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
Bullish
Gold
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
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Gold: -0.18% Silver: -0.47% Oil - US Crude: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HlmK9LxkzJ
  • Just click on the link to listen https://t.co/uqBIzh4ts1
  • Thanks for joining me Claus. It was a fascinating chat https://t.co/426agcLe3o
  • EUR/USD Eyes Further Upside as Support Holds - Euro to USD Price Forecast More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2019/11/21/EURUSD-Eyes-Further-Upside-as-Support-Holds--Euro-to-USD-Price-Forecast-MK.html?CHID=9&QPID=917714 https://t.co/UmpYjokawR
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.27% 🇬🇧GBP: 0.17% 🇪🇺EUR: 0.11% 🇦🇺AUD: 0.07% 🇨🇦CAD: -0.00% 🇯🇵JPY: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/00soyUHmJz
  • RT @LiveSquawk: OPEC+ So Far Has No Plans To Deepen Current Oil Output Cuts During December Meeting – RTRS Sources #OOTT $CL_F
  • RT @C_Barraud: 🇩🇪 Moody’s downgrades outlook for German banking system to negative - CNBC *Moody's link: https://t.co/ms8Wi1Ngom https://t.…
  • OPEC is likely to extend existing oil supply cuts until June when group meets in December with no plans to deepen current oil output cuts, according to OPEC sources #OOTT
  • RT @PantheonMacro: Our Chief Eurozone Economist @ClausVistesen was on the @DailyFX Podcast with @MartinSEssex recently, discussing the path…
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: -0.01% Wall Street: -0.01% Germany 30: -0.22% France 40: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/RBUUmEBTY6
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, Currency 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

News & Analysis at your fingertips.