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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/CxTBAFGAPD
  • GBP/USD extends the advance following the US Consumer Price Index (CPI) to trade to a fresh monthly high (1.3773). Get your $GBPUSD market update from @DavidJSong here:https://t.co/DwKsABI9fZ https://t.co/6wni0J5ZM5
  • RT @Live_News_Nick: #Bitcoin https://t.co/WD6Sb5lkc8
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.55% 🇳🇿NZD: 0.52% 🇨🇦CAD: 0.06% 🇨🇭CHF: 0.03% 🇪🇺EUR: 0.02% 🇯🇵JPY: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZWwEzFX2bY
  • The S&P 500 closed out the week in style, making a clear break above trendline resistance. Eyes now shift to the bulk of earnings season $SPX $SPY $ES_F https://t.co/4igMPafh0q
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.20% Silver: -0.83% Gold: -1.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/iKG3lJuWba
  • RT @EricBalchunas: The deed is done. Home free… $BITO https://t.co/Qf3U9quSfy
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.71%, while traders in GBP/JPY are at opposite extremes with 79.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OyMnOH8EOa
  • The past few weeks we have regularly mentioned that the SEC is likely to look kindly upon the few Bitcoin futures-based ETFs applications in its pending tray. Get your $btc market update from @nickcawley1 here:https://t.co/1XBRPL8IlD https://t.co/IKr70qAcDn
  • Gold prices are poised for a breakout in the days ahead as XAU/USD contracts into longer-term uptrend support. Get your weekly gold forecast from @MBForex here: https://t.co/nqPwZOLgEk https://t.co/rTWVRs1oJd
NZDUSD, AUDUSD, Crude Oil Technical Setups for Next Week

NZDUSD, AUDUSD, Crude Oil Technical Setups for Next Week

Justin McQueen, Strategist

Crude Oil, NZDUSD, AUDUSD Analysis and Talking Points

  • NZDUSD: 0.6700 Break Opens up Key Fibo Support
  • AUDUSD: Rise Limited Thus Far with 0.7200 Resistance intact
  • Crude Oil: Geopolitical Risk Premium Keeps $65 Test Alive

See the DailyFX Q2 FX forecast to learn what will drive the currency throughout the quarter.

NZDUSD: 0.6700 Break Opens up Key Fibo Support

Following the recent New Zealand CPI data, the outlook for the Kiwi has gotten materially worse with odds for a rate cut at the May 8th meeting now at 50%. This in turn has placed pressure back on the 0.6700 handle, which has now opened up test of key support at 0.6690 (23.6% Fibonacci retracement of 2017 high to 2018 low). Consequently, a closing break below could see selling exacerbate with a move to 0.6620. In order for a bearish outlook to ease, a bounce from 0.6690 and subsequently break above 0.6730-35 (200DMA) would be needed. NZD weakness may be better express through AUDNZD.

NZDUSD Price Chart: Daily Time Frame (Oct 2018 – Apr 2019)

NZDUSD, AUDUSD, Crude Oil Technical Setups for Next Week

Chart by IG

AUDUSD: Rise Limited Thus Far with 0.7200 Resistance intact

Recent sessions have seen a bout of Aussie buying following the recent improvement in Chinese data, while the continued hopes that a trade deal between the US and China can be finalised in the near future also provide underlying support, despite the domestic challenges in Australia. Overnight, the Australian jobs report was relatively robust and thus keeping the Aussie elevated. However, resistance stemming from the 200DMA at 0.7190 and psychological 0.7200 handle remain firm, preventing further upside in AUDUSD thus far. Next week will see a flurry of key data points from Australia (CPI report), which will be pivotal on whether 0.7200 resistance breaks down. If even indeed a firm breach is made, topside targets are situated at 0.7250-70. On the downside, key support is situated at 0.7130.

AUDUSD Price Chart: Daily Time Frame (Aug 2018 – Apr 2019)

NZDUSD, AUDUSD, Crude Oil Technical Setups for Next Week

Chart by IG

Crude Oil: Geopolitical Risk Premium Keeps $65 Test Alive

Sentiment in the oil complex was relatively soft on Wednesday with WTI failing yet again to break $65/bbl. While yesterday’s DoE crude inventory report showed a surprise drawdown, this was however less than the API report and thus oil prices pullback. With that said, geopolitical risks continue to keep oil prices elevated with the US once again stepping up its pressure on Venezuela, while we also move closer to the Iranian oil waiver expiration date. Despite WTI crude struggling to reach $65, support stemming from the 61.8% Fibonacci retracement provides technical support. As equity markets continue its grind higher to record highs, a $65 breach could see a move towards $68.70.

Crude Oil Price Char: Daily Time Frame (Aug 2018Apr 2019)

NZDUSD, AUDUSD, Crude Oil Technical Setups for Next Week

Chart by IG

FX Charts to Watch: USDCAD, CADJPY

RECOMMENDED READING

Guide to using key economic events to trade FX

--- 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