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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The market’s preferred ‘fear indicator’ shows a persistent uncertainty around the near future. What can our current conditions and history tell us what to expect from the #VIX through the final two months of the year?https://t.co/jlhcFhH4sI https://t.co/zIrEjxqymJ
  • #Stock market performance is considered an important predictor of the economic outlook. What else can it be used to project? https://t.co/ViTMl19TW3 #Elections2020 https://t.co/methLCaBho
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/b9XwwYS9uJ https://t.co/8OIZVJnaD6
  • A #Euro reversal off technical downtrend resistance now risks a larger correction in price. Here are the levels that matter on the $EURUSD weekly chart. Get your #currencies update from @MBForex here: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/31/Euro-Technical-Outlook-EURUSD-Breakdown-Aims-For-Multi-month-Lows.html?QPID=30472&CHID=9 https://t.co/iVhmCXi9EG
  • We are days away from the US Presidential election and the markets are caught in the vortex. A contested outcome would raise serious volatility for the markets whereas a decisive outcome seems to support bullish $SPX and Dollar views from the market rank. https://www.dailyfx.com/forex/video/daily_news_report/2020/10/31/SP-500-and-Dollar-Forecast-Leads-Global-Markets-with-Elections-Expectations-.html https://t.co/JnJbyu6TRT
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here: https://t.co/soPu0Wefz2 https://t.co/UWsERr2AYh
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here: https://t.co/gWOxdqk8OL https://t.co/gBMgF0YNjH
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • 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/DjMdgL5x19
Trading Outlook Ahead of FOMC: US Dollar, Cross-rates, Gold Price & More

Trading Outlook Ahead of FOMC: US Dollar, Cross-rates, Gold Price & More

2017-06-14 10:42:00
Paul Robinson, Strategist
Share:

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

Today, we took a look at markets ahead of the FOMC announcement. Expectations are for another 25-bps hike, where the ‘surprise’ element could come into play is in regards to future signaling for the remainder of the year. For live coverage of today's FOMC announcement, sign up here.

We started off by looking at the US Dollar Index (DXY), which is still stuck in a pretty solid downtrend, but may have a correction in it with a higher low attempting to carve itself out. EURUSD, ~57% of the DXY, looks like it may want to dip a little here, but trend-line support from April and the mid-111s offer good support. A hold will be key for the near-term bullish outlook to remain. This morning, GBPUSD was rejected on a test of old support turned resistance near 12800. As long as it stays beneath the bias is for a move below 12600 in the near-term. USDJPY is a bit of a mess but at a confluence of technical events which makes the situation a bit explosion. We’ll wait on this one.

Cross-rates discussed were EURAUD, EURNZD, GBPAUD, GBPNZD and Yen crosses.

After gold’s massive rejection on an attempt to put in a strong weekly close above the 2011 trend-line, it is now holding the 1260s-support area on the daily. If gold breaks solidly below 1260 then look for follow through on last week’s reversal. If 1260 can maintain and gold can get a bid higher and negate last week’s bearish reversal, a much broader move higher is anticipated.

Crude oil is failing to muster much of a bounce after dropping below the 47 level. Looking for continued follow-through down beneath 44.

The DAX is carving out a bullish configuration and looks headed towards 13k, while the CAC 40 is working on breaking out of a descending wedge. The FTSE 100 is caught between strong top and bottom-side levels, need to wait for a resolution. The S&P 500 is hanging tough after Friday’s wild day, looking for a new high soon.

For full technical considerations, please see the video above…

Looking for Ideas? Check out our Trading Forecasts.

---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