News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
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
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/otJwnuR7qe
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/s4lZWdJoXV
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here: https://t.co/jcwhcsUBEN https://t.co/tKrlrRZlZn
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
  • EUR/USD tumbled last week on the day of the ECB’s latest policy announcement, and that weakness is set to continue this week as a flood of major Eurozone economic statistics is released. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/9B4rJnzWuz https://t.co/ENF3xlkuyP
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/Gps2Xp32h9
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/hftCEho1lM
S&P 500 Forecast, at Turning Point? Australian Dollar May be at Risk

S&P 500 Forecast, at Turning Point? Australian Dollar May be at Risk

Daniel Dubrovsky, Strategist

S&P 500, Australian Dollar, US Dollar, Earnings, Fed, Coronavirus – Asia Pacific Market Open

  • S&P 500 may be at turning point, leaving AUD/USD at risk
  • Equities rose during Monday Asia trade as gains slowed later
  • Trump-China comments may rekindle a “risk-off” session

S&P 500 Maybe at Tipping Point, Leaving the Australian Dollar Vulnerable

The S&P 500 gapped higher to begin this week’s session, pulling the sentiment-linked Australian Dollar in its direction as the haven-oriented US Dollar depreciated. Most of the upbeat tone from financial markets occurred during the Asia Pacific trading session – as expected. A reduction in credit market stress ahead of the FOMC policy decision later this week as virus case growth slowed may have also played a key role here.

Upside momentum from investors during the Wall Street session may have slowed as traders remained hesitant to commit on a directional bias. The 5 largest members of the S&P 500 are reporting earnings ahead. There continued being a divergence between broad market sentiment and crude oil prices. This could have been due to a combination of a lack in the belief that OPEC+ cuts could boost prices as demand remains notably suppressed.

Reports crossed the wires later in the day that US Covid-19 cases only rose 2.3% over the past 24 hours, marking the slowest pace since this month began. Meanwhile the Federal Reserve expanded the scope of the Municipal Liquidity Facility to cover smaller countries and cities. Anti-fiat gold prices declined despite weakness in USD, weakening as local government bond yields rallied with stocks.

Tuesday’s Asia Pacific Trading Session

Asia Pacific equities could follow Wall Street higher, alluding to a rosy session ahead which would likely bode well for the Australian Dollar. Yet there is a cautious “risk-off” tilt after US President Donald Trump expressed his displeasure with China. He added that “we are doing serious investigations on China and the virus”. Perhaps that has stoked woes of future economic retaliation that could come in the form of tariffs.

What are some unique aspects of trading forex?

S&P 500 Technical Analysis

The S&P 500 could be at a turning point from a technical perspective. Prices are attempting to push through the April 17 high as negative RSI divergence forms in the background. That is a sign of fading momentum which can precede a turn lower if resistance holds at 2885 on the daily chart below. The S&P 500 also appears to be trading within a Rising Wedge bearish reversal pattern since last month’s bottom.

S&P 500 Daily Chart

S&P 500 Forecast, at Turning Point? Australian Dollar May be at Risk

Chart Created Using TradingView

--- 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