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
Bearish
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
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.64%, while traders in EUR/USD are at opposite extremes with 73.15%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qf5YETWpSO
  • The #USD technical outlook against #ASEAN FX remains broadly bearish, check out my latest update here - https://www.dailyfx.com/forex/technical/article/special_report/2020/12/03/US-Dollar-May-Stiill-Struggle-USDSGD-USDIDR-USDMYR-USDPHP.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Uluv7XsimX
  • $EURUSD is currently facing down the midpoint of the 2014-2017 range and its historical range around 1.2125/50. How robust is this move? Is it more a Dollar slide or a Euro rally? I discuss that today: https://www.dailyfx.com/forex/video/daily_news_report/2020/12/03/EURUSD-Continued-Climb-to-Over-Two-Year-High-May-be-More-of-a-Euro-Move-than-Dollar.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kas6ea1ShA
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.13% 🇨🇭CHF: 0.08% 🇪🇺EUR: 0.02% 🇨🇦CAD: -0.07% 🇳🇿NZD: -0.10% 🇦🇺AUD: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/P2eGs7wOLQ
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: France 40: -0.10% Wall Street: -0.14% US 500: -0.15% Germany 30: -0.23% FTSE 100: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UTmuwSgVa6
  • Mayor of Los Angeles says the city is near 'devastating' tipping point following announcement of city wide stay-at-home order $DXY $SPX
  • Mayor of Los Angeles orders a stay-at-home order amid rising Covid cases $DXY $SPX
  • The dispute between the Federal Reserve and the Treasury Department concerned economists and government officials last week. Traders, however, appeared unfazed as U.S. equity markets proceeded to higher ground. Get your market update from @FxWestwater here:https://t.co/DKK7WWHKlu https://t.co/K1f9Y1h4sn
  • China official urges preparation for Covid vaccine production - Xinhua via BBG
  • Over the past seven days, $EUR has been the best performing G10 major vs the #USD with a 1.66% spot return while $GBP has been the worst at -0.11% spot return $EURUSD $GBPUSD $DXY
Chart Outlook for Gold, Crude Oil, S&P 500, DAX & More

Chart Outlook for Gold, Crude Oil, S&P 500, DAX & More

2018-03-06 12:07:00
Paul Robinson, Strategist
Share:

Precious metals continue to be a difficult handle with gold having the 2013 trend-line to contend with as resistance, but also having support not far below. Crude oil is coiling up with the S&P 500, working towards a break at some point. DAX, FTSE, Nikkei all remain vulnerable…

Technical Highlights:

  • Gold outlook remains indecisive still with key levels above & below
  • Crude oil coiling up with risk, a break should be in store with a little more time
  • S&P 500 indecisive at this juncture, last week’s high/low on watch
  • DAX, FTSE & Nikkei remain vulnerable to more weakness

Check out the DailyFX Top Trading Opportunities for 2018 on the DailyFX Trading Guides page.

Gold outlook remains indecisive still with key levels above & below

Gold continues to remain difficult as the 2013 trend-line keeps a lid on any advances it tries to make, with a weekly close above needed to consider it a breakout. On the down-side, however, there is support down near 1300 which keeps a floor in it. Trading is expected to remain broadly choppy in the near-term, with a resolution not yet in sight.

Gold Daily Chart

gold daily price chart

Crude oil coiling up with risk, a break should be in store with a little more time

The WTI crude oil contract is trading in-line with risk (80% 1-mo correlation to SPX), and with price action coiling up we may be nearing a one-way move soon. Watch the S&P 500 as it may help provide clues as to oil’s next move. The July slope continues to be a big focal point as the ‘line-in-the-sand’; stay above and the outlook is neutral to bullish, break below and a decline looks likely to find momentum.

WTI Crude Oil Daily Chart

US crude oil daily price chart

See how current positioning in various pairs could impact their next moves on the IG Client Sentiment page.

S&P 500 indecisive at this juncture, last week’s high/low on watch

The S&P 500 is coiling up as the price swings since the record high are becoming increasingly smaller. The market could drift sideways first, though, before making a break for it one way or another. Watch last week’s high/low at 2789/647 for directional cues.

A breakout above last week’s high will quickly bring the record high back into focus, while a break below the weekly low will likely spark jitters and more selling. A breakdown would put stress on the Feb 2016 trend-line and 200-day MA, which are in nearly exact alignment at this time.

S&P 500 Daily Chart

s&p 500 daily price chart

The FTSE, DAX, and Nikkei all remain vulnerable on dips in risk as their charts are all still pointed lower and the indices sitting a lot closer to recent swing lows than highs. The S&P may weaken or move sideways while this group of major global markets probes recent lows or worse.

Resources for Index & Commodity Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email – SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES