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
Mixed
USD/JPY
Bearish
Gold
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
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
Bitcoin
Bullish
More View more
Real Time News
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: 0.66% Wall Street: 0.57% France 40: -0.63% Germany 30: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2HqH7X9r30
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMI3tC https://t.co/clt76kjXH4
  • European Opening Calls From IG: #FTSE 6975 -0.62% #DAX 12714 -0.60% #CAC 5653 -0.48% #AEX 580 -0.49% #MIB 22966 -0.54% #IBEX 9206 -0.49% #STOXX 3555 -0.49%
  • #AUDUSD accelerating lower as Chinese stocks benchmarks (#Shanghai Composite, #HangSeng Index) drop. US index futures (#SP500, #DowJones) are pointing higher however, so follow-through is in question. https://t.co/dEgNjn7gDu
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/uC8RCBwLW9
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.72%, while traders in USD/CAD are at opposite extremes with 70.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9ytjuGRTBC
  • Recession risk is back on the rise and largely attributable to expected economic impact from the #coronavirus outbreak. Get your market update from @RichDvorakFX here:https://t.co/NhzJHEqwj6 https://t.co/0XVIiOWjID
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.01% 🇳🇿NZD: -0.04% 🇨🇭CHF: -0.09% 🇦🇺AUD: -0.12% 🇬🇧GBP: -0.12% 🇯🇵JPY: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GtO4ITHwT0
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: US 500: 0.71% Wall Street: 0.67% France 40: -0.18% Germany 30: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/4ZVogLkGM6
  • My trading video for today: 'S&P 500 and #Dow Suffer Sharpest Tumble Since August 2015, Closer to Self-Sustaining Risk Off' https://www.dailyfx.com/forex/video/daily_news_report/2020/02/26/SP-500-and-Dow-Suffer-Sharpest-Tumble-Since-August-2015-Closer-to-Self-Sustaining-Risk-Off-.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/tMmopEmE64
Risk Sentiment Weighed Down But Overnight Data Tempers Declines

Risk Sentiment Weighed Down But Overnight Data Tempers Declines

2011-10-03 11:01:00
Joel Kruger, Technical Strategist
Share:

The fallout from the aggressive risk liquidation seen in Friday trade has rippled into the early week and markets remain under pressure as fear of contagion in the eurozone intensifies. The question of whether Greece will receive its next tranche of Eur8B is the key focus, and the added news that the country will miss budget deficit targets set out just a few months ago, despite a wave of austerity, has not helped matters.

Relative performance versus the USD on Monday (as of 10:55GMT)

  1. CAD +0.29%
  2. JPY +0.25%
  3. NZD +0.08%
  4. CHF -0.04%
  5. EUR -0.16%
  6. AUD -0.25%
  7. GBP -0.33%

A slew of better than expected PMIs across the eurozone and UK have been the only saving grace on Monday, with risk sentiment and US equity futures propped for now on the marginally upbeat data.

ECONOMIC CALENDAR

Morning_Slices_body_Picture_5.png, Risk Sentiment Weighed Down But Overnight Data Tempers Declines

TECHNICAL OUTLOOK

Morning_Slices_body_eur.png, Risk Sentiment Weighed Down But Overnight Data Tempers Declines

EUR/USD: The market remains under intense pressure and the latest corrective price action has now officially come to an end with a fresh lower top confirmed at 1.3690 following the drop to multi-day lows below 1.3360. This should open the door for a measured move downside extension towards our next objective by 1.3000 over the coming sessions, with only a break back above 1.3690 to delay outlook and give reason for pause.

Morning_Slices_body_jpy2.png, Risk Sentiment Weighed Down But Overnight Data Tempers Declines

USD/JPY:This is a market that looks like it trying very hard to establish some form of a base after recently setting fresh record lows just under 76.00. Although the downtrend remains intact and has been fairly intense, longer-term studies welcome the prospects of the formation of a material base and shift in the overall structure. Price action over the past several days has been confirming, with the market very well supported in the 76.00’s and unable to extend the downtrend to fresh record lows. From here, we look for the establishment back above the 50-Day SMA to reaffirm our recovery outlook and accelerate gains towards next key resistance by 80.25 further up. Ultimately, only a daily close back under 76.00 delays.

Morning_Slices_body_gbp2.png, Risk Sentiment Weighed Down But Overnight Data Tempers Declines

GBP/USD: The latest corrective price action has stalled out by 1.5715, and it looks as though the market could be in the process of carving a fresh lower top ahead of the next downside extension back below 1.5325 over the coming sessions. Below 1.5325 should then accelerate declines back under 1.5000, but in the interim, look for any rallies to be well capped ahead of 1.5700, with only a break back above to delay outlook and give reason for pause.

Morning_Slices_body_swiss1.png, Risk Sentiment Weighed Down But Overnight Data Tempers Declines

USD/CHF: Although daily studies are showing overbought and warn of the potential for a short-term corrective pullback, the recent daily close back above the 200-Day SMA is significant and now opens the door for the next upside extension towards 0.9500 further up. Medium-term and longer-term studies still show plenty of room for upside ahead, while the short-term outlook also remains constructive above 0.8645. Ultimately, only back under 0.8645 delays short-term outlook and would open the door for a more sizeable corrective decline. Still, even at that point, buying into dips would be the preferred strategy.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.