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
  • 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 $USD market update from @ZabelinDimitri here: https://t.co/XnDITaDOox https://t.co/A480uVMqF2
  • What tools does the ECB have left to stimulate the Eurozone? Where is the #Euro heading? Find out from Chief Eurozone Economist at Pantheon Macroeconomics Claus Vistesen only on Trading Global Markets Decoded #podcast hosted by @MartinSEssex here:https://t.co/Twr44cZ1GB https://t.co/DXlDH5Cp9e
  • The price of oil extends the advance from the October low as #OPEC and its allies pledge to take additional steps to balance the energy market. Get your crude #oil market update from @DavidJSong here: https://t.co/llGq8yPFH4 #OOTT https://t.co/1OCVOIrK98
  • Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the XAU/USD weekly chart. Get your gold technical analysis from @MBForex here: https://t.co/ovGheRg4MQ https://t.co/ZEQSYktj0w
  • What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/l6FvtcADEH
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
  • What is the top market moving theme for the coming week? I disagree with the majority. '$EURUSD, $GBPUSD and $AUDUSD Top Volatility Candidates With #Fed, #Election, #TradeWar' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/07/EURUSD-GBPUSD-and-AUDUSD-Top-Volatility-Candidates-On-Fed-Election-Trade-War.html?CHID=9&QPID=917719 https://t.co/Q1dbZVN5Us
GBPUSD Near Turning Point on Brexit Talks, AUDUSD Faces Wage Data

GBPUSD Near Turning Point on Brexit Talks, AUDUSD Faces Wage Data

2019-05-14 23:00:00
Daniel Dubrovsky, Analyst

Asia Pacific Market Open Talking Points

  • GBP/USD approaching key support on fading optimism in Brexit talks
  • Anti-risk Japanese Yen declined as US-China trade war fears softened
  • AUD/USD may rise on wage price data, sentiment offers a mixed bias

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 was the worst-performing major on Tuesday, extending declines from last week on increasing doubts that UK Prime Minister Theresa May can successfully negotiate a Brexit deal with the Opposition Labour Party. This has also lead to extensive weakness in GBP/JPY after clearing support, as anticipated.

Over the past 24 hours, reports crossed the wires that senior members from her own Conservatives have pressured her to end talks. There is also increasing pressure for her to step down, which could risk delaying Brexit even further. Ms May said that she intends to put forward a Brexit deal to Parliament during the first week of June. Opposition Leader Jeremy Corbyn said he would not back it without an agreement.

GBP/USD Technical Analysis

On the daily chart below, GBP/USD finds itself approaching key support which is a range between 1.2866 and 1.2888. This area paused the downtrend back in late April, causing a retracement to the former rising trend line from December (pink-dotted line below). Since then, the pair traded about 2% lower. If support holds, we may get another retest of resistance around 1.3001.

GBP/USD Daily Chart

GBPUSD Near Turning Point on Brexit Talks, AUDUSD Faces Wage Data

Chart Created in TradingView

Meanwhile, both the anti-risk Japanese Yen and Swiss Franc also underperformed. They pulled back alongside cautious gains in global equities as fears of a US-China traded war receded. The Euro Stoxx 50 and S&P 500 ended the day 1.31 percent and 0.80 percent higher respectively. The US Dollar aimed narrowly higher as well, following similar progress in local front-end government bond yields.

Wednesday’s Asia Pacific Trading Session

S&P 500 futures are pointing higher, suggesting that Asia Pacific markets may build on the gains seen on Wall Street. This risks pressuring the Japanese Yen lower while supporting the sentiment-linked Australian Dollar. Though the latter will face Australian wage price index data, and AUD/USD may rise on it.

Following the latest RBA rate decision, more emphasis has been placed on employment-related data for where policymakers may take benchmark lending rates next. There may be an upside surprise given recent trends in local economic data which have been tending to outperform relative to economists’ expectations.

Meanwhile, on the next chart below, market positioning, while still net-long, is offering a mixed AUD/USD trading bias. Since April 18, when traders turned net-long, AUD/USD prices fell 3.1%. If you would like to learn more about using this in your market analysis, tune in for my webinars each week on Wednesdays at 00:00 GMT.

AUD/USD Client Positioning

GBPUSD Near Turning Point on Brexit Talks, AUDUSD Faces Wage Data

Data Provided by IG

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.