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USDOLLAR Continuation as EUR/USD, GBP/USD Fail at Resistance

Talking Points: USDOLLAR continues broadly higher thanks to AUD, JPY. EUR/USD, GBP/USD channels/flags near breaking points. See the ‘high’ importance events on the DailyFX Economic Calendar. The FOMC minutes yesterday spurred the USDOLLAR Index’s push to fresh 2014 highs, but it will take more than words to keep the greenback’s bull trend going. One of […]

Chart Of The Day For November 20th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2471, 1.2397, 1.2334 Resistance:1.2582, 1.2621, 1.2684 The Euro moved higher against the US Dollar as expected after producing a bullish Piercing Line candlestick pattern. Near-term resistance is in the 1.2559-82, marked by a falling trend line and the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% […]

Top Trade Idea For November 20st, 2014 – EURGBP

This week I would like to take a look at the eurgbp pair as from my point of view there is still room to go to the upside and therefore would favor a move above 0.81, having 0.8104 and 0.8194 targets while 0.7900 would be the invalidation level. The thing is that the 0.800 level […]

Will FOMC Minutes Stray from the Beaten Path?

FOMC expected to make some noise “Old Lady” sets sterling alight BoJ attempting to save face In today’s economic climate, central banks are never too far away from the heart of any forex move, and again overnight has been no exception. Monetary policy guidance, economic reassessment, and policymakers’ outright voting results are influencing forex price […]

Attention turns to the Fed as BoE turns more hawkish

BoJ stands pat after last month’s surprise stimulus efforts; BoE minutes more hawkish than Carney comments last week; FOMC minutes to elaborate on hawkish statement a few weeks ago; Housing data also in focus in the US today; Oil prices remain under pressure ahead of next week’s OPEC meeting. The trading day is being dominated […]

US Dollar Gains as Foreign Demand Hits Record, FOMC Minutes on Tap

Talking Points: US Dollar Gains on FOMC Minutes Pre-Positioning, Supportive TICs Data Pound May Fall if BOE Minutes Reveal Hawks Abandoned Rate Hike Votes See Economic Releases Directly on Your Charts with the DailyFX News App The US Dollar outperformed in overnight trade, rising as much as 0.3 percent on average against its leading counterparts. […]

Top Trade Idea For November 19th, 2014 – NZD/USD

Yesterday, we outlined a big picture framework for thinking of the broad-based US dollar rally as a rising tide, led by the rotation of individual waves, or currencies (see “Blizzards, Beaches, and the Rising US Dollar Tide” for more). In that article, we highlighted the commodity dollars (CAD, AUD, and NZD) as the strongest candidates […]

Chart Of The Day For November 19th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2457, 1.2374, 1.2312 Resistance:1.2559, 1.2621, 1.2684 The Euro advanced against the US Dollar as expected after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 38.2% Fibonacci retracementat 1.2559 exposes the 1.2594-1.2621 area marked by a falling trend line set from mid-October and the 50% level. Alternatively, a reversal […]

USDCAD tests support level amid uptrend

The USDCAD pair has returned to a major support level, following the engagement of a resistance level two weeks ago. Following this, it will be key to see how the pair resolves the current region of uncertainty to then gauge the direction for the coming weeks. The weekly chart below shows the pair has found […]

Dollar Traders Whether FOMC Minutes Will Keep the March Towards Hikes

Talking Points: Dollar Traders Whether FOMC Minutes Will Keep the March Towards Hikes British Pound Fails to Regain Traction after CPI Uptick Yen Crosses Steady after Snap Election Call, Will the BoJ Help Soothe Uncertainty? Dollar Traders Whether FOMC Minutes Will Keep the March Towards Hikes The Dollar put in for a mixed session Tuesday […]

Top Trade Idea For November 18th, 2014 – GBP/USD

Today we will take a look at GBPUSD, pair that has been the weakest last week when pair lost nearly 300 pips. On daily chart we see a nice bearish swigs since start of this summer with clear lower lows and lower highs formation so we definitely want to stay in the direction with a […]

Chart Of The Day For November 18th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2374, 1.2312, 1.2249 Resistance:1.2451, 1.2559, 1.2621 The Euro may be readying to turn lower anew against the US Dollar following the formation of a Bearish Engulfing candlestick pattern. A narrow close below 23.6% Fibonacci expansion at 1.2451 appears to have exposed the 38.2% level at 1.2374, with a further drop below that […]

Week in FX Americas – Bullard and G20 Beat Down Dollar

U.S Retail Sales provided a brief dollar “bid” Bullard and G20 makes investors nervous Modest market participation provides choppy FX session The near global equity meltdown last month (later reversed) was not able to seriously damage Friday’s U.S. retail sales report for October. Overall, retail sales rose +0.3% on the month and managed to just […]

GBPJPY hits 50 fib & shows potential for pullback

The GBPJPY pair has been consolidating between the 181 and 184 levels over the past fortnight, following engagement with the 50% retracement of the 2008 highs to 2011 lows. This could be a major level for a retracement and given the respect clearly shown by the last two weeks price action, it would not be […]

US Dollar Follows Treasury Yields Lower as Japan Slips into Recession

Talking Points: US Dollar Falls as Treasury Bond Yields Sink After Japan Enters Recession Yen Spikes Down as Tax Hike Chances Fade, Rebounds on Political Turmoil Euro Looking to ECB Bond Purchase Tally, Draghi Testimony for Direction The US Dollar underperformed in overnight trade, sliding as much as 0.4 percent on average against its leading […]

Chart Of The Day For November 17th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2482, 1.2434, 1.2357 Resistance:1.2559, 1.2621, 1.2684 The Euro advanced against the US Dollar as expected after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 38.2% Fibonacci retracementat 1.2559 exposes the intersection of a falling trend line and the 50% level at 1.2621. Alternatively, a reversal below the 23.6% […]

Week in FX Europe – Sterling Bulls Burned by Carney

Pound pummeled by bears’ license to roam U.K.’s first rate hike delayed Political uncertainty weighs on pound The sterling bear got a license to roam after Governor Mark Carney at the Bank of England (BoE) delivered some dovish expectations in the most recent Quarterly Inflation Report released midweek. The pound has hit a multiyear low […]

Focus on US consumer as Germany avoids recession

It’s been a mixed start to the European session on Friday, with growth and inflation figures for the eurozone confirming the dire state of affairs in the region, although there were a few upside surprises that have provided a small boost to investors. All things considered, the data is pretty dire and the economic outlook […]

Strong US Advanced Retail Sales Data Fuels More Dollar Strength

Talking Points: US Advance Retail Sales beat expectations modestly. Core consumption figure beats too, with positive revisions to priors. EURUSD falls to $1.2398 after report. October US Advance Retail Sales beat analyst estimates of +0.2% with a headline reading of +0.3% today, helping propel the USDOLLAR Index to fresh 2014 highs. This is a large […]

Top Trade Idea For November 14th, 2014 – USD/SGD

Trading the “long wave” in markets is not as simple as it may appear. Bond markets are a good recent example. The end of UD Fed stimulus should see higher bond yields. Although there have been two dramatic sell offs in global bond markets, yields have once again fallen significantly, hurting many traders. And the […]