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
More View more
Real Time News
  • 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/3bjMHrUZRJ
  • 🇹🇭 Balance of Trade (AUG) Actual: $-1.22B Expected: $0.97B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-09-24
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Actual: $-1.22B Expected: $0.97B Previous: $0.18B https://www.dailyfx.com/economic-calendar#2021-09-24
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cC4v7H https://t.co/uhBNvCTHrW
  • Evergrande USD bondholders say have yet to receive interest due Thursday -BBG
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/J0vSWHaADc
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDrr7M https://t.co/nmP0MX8LGM
  • 🇯🇵 Core Inflation Rate YoY (AUG) Actual: 0.0% Expected: 0% Previous: -0.2% https://www.dailyfx.com/economic-calendar#2021-09-23
  • 🇯🇵 Inflation Rate Ex-Food and Energy YoY (AUG) Actual: -0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-09-23
  • 🇯🇵 Inflation Rate YoY (AUG) Actual: -0.4% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2021-09-23
AUD Tests Resistance on Trade War Truce, CAD and Oil Surges - US Market Open

AUD Tests Resistance on Trade War Truce, CAD and Oil Surges - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – AUD and CAD Outperform Post G20 Summit

AUD: The Australian Dollar, which is typically seen as a proxy for China is among the best performing currencies this morning, after President Trump and Xi agreed to hold off on implementing further tariffs. In reaction, the Australian Dollar gapped higher to trade at the highest level since August, however, the currency just should of the 0.74 handle. As risk markets remain buoyed, the outlook for AUD is modestly bullish. Resistance situated at 0.7450.

CAD: he Canadian Dollar has surged against the greenback with USDCAD shedding 0.9%. Among the main factors behind the bid in the Loonie was on reports that Canada would take unprecedented measures through reducing oil production in Alberta by 9% (roughly 325kbpd), in a bid to ease the supply glut of Canadian crude. This in turn, has seen Western Canadian Select oil jump 10%. Alongside this, oil prices have received a boost as Russia and Saudi Arabia stated that they will extend cooperation, consequently increasing expectations that a cut will be announced at this week’s OPEC. Oil prices will likely continue to dictate price action in CAD throughout the upcoming week.

GBP: Initial gains in the currency had been pared as Brexit uncertainty continues to dictate price action for the Pound. As it stands, expectations are for UK MPs to vote down Theresa May’s Brexit plan (Potential scenarios). Consequently, this has kept a lid on any gains in the currency, which is now looking to break below 1.27 and test the YTD lows (1.2662)

Crude oil: Supply cuts have seen oil prices lead the charge in the commodity space with Russia and Saudi Arabia agreeing to extend their cooperation into 2019, which in turn has increased expectations that OPEC will curb production at the December 6th meeting. While Canada announced that they will cut production in Alberta region by 325kbpd in order to ease their own domestic supply glut. Alongside this, the boost in risk sentiment amid reduced trade tensions has helped Brent and WTI extend on gains.

AUD Tests Resistance on Trade War Truce, CAD and Oil Surges - US Market Open

Data as of 1325GMT

DailyFX Economic Calendar: Monday, December 3, 2018 – North American Releases

AUD Tests Resistance on Trade War Truce, CAD and Oil Surges - US Market Open

DailyFX Webinar Calendar: Monday, December 3, 2018

AUD Tests Resistance on Trade War Truce, CAD and Oil Surges - US Market Open

IG CLIENT SENTIMENT AUDUSD Chart of the Day

AUD Tests Resistance on Trade War Truce, CAD and Oil Surges - US Market Open

AUDUSD: Data shows 49.0% of traders are net-long with the ratio of traders short to long at 1.04 to 1. The number of traders net-long is 5.6% lower than yesterday and 22.2% lower from last week, while the number of traders net-short is 17.2% higher than yesterday and 13.0% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUDUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUDUSD-bullish contrarian trading bias.

Five Things Traders are Reading

  1. Weekly CoT Update for Gold, GBP/USD, and Other Major Markets” by Paul Robinson, Market Analyst
  2. US Crude Oil Price Breaks Higher, May Rally Furtherby Martin Essex, MSTA , Analyst and Editor
  3. CAD Soars as Canada Announces Unprecedented Measures” by Justin McQueen, Market Analyst
  4. S&P 500 and Dow Jones Outlook: US-China Trade War Truce Sparks Rally” by Justin McQueen, Market Analyst
  5. Sterling (GBP) Week Ahead: Brexit Weighs Heavily on GBP | Webinar” by Nick Cawley, Market 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