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.

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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/p9Pkkbo2zf
  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/nBfJcptUDK
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
Australian Dollar May Wilt, Markets Await Trump China News Conference

Australian Dollar May Wilt, Markets Await Trump China News Conference

Daniel Dubrovsky, Strategist

Australian Dollar, AUD/USD, Dow Jones, US-China Tensions – Asia Pacific Market Open

  • Australian Dollar may turn lower after candlestick pattern
  • Dow Jones drops, Trump announces China news conference
  • Markets may remain in limbo until outcome of it is known

The sentiment-linked Australian Dollar and similarly-behaving New Zealand Dollar could be at risk of turning lower after a relatively mixed session. On Thursday, the Dow Jones and S&P 500 closed -0.58% and -0.21% respectively after wiping out gains as much as 1 percent. The Euro outperformed as markets digested the European Commission proposing an ambitious recovery fund as the haven-linked US Dollar declined.

Investors turned risk averse after US President Donald Trump announced that he will hold a news conference later today on China. This follows Chinese legislatures voting to endorse a proposed security law for Hong Kong. In recent weeks, escalating tensions between the world’s largest economies have been likely adding an additional layer of uncertainty to the road to recovery from the coronavirus outbreak.

This development likely overshadowed earlier optimism on US continuing claims unexpectedly dipping to 21.05m for the week ending May 16 against the anticipation of a 25.68m outcome. As this data is more timely, markets may have overlooked the second estimate of local first-quarter GDP which was revised softer to -5.0% q/q from -4.8% anticipated.

Friday’s Asia Pacific Trading Session

A consequence of Trump’s news conference later today is that it could leave financial markets in limbo as investors struggle to price in the exact outcome. There is also the question of what Beijing could do as countermeasures in the event Washington pushes for bold action, such as economic sanctions or tariffs. China is Australia’s largest trading partner, and it may have to brace for the knock-on risks of tit-for-tat exchanges.

Australian Dollar Technical Analysis

It is thus unsurprising perhaps that AUD/USD has left behind a Doji candlestick on the daily chart below. This pattern is a sign of indecision which typically carries greater significance when it occurs at peaks or troughs. In this case, the emergence of the Doji just under key resistance – a range between 0.6645 – 0.6685 – could speak to a potential top in the works. Follow-through is critical when it comes to these candlestick patterns. A turn lower through support at 0.6624 exposes lows from the beginning of this month.

Can’t see the AUD/USD chart below? Click here

AUD/USD – Daily Chart

Australian Dollar May Wilt, Markets Await Trump China News Conference

Chart Created in 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