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
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
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
Gold
Mixed
GBP/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
USD/JPY
Mixed
More View more
Real Time News
  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/nBfJcptUDK
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/tnF1RME8gJ
Technical Outlook for Dow Jones, DAX 30, Crude Oil, Gold Price & More

Technical Outlook for Dow Jones, DAX 30, Crude Oil, Gold Price & More

Paul Robinson, Strategist

The Dow Jones is recovering but should soon have the bounce in test mode as resistance levels lie at current levels and higher. The DAX 30 is also nearing its own test of resistance and remains a general laggard. Crude oil has strung together several positive days since hitting support, but like the indices it also faces resistance. Gold is holding with a generally weak Dollar, looking to slope support to keep it held in place for another push higher.

Technical Highlights:

  • Dow Jones and DAX 30 at or near resistance levels
  • Crude oil rally probing resistance levels from Nov/Dec
  • Gold has slope and Dollar support to lean on for now

New Quarterly Forecasts are out, check them out along with other helpful resources on the DailyFX Trading Guides page.

Dow Jones and DAX 30 at or near resistance levels

The Dow Jones has undergone a sizable recovery but that could soon be put to the test with resistance levels in the neighborhood. There is a channel off the December low which traders can use to lean on as further guidance. Shorts look likely to gain the upper hand soon but keep an eye out on the lower parallel as support to keep the Dow pointed higher despite resistance. A break below the lower channel threshold will have a deeper decline in focus.

Dow Jones Daily Chart (Trading into resistance)

Dow Jones daily cahrt, trading into resistance

For an intermediate-term fundamental and technical outlook check out the Global Equities Forecast

The DAX recovery is also about to face resistance via both horizontal levels running back to the October low as well as trend-line resistance from September. A turn down off the area just above will put the ball back into the seller’s court.

DAX Daily Chart (Resistance)

DAX daily chart, resistance

Crude oil rally probing resistance levels from Nov/Dec

Stocks recovering, crude oil recovering. And like stock indices, oil also has resistance it is testing from November/December. Price is trying to push above the first area just over 50 now but could quickly fail. If momentum can carry it higher, then the top of the small Nov/Dec consolidation (53.25/54.50) could be the next stop. Overall, new long positions don’t hold much appeal here, while shorts may want to wait and see one of these levels hold in place as resistance before becoming aggressive.

WTI Crude Oil Daily Chart (Nov/Dec levels in play)

WTI crude oil daily chart, Nov/Dec levels in play

For an intermediate-term fundamental and technical outlook check out the Crude Oil Forecast

Gold has slope and Dollar support to lean on for now

Gold has been tilted higher with the help of the Dollar (and risk-off) and may continue to receive support from the former. Looking to support in gold on its own, the top-side of the multi-month channel clocks in as the first good level of support to watch. If it can hold and provide some kick for gold, then the 1305/10-area may soon be targeted.

For an intermediate-term fundamental and technical outlook check out the Gold Forecast

Gold Daily Chart (slope support)

Gold daily chart, slope 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, and trading guides to help you improve trading performance. We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---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