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
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
Bearish
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
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.33% 🇪🇺EUR: -0.22% 🇬🇧GBP: -0.26% 🇳🇿NZD: -0.29% 🇨🇦CAD: -0.32% 🇦🇺AUD: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/TJLRwMkful
  • Heads Up:🇸🇪 Monetary Policy Meeting Minutes due at 07:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-10
  • RT @DanielGMoss: $USDCAD remains confined by channel resistance although strengthening RSI suggests a breakout may be on the cards. $CADJP…
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/xknMZhmJ5C
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.64% France 40: -0.83% US 500: -0.90% FTSE 100: -0.91% Wall Street: -1.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xgu0QJ9H7c
  • 🇫🇷 Industrial Production MoM (MAY) Actual: 19.6 Expected: 15.1% Previous: -20.1% https://www.dailyfx.com/economic-calendar#2020-07-10
  • Heads Up:🇫🇷 Industrial Production MoM (MAY) due at 06:45 GMT (15min) Expected: 15.1% Previous: -20.1% https://www.dailyfx.com/economic-calendar#2020-07-10
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/jbUscJ9E0u
  • USD/CAD IG Client Sentiment: Our data shows traders are now net-short USD/CAD for the first time since Jun 26, 2020 when USD/CAD traded near 1.37. A contrarian view of crowd sentiment points to USD/CAD strength. https://www.dailyfx.com/sentiment https://t.co/SJ4cDT3iIe
  • Learn about the ASEAN-China relationship and how to trade ASEAN currencies like the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit using the Core-Perimeter model. Get your market update from @ZabelinDimitri and @ddubrovskyFX : https://t.co/rNJkPpVCdk https://t.co/6qJKFUBFRm
GBP/USD Threatens Bearish Formation Ahead of BoE Minutes, Fed Meeting

GBP/USD Threatens Bearish Formation Ahead of BoE Minutes, Fed Meeting

2014-12-12 17:05:00
David Song, Strategist
Share:

Talking Points:

- GBP/USD Continues to Threaten Bearish Formation Ahead of BoE Minutes.

- USD/JPY Outlook Clouded by Snap Election; Will BoJ Further Expand QQE?

- USDOLLAR Carves String of Lower Highs Ahead of FOMC Interest Rate Decision.

For more updates, sign up for David's e-mail distribution list.

GBP/USD

GBP/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • GBP/USD looks poised for a larger correction as the bullish breakout in the Relative Strength Index (RSI) gathers pace; still waiting for a close above 1.2720-30 for conviction/confirmation.
  • Bank of England (BoE) Minutes may help to heighten the appeal of the British Pound should the majority of the MPC show a greater willingness to normalize monetary policy in 2015.
  • DailyFX Speculative Sentiment Index (SSI) may continue to act as a contrarian indicator for GBP/USD direction as retail crowd has been net-long GBP/USD since October 28, with the ratio currently standing at +1.26.

USD/JPY

USD/JPY Daily Chart
  • USD/JPY continues to carve lower-highs ahead of Japan’s December 14 election; pair remains vulnerable to a larger decline should Prime Minister Shinzo Abe fail to retain majority in the lower-house.
  • Even though the Relative Strength Index (RSI) comes off of oversold territory, may see a potential gap-higher in USD/JPY should we see a continuation of Abenomics in Japan.
  • At the same time, Bank of Japan (BoJ) policy meeting may continue to dampen the appeal of the Yen should Governor Haruhiko Kuroda keep the door open to further expand the asset-purchase program.
  • Looks as though former resistance around 117.00 (61.8% expansion) may continue to offer near-term support.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

The Weekly Volume Report: Divergence Galore!

EUR/USD Threatening Break of Key Gann Threshold

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11407.94

11442.83

11401.09

-0.14

70.39%

GBP/USD Threatens Bearish Formation Ahead of BoE Minutes, Fed MeetingGBP/USD Threatens Bearish Formation Ahead of BoE Minutes, Fed Meeting

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar struggling to retain the advance following the better-than-expected U. of Michigan Confidence survey, while the RSI threatens the bullish momentum.
  • Will keep a close eye on the Fed’s forward-guidance for monetary policy as market participants see the central bank removing the ‘considerable time’ phrase.
  • A close below 11,392 should generate a larger correction in USDOLLAR, with former resistance zones around 11,312 (78.6% retracement) to 11,351 (78.6% expansion) in focus.

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

Producer Price Index (MoM) (NOV)

13:30

-0.1%

-0.2%

Producer Price Index (YoY) (NOV)

13:30

1.4%

1.4%

Produer Price Index ex Food and Energy (MoM) (NOV)

13:30

0.1%

0.0%

Produer Price Index ex Food and Energy (YoY) (NOV)

13:30

1.8%

1.8%

Produer Price Index ex Food, Energy and Trade (MoM) (NOV)

13:30

0.1%

0.0%

Produer Price Index ex Food, Energy and Trade (YoY) (NOV)

13:30

1.7%

1.5%

U. of Michigan Confidence (DEC P)

14:55

89.5

93.8

Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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

DISCLOSURES

News & Analysis at your fingertips.