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
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • $Gold pull back didn't quite get back to that area of prior resistance. But a couple of confluent fibo levels have come into play 1763-1766 https://t.co/klQZ7R6n1Z https://t.co/vBpKjqgRvd
  • Heads Up:🇷🇺 Unemployment Rate (MAR) due at 16:00 GMT (15min) Expected: 5.6% Previous: 5.7% https://www.dailyfx.com/economic-calendar#2021-04-20
  • US Indices are all notably down today and the $VIX has risen back above 19.0, trading at a fresh high for the month. DOW -0.91% SPX -0.96% NDX -1.40% RUT -2.49% $DIA $SPY $QQQ $IWM https://t.co/NiUakfonzK
  • #Gold Price Outlook: Gold Breakout Stalls at Trend Resistance - $XAUUSD Levels - https://t.co/uDTxlXD38x https://t.co/9OG6neiIWm
  • Popular stocks in the reflation trade are getting killed today with $X $BA and $XOM taking on heavy losses and slipping beneath key trendlines https://t.co/QUBxrddVPf
  • NZD/USD trades to a fresh monthly high (0.7230) ahead of the update to New Zealand’s Consumer Price Index (CPI). Get your $NZDUSD market update from @DavidJSong here:https://t.co/S11FQOYOI6 https://t.co/oDwtxdAGn1
  • $WTI sharply lower following the news, falling from 63.50 to below the 62.00 level and hitting a six day low. WTI had just hit a fresh one month high above 64.00 yesterday before heading lower. $OIL $USO https://t.co/ua41VxOcK3
  • US House Judiciary Committee passes bill that would open oil producer group OPEC to antitrust lawsuits over production cuts #OOTT
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.30% 🇨🇭CHF: 0.08% 🇪🇺EUR: 0.07% 🇯🇵JPY: -0.03% 🇨🇦CAD: -0.10% 🇬🇧GBP: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/F5JFbaecXj
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -0.59% Wall Street: -0.68% Germany 30: -1.54% FTSE 100: -1.92% France 40: -2.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/XYTWCCVSa1
Trading Outlook: USD-pairs, Cross-rates, Gold & More

Trading Outlook: USD-pairs, Cross-rates, Gold & More

Paul Robinson, Strategist

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

The US Dollar Index (DXY) could soon curl up from what could be a broad ‘inverse head-and-shoulders’ formation. The dollar could still fail here, but given where it taking shape from in a long-term support zone the prospects of seeing an eventual neckline break look promising. But we’ll first need to wait for that to take shape before drawing concrete conclusions about the validity of the formation.

US Dollar Index (DXY): Daily

Trading Outlook: USD-pairs, Cross-rates, Gold & More

In flipping the DXY chart upside down we effectively have a chart of the euro, which makes sense given that the single-currency has a 57% weighting in the index. GBPUSD has undergone a strong bounce, with no real levels to operate off of in the vicinity of current levels, but nevertheless cable looks poised to move lower in-line with a generally stronger dollar. Support to watch out for clocks in at a pair of trend-lines dating back to March and April. These fall around the 13000 handle.

EURJPY is riding on a trend-line dating back to June and lately has put it to the test, and if we don’t see a strong reaction off of it then we could see some sizable selling come in. Below 13150 gets it in the clear for downside momentum to likely kick in. CADJPY is testing a trend-line off the June low as well after breaking the neckline of a long-term ‘inverse head-and-shoulders’ pattern. Recent price action is also taking on the shape of a 'bull-flag'.

CADJPY: Daily

CADJPY daily chart

Other cross-rates we discussed were NZDJPY, GBPJPY, EURAUD, EURNZD, GBPAUD, and GBPNZD. We also touched on USDMXN as it continues to impress.

Gold is trading around key resistance at 1300 but should we see it turn down with force then we look for renewed weakness to set in. As goes gold goes silver.

Stock indices, what is there to say other than – strong. But knowing that doesn’t really provide much in the way of a trading outlook. It is tough for both sides of the tape as markets are in overbought territory. The Nikkei is ripping to heights not seen since the mid-90s while the S&P 500 and DAX traverse in record territory. We’ll dive deeper in commodities and indices in Tuesday’s webinar

For full technical considerations, please see the video above…

Looking for Ideas? Check out our Trading Guides.

---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