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
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
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
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/bDXG2dV3wG
  • The US Dollar technical outlook against the Euro, British Pound, Australian Dollar and New Zealand Dollar are discussed. Large wicks left signs of indecision, will reversals follow? $EURUSD $GBPUSD $AUDUSD $NZDUSD - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/15/US-Dollar-Technical-Outlook-EURUSD-GBPUSD-AUDUSD-NZDUSD.html?CHID=9&QPID=917702 https://t.co/dpuIppxo3F
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out: https://t.co/y3cckNW22W https://t.co/vUQyVl6b0e
  • Growth linked currencies have gained as investors hope for progress on the trade front as well as stimulus from the Fed. The global economy however remains depressed and seems likely to remain so. Get your market update from @DavidCottleFX here: https://t.co/jt1HH9AHLM https://t.co/Yz65AMJYlm
  • RT @YuanTalks: #China temporarily suspend additional tariffs of either 10% or 5% on some #US goods scheduled to take effect on Dec 15, said…
  • The gold-silver ratio is simple. It is the number of silver ounces you would need to trade to receive one ounce of #gold at current market prices. Find out how you can use this in your trading strategy here:https://t.co/kh5DZvv5ib $XAUUSD https://t.co/eJGODpfTNc
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 https://t.co/DoVBd1l1oO
  • #Silver is a precious metal commodity that investors use as an inflation hedge and safe-haven asset. Find out what are some strategies and tips to trade silver here: https://t.co/k4tVcFuwxW #CommoditieswithDailyFX https://t.co/zXCSmH2HLX
  • Markets are trying to maintain a bullish tilt as a new week rolls around, a look ahead at the charts of the #Dow, #DAX, and #FTSE. Get your technical analysis on major world indices from @PaulRobinsonFX here: https://t.co/bYjRDvQsdM https://t.co/mbg0rUbv3K
  • Trade conflict is clearly awful for the broad world economy, but some countries are already benefiting from it. More stand to do so. Spotting them early could be profitable. Get your update on the #tradewar from @DavidCottleFX here: https://t.co/og0VAPAqwm https://t.co/xB8hYUj4OA
USD/JPY and AUD/USD Soar as US Mulls Lifting Some Chinese Tariffs

USD/JPY and AUD/USD Soar as US Mulls Lifting Some Chinese Tariffs

2019-11-04 23:45:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open Talking Points

  • Japanese Yen tumbles as Australian Dollar gains on US-China trade deal bets
  • US reportedly mulling lifting some Chinese import tariffs, Asia stocks may rise
  • AUD/USD downtrend awaits the RBA, USD/JPY confines to bearish pattern

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

BREAKING NEWS - US Mulls Lifting Some Chinese Tariffs

The Japanese Yen fell and the Australian Dollar rose after reports crossed the wires that the US is mulling removing some tariffs against China, increasing the prospect of a trade deal. According to a report from the Financial Times, this could amount to levies on about $112b which were enacted back in September at a 15 percent rate.

This is a welcome surprise after persistent requests from Beijing regarding the lifting of US tariffs. Furthermore, if there is follow-through, today’s update can pour cold water over doubts of a long-term US-China trade deal. S&P 500 futures are now pointing noticeably higher heading into Tuesday’s Asia Pacific trading session, suggesting a “risk-on” environment to come in regional bourses.

As such we may see the pro-risk Australian and New Zealand Dollar extend their advance, recovering from their lackluster performance on Monday. That appeared to have been attributed to broad strength in the US Dollar during the European and North American trading session as front-end government bond yields rose. Odds of a further 25-bp Fed rate cut by March 2020 did soften over the past 24 hours.

We saw the S&P 500 and MSCI Emerging Markets Index gap to the upside at the onset of the Wall Street trading session. But, their performance thereafter was rather lackluster. As such, the markets are likely prioritizing the cushioning impact US-China trade deal hopes have on global economic uncertainty. For the time being, monetary policy expectations are taking a back seat.

USD/JPY AND AUD/JPY RALLY ON US-CHINA TRADE NEWS

USD/JPY and AUD/USD Soar as US Mulls Lifting Some Chinese Tariffs

Chart Created Using TradingView

AUD/USD Technical Analysis

The AUD/USD dominant downtrend from the end of last year remains intact after descending resistance from December 2018 held. A daily close above this key psychological barrier opens the door to overturning persistent losses since then. But, fundamental follow-through would likely have to wait until the upcoming RBA interest rate decision passes as traders hesitate to commit to Aussie exposure.

Join Analyst Dimitri Zabelin for LIVE coverage of the RBA and reaction in the Australian Dollar at 3:15 GMT!

AUD/USD Daily Chart

USD/JPY and AUD/USD Soar as US Mulls Lifting Some Chinese Tariffs

Chart Created Using TradingView

USD/JPY Technical Analysis

Meanwhile USD/JPY continues to trade within a Rising Wedge since the end of August. This is typically a bearish reversal formation where a daily close under the floor of the wedge opens the door overturning upside progress made over the past 2 months. For the time being, USD/JPY is aiming higher towards the ceiling where key resistance stands at 109.32.

USD/JPY Daily Chart

USD/JPY and AUD/USD Soar as US Mulls Lifting Some Chinese Tariffs

Chart Created Using TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, 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.