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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
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
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
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • Currency markets may be battered by breakneck volatility if a slowdown in global economic growth triggers a collapse in the fragile market for collateralized loan obligations (CLOs). Get your market update from @ZabelinDimitri here:https://t.co/KfjjtaXs7b https://t.co/sWeSlv33pb
  • The #Dow Jones and #Nasdaq 100 will await key earnings from some of the world’s largest manufacturers and tech companies while the #DAX grapples with freshly-imposed tariffs. Get your equities market update from @PeterHanksFX Here: https://t.co/u2lG19JFt3 https://t.co/OHs4rQEH7T
  • Crude #oil prices are consolidating above a key support zone we’ve been tracking for more-than three months now. Get your market update from @MBForex here: https://t.co/XaACvEpLG4 #OOTT https://t.co/XjmjUt4Par
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/SYduJ5k9mL
  • As the global economy continues to contract, the risk of geopolitical threats undermining financial and economic stability are rising, leaving the door open to violent volatility. Get your market update from @ZabelinDimitri here:https://t.co/2HEzqPobvA https://t.co/k13SwJmbRm
  • RT @IGSquawk: We're currently pricing #GBPUSD at 1.2852 and #FTSE at 7129.2 That's a drop of 1.18% from Fridays close for GBPUSD and 0.22%…
  • #DidYouKnow 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/K6W9X4v8XD
  • The $NZD may be carving out a near-term bottom against its US counterpart but scope for gains seems limited within a broader downtrend. Get your technical analysis from @IlyaSpivak here: https://t.co/7bsVuSyWMn https://t.co/DsmNYKk8v3
  • Can you trade with the joy of missing out (#JOMO)? Find out how you can turn your #FOMOintrading to JOMO here: https://t.co/G5H26NXZQe https://t.co/pVdKUPzvmk
  • RT @PaulBrandITV: It’s likely that this will end up in court on Monday. The case in the Scottish courts may well consider that this doesn’t…
GBP/USD Uptrend Eyes EU Meet, AUD Likes China Import Tax Cut Plan

GBP/USD Uptrend Eyes EU Meet, AUD Likes China Import Tax Cut Plan

2018-09-20 05:00:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Wrap – NZ GDP, NZD/USD, AUD/USD, China Import Tax Cuts, GBP/USD

  • NZ GDP data and reports of Chinese import tax cuts highlighted quiet APAC trade
  • Asia Pacific stocks traded rather mixed. Anti-risk Yen cautiously gained with AUD
  • GBP/USD uptrend may reignite on Brexit progress at EU meeting press conference

Trade all the major global economic data live and interactive at the DailyFX Webinars. We’d love to have you along.

A better-than-expected New Zealand GDP reported overshadowed an otherwise relatively quiet Asia Pacific trading session heading into the end of this week. Economic growth topped estimates and cooled RBNZ rate cut bets, offering New Zealand Dollar prices a hefty lift. NZD/USD is now on pace to experience its largest weekly gain since February.

Not surprisingly, this weighed against the alternatively high-yielding Australian Dollar. This also meant that AUD/NZD is on pace for its worst performance in a single day since January, but the long trade is still in play as the pair remains above the rising trend line from April. Meanwhile the anti-risk Japanese Yen saw some cautious gains amidst performance in Japanese and Chinese benchmark stock indexes.

The Nikkei 225 gapped higher but then traded lower after intense gains over the past days opened the door to testing the highs seen back towards the beginning of this year. Meanwhile the Shanghai Composite headed about 0.12% lower as US and China head for implementing fresh tariffs on September 24th. The ASX 200 largely traded sideways. South Korea’s KOSPI rallied more than one percent.

As APAC trade headed into its conclusion for the day, reports crossed the wires that China is planning on broad import tax cuts as soon as October. This sparked a mild “risk on” trading dynamic as the Australian Dollar edged carefully higher.

Over the remainder of Thursday, the markets and the British Pound eye the press conference of the informal meeting of EU heads of state. Brexit talks will be taking place after GBP/USD came under pressure yesterday as Theresa May rejected EU Barnier’s offer on the Irish border. Signs that more progress are being made away from a “no deal” Brexit could reignite Sterling gains.

See our study on the history of trade wars to learn how it might influence financial markets!

GBP/USD Technical Analysis

The British Pound has paused gains against its US counterpart after a break above the descending range of resistance from May. More favorable Brexit news could reignite its upside momentum, further overturning the dominant downtrend from April – August. From here, near-term resistance is the 38.2% Fibonacci retracement at 1.3317 while support stands at 1.3067.

GBP/USD Daily Chart

GBP/USD Uptrend Eyes EU Meet, AUD Likes China Import Tax Cut Plan

Chart created in TradingView

FX Trading Resources:

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES

News & Analysis at your fingertips.