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
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • 🇦🇺 Inflation Rate YoY (Q3) Actual: 0.7% Expected: 0.7% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-10-28
  • 🇦🇺 Inflation Rate QoQ (Q3) Actual: 1.6% Expected: 1.5% Previous: -1.9% https://www.dailyfx.com/economic-calendar#2020-10-28
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? $EURUSD may fall as $AUDUSD rises. Which way could $USDCAD capitulate ahead? - https://www.dailyfx.com/forex/technical/article/special_report/2020/10/28/US-Dollar-Sentiment-Outlook-EURUSD-AUDUSD-USDJPY-Retail-Positioning.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/nrELoX9dli
  • #ASX200 bursting higher after falling back to the H&S neckline and 50% Fib (6013.46) A push back towards the 6,100 mark could be on the cards if resistance at the 38.2% Fib (6069.65) gives way. #XJO https://t.co/zdOqIjcbbE
  • The AUD/USD exchange rate appears to be struggling to overcome key chart resistance ahead of Q3 inflation data as the RBA hints at further easing. Get your $AUDUSD market update from @DanielGMoss here:https://t.co/TJSXzD5qRB https://t.co/idsNEKpiym
  • Heads Up:🇦🇺 Inflation Rate QoQ (Q3) due at 00:30 GMT (15min) Expected: 1.5% Previous: -1.9% https://www.dailyfx.com/economic-calendar#2020-10-28
  • Heads Up:🇦🇺 Inflation Rate YoY (Q3) due at 00:30 GMT (15min) Expected: 0.7% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-10-28
  • Double top looking more plausible in the #SPX500, hinting a significant risk-off move is brewing across the broader markets. Confirmation on a daily close below 3198-3231 area, it seems #SP500 #stocks #technicalanalysis https://t.co/bhHZtJyoMN
  • Heads Up:🇨🇳 Communist Party Annual Meeting due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-28
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:https://t.co/0EFToM5Y8I https://t.co/JcOmMXJs1l
Euro Bounces From Critical Support, NZD/USD Outperforms - US Market Open

Euro Bounces From Critical Support, NZD/USD Outperforms - US Market Open

2019-09-26 13:30:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT –Euro Bounces Frome Critical Support, NZD/USD Outperforms

DailyFX 2019 FX Trading Forecasts

New Zealand Dollar is flying high after the RBNZ Governor dampened expectations that the central bank would need to utilise unconvential monetary policy tools (QE). At the same time, part of the recovery can be attributed to notable short-covering, given the extreme bearish positioning highlighted in the weekly commitment of traders report. While a sustained move higher in NZD is doubtful at present vs the US Dollar, risks are tilted for further losses in AUD/NZD however following the break below 1.0725, eyes for a move towards 1.0630 on a close below 1.07.

Euro finds support from 2019 low yet again at 1.0925, subsequently forming a triple bottom. That said, price action has been relatively contained in EUR/USD throughout the session amid sizebale option expiries situated from 1.0925 ($1bln) to 1.1000 ($6.5bln). Despite this however, the outlook remains bearish for the Euro with a pick-up in US-EU tensions on the horizon as the WTO are likely to rule that the US can place $8bln worth of tariffs on EU goods in relation to the EU’s illegal state aid to Airbus, thus given scope for pressure on EUR/JPY. Elsewhere, the uber hawk, Sabine Lautenschlager, stated that she would resign from the ECB amid the disagreement over the ECB’s latest stimulus package. Although, it is too soon to discern the tone of the ECB until her replacement is announced.

Today option expiries (expires at 10am NY cut)

Euro Bounces From Critical Support, NZD/USD Outperforms - US Market Open

Source: Refinitiv (SDRV), DTCC

Euro Bounces From Critical Support, NZD/USD Outperforms - US Market Open

Source: DailyFX, Refinitiv

WHAT’S DRIVING MARKETS TODAY

  1. EUR/USD Support Under Heavy Pressure, Eyes a Gap Lower Down” by Nick Cawley, Market Analyst
  2. Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support” by Paul Robinson, Currency Strategist
  3. Japanese Yen Price Outlook: USD/JPY, EUR/JPY Risk of Lower Levels” by Justin McQueen, Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- 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