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Forex: Dollar Drops after FOMC Weighs in on Currency, But is this a Trend?

Talking Points: Dollar Drops after FOMC Weighs in on Currency, But is this a Trend? British Pound: Rate Forecasts Drop Before BoE Decision Euro Traders Ready for ECB President Draghi Commentary Dollar Drops after FOMC Weighs in on Currency, But is this a Trend? Given the S&P 500’s impressive rally and the Dollar’s tumble this […]

Chart Of The Day For October 9th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2703, 1.2673, 1.2633 Resistance:1.2777, 1.2848, 1.2955 The Euro recovered against US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above support-turned-resistance at 1.2777, the March 2013 bottom, exposes the 38.2% Fibonacci retracement at 1.2848. Alternatively, a turn below the 1.2703-15 area marked by the November 2012 floor and […]

Top Trade Idea For October 9th, 2014 – EURUSD

After yesterday’s vicious squeeze brought by the FOMC minutes, it is time to take a look at the eurusd again and, while this is quite a small time frame, namely the hourly chart, it is still showing a very nice scenario. The move to the upside is nothing but a zigzag and I suspect this […]

US Dollar Reaches Technical Crossroads as FOMC Minutes Loom

Talking Points: EURUSD faces 13-EMA today, MACD downtrend breakouts? USDJPY barely above 108 – traders noncommittal ahead of FOMC. October Forex Seasonality Foretells End of Seasonal USD Weakness Coincidence or not, various USD-pairs are sitting at important technical levels ahead of the week’s top event risk: the September FOMC meeting minutes. Our attention is heightened […]

Top Trade Idea for October 8th , 2014 – USD/CAD

We focused in on the prospects for USDCAD last week, arguing that bulls could look to target the 5-year high at 1.1275 based on the strong technical and fundamental backdrop (see “USDCAD: Up, Up, and Away!” for more). As it turns out, Friday’s strong Non-Farm Payroll report served as the catalyst to drive the pair […]

Chart Of The Day For October 8th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at1.3644 Support: 1.2500, 1.2377, 1.2278 Resistance:1.2703, 1.2777, 1.2848 The Euro may have formed an interim bottom against the US Dollar after producing a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2703, the intersection of the November 2012 bottom and a falling trend line, with a break above that on a daily closing basis […]

Dollar Rally Cut By EUR Options

With one trading session down and four to go this week, already the mighty U.S. dollar has managed to take a healthy breather on Monday. There were several notable market moves that managed to end up handcuffing the dollar. Precious metals bounced ahead of multi-month lows to record their best day in two months, while […]

Aussie Dollar Looking Beyond Status-Quo RBA Policy Announcement

Talking Points: Aussie Dollar Flat as RBA Keeps Rate Setting Unchanged as Expected Swiss Franc Unlikely to Find Volatility in September’s Inflation Report Familiar Sentiments from Fed Officials May Do Little for the US Dollar The Australian Dollar was little-changed after the Reserve Bank of Australia opted to keep its benchmark interest rate unchanged at […]

Top Trade Idea For October 7th, 2014 – USD/JPY

Today we will focus on USDJPY which has been in strong uptrend for the last few months, particularly during September when pair gained more than 600 pips. On the daily chart below we can see the price action from July with accelerating bullish waves in August and September. Well, you will notice that in the […]

Chart Of The Day For October 7th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at1.3644 Support: 1.2500, 1.2377, 1.2278 Resistance:1.2703, 1.2777, 1.2848 The Euro may be readying a rebound against the US Dollar after prices put in a bullish Piercing Line candlestick pattern. A daily close above support-turned-resistance at 1.2703, the November 2012 bottom, exposes the March 2013 floor at 1.2777. Alternatively, a drop below the 23.6% Fib expansion […]

AUDUSD rebounds on critical historical support level

The AUDUSD pair has finally met some substantial support following over a month of consistent downside. This major support level is likely to be the one threshold which if broken below, could lead to a major sell-off. However, with the positive start to the week today, we could be in for a period of upside […]

Australian Dollar May Extend Early Gains on Firming Risk Appetite

Talking Points: Euro Unlikely to Find Lasing Catalyst in German Factory Orders Report Canadian, NZ Dollars May Follow Aussie Higher on Firm Risk Appetite See Economic Data Directly on Your Charts with the DailyFX News App Currency markets saw a quiet open to the trading week. The Japanese Yen edged higher in a move that […]

Top Trade Idea For October 6th, 2014 – NZD/USD

Friday’s non-farm payroll number was positive for the US dollar. NZD/USD saw an immediate push lower from about 0.7860 towards the recent low of 0.7713. Price has since moved higher and is approaching 0.78. We see that as an opportunity to short NZD/USD on an expected retest of 0.77. This thirty-minute chart shows the price […]

Chart Of The Day For October 6th,2014 – EUR/USD

By Ilya Spivak, EUR/USD Technical Strategy: Short at1.3644 Support: 1.2500, 1.2377, 1.2278 Resistance:1.2575, 1.2698, 1.2754 The Euro sank to the weakest level in over 2 years to test the 1.25 figure against the US Dollar. Near-term support is at 1.2500, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.2377. Alternatively, […]

Week in FX Americas – U.S. Dollar Gets Green Light after Jobs Report

U.S. unemployment rate plummets Fed’s doves and hawks find solace in report Yellen to focus on ‘slack’ in hourly earnings The U.S. dollar ends the week once again the dominant currency. An anemic European Central Bank (ECB) meet and press conference temporarily provided a EUR short squeeze just shy of the weekly highs (€1.2714) on […]

US Dollar, Sentiment Trends at the Mercy of Nonfarm Payrolls Data

Talking Points: US Dollar Broadly Higher Before September’s Payrolls Data Hits the Wires Commodity Bloc May Weaken as Yen Gains if Jobs Report Tops Expectations See Economic Releases Directly on Your Charts with the DailyFX News App The US Dollar moved broadly higher in overnight trade, adding as much as 0.2 percent on average against […]

Top Trade Idea For October 3rd, 2014 – USD/JPY

Markets often require patience. Last week I wrote about a potential double top in USDJPY. The setup didn’t trigger and the Dollar actually pushed a little higher. The basic position still remains intact though. By pushing a little higher and then starting to fall away, price has created bearish divergence with the RSI. While not […]

Chart Of The Day For October 3rd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at1.3644 Support: 1.2602, 1.2532, 1.2445 Resistance:1.2673, 1.2760, 1.2858 The Euro may be preparing to launch a recovery against the US Dollar after prices put in a bullish Morning Star candlestick pattern. A daily close above the 1.2659-73 area marked by the November 2012 low and the 38.2% Fibonacci expansion exposes the 1.2754-60 zone bracketed by […]

What to expect from the ECB and Draghi?

As long as it moves, there is opportunity, and it’s this that the forex asset class has been good for lately. The return of forex market volatility has taken the world’s most coveted currency, the U.S. dollar, on another wild ride in the overnight session ahead of the European Central Bank’s (ECB) rate decision and […]

AUDUSD flag could point to further upside

The AUDUSD pair has rejected the major long term support level of 0.865 this week and pushed higher overnight. The shorter term timeframes point to a flag coming into play, which is likely to provide another leg higher in the near future. The daily chart below shows yesterday’s hammer formation which led to a strong […]

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