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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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 Citi Economic Surprise Index tracking the US just turned negative for the first time since June 2020 This means economists are now overestimating the health and vigor of the economy, opening the door to disappointment ahead This does note bode well for NFPs next week...
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.00% 🇨🇭CHF: -0.04% 🇪🇺EUR: -0.05% 🇦🇺AUD: -0.09% 🇨🇦CAD: -0.13% 🇳🇿NZD: -0.15% View the performance of all markets via
  • Heads Up:🇸🇬 Unemployment Rate Prel (Q2) due at 02:30 GMT (15min) Previous: 2.9%
  • Amazon Earnings Cast a Shadow on Nasdaq 100. APAC Stocks to Open Mixed
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.22%, while traders in Wall Street are at opposite extremes with 77.28%. See the summary chart below and full details and charts on DailyFX:
  • Delta Variant accounts for 92% of new Covid cases in the US
  • Crude oil prices are trading largely unchanged following last week's rebound as the Delta variant of Covid and Chinese regulatory measures temper the near-term demand outlook. Get your market update from @FxWestwater here:
  • The British Pound could remain vulnerable against the US Dollar while perhaps looking to push higher against the Australian Dollar, Canadian Dollar and New Zealand Dollar.Get your market update from @ddubrovskyFX here:
  • Hang Seng Index Futures at Key Inflection Point, Top to Resume? - #HSI1! chart
  • Amazon Q2 Earnings: -EPS at $15.12, versus $12.28 estimate (23% higher) -Revenue at $113 billion, versus $115 billion estimate (1.7% lower) -Share price tumbled 7% during after-hours trade as the company reported a slight revenue miss and gave weak third-quarter guidance
How the Orientation of S&P 500, EUR/USD and Other Charts Prompts Bias

How the Orientation of S&P 500, EUR/USD and Other Charts Prompts Bias

John Kicklighter, Chief Strategist

Endless explanation is given to justify the S&P 500’s persistent advance over these past months and years. Yet, would the same speculators that throw in with the advance be so willing to follow the trend if the S&P 500 were in an equivalent dive? Direction can have an irrational influence on our market views and we discuss that bias in today’s Quick Take video.

Talking Points:

  • There are many cognitive biases that can influence how we perceive and interact with markets
  • For many that are unfamiliar with markets and trading, the concept that something that depreciates can add profit does not compute
  • Justifications made for continuation or reversal on a 'clear' trend like the S&P 500's often evaporate when you flip the chart

Interested in learning more about how our every-day psychology can influence our trading for the worst? Download the Building Confidence in Trading and Traits of Successful Traders guides on the DailyFX Guides page.

There are a laundry list of cognitive biases that most humans employ without even knowing it. In a fight-or-flight situation or the normal course of social interaction, these psychological triggers help make us efficient and avoid risks (both real and perceived). However, in our investment and trading, many of these harmless skews in perception can weigh materially on our profitability. Having taught a number of people to trade over the years, one of the more interesting gaps in comprehension that I've witnessed is the ability to understand how 'shorting' (short sales) in capital markets can confer value. There are very few corollaries in normal life where something's value diminishes and a profit is derived.

A difficulty in grasping a short view on the market carries over often to trading FX. When you take a position in a spot exchange rate, you are in fact placing both a long and short position on two separate currencies. This may seem unique to trading FX, but in fact, there is a relative exposure to all trades placed in all assets. Whether a currency cross, a use of leverage for exposure or just opportunity cost; there is always a counterbalance - and that is how we in turn evaluate the value of the gain or loss made. What I find even more remarkable and underappreciated is the very fact that the orientation of a chart itself can significantly alter our evaluation of conviction and direction.

The S&P 500 is remarkable example of a persistent trend whereby value is called into question, but skepticism is held at bay by opportune justification. Yet, what if we were to flip the equity index upside down? The trend is exactly the same in pace and consistency, but the orientation simply changes. For many, if the chart is inverted; the sense of persistent trend starts to look more like a burgeoning reversal candidate. That may be due to the perception that a lower bearing equates to a cheaper investment which in turn finds automatic association to value. Yet, the 'why' doesn't matter so much as the fact that it does occur. Not everyone may find - or admit - that this shift of the chart alters their view - but I know it still has an irrational influence on me. We can take it further and flip FX pairs that more readily have an equilibrium that does not depend on direction. Does USD/JPY look different than JPY/USD or EUR/USD compared to USD/EUR. A step further, what if two assets have a strong and persistent correlation (like EUR/USD and USD/CHF) yet we come to a different conclusion for their technical bearings? We discuss an interesting cognitive bias and the best way to account for it in today's Quick Take Video.

How the Orientation of S&P 500, EUR/USD and Other Charts Prompts BiasHow the Orientation of S&P 500, EUR/USD and Other Charts Prompts BiasHow the Orientation of S&P 500, EUR/USD and Other Charts Prompts Bias

To receive John’s analysis directly via email, please SIGN UP HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.