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  • Retail traders appear to be reducing long exposure in the Euro after recent gains. This hints that EUR/USD and EUR/JPY may rise in the near term, but could this trend last down the road? Find out from @ddubrovskyFX here:https://t.co/Y1d4DXeKEE https://t.co/sD5elbDCWa
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.99%, while traders in France 40 are at opposite extremes with 75.56%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Xopq2F0ZEs
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  • The Dollar extended its slide this past session as Fed's Powell tried to soften the 'eventual taper' message. Ahead, we have US retail sales, more quarterly earnings (BLK, TSM, DAL), Turkish CB rate decision and China 1Q GDP. Targeted volatility ahead? https://www.dailyfx.com/forex/video/daily_news_report/2021/04/15/Dollar-Tumble-Continues-as-Powell-Deflects-Taper-Retail-Sales-Earnings-and-Crypto-Ahead.html https://t.co/NP6sWFeB7s
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.06% 🇳🇿NZD: 0.01% 🇨🇦CAD: -0.02% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.09% 🇦🇺AUD: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OKyitguR1H
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.13% FTSE 100: 0.13% US 500: 0.07% Germany 30: -0.08% France 40: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hKFGqiob3c
  • Heads Up:🇮🇩 Balance of Trade (MAR) due at 04:00 GMT (15min) Expected: $1.64B Previous: $2.01B https://www.dailyfx.com/economic-calendar#2021-04-15
  • The USD was flat against SGD, THB, IDR and PHP as falling Treasury yields offset potential gains from Emerging Market Stock declines. Ahead, all eyes are on Chinese GDP, US CPI, Powell and the MAS. Get your $USD market update from @ddubrovskyFX here:https://t.co/qwileJ3OUX https://t.co/E1CgQSp4xH
  • BOK's Lee: - Yields under close watch - Will be a "considerable time" before digital currency issuance - Growth potential may be much lower than it was before Covid - BBG
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.02% Silver: -0.10% Oil - US Crude: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/qKzhq3VVN3
Trading Outlook: US Dollar, Gold/Silver, Indices & More

Trading Outlook: US Dollar, Gold/Silver, Indices & More

Paul Robinson, Strategist

Paul conducts webinars every Wednesday, Thursday, and Friday. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.

In today’s session, we took a look at the precarious spot the US Dollar Index (DXY) sits. GBPUSD may have finally broke the recent price action shackles and headed higher, while EURUSD is trying to lift from support. USDJPY is in a vulnerable spot here, it needs to turn higher soon or else a big move lower could unfold. The Yen crosses in general have been and continue to be a focus; GBPJPY triangle looking headed for a breakout very soon.

Gold is ripping out of a triangle we’ve been watching the past couple of days, with it almost near resistance in the low 1260s (200-day, trend-line). A break through there (and perhaps some help from the dollar) could see this thing towards big horizontal resistance and the 2011 downtrend line; both arriving right around 1300. Silver continues to work towards our first target objective at ~18.50; 19 is still the bigger target at this time.

Crude oil, one word – Messy. We’ll revisit later when it gives better indications.

Yesterday, U.S. indices showed some vulnerability after running relentlessly in recent weeks. The Nasdaq 100 put in an engulfing bar, more downside likely to come. The DAX is falling back from resistance, but does have some support to watch not too far below. The FTSE is rolling over a bit, with trend-line support potentially coming into focus soon – watch for sterling strength to possibly add to weakness. Overall, volatility has been compressed for a while now, and March can be a volatile time. With that in mind, we could be in for a ride next soon.

Trading Ideas and Guides

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

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

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