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.

Free Trading Guides
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
Oil - US Crude
More View more
Real Time News
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/f4y1FOOZnM #tradingstyle https://t.co/x5HgYopWc5
  • The USD may rise if the FOMC re-affirms its data-dependent approach and cools 2020 rate cut bets. US retail sales and CPI data may also give the Fed impetus to hold rates. Get your $USD market update from @ZabelinDimitri here: https://t.co/XnDITaDOox https://t.co/A480uVMqF2
  • What tools does the ECB have left to stimulate the Eurozone? Where is the #Euro heading? Find out from Chief Eurozone Economist at Pantheon Macroeconomics Claus Vistesen only on Trading Global Markets Decoded #podcast hosted by @MartinSEssex here:https://t.co/Twr44cZ1GB https://t.co/DXlDH5Cp9e
  • The price of oil extends the advance from the October low as #OPEC and its allies pledge to take additional steps to balance the energy market. Get your crude #oil market update from @DavidJSong here: https://t.co/llGq8yPFH4 #OOTT https://t.co/1OCVOIrK98
  • Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the XAU/USD weekly chart. Get your gold technical analysis from @MBForex here: https://t.co/ovGheRg4MQ https://t.co/ZEQSYktj0w
  • What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/l6FvtcADEH
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
EUR/USD Extends Bullish Reversal Despite Draghi, AUD/USD May Rise

EUR/USD Extends Bullish Reversal Despite Draghi, AUD/USD May Rise

2019-04-10 23:30:00
Daniel Dubrovsky, Analyst

Asia Pacific Market Open Talking Points

  • EUR/USD extends its bullish reversal despite cautious Draghi
  • US Dollar gains on FOMC minutes, not enough to trim losses
  • AUD/USD may climb on Chinese CPI as equities rally in Asia

Find out what the #1 mistake that traders make is and how you can fix it!

FX News Wednesday

The US Dollar traded narrowly lower on Wednesday despite bullish behavior on a couple of important fundamental developments. First, the Greenback rallied as ECB’s President Mario Draghi sunk EUR/USD in the aftermath of the central bank’s interest rate announcement. Mr Draghi reiterated that risks to the Euro-Area are still tilted to the downside, as anticipated.

His speech largely overshadowed March’s US inflation report which was mixed. While core CPI missed expectations (2.0% y/y versus 2.1% estimated), headline CPI unexpectedly soared from 1.5% prior to 1.9%. This was the most aggressive positive change since the end of 2016. In the aftermath of the inflation data and Mario Draghi, USD declined into the FOMC meeting minutes.


EUR/USD Extends Bullish Reversal Despite Draghi, AUD/USD May Rise

Check out the DailyFX Economic Calendar for critical currency event risk!

The statement noted that Fed officials generally saw that a patient approach was appropriate. That may have disappointed some doves with Fed funds futures pricing in a greater than 50% chance of a cut by year-end. DXY rose on the release on the chart below. A similar reaction was witnessed from AUD/USD over the past 24 hours. It climbed after RBA Deputy Governor Guy Debelle hinted that a wait-and-see approach for interest rates seemed like the appropriate path.

US Dollar Climbs on Draghi, FOMC Minutes

EUR/USD Extends Bullish Reversal Despite Draghi, AUD/USD May Rise

Chart Created in TradingView

EUR/USD Technical Analysis

Despite its decline on Draghi’s speech, EUR/USD extended its climb by the end of the day as it is now on its best winning streak since the middle of March. This followed the emergence of a Morning Star candlestick pattern and positive RSI divergence, both typically bullish price signals. As such, we may see a test of resistance next around 1.13022, guided by a rising support line from the bottom in early April.

EUR/USD Daily Chart

EUR/USD Extends Bullish Reversal Despite Draghi, AUD/USD May Rise

Chart Created in TradingView

Thursday’s Asia Pacific Trading Session

The S&P 500 closed to the upside on Wednesday, but it wasn’t enough to overcome a bearish reversal signal. Associated futures are pointing cautiously higher, indicating that there may be upside progress to have in equities during the Asia trading session. This may sink the anti-risk Japanese Yen.

Meanwhile, the Australian Dollar eyes upcoming Chinese inflation data. According to the Citi Surprise Index, data out of the world’s second-largest economy has been tending to outperform as of late, opening the door to an upside surprise. If this is the case, AUD/USD may find support given that China is Australia’s largest trading partner, implying upside knock-on effects, especially against the New Zealand Dollar.

Chinese CPI Data

EUR/USD Extends Bullish Reversal Despite Draghi, AUD/USD May Rise

** All times listed in GMT. See the full economic calendar here

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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


News & Analysis at your fingertips.