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. See our updated Privacy Policy here.

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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
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
More View more
Real Time News
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/hQgZB9T73q
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10CKUR https://t.co/9JVh6BsWa2
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/ZDuee58Abe
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/niJL2W2yXV
  • 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/0rNbbrd58e
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
Technical Outlook: DXY, Cross-rates, Crude Oil, Gold & More

Technical Outlook: DXY, Cross-rates, Crude Oil, Gold & More

Paul Robinson, Strategist

Join Paul Tuesday-Friday for webinars, for details please see the Webinar Calendar.

In this webinar, we discussed the corrective price action in the US Dollar Index (DXY) taking on the shape of a bear-flag. Subsequently, EURUSD is taking on a bull-flag. Yesterday, it dropped below the mid-111s support area but put in a bullish reversal bar which quickly brought the upside back into play. With further strength, the 113/11400 area is eyed as the next zone of resistance. GBPUSD, on the other hand, doesn’t look so hot, but is trading down into a support zone which could help keep it from declining much further, however; a bullish rejection is needed to build confidence in it once again. USDJPY isn’t postured very well, but does have confluence of support arriving not far below by way of a recent low, trend-line, and 200-day MA. A break below these support levels would clear a path towards 108.

EURAUD is holding key slope support extending higher from over a year ago, and as long as it continues to lean on it the consolidation holds bullish implications. EURNZD has been considerably weaker, but is dropping into a support zone which could provide a spot from which a bounce may develop. GBPAUD is attempting to hold a key area of support, and with a reversal-day it will be viewed as likely to bounce at the least. Yen-crosses are mixed, but mostly in a precarious position.

USDMXN recently broke an important trend-line running back to November 2015, and is currently retesting not only that trend-line but also a trend-line running down off the January high; if the recent break is to follow through it should do so from right here.

Gold has been working its way higher and nearing a big test of the 2011 trend-line. This t-line is viewed as the ‘line-in-the-sand’ for longer-term bulls and bears. A sharp rejection from this highly influential line will give sellers a cause, while a strong push above could have serious upside ramifications. We’re looking to gold for cues as to how to handle silver.

Crude oil turned sharply lower last week with the help of OPEC from the 51.60/52 zone we had penciled in as significant resistance. It's dropped back below a nearly 14-month-long trend-line which has been in focus. Stay below and we look for more weakness to ensue.

Equity indices are a tough handle right now, with clarity lacking in all watched markets. The DAX is stuck in a range and a break is needed before moving from the sidelines. The FTSE 100 is pressing up against a top-side trend-line which is keeping a lid on further appreciation. Despite resistance support comes in not far below – stuck between the lines. U.S. indices are strong, but don’t offer a tremendous edge; steering clear of shorts at the least.

Check out the video above for full technical and trading considerations.

See our quarterly forecasts to see how FX, equity indices, and commodity markets could play out during the rest of the Q2.

---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