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
Bullish
Oil - US Crude
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
Wall Street
Mixed
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
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/fN2mfHgpON
  • The formation of several bullish technical patterns suggests that the haven-associated Japanese Yen is at risk of further losses against the Euro and Australian Dollar. Get your market update from @DanielGMoss here:https://t.co/qxQwHgD9Ey https://t.co/ym73tgtHLn
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/ytHqOoHnxQ
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/155l4SQU6P
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/vkLRsG8KEn
  • The Australian Dollar may be at risk of losses against the New Zealand Dollar after an unexpectedly high NZ inflation reading sent AUD/NZD towards challenging short-term rising trend support. Get your $AUD market update from @ddubrovskyFX here:https://t.co/JoaUMTv80S https://t.co/Hl4I8Gl7Ez
  • 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/6lPNDoWZAw
  • The gold price rebound keeps XAU/USD within the confines of the August downtrend. From a trading standpoint. Get your $XAUUSD market update from @MBForex here:https://t.co/B3Jct6mIBD https://t.co/gHAtO2jcrp
  • Gold recovered from a steep sell-off this morning to finish the day just lightly lower $XAU $USD https://t.co/lkcyL8gts9
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.05% 🇨🇭CHF: 0.01% 🇯🇵JPY: -0.25% 🇳🇿NZD: -0.55% 🇦🇺AUD: -0.64% 🇨🇦CAD: -0.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UVTYrLMwRS
Cable Continues to Search for Support- FX Position Back at Extreme

Cable Continues to Search for Support- FX Position Back at Extreme

David Song, Strategist

Talking Points:

- GBP/USD Retail Position Back at Extremes as Pair Continues to Search for Support.

- AUD/USD Vulnerable to Further Losses on Narrowing China Trade Surplus.

- USDOLLAR Breaks Out Despite Mixed Data- Fed’s Beige Book on Radar.

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 extends the decline from earlier this week as U.K. Industrial & Manufacturing unexpectedly contracts in November; with the Relative Strength Index (RSI) pushing deeper into oversold territory, downside targets remain in focus with the next region of interest coming in around 1.4290 (78.6% retracement) to 1.4310 (61.8% expansion).
  • Even though the Bank of England (BoE) interest rate decision is likely to reveal another 8-1 split within the central bank, the fresh comments may halt the near-term selloff in the sterling should the Monetary Policy Committee (MPC) show concerns surrounding the marked decline in the exchange rate.
  • The DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long GBP/USD since November 19, but the ratio appears to be working its way back towards recent extremes as it climbs to +2.86, with 74% of traders now long.

AUD/USD

AUD/USD Daily Chart
  • AUD/USD appears to have made a failed attempt to test the September low (0.6906) as the pair holds within the previous day’s range, while the RSI holds above oversold territory.
  • However, as China – Australia’s largest trading partner – is anticipated to show a narrowing trade surplus in November, the weakening outlook for global trade may dampen the appeal of the Australian dollar as it puts increased pressure on the Reserve Bank of Australia (RBA) to further insulate the real economy.
  • Will watch former support around 0.7080 (38.2% expansion) to 0.7090 (78.6% retracement) for new resistance, with the next downside targets coming in around 0.6830 (161.8% expansion) to 0.6860 (61.8% expansion).

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

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

12229.25

12245.49

12197.3

0.22

134.36%

Cable Continues to Search for Support- FX Position Back at ExtremeUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite the mixed batch of data coming out of the U.S. economy, the USDOLLAR may extend the advance from earlier this month and looks poised for another leg higher as it breaks out of the range carried over from November; will keep a close eye on the RSI as it approaches overbought territory.
  • More of the same from the Fed’s Beige Book may spur a limited market reaction as the U.S. economy approaches full employment, but greater concerns surrounding the inflation outlook may dampen the appeal of the dollar as it drags on interest rate expectations.
  • Topside targets around 12,273 (161.8% expansion) to 12,296 (100% expansion) are on the radar as the dollar appears to be coiling for a move higher.
Cable Continues to Search for Support- FX Position Back at Extreme

Read More:

USD/CAD Technical Analysis: Multiple Major Targets Hit This Morning

Price & Time: NZD/USD: Starting Down or Bullish Backtest?

WTI Crude Oil Price Forecast: The Unthinkable $30 Level Approaches

Bearish EURUSD: Eyeing New 2016 Lows

Avoid the pitfalls of trading by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders" series.

--- 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

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

DISCLOSURES