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
Bearish
USD/JPY
Bullish
Gold
Bullish
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
Mixed
More View more
Real Time News
  • The Australian and New Zealand Dollars trimmed their gains as optimism on the US-China “phase one” trade deal faded. NZD/USD is at risk to turning lower on signs of technical indecision $AUDUSD $NZDUSD #tradewars - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/12/16/Australian-Dollar-and-New-Zealand-Dollar-Outlook-as-Week-Begins.html?CHID=9&QPID=917702 https://t.co/SmVBWwojc3
  • - The Singapore Dollar (SGD) presents a unique undertaking for traders - It is guided by the MAS, which manages the exchange rate instead of short-term rates - Learn the principals of developing an SGD fundamental forecast to trade USD/SGD https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html
  • #DidYouKnow a #Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/c51s3IBcEu https://t.co/eWM70sTfq3
  • Natural Gas trading is popular among traders due to its volatility. How can you trade this? Find out here: https://t.co/GSzSS9fn7Z https://t.co/bl0lp9NtkQ
  • #EURUSD pivot points (daily) – S3: 1.0991, S2: 1.1065, S1: 1.1093, R1: 1.1167, R2: 1.1214, R3: 1.1288- https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Hello there, traders! Themes for this week's webinar: - US-China #tradewar - #HongKongProstests: Carrie Lam's visit to Beijing - #UKElections2019 recap + outlook - Government shutdown in 2020? - Update on #RCEP - CRUCIAL rate decision this week⬇️ https://www.dailyfx.com/webinars/146770987
  • With increasing volatility in weather patterns, how might storms, hurricanes, and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Get your market update from @ZabelinDimitri here:https://t.co/O4dgBl47fq https://t.co/eMb7iCfdqS
  • Join analyst @DavidJSong at 5:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/1rVzPr6gx4
  • See the DailyFX Fundamental and Technical forecasts for the week ahead on the major currencies, indices and commodities here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2019/12/15/Dow-Pound-and-Aussie-Dollar-Test-Post-Trade-War-Election-Breakouts.html
  • The US-China agreement brings this scene from camp cinema history to mind: https://t.co/WsfoGMZbw1 via @GIPHY https://t.co/h045efj8Em
US Dollar Fell on Mixed GDP, Crude Oil Prices at Uptrend Support

US Dollar Fell on Mixed GDP, Crude Oil Prices at Uptrend Support

2019-04-28 23:00:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open Talking Points

  • US Dollar falls as GDP data fuels Fed rate cut bets, S&P 500 and NZD gain
  • Crude oil drop to uptrend support as Trump pressures OPEC to lower prices
  • Markets looking to an illiquid start, Japanese stocks offline for Golden Week

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 Friday

The US Dollar declined on Friday, but it still managed to cap a solid week that had a few bouts of risk aversion. Most of its weakness occurred after a mixed first quarter US GDP report. While growth surprised to the upside (3.2% versus 2.3% expected), that was undermined by weakness in personal consumption (1.2% versus 2.5% prior). The latter accounts for about 70% of overall GDP.

An increase in inventories, typically a volatile component, contributed to a decent chunk of growth. That said, US front-end government bond yields declined which signaled more Fed rate cut bets. Fed funds futures are now pricing in about a 66% chance of a cut by the end of this year, up from 61% Thursday. By the end of the day, the S&P 500 rose 0.47% as the pro-risk Australian and New Zealand Dollars climbed.

But it was not without smooth sailing. After the GDP report, US President Donald Trump took another jab at getting OPEC to increase oil output. This sent the commodity lower in its worst day in over four months and concluding the most disappointing week in two months. As a result, energy shares weakened and deprived the S&P 500 of its full potential for the day.

Crude Oil Technical Analysis

Looking at the daily chart, crude oil closed right on the rising support line from late December. Its recent drop occurred alongside negative RSI divergence which was hinting of a top to come. Confirming a close under the trend line opens the door to a new dominant downtrend. On the other hand, resuming the uptrend entails clearing resistance above 66.58.

Crude Oil Daily Chart

US Dollar Fell on Mixed GDP, Crude Oil Prices at Uptrend Support

Chart Created in TradingView

Monday’s Asia Pacific Trading Session

As we begin a loaded week with critical US economic event risk, Monday’s Asia Pacific session is notably lacking data. As such, this places the focus on risk trends. Japanese markets are offline for the Golden Week holiday which brings with it lower-than-usual levels of liquidity which may increase volatility on surprise announcements. If other regional bourses follow Wall Street higher, the anti-risk Yen may weaken.

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.