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
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
GBP/USD
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
USD/JPY
Bullish
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
Bearish
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • $GBPUSD is catching some serious traction. I haven't been paying attention, but these polls are having an effect. Cable now at mid-point of past two-year range and 5-year trendline resistance https://t.co/ZtVQDuaPtA
  • OPEC+ agreement is for cut of 500k bpd according to delegate -BBG
  • #EURGBP has plummeted to a 19-month low while #GBPCAD and #GBPUSD are re-testing critical resistance channels. #GBPAUD has reached a three-year high but will upside momentum last? https://www.dailyfx.com/forex/technical/article/special_report/2019/12/05/British-Pound-Technical-Analysis-EURGBP-GBPUSD-GBPCAD-GBPAUD.html
  • Saudi Oil Minister says decision will be given tomorrow #OOTT #OPEC
  • $EURUSD Daily Pivot Points: S3: 1.0883 S2: 1.097 S1: 1.1025 R1: 1.1112 R2: 1.1145 R3: 1.1232 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Brace yourselves for a volatile week ahead - (key highlights) Dec 11 - FOMC🇺🇸, BCB🇧🇷 rate decisions Dec 12 - #UkElection 🇬🇧 - ECB🇪🇺, SNB🇨🇭 rate decisions - US CPI - OPEC🛢️report - Aramco starts trading on exchange Dec 13 - Bank of Russia🇷🇺 rate decision - US retail sales 🛒
  • Event risks for tomorrow includes $CAD Net Change in Employment, USD Change in Non-farm Payrolls and USD U. of Mich Consumer Sentiment https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr https://t.co/xtPdEsf1wl
  • What is market volatility and what does a market event volatility look like? Find out from @PaulRobinsonFX here: https://t.co/vg7w10la3j https://t.co/MHcvB69Zgp
  • FX Spot Update: $EUR 1.1105 $JPY 108.79 $GBP 1.3162 $CHF 0.9875 $CAD 1.3175
  • US Equity Index Update (Thursday Close): $DJI +0.10% $SPX +0.17% $NDX +0.14% $RTY -0.05% $VIX -1.76%
Technical Outlook - DXY, GBP-pairs, Gold Price, FTSE 100 & More

Technical Outlook - DXY, GBP-pairs, Gold Price, FTSE 100 & More

2017-04-19 11:59:00
Paul Robinson, Currency Strategist
Share:

Join Paul live every Tuesday – Friday. For details and a full line-up of all upcoming live events, please see the DailyFX Webinar Calendar.

In today’s webinar, we focused primarily on FX, with emphasis on the surge in sterling. GBPUSD has broken the neckline of a big-picture bottoming pattern, and looks ready to make a move towards 13400/3500. But we need to see it cross over ~12900 with conviction as there is resistance from several months back. EURGBP is one of the more compelling looking cross-rates we looked at, with it set it appears on the verge of a big move lower. While it’s a macro set-up, there will still be opportunities along the way on the shorter-term time-frames. GBPJPY and GBPCAD also have our attention.

The DXY is trading at trend-line support and just above a thicket of other support lines. As such, it is at risk of a bounce in the near-term, but a break below all support levels could make for a big concerted move lower in the dollar.

Yen-crosses are mostly mounting rallies from oversold, but conviction is fairly low at this time. NZDJPY may soon be of interest for yet another leg lower if it can’t bounce from support.

USDZAR tested the long-term (2011) trend-line and reversed last week. The reversal now has us on the hunt for set-ups on the daily chart moving forward.

Gold is up against the 2011 trend-line, which has us cautious on longs, but not necessarily bullish on shorts. Silver is pulling back from resistance but has some intermediate-term trend support close at hand. We’re in a holding pattern in precious metals for the most part. The same goes for crude oil.

European equity indices took a shot yesterday and look headed lower. We ran through possible points of interest on the DAX, CAC 40, and FTSE 100. The S&P 500 is still poorly postured and as long as it stays below the trend-line off record highs the view remains bearish, with another lower low towards 2300 anticipated.

For full technical considerations, please see the video above.

Looking to further educate yourself about trading? See our Trading 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.