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.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
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
Oil - US Crude
Bearish
Bitcoin
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
More View more
Real Time News
  • $USD bulls making a push ahead of a big morning. CPI at 830 et, Powell on Capitol Hill at 11. DXY holding resistance at 50% of Oct sell-off, rising trendline as buyers getting more motivated. Backdrop for breakouts https://t.co/9JvNuj9GUh
  • RT @barnejek: When HSBC's Steve Major talks, fixed income people listen. His latest is out and he is bullish fixed income targeting 1.5 in…
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr https://t.co/hW65N9phAQ
  • Canadian Dollar Forecast: USD/CAD Price Running into Renewed Resistance. #usdcad #loonie https://www.dailyfx.com/forex/market_alert/2019/11/13/Canadian-Dollar-Forecast-USDCAD-Price-Running-into-Renewed-Resistance.html
  • $NOK FX flows show foreign banks buying for the first time in over a month https://t.co/NlMkz8lM29
  • RT @onlyyoontv: #China Foreign Ministry slams @SenatorRisch for openly supporting “extremists and violent activists” in #HongKong. Says Bei…
  • RT @markets: #5things -Powell testimony -Public impeachment inquiry -Another oil demand warning -Markets slip -Inflation data due https://t…
  • RT @lisaabramowicz1: U.S. investment-grade bonds are still very much in a sweet spot. Spreads on the debt have fallen to the lowest since M…
  • 🇺🇸 USD MBA Mortgage Applications (NOV 8), Actual: 9.6% Expected: N/A Previous: -0.1% https://www.dailyfx.com/economic-calendar#2019-11-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.56%, while traders in France 40 are at opposite extremes with 83.09%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rivYzCbCp2
Charts for Next Week: EURUSD, AUDUSD, Gold Price & More

Charts for Next Week: EURUSD, AUDUSD, Gold Price & More

2019-03-08 12:05:00
Paul Robinson, Currency Strategist
Share:

Yesterday’s strong sell-off in the Euro could finally bring with it some momentum as long as we don’t see a sudden snap-back rally as it has in recent months. AUDUSD is sitting on neckline support of a head-and-shoulders pattern, a break below will kick off renewed weakness. Gold is bouncing, but at risk of rolling back over soon – watch how price action plays out today into early next week.

Technical Highlights:

  • EURUSD’s sharp break may continue if buyers don’t immediately show
  • AUDUSD could break the neckline of H&S pattern in days ahead
  • Gold bounce has resistance already in sight, roll-over risk high

See where our team of analysts see your favorite markets and currencies headed in the weeks ahead in the Q1 Trading Forecasts.

EURUSD’s sharp break may continue if buyers don’t immediately show

Yesterday finally brought with it a serious move in the Euro as well as a break below the November low. This has the underside parallel of a channel YTD in focus, but not viewed as the biggest level of support given it is in the direction of the trend. The sequence for the past few months has been for sharp moves in either direction to get reversed quickly, should that not happen this time around then look for EURUSD to continue lower towards 11100 or worse.

EURUSD Daily Chart (how will it respond, big spot)

EURUSD daily chart, how will it respond, big spot

Check out the Q1 Euro Forecast to see our analysts’ intermediate-term fundamental and technical outlook.

AUDUSD could break the neckline of H&S pattern in days ahead

AUDUSD is threatening to break the neckline of the head-and-shoulders patter in place since January. With price sitting on the neckline now, it could come at any time now. Should it snap, then look for Aussie to roll down and test the air pocket created during the flash-crash on Jan 2.

AUDUSD Daily Chart (H&S on the verge of breaking)

AUDUSD daily chart, H&S on the verge of breaking

Gold bounce has resistance already in sight, roll-over risk high

Gold is lifting from oversold conditions, but it may be short-lived as downward momentum off the Feb high has been strong. There is already resistance in play via the top-side parallel created from a channel back in the summer/fall time. It was most recently used as support in January but now viewed as material hurdle to overcome. Even if gold rises above the slope, the area just over 1300 is also viewed as significant. The broader downside target remains set in the 1255/45-area.

Check out the Q1 Gold Forecast to see our analysts’ intermediate-term fundamental and technical outlook.

Gold Daily Chart (Upper parallel, low-1300s)

Gold daily chart, upper parallel, low-1300s

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

News & Analysis at your fingertips.