as the risk-on trade has been showing in full bloom. USD/JPY has jumped up to a fresh five-month-highs and the S&P 500 has set another fresh all-time-high, illustrating that ‘feel good’ scenario that’s taken-hold of global markets in the wake of last week’s FOMC and this week’s thawing of US-China tensions.

Will it continue, that’s the big question and at this stage there is little to no evidence to the contrary. In this webinar, I looked at a couple of different scenarios around the US Dollar, looking to fade this strength against strong currencies such as the British Pound or Canadian Dollar while also looking to work with that strength against weaker counterparts such as the Swiss Franc or, possibly, the Australian Dollar.

I had looked into the US Dollar earlier today, looking for a short-term bullish breakout as an ascending triangle had built. The first target at 98.21 has already come into play, and follow-through targets could be sought around the 98.33-98.50 zone on the chart.

US Dollar Four-Hour Price Chart

us dollar four hour price chart

Chart prepared by James Stanley; US Dollar on Tradingview

GBP/USD: Pullback to Support on BoE

This morning’s Super Thursday at the Bank of England was a bit more dovish than expected as two members voted for a rate cut. This helped to push the pair down to support at the 1.2800 handle but, even as the US Dollar has broken out to fresh highs, buyers have helped to hold the bid around this key area on the chart in Cable. This keeps the door open for bullish scenarios in the pair.

GBP/USD Two-Hour Price Chart

gbpusd two hour price chart

Chart prepared by James Stanley; GBPUSD on Tradingview

USD/CAD Holds Resistance as USD Breaks Out

Also with potential on the short-side of the US Dollar is USD/CAD. While USD was breaking out to fresh highs today, USD/CAD has stayed inside of last week’s swing-high around the 1.3200 level. If USD does push back in a bearish direction, the short-side of USD/CAD could become attractive again, looking for re-tests of 1.3132, 1.3065 and then the 1.3000 psychological level.

USD/CAD Eight-Hour Price Chart

usdcad eight hour price chart

Chart prepared by James Stanley; USDCAD on Tradingview

AUD/USD: Bulls Persistence May Bring a .7000 Re-Test

At this point, the bearish trendline in AUD/USD is still helping to hold the highs in the pair. But even as USD-strength began to show, AUD/USD has been persistently bullish and price action appears poised for another re-test of that trendline and, perhaps even, a topside break. Above this trendline projection is the .7000 big figure which could be looked to as a secondary area of resistance in the pair.

AUD/USD Daily Price Chart

audusd daily price chart

Chart prepared by James Stanley; AUDUSD on Tradingview

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts have a section for each major currency, and we also offer a plethora of resources on Gold or USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.

Forex Trading Resources

DailyFX offers an abundance of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at.

If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES