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
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
Gold
Bullish
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
Oil - US Crude
Bullish
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
Bitcoin
Bearish
More View more
Real Time News
  • #Facebook Chairman and CEO Mark Zuckerbrg will testify before the House Financial Services Committee about the company’s plans to launch its own #Libra cryptocurrency. Get your guide to the #cryptocurrency here from @ZabelinDimitri: https://t.co/uoidwdtvQf https://t.co/UK4h8BHXTQ
  • UK Labour Leader Jeremy Corbyn reiterated his offer to PM Johnson to agree a reasonable timetable for Brexit legislation and restated that Labour would support a new election once the threat of a no-deal Brexit is off the table $GBP
  • On Monday we mentioned a dip to 1.11 in $EURUSD would be considered normal -- a bounce may emerge soon https://www.dailyfx.com/forex/video/live_events/2019/10/21/EURUSD-drives-higher-on-weaker-USD-JWweb-121.html https://t.co/7HNPIFgSSw
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.02%, while traders in Germany 30 are at opposite extremes with 75.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9xGPrKZJ6x
  • Heads Up:🇺🇸 USD MBA Mortgage Applications (OCT 18) due at 11:00 GMT (15min), Actual: N/A Expected: N/A Previous: 0.5% https://www.dailyfx.com/economic-calendar#2019-10-23
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 0.32% Silver: 0.25% Oil - US Crude: -0.99% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/J8CT9EwmWZ
  • GBP/USD, GBP/JPY Outlook: Will British Pound Resume Bullish Price Action? More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2019/10/23/GBPUSD-GBPJPY-Outlook-Will-British-Pound-Resume-Bullish-Price-Action-MK.html?CHID=9&QPID=917714 https://t.co/IJleHME0vE
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.02% 🇨🇦CAD: -0.01% 🇳🇿NZD: -0.02% 🇪🇺EUR: -0.12% 🇬🇧GBP: -0.13% 🇦🇺AUD: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/T3dGcJ8yOp
  • Will a debt crisis send us into a global recession, and will political instability continue to impact markets? Find out from @Bill_Blain, market commentator and strategist at Shard Capital, only on Trading Global Markets Decoded here: https://t.co/GL2RNwfNOJ https://t.co/EXWVBsqEgX
  • @nickcawley1 @GrayConnolly He was often to be found selling Her Majesty’s Pound short, in direct contradiction of the custom and decency of the day.
Gold Prices May Extend Drop, AUD/USD At the Mercy of China Q1 GDP

Gold Prices May Extend Drop, AUD/USD At the Mercy of China Q1 GDP

2019-04-16 23:00:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open Talking Points

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in the DailyFX Webinars. We’d love to have you along.

FX News Tuesday

The British Pound underperformed against its major counterparts on Tuesday, pressured by the latest Brexit headlines. Reports crossed the wires that talks between UK Prime Minister Theresa May and Opposition Leader Jeremy Corbyn stalled, putting pressure on the nation after recently having gained a withdrawal extension until October 31. This leaves Sterling at risk if signs of negotiation limbo continues.

Weakness in GBP allowed for the US Dollar to gain ground after declining in the lead-up to Wall Street market open. Around this time, US front-end government bond yields started rallying shortly after the United Health released its earnings report. Its earnings per share (EPS) beat expectations and the company increased adjusted EPS estimates for the remainder of this year.

A combination of US Dollar gains and a rise in local bond yields acted as an adverse double whammy for anti-fiat gold prices. This is because the commodity has no interest-bearing qualities, leaving it vulnerable to a stronger Greenback and lower government bond prices. Technical warning signs do hint that it might be readying to extend losses from gold’s peak in February.

Gold Technical Analysis

XAU/USD dropped over 0.8% on Tuesday, extending its losing streak to four days which is the longest since early March. The precious metal has just barely cleared a range of support between 1285 and 1276. As such, this may open the door to further losses after the formation of a bearish Evening Star in late February. Near-term support appears to eb the rising trend line from August around 1260 at the time of this writing.

XAU/USD Daily Chart

Gold Prices May Extend Drop, AUD/USD At the Mercy of China Q1 GDP

Chart Created in TradingView

Wednesday’s Asia Pacific Trading Session

The pro-risk New Zealand Dollar is off to a troubling start on Wednesday following a worse-than-expected local inflation report that increased RBNZ rate cut bets. S&P 500 and Nikkei 225 futures also declined, perhaps on rising concerns of dovish turns in major central banks as global growth slows. This will next be tested on upcoming China first quarter GDP which I will be covering LIVE.

Data out of the world’s second-largest economy has been tending to increasingly outperform relative to economists’ expectations. If this is the case later today, this may inspire some market confidence and send equities higher after a mixed session on Wall Street overall. As such, the anti-risk Japanese Yen is at the mercy of equities and how market mood develops in the near-term.

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.

DISCLOSURES

News & Analysis at your fingertips.