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
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
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/Gd6eIbE1mb
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/Jf96VhFDOp
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/Rjfdv8jLQV
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/a6qsFOcPUl
  • Build your USD/JPY trading strategy by honing your trading skills. Get your free insight here: https://t.co/hgVq7LwTSH https://t.co/xXZYbWqEwP
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/HUaCpOPird
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hx1251BmAZ
  • @ddubrovskyFX Congrats Daniel!
  • After a week of roaring economic updates that failed to gain meaningful market traction; I am look to US inflation/rates, US-China trade relations and earnings in the week ahead to charge $SPX and $DXY. My outlook for the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/04/10/SP-500-Outlook-Carries-Risk-Trends-Dollar-Event-Heavy-on-USDJPY-USDCNH.html https://t.co/F9XkNl8Ks4
  • The Indian Rupee rose as the Nifty 50 slightly fell after the RBI left benchmark rates unchanged despite recent weakening inflation and a massive fiscal spending plan. Will USD/INR bounce? Find out from @ddubrovskyFX here:https://t.co/SwufKMOwfQ https://t.co/rfn4KRGUgl
Gold Price Oversold; Technical Outlook for Crude Oil, FTSE, S&P 500 & More

Gold Price Oversold; Technical Outlook for Crude Oil, FTSE, S&P 500 & More

Paul Robinson, Strategist

Gold price is on the oversold side of the ledger, but below a key long-term threshold making the outlook mixed at the moment, but favoring a recovery. WTI crude oil is on the verge of testing the July ’17 slope, viewed as a very important threshold. The FTSE is trying to breakout out of an ascending wedge, while in the U.S. the S&P 500 is trying to hold onto support and further its summer rally.

Technical Highlights:

  • Gold price is oversold, but below big support
  • WTI crude oil nearing major long-term slope test
  • FTSE trying to break out, S&P 500 summer rally to continue

Recently we released new quarterly forecasts; to see our fundamental and technical insights on major markets and currencies, check out the DailyFX Q3 Forecasts.

Gold price is oversold, but below big support

The recent decline in gold price has it in an oversold state and due for a bounce, but working against it is the fact it is below the December 2015 trend-line. This makes it a bit of a tricky spot, however; tactically speaking, there are traders who might find this type of oversold situation of interest for playing a recovery bounce. (For more on why gold is oversold.)

A higher-low may be underway now with last week’s low looking poised to hold for now. This could lead towards the 1237 level up to a retest of the broken 2015 trend-line. It’s an uphill battle, but a correction is anticipated either via a bounce or at the least through time; that is, a move sideways which digests the recent swoon.

For more in-depth fundamental and technical analysis, check out the Q3 Forecast for Gold

Gold Daily Chart (oversold below 2015 t-line)

Gold daily chart oversold below 2015 trend-line

WTI crude oil nearing major long-term slope test

The recent decline in WTI crude isn’t finding much sponsorship for a rally, with yesterday’s reversal lower as a very recent demonstration of oil’s difficulties in finding a lift. This has us looking for lower prices. Special interest lies at the July 2017 slope about $2.5 lower. It’s in confluence with a trend-line from August, but the slope by itself is where our attention lies. It has been in play as support since last year and most recently in June. Bullish price action around this slope will keep oil in play from the long-side, while a break could be an important trend-turning event.

For more in-depth fundamental and technical analysis, check out the Q3 Forecast for Crude Oil

WTI Crude Oil Daily Chart (July slope just below)

WTI crude oil daily chart with July slope below

Brent crude broke the June 2017 trend-line on July 16, shifting focus lower. Yesterday brought with it a reversal bar at broken trend support and the notion we will see another move lower in the days ahead in line with WTI.

Brent Crude Oil Daily Chart (reversal bar on t-line retest)

Brent crude oil daily chart, reversal on test of trend-line

FTSE trying to break out, S&P 500 summer rally to continue

The FTSE is on the verge of trying to break free from an ascending wedge dating back a little over a month. A strong breakout above 7716 will have price pushing higher, while a failure to hold today’s rally and close back inside the pattern will at the least keep the pattern under construction, and still the possibility it resolves lower. The thinking is that the footsie will soon confirm a bullish breakout as global equities look poised to continue higher in the near-term.

For more in-depth fundamental and technical analysis, check out the Q3 Forecast for Global Equity Indices

FTSE Daily Chart (Trying to break wedge)

FTSE daily chart, attempting to break wedge

The S&P 500 is sitting just above peaks in March and June, and given the overall bullish tone to price action as long as the index stays above 2789 another leg higher is seen as the likely outcome. The gap from 2833 up to 2853 is seen as the target on continued strength, followed closely by the record high. A drop back below 2789 will likely see selling until at least the trend-line off the May low.

S&P 500 Daily Chart (Trading on Support)

S&P 500 daily chart, trading on support

Resources for Index & Commodity 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