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
EUR/USD
Bullish
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
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
Bearish
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
Bullish
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.81%, while traders in EUR/USD are at opposite extremes with 72.76%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AqbJxwy3OI
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 1.08% Wall Street: 0.93% Germany 30: 0.13% FTSE 100: 0.10% France 40: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YdA0uOcvxT
  • Overnight, RBA’s Kent had reiterated the message by the RBA Governor last week, that more monetary easing is on its way. Get your $AUDUSD market update from @JMcQueenFX here:https://t.co/Jq1ejeUf4Q https://t.co/16nQEIwC9i
  • webinar time... https://www.dailyfx.com/webinars/455809179 topics up for discussion today: 1) USD - do something 2) Stocks supported on stimulus hopes 3) Crosses cleaning up a bit? starting right meow https://www.dailyfx.com/webinars/455809179 https://t.co/zj9XN14BDv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.82%, while traders in EUR/USD are at opposite extremes with 72.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qMPdBfUArS
  • Heads Up:🇺🇸 Fed Evans Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-20
  • House Speaker Nancy Pelosi: -Optimistic for stimulus deal -Trump administration has come a long way toward reaching an agreement -Want to crush the virus -Need to improve health care language on stimulus bill -Will speak with Treasury Secretary Steven Mnuchin today at 3PM ET
  • Netflix earnings is due after the close today. Despite its being a vaunted FAANG member, I think it will draw less attention than tomorrow's Tesla update which has worked its way even higher into the speculative echelon. Personally, I put more on CSX as a reflection of economy.
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 1.27% Oil - US Crude: 0.31% Gold: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pLRpke3JAJ
  • The bull market in gold has been in correction mode since it peaked in early August, and while it appears is a healthy retracement at this juncture, it is unclear just how much longer it will last. Get your $XAUUSD technical analysis from @PaulRobinsonFX :https://t.co/5etzhvsLuC https://t.co/aE7SaPPwih
Technical Perspective for USD, GBP/USD, Cross-rates, Gold & More

Technical Perspective for USD, GBP/USD, Cross-rates, Gold & More

2018-05-18 15:00:00
Paul Robinson, Strategist
Share:

The US Dollar Index (DXY) outlook is unchanged from when we looked at it on Wednesday, targeting higher levels in the days ahead. GBP/USD has shown very little buying interest, eyes towards next support levels. Gold range-break bolsters bearish case towards 1240.

Technical Highlights:

  • US Dollar Index (DXY) remains bullish
  • GBP/USD price action quite week, ~13300 looks next
  • Gold range-break has momentum tilted down

For in-depth fundamental and technical analysis for your favorite market or currency, check out the DailyFX Q2 Forecasts.

US Dollar Index (DXY) remains bullish

The outlook for the US Dollar Index (DXY) remains the same as it did when we discussed it on Wednesday, higher prices are in store. There is a little room left to the next area of resistance around 94, where several inflection points from August to December developed.

How it reacts there will be our cue as to whether it can take out resistance or if we should take a cautionary stance on dollar longs. The trend-line rising up over the course of this drive higher is viewed as a potential spot for short-term long positions as long a sit holds.

DXY Daily Chart (~94 up next)

US Dollar Index (DXY) daily chart, 94 next

For the intermediate-term fundamental/technical outlook, check out the Q2 Forecast for USD

GBP/USD price action quite week, ~13300 looks next

GBP/USD is effectively sitting ‘dead in the water’ as attempts to rally over the past couple of weeks are quickly swatted down. This has lower prices looking likely in the days ahead, with the area surrounding 13300 as the next targeted objective for shorts. A move below this steady area of support will have the 13000-line in focus.

We also looked at GBP/AUD and its bearish stance, along with a few other GBP-pairs (GBP/CAD, GBP/NZD & GBP/JPY) which aren’t positioned quite as weak, but certainly vulnerable as we head into next week.

GBP/USD Daily Chart (Very Weak Price Action)

GBP/USD daily chart, very weak price action

For the intermediate-term fundamental/technical outlook, check out the Q2 Forecast for the British Pound

Gold range-break has momentum tilted down

Gold got blitzed the other day, sending it through the bottom of the range in place since day one of the year. It is currently assaulting the December 2016 trend-line, but with the range-break of more importance, the trend-line looks likely to be unsubstantial in keeping gold from declining further.

On further weakness, the targeted objective is down around the December low situated just under 1240. Weakening gold prices is consistent with a strengthening dollar thesis. Keep in mind the correlation between the two if holding positions in both markets as holding opposing positions is effectively doubling up on the same trade.

Gold Daily Chart (Range broken, testing trend-line)

Gold daily chart, range broken, testing trend-line

For the intermediate-term fundamental/technical outlook, check out the Q2 Forecast for Gold

We also looked at USD/JPY, AUD/USD, NZD/USD, USD/CHF, USD/CAD, EUR/JPY, NZD/JPY, S&P 500, DAX, FTSE, and US crude oil.

Resources for Forex & CFD Traders

Whether you are a new or an experienced trader, DailyFX has 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

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