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
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
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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/7g9pB8D9xK
  • 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/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising 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/UZela9nSIm
  • 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/7oqC3ykBbU
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
  • 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/lp0tmKS9WR
USD Breakout, Silver Double Top, EUR/USD, Gold Breakdown - US Market Open

USD Breakout, Silver Double Top, EUR/USD, Gold Breakdown - US Market Open

Justin McQueen, Analyst

Silver, SLV, Gold, EUR/USD, USD Analysis & News

  • US Dollar in Recovery as DXY Tops 91.00
  • Silver Double Top?
  • EUR/USD and Gold Breaking Down

QUICK TAKE: USD Breakout, Silver Double Top, EUR/USD, Gold Breakdown

Equities: As the retail mania begins to subside (Reddit favourites drop in pre-market), equity markets have extended on yesterday’s gains with both Asian and EU bourses firmer on the session. In turn, US futures point to a firm Wall Street open.

Euro Stoxx 50 Sector Breakdown

Outperformers: Industrial (2.7%), Consumer Staples (2.1%), Financials (1.5%)

Laggards: Utilities (0.1%), Energy (0.3%), Healthcare (0.4%)

US Futures: S&P 500 (0.8%), DJIA (0.8%), Nasdaq 100 (0.8%)

Intra-day FX Performance

USD Breakout, Silver Double Top, EUR/USD, Gold Breakdown - US Market Open

AUD: The Australian Dollar is underperforming following a dovish surprise by the RBA. While the central bank had maintained rates at 0.1%, the QE program had been extended, earlier than many had expected and hence the subsequent drop in the currency. Alongside, the RBA noted that the exchange rate had appreciated and is in the upper end of the range of recent year. As such, this suggests that perhaps the AUD had been the motivation behind the dovish surprise. Another factor weighing on the currency has been the continued pullback in iron prices, which may see the AUD continue its underperformance against its Tasman counterpart.

USD: The dollar remains in recovery mode having made a break above the 91.00 handle. Alongside this, with USD/JPY testing 105.00 and EUR/USD dropping to two-month lows, the momentum looks like it will persist for the USD. As I highlighted in yesterday’s report, USD/JPY topside resistance is situated at 105.40 (200DMA). Going back to the Euro, the currency has broken below key support at 1.2065, raising the risk of a drop to 1.2000-11. In turn, given that positioning is still very much on the long side for the Euro and with retail (IG) traders buying the dip with net-longs up 38% since yesterday, EUR/USD is vulnerable to a long liquidation should 1.2000 give way.

EUR/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 8% -10% -1%
Weekly 26% -10% 6%
What does it mean for price action?
Get My Guide

Commodities: After multi-year gains in yesterday’s session, silver has reversed with the (not so) precious metal falling 5.3% (at the time of writing). Overnight, the CME had unsurprisingly raised margin requirements by 18% contributing to the pullback. That said, may have posted a double top with the rejection at $30. Elsewhere, gold is on the backfoot with a firmer USD (highlighted in our weekly forecast) and pick up in US real yields in particular, keeping risks tilted to the downside. Subsequently, the key area to watch is 1800-10, coinciding with the 50WMA, which is a level that gold has not closed below since Dec 2018.

Silver Price Chart: Daily Time Frame

USD Breakout, Silver Double Top, EUR/USD, Gold Breakdown - US Market Open

Source: Refinitiv

Gold Chart: Weekly Time Frame

USD Breakout, Silver Double Top, EUR/USD, Gold Breakdown - US Market Open

Source: Refinitiv

Looking ahead: Fed’s Mester and Williams on tap, while NZ Jobs report is in focus.

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

DISCLOSURES