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
Subscribe
Please try again
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
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • $EURUSD is up slightly today after no changes in the ECB's policy stance, rising from around 1.2120 to currently trade around 1.2150. The pair remains notably off the 1.2300 levels hit earlier this month. $EUR $USD https://t.co/prVZJHYeet
  • Risk trends have definitely throttled back today suggest, which further suggests yesterday was a relief rally. But there remains a notable pace advantage of the tech-based Nasdaq to broader $SPX. Still the core of speculative appetite chasing momentum https://t.co/Mbinh0d0vS
  • ECB is said to be seeking new gauges to help with stimulus decisions - BBG. #ECB $EUR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 71.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/3l38C71A5Y
  • The price of gold turned sharply higher Wednesday, aided by a weaker US dollar, and the precious metal is now running into a cluster of resistance which may prove tricky to overcome in the short-term. Get your $XAUUSD market update from @nickcawley1 here:https://t.co/QXImirPhig https://t.co/7NHSYSG6wr
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: -0.38% Gold: -0.46% Oil - US Crude: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wjD8G0OKGh
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.42% 🇨🇭CHF: 0.31% 🇪🇺EUR: 0.28% 🇦🇺AUD: -0.01% 🇯🇵JPY: -0.06% 🇨🇦CAD: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/p6eJQtcP7a
  • #Silver is now trading around $25.70 after testing around $26.00 earlier today, its highest levels since early last week. $XAG $SLV https://t.co/sySkamAx3R
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 0.08% Wall Street: -0.01% FTSE 100: -0.14% Germany 30: -0.21% France 40: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/dNiSk0EfSW
  • Hey traders! Get your Thursday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/1Ywrv7Qh9D
Trading Outlook for US Dollar, Cross-rates, Gold Price & More

Trading Outlook for US Dollar, Cross-rates, Gold Price & More

Paul Robinson, Strategist

DailyFX analysts hold live events daily, for details please see the Webinar Calendar.

The US Dollar Index (DXY) is down into a big area of long-term support, a zone which dates back as far back as 1998. The index is at the upper portion of the zone and could still dive deeper into support before finding a low, and with tepid price action that is what looks to be the most likely scenario at this time. The euro, which is a large portion of DXY, is holding up well and showing solid signs of consolidation for another leg higher. GBPUSD has been weak, weak, weak; but it could soon find support in the mid-12700s and rebound. It’s had a nice short-term sequence for sellers on the hourly chart, but that could change very soon if support holds. USDJPY continues to look heavy. USDCAD looks poised for lower prices, but the 2012 trend-line may become a point of interest in the not-too-distant future to look for a rebound to begin from. We also looked at AUDUSD and NZDUSD, with the two having diverging outlooks. With a little time, we should gain clarity as to which will offer a better opportunity.

Yen-crosses are generally heavy in-line with a stronger Yen versus USD. We took a look at EURJPY, GBPJPY, and NZDJPY in particular. We also looked at EUR & GBP vs. other currencies, but the one we took note of from a short-term standpoint was GBPAUD. There is a nice little descending wedge forming on the hourly in-line with the broader trend lower. There is support about 100-150 points lower via a trend-line extending back to October, but for the short-term trader an opportunity may be there. EURGBP is trading outside of the rising wedge formation we looked at last week, but is at risk of becoming an 'overthrow' as it trades up into the important October 7 spike-day high. Should we soon see a reversal from resistance and undercut of the bottom-side of the pattern interest from the short-side will pick up quickly as the overthrow signals a fake-out breakout.

Gold is well beyond the 2011 trend-line, but trading around double-top levels near 1300. For the long-side to gain traction a strong push above 1300 is needed, but certainly in the cards. Silver is trading within the confines of a rising channel and as long as it stays within it then the bias is neutral to bullish. For silver, we’re keying in on that 1300-break (or not) in gold prices. Crude oil is a tough one to get a handle on with whip-saw volatility dominating. But overall, the feeling on this end is we are nearing another swoon lower and will eventually end up sub-40.

The importance of trading psychology can’t be underestimated. Check out this beginner’s guide – Building Confidence in Trading.

Equity indices are a tough spot to be right now. The DAX is coiling up and thus directionless for the most part. Remain below the low-12300s and the outlook remains neutral to bearish. The S&P 500 breaks hard, but quickly rebounds above broken trend support. Generally, it’s still a bull market and all short set-ups are difficult. However, longs at this time aren’t much easier. Better opportunity at this time looks to be in the FX-space.

For full technical considerations, please see the video above…

---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