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
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/sqeRL7Rf7u
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/ukOW0dWJxf
  • Beautifully put. https://t.co/0fBsmUH6Pb
  • Gold prices could claw back lost ground ahead of the non-farm payrolls report for November, buoyed by a dovish FOMC, falling real yields and rising inflation expectations. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/3mqut0yQIQ https://t.co/nfyycibwKM
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/UWnLJHVPN4
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here: https://t.co/6ZH026QLRN https://t.co/JJIyKh8r1l
  • That if you’re offended by what someone says on Twitter and that ruins your day, you live an extremely lucky life to be able to have that be your biggest problem for the day. https://t.co/H9KQjR3ViK
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/tl54v6sKkX
  • Moving averages are extremely popular due to its easy-to-use nature and multitude of uses when trading. What are some popular moving averages and how can you use them? Find out: https://t.co/ik0wQ3MLGE https://t.co/heAYoTMDeR
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:https://t.co/ZNs4Qi8ieG https://t.co/UqZBBPZiOl
Coronavirus Vaccine Talk Supports Risk, GBP Boosted by PMI Data, Tesla Bubble - US Market Open

Coronavirus Vaccine Talk Supports Risk, GBP Boosted by PMI Data, Tesla Bubble - US Market Open

2020-02-05 13:30:00
Nick Cawley, Strategist
Share:

US Market Open – US Dollar, Gold,Crude Oil,Indices,

  • Market chatter that a cure to the Chinese coronavirus sends risk-on markets higher.
  • Sterling got a lift as UK PMI data surprises to the upside.
  • Tesla’s manic price action under the microscope.

Coronavirus Cure Chatter Sends Oil & Equities Higher

Risk-on markets received a leg-up in early trade on news reports that a cure for the Chinese coronavirus had been found. Equity markets added 1%+ while oil dragged itself of its recent multi-month lows, adding around 2%. Later in the session, a WHO spokesman seemingly poured water on the rumor, saying that there are no known therapeutics against this virus, taking the edge off the risk-on rally.

The British Pound received some positive news from the latest PMI release which showed business activity picking up, beating expectations and December’s outturn. GBP/USD is in a trading range and will need a strong impulse to break higher or lower.

Sterling (GBP) Boosted by Robust PMI Data, Euro-Zone Sentiment Nudges Higher

The stock of the moment Tesla (TSLA) has swung violently, mainly to the upside, this week and is now trading nearly 500% higher than last year’s low print in early June. The question now is how long the short-squeeze can go on for – Tesla is the most shorted stock in the US market – and is the market setting itself up for a sharp fall?

Tesla (TSLA) – Manic Price Action Suggest it’s a Bubble Set to Burst

Oil has picked itself up from its multi-month lows and is now around 2.5% better for the day. US crude is trading either side of notable support and if it is to stem the bear market sell-off will need to consolidate above the $51.00/bbl. level to start with before the $52.00-$52.20/bbl. is targeted. The chart bias remains negative, while the CCI indicator suggests oil is oversold.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Nick Cawley
Traits of Successful Traders
Get My Guide

Daily US Crude Oil Price Chart (February 2019 – February 5, 2020)

US crude oil price slumps
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Nick Cawley
Improve your trading with IG Client Sentiment Data
Get My Guide

For a full rundown of all market moving economic data and events see the DailyFX Calendar

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your market view – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact via Twitter @nickcawley1.

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

DISCLOSURES