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
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bearish
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
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Bitcoin and Litecoin are moving higher after Tesla CEO Elon Musk's Twitter dealings injected volatility into the crypto market. Get your #cryptocurrency market update from @FxWestwater here:https://t.co/Zbd1TSiIuc https://t.co/LQQe4Wpg2N
  • 9 out of 11 S&P 500 sectors ended lower, with 79.2% of the index’s constituents closing in the red. Energy (-2.63%), industrials (-1.47%) and financials (-1.34%) were among the worst performers, whereas real estate (+0.17%) outperformed. https://t.co/j9VI9UQc7N
  • Gold Price Forecast: XAU/USD Bid on Weak Dollar, Softer Yields -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/market_alert/2021/05/18/gold-price-forecast-xau-usd-bid-on-weak-dollar-softer-yields.html $XAUUSD $GLD $GC_F https://t.co/Cs94yiNhfI
  • The US Dollar is losing ground against a few ASEAN counterparts. USD/SGD, USD/IDR and USD/PHP seem to be maintaining a downside bias. USD/THB may rise. Get your market update from @ddubrovskyFX here:https://t.co/I2oeWXMFLc https://t.co/C49ElPMI7l
  • Treasury Sec. Yellen: - Investments and tax proposals in "Jobs Plan" will enhance net profitability of corporations, improve global competitiveness - These are investments to make the economy more competitive and sustainable
  • Treasury Sec. Yellen: - Corporate sector must bear its fair share, plan to return corporate tax toward the historical norm - We will target incentives for companies to move funds, operations overseas
  • Treasury Sec. Yellen: - We must improve public R&D to maintain America's technological edge - We must build support systems to improve quality of life and opportunities for those most impacted by wealth inequality
  • Treasury Sec. Yellen: - We must reorient the framing of US fiscal policy - Poor US fiscal policy has meant infrastructure wasn't maintained or modernized
  • Treasury Sec. Yellen: - Innovation required from public & private sector to improve the economy - We must invest in public infrastructure and institutions that drive productivity
  • Treasury Sec. Yellen: - Wage gains and profits have benefitted the top families in America - Middle class families have faced wage stagnation
Technical Trade Levels: US Dollar, EUR/USD, USD/CAD, Gold & Crude Oil

Technical Trade Levels: US Dollar, EUR/USD, USD/CAD, Gold & Crude Oil

Michael Boutros, Strategist

US Dollar Exhaustion Ahead? Gold Prices Remain Vulnerable

Friday’s disappointing Non-Farm Payrolls report sparked a pullback in the dollar, triggering a pullback in DXY off trend resistance. The focus into the start of the week is on possible topside exhaustion in the greenback with the majors trading into some clean setups into the open of trade this week- the levels are clear. We remain on the lookout for topside exhaustion in Gold as well with XAU/USD rallies vulnerable while below key resistance. In this webinar, we review the updated technical trade setups on DXY, EUR/USD, GBP/USD, USD/CHF, USD/CAD, AUD/USD, NZD/USD, USD/JPY, Gold(XAU/USD), and Crude Oil.

Key Trade Levels in Focus

US Dollar – The US Dollar Index traded into near-term uptrend resistance on Friday before turning lower. Initial support 97.30 with bullish invalidation at 97.11. Near-term resistance 97.62/71 backed by 97.87 (key) – both levels of interest for possible topside exhaustion IF reached. Review my latest US Dollar Price Outlook for a closer look at the longer-term weekly DXY technical trade levels.

EUR/USD – Looking for basing in the Euro while above 1.1080 with a breach above 1.1145 needed to fuel another test of key resistance at 1.1187-1.1209. A break lower from here would risk 1.1042 and the 61.8% retracement of the September advance at 1.1017. Review my latest Euro Price Outlook for a closer look at then longer-term weekly EUR/USD technical trade levels.

USD/CAD – Price is trading just above key near-term support targets at 1.3024/28 & 1.3010- price would need to hold above this zone for trade to remain constructive. A breach above the weekly opening-range highs would shift the focus back towards 1.3102 and 1.3134/40. Weakness beyond last week’s low would expose key support back at 1.2971. Review my latest weekly Canadian Dollar Price Outlook for a look at the longer-term USD/CAD technical trade levels.

GoldGold is sitting at near-term support here at 1547- initial resistance at the median-line near ~1567 with bearish invalidation steady at 1586. A break lower targets subsequent support objectives at 1535 and the yearly open / December 2011 low at 1520/22- look for a bigger reaction there IF reached.Review my latest Gold Price Outlook for a closer look at the near-term XAU/USD technical trade levels.

Crude OilOil prices remain at risk while below 60.45 with price testing near-term support today at 58.30 – look for a reaction here with a break lower exposing pitchfork support near ~57.50s and the 61.8% retracement of the October rally at 56.57. Review my latest Weekly Crude Oil Price Outlook for a closer look at the longer-term WTI technical trade levels.

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 - Key Data Releases This Week

Economic Calendar - latest economic development and upcoming event risk

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

Follow Michael on Twitter @MBForex

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

DISCLOSURES