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
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/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
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
  • We ended this past week with another cliffhanger. The $SPX teeters on the edge of a breakdown from the post-pandemic recovery. While we have NFPs and other key data ahead, the markets are likely to remain fixated on yields. My outlook for next week: https://www.dailyfx.com/forex/video/daily_news_report/2021/02/27/SP-500-Dollar-Reversal-Hinge-Not-On-NFPs-but-Markets-Risk-Imagination.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/mlNDDyTgex
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/70ZOJ0ZMwF
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/SyroornFf5
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4QhQGQ6 https://t.co/KrMcyZZqO7
  • The Reserve Bank of Australia (RBA) rate decision may spark a bullish reaction in $AUDUSD as the central bank is expected to retain the current course for monetary policy. Get your market update from @DavidJSong here: https://t.co/WbcR9ER0qT https://t.co/TynsqCtPQ6
  • Gold has broken below a critical support confluence we’ve been tracking for months now and the risk remains for further losses while below this threshold in the weeks ahead. Get your $XAUUSD market update from @MBForex here:https://t.co/xgN2obaIWR https://t.co/H71ufPNkPg
  • 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/Evr5KgUjVo
  • $GBPUSD corrects from stretched valuations, however, positioning clear is likely to entice dip-buyers. Get your market update from @JMcQueenFX here: https://t.co/sfFdBx9pN6 https://t.co/j6nnry65SW
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/oQrOpYINOj
  • 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/LSVPlus0vv
EUR & GBP Dips on Italy and Brexit, AUD Back at Resistance - US Market Open

EUR & GBP Dips on Italy and Brexit, AUD Back at Resistance - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – USD EDGES HIGHER AS FOMC LOOMS

USD: A modest post-election recovery observed in the US Dollar with the Federal Reserve rate decision looming large. The rate decision itself is not expected to provide any major fireworks with interest rates set to be kept unchanged. Focus instead will be placed on the wording of the accompanying statement, in which an acknowledgment of increased concerns over recent market volatility may reignite Dollar selling. However, given that economic data continues to remain robust the Fed is likely to stick to the script. Support is situated at the 96 handle.

EUR: The EU vs Italian showdown continues with Italy remaining committed to its budget deficit targets, despite the EU’s wishes to lower them. While Italy sets a 2.4% deficit to GDP target for 2019, the EU noted that this figure could in fact rise to 2.9% with the 3% threshold being breached in 2020. This in turn has led to a marginal pullback in the Euro, dropping some 80pips from the highs seen yesterday at 1.15. Support at 1.14 has curbed further losses for now.

GBP: The Pound is underperforming in the G10 space in what has been a relatively choppy session as headline Brexit risk remains elevated. The Pound had initially spiked on reports in Austrian press that a Brexit deal could be reached and be presented by Monday. However, gains had been subsequently pared with the currency dipping below 1.31 against the greenback as UK Foreign Minister Hunt suggested that a Brexit deal within the next 7 days maybe somewhat optimistic.

AUD: Strong Chinese trade data has seen the Australian Dollar track higher, while a modest boost in risk sentiment has also added to gains. AUDUSD is back at yesterday’s highs situated at the 0.7300 handle, which continues to hold for now.

EUR & GBP Dips on Italy and Brexit, AUD Back at Resistance - US Market Open

DailyFX Economic Calendar: Thursday, November 8, 2018 – North American Releases

EUR & GBP Dips on Italy and Brexit, AUD Back at Resistance - US Market Open

DailyFX Webinar Calendar: Thursday, November 8, 2018

EUR & GBP Dips on Italy and Brexit, AUD Back at Resistance - US Market Open

IG Client Positioning AUDUSD Chart of the Day

EUR & GBP Dips on Italy and Brexit, AUD Back at Resistance - US Market Open

AUDUSD: Data shows 50.6% of traders are net-long with the ratio of traders long to short at 1.03 to 1. The number of traders net-long is 2.0% lower than yesterday and 18.2% lower from last week, while the number of traders net-short is 10.8% higher than yesterday and 45.8% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUDUSD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current AUDUSD price trend may soon reverse higher despite the fact traders remain net-long.

Four Things Traders are Reading

  1. FTSE Chart Analysis – Watching Short-term Price Action for Next Move” by Paul Robinson, Market Analyst
  2. EURUSD Outlook Still Positive Technically After Mixed EU Forecastsby Martin Essex, MSTA , Analyst and Editor
  3. USDJPY Outlook: Bulls Remain Amid Crucial Support and FOMC Decisionby Justin McQueen, Market Analyst
  4. AUD/CAD Price Bullish Breakout a False Flag? Reversal to Come?” by Daniel Dubrovsky, Junior Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES