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
EUR/USD
Bearish
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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
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
Mixed
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/TnL91f7sl7
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/cDcjl3Ue09
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/KWOX5wSipe
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/cwSWCpKtaj
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zu5hMovbz6
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/QMKyTBOKNG
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/aRkGoNvj6D
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/ltVTNO2sjT
  • GBP/USD clears the May low (1.3801) as the Federal Reserve forecasts two rate hikes for 2023. Get your $GBP market update from @DavidJSong here:https://t.co/WdTG2niAKz https://t.co/2j02VyH0wm
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.60% 🇨🇦CAD: -0.91% 🇦🇺AUD: -0.96% 🇳🇿NZD: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HWVSmqaiYF
Nasdaq 100 Sinks Despite Mostly Upbeat Earnings, Asia-Pacific Turns Eye to AU Retail Sales

Nasdaq 100 Sinks Despite Mostly Upbeat Earnings, Asia-Pacific Turns Eye to AU Retail Sales

Thomas Westwater, Analyst

Nasdaq, Earnings Season, Inflation, Australia Retail Sales -Talking Points

  • Wall Street shifts lower for second consecutive day despite upbeat earnings reports
  • US-based Procter and Gamble says higher prices for consumer products are on the way
  • Australian retail sales in focus for today as figure expected to bounce back from prior month

Wednesday’s Asia-Pacific Outlook

A modest wave of risk-aversion rippled through markets on Tuesday during the New York trading session, where despite upbeat earnings reports, US equities moved lower for a second consecutive day. Small-cap stocks lead the charge lower, with the Russell 2000 index dropping nearly 2% on the close, but losses were broad throughout the major indexes.

In line with the risk-off move seen in equities, government bonds shifted into favor, with Treasury yields shifting lower across the curve as demand drove prices higher. The 10-year Treasury rate dropped nearly 3%. The pullback in risk-taking comes despite what has been an upbeat earnings season, which has seen rosy numbers from companies like Johnson & Johnson and Procter & Gamble Co. Netflix, however, sank after-hours on Tuesday after the streaming company posted a miss on subscribers. Next week will see technology stocks move into focus, with several high-impact earnings sketched on the calendar.

Procter & Gamble stoked some inflationary concerns Tuesday when the consumer product company announced prices throughout their lineup will soon increase. Investors and economists have been expecting to see higher prices as the economy reopens from the Covid pandemic, although no significant uptick in core CPI or PCEhas emerged thus far.

Speaking of inflation, New Zealand reported price figures for Q1 early Wednesday morning. The island nation’s economy saw a 1.5% increase on a year-over-year basis versus a consensus expectation of 1.5% YoY. The inflation figure may inject further hawkishness into the RBNZ’s policy outlook, which may translate into a stronger New Zealand Dollar.

Australia’s retail sales print for March will highlight Wednesday’s economic events, with analysts expecting a 1.0% figure for the preliminary reading, according to the DailyFX Economic Calendar. Elsewhere, Indonesia will report business confidence for Q1, and Japan will release foreign bond investment data. India’s Nifty 50 will close for trading for the rest of the week for the Ram Navami holiday.

Nasdaq100 Technical Outlook

The Nasdaq 100 may have more room to fall judging on its technical position. The technology index shifted back below its February multi-month swing high. Trendline support may underpin prices if an extended selloff takes place. Subsequent support in the 20-day Simple Moving Average (SMA) and 23.6% Fibonacci retracement may preserve a more bullish narrative, however.

Nasdaq 8-Hour Chart

Nasdaq chart

Chart created with TradingView

Nasdaq TRADING RESOURCES

--- Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, use the comments section below or @FxWestwateron Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES