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
Mixed
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.16%, while traders in US 500 are at opposite extremes with 77.23%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6hcL6283Yf
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.13% 🇯🇵JPY: -0.02% 🇨🇦CAD: -0.02% 🇨🇭CHF: -0.06% 🇬🇧GBP: -0.11% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CwF9QmReEw
  • $USDHKD: “If the HIBOR-LIBOR spread increases again, and at the same time the USD/HKD exchange rate returns to 7.85, money could indeed be moving out of Hong Kong.” - via @ING_Economics https://t.co/xWYns19eoQ
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: US 500: 0.03% Wall Street: 0.01% Germany 30: -0.00% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2njXMVkFO7
  • Asia Pacific Equities Update: Nikkei 225 (-0.19%), Shanghai Composite (+0.12%), ASX 200 (+0.52%), KOSPI (+0.28%)
  • My trading video for today: 'Dollar or Dow: Which Faces the Biggest Impact from the Fed Decision, Forecasts?' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/11/Dollar-or-Dow-Which-Faces-the-Biggest-Impact-from-the-Fed-Decision-Forecasts.html?CHID=9&QPID=917719 https://t.co/K0zruCw1qy
  • Market positioning hints that NZD/USD may turn higher as the AUD/USD extends its near-term drop ahead of the Fed, UK General Election and the December 15 US-China tariff deadline $AUDUSD $NZDUSD - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/12/11/NZDUSD-Rate-May-Rise-as-AUDUSD-Price-Falls-on-Trader-Bets.html?CHID=9&QPID=917702 https://t.co/j1d3kkVfEf
  • Philippine keeps CPI assumption through 2020 at 2%-4%, latest estimates on 2020-2022 GDP growth at 6.5% to 7.5% -BBG $USDPHP #PHP #BSP
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: -0.04% Silver: -0.18% Oil - US Crude: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/LgsPNfcKsp
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.05% 🇪🇺EUR: 0.01% 🇨🇭CHF: -0.01% 🇨🇦CAD: -0.05% 🇬🇧GBP: -0.15% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OY4a8ADSNd
Trading Outlook – US Dollar, Gold/Silver Price, S&P 500 & More

Trading Outlook – US Dollar, Gold/Silver Price, S&P 500 & More

2017-03-10 11:35:00
Paul Robinson, Currency Strategist
Share:

Paul conducts webinars Tuesday – Friday each week. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.

In today’s webinar, we discussed a few different markets and where they may be headed over the short-term. First up, we looked at the US Dollar Index (DXY) and its continuing grind higher, with a resolution to the recent grind coming soon. Maybe next week with the FOMC rate decision on the 15th. USDCHF has a rising wedge which is soon set to break, and with that we would look for the EURUSD to make good on what appears to be a bottoming formation. GBPUSD is falling towards a support zone of critical mass. The question is, will the grind lower turn into a capitulation style move, or is it the sign of lack of conviction by sellers. We looked at a prior period from last year where price action was similar and it led to a squeeze higher; a strong daily turn would be our cue that this will be the case once again.

We also examined several cross-rates which included – EURJPY, GBPJPY, EURAUD, EURNZD, USDMXN, USDZAR and a few others.

The rout in precious metals continues, with gold and silver not having any good support levels for a little distance lower. However, selling into this sharp decline doesn’t hold good risk/reward and will want to wait and see how a correction unfolds before possibly looking to take advantage of further weakness into noted support levels.

Crude oil finally made a strong break from the ascending wedge it had been building for quite some time. The drop comes as no surprise given how long large futures speculators are. There is trend-line support in the area, but given the momentum on the initial drop out of a period of congestion, there looks to be more downside on the way, possibly down as far as the low 40s.

The Nikkei 225 is perking up again, looking like 20k wants to come soon. The DAX has once again defended the December trend-line, and is in the process of completing a rising wedge. Appetite for stocks, globally, remains healthy and so an upside break looks probable towards the 2015 record highs, but a downside break could bring a lot of momentum as longs liquidate quickly. The S&P 500 tested some good support yesterday, now looking to shove higher or possibly consolidate for a period of time. Generally, the bias remains bullish at this time.

For full technical considerations, please see the video above.

Trading Ideas and Guides

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES

News & Analysis at your fingertips.