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
Mixed
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • 🇳🇱 Inflation Rate YoY (APR) Actual: 1.9% Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.89%, while traders in Wall Street are at opposite extremes with 77.13%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sV6ncqn10p
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/xkNb1VIrEN
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.10% 🇨🇦CAD: 0.08% 🇨🇭CHF: 0.06% 🇦🇺AUD: 0.03% 🇳🇿NZD: -0.03% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hxMR9a5jxI
  • Heads Up:🇳🇱 Inflation Rate YoY (APR) due at 04:30 GMT (15min) Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.25% US 500: -0.52% France 40: -1.12% Germany 30: -1.24% FTSE 100: -1.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sAj0aetO3t
  • Retail FX traders (at IG) have pushed up their long $USDCAD position to levels not seen in years which has nudged the net long to approximately 85% of open interest. They are fighting that trend https://t.co/eIOcdLiPik
  • Risk trends is the focus to start this week with the Nasdaq 100 dragging sentiment down through the close of the NY session. My attention is on the Dollar as pairs like $GBPUSD stare down major resistance or reversal: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/11/EURUSD-GBPUSD-and-Nasdaq-Outlook-Key-Levels-and-Events-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/72GGBPMNcw
  • White House monitoring supply shortages in parts of the southeast -BBG
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/RAtsYwpmXl
EUR/USD, GBP/USD, AUD/USD Charts for Next Week

EUR/USD, GBP/USD, AUD/USD Charts for Next Week

Paul Robinson, Strategist

The Euro is coiling up and will either continue moving lower in the confines of the downward channel or if it can break resistance, rally and snap the sequence. Cable has had an extended move off recent lows, but may be running out of steam to continue powering higher much longer. Aussie hit resistance and has since turned lower, more weakness may have the August low in focus soon.

Technical Highlights:

  • EURUSD coiling up for a move in confines of a channel
  • GBPUSD extended move may be running out of power
  • AUDUSD rolling over from resistance towards August low

See where our team of analysts see your favorite markets and currencies headed in the in the DailyFX Trading Forecasts.

EURUSD coiling up for a move in confines of a channel

Euro price action of late has gotten increasingly choppy and congested. The compression could soon lead to a move, at least by Euro standards. EURUSD has been stuck in the confines of an ongoing channel which points to the path of least resistance as being lower. A break lower is seen as likely having the low at 10925 coming up quickly. It will be important to be cautious with any shorts one might have at that point, even if a new low is made, due to the propensity of the Euro to bounce shortly after swings to new lows materialize. If the wedge breaks to the top-side, then look for the upper bound of the channel to snap and price to rise towards the trend-line from Feb of last year and the 200-day MA.

EURUSD Daily Chart (Inside channel confines)

EUR/USD, GBP/USD, AUD/USD Charts for Next Week

EURUSD 4-hr Chart (coiling)

EUR/USD, GBP/USD, AUD/USD Charts for Next Week

EURUSD Charts by Tradingview

GBPUSD extended move may be running out of power

Cable has been on a good run as of late, but is currently in a battle around the underside trend-line from the October 2016 flash-crash low (it also passes under the Jan flash-crash low). If price doesn’t stall here, then GBPUSD could rally on a bit further to the April 2018 trend-line/200-day combo over 12700. But given where Cable is now in the sequence off the lows, risk has quickly become skewed towards a potential pullback.

GBPUSD Daily Chart (watch upper parallel)

EUR/USD, GBP/USD, AUD/USD Charts for Next Week

GBPUSD Chart by Tradingview

AUDUSD rolling over from resistance towards August low

AUDUSD found some sellers the May and June lows, which has it headed back lower now. It isn’t as weak as Kiwi, but could nevertheless catch up and trade to the September/ August lows situated under the 6700-level. From a tactical standpoint, existing shorts off resistance may want to sit tight to see if this is the case. The general trading bias for the near-term then remains skewed lower until we see some type of bullish reaction that negates recent selling.

AUDUSD Daily Chart (Sep/Aug lows next?)

EUR/USD, GBP/USD, AUD/USD Charts for Next Week

AUDUSD Chart by Tradingview

Resources for Forex & CFD Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES