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  • GBP/USD is continuing its modest climb higher that began a fortnight ago, and could hit the psychologically important 1.40 level soon. Get your $GBP market update from @MartinSEssex here:
  • EUR/USD Nosedives on Record US Services PMI, Clarida Remarks -via @DailyFX Link to Analysis - $EURUSD $DXY #Forex
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  • The Clarida Curveball appears to have come in ~1 hour 20 minutes after the nasty ADP report (and five mins after I started the webinar) After ADP - $USD puts in bee-line to support, when testing bottom of the zone, Clarida's comments this is what's doing the driving
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  • Fed's Clarida says "If my baseline outlook does materialize, then I could certainly see supporting announcing a reduction in the pace of our purchases later this year." That would fit with the taper timeline that markets have eyed for months Note: announcement ≠ start of taper
  • RT @VPatelFX: ⚠️ It's not unusual for fringe FOMC members to have different views but can't recall a time when 3 senior Fed officials have…
  • $USD jumped off of the bottom of that range support and is already testing resistance next resistance 92.43-92.46 $DXY
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Trading Outlook: Euro, Cable, Cross-rates, Gold Price & More

Trading Outlook: Euro, Cable, Cross-rates, Gold Price & More

Paul Robinson, Strategist

Join Paul tomorrow at 9:30 GMT for the “Becoming a Better Trader” webinar, where he will discuss the importance of having a trading plan.

In this webinar, we focused primarily on FX with some emphasis on precious metals, crude oil, and global equity indices.

First off, we looked at the US Dollar Index (DXY) which is sitting below all levels of support and looking heading lower. EURUSD has broken out strongly above key trend-lines, but will face off with some decent resistance around 11140. A pullback/consolidation could offer up a potentially rewarding long-entry soon. GBPUSD is consolidating nicely, with a breakout looking like the likely scenario. There is one possible bearish scenario in the short-term, but with bigger picture support and trend direction favorable, weakness appears as though it will be viewed as a buying opportunity by the market. NZDUSD and AUDUSD are on the other end of the USD-spectrum and don’t look so hot, making them possible short candidates.

EURGBP is at an interesting cross-road of trend-lines and has our interest piqued from the short-side. Other cross-rates we looked at included – EURAUD, EURNZD, GBPAUD, GBPNZD, and a few of the JPY crosses. In the emerging market FX we looked at USDMXN and USDZAR – we’re in wait-and-see mode for now, but could have compelling set-ups down the road.

Precious metals are bouncing into resistance levels. Both gold and silver are working higher in short-term upward channels – a break of those channels may end the recent bounce.

Crude oil tagged off and turned lower from the trend-line we were looking at in yesterday’s webinar. A rising trend-line was broken as a result and shifts the focus back to the downside.

Global indices are still in bull-mode, but teetering a bit at current levels. The DAX is wobbling a bit, but price action is not invasive at this point. The FTSE 100 is trading at a top-side trend-line and may put a lid on it, at least in the near-term. The S&P 500 is still in consolidation phase; as long as 2380 holds then the market remains neutral to bullish.

For full technical considerations, please see the video above.

See our quarterly forecasts for FX, equity indices, and commodities to see where our team of analysts see markets heading for the remainder of Q2.

---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.