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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/RKYGzRStvL
  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
  • 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/7g9pB8D9xK
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/UZela9nSIm
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/7oqC3ykBbU
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
Technical Outlook for USDCAD, USDJPY, Gold Price & More

Technical Outlook for USDCAD, USDJPY, Gold Price & More

Paul Robinson, Strategist

USDCAD broke out of a solid technical pattern last week and is currently undergoing a healthy correction; there is an area of support to watch price action to determine if follow-through may unfold in the days ahead. USDJPY has a nice channel structure in place, a test of the lower parallel could make for an interesting spot to watch whether it wants to maintain it or not. Gold is bouncing but at risk of turning down soon from a resistance line.

Technical Highlights:

  • USDCAD undergoing constructive pullback after breakout
  • USDJPY trading within channel, watch for test of support
  • Gold price testing resistance, outlook still generally bearish

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

USDCAD undergoing constructive pullback after breakout

USDCAD broke out of an inverse head-and-shoulders pattern last week, putting it in play to trade back towards the high at the beginning of the year. Price action has so far been solid and smacks of corrective. A thorough test of the swing-high from late-January in the mid-13300s may offer a spot to look to take continuation trades if some form of rejection at support plays out.

USDCAD Daily Chart (Corrective after breakout)

USDCAD daily chart, corrective after breakout

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

USDJPY trading within channel, watch for test of support

USDJPY doesn’t have an appealing set-up in the very immediate future but looking around it has one of the cleaner technical structures. A test of the lower parallel and turn higher may give traders a sound backdrop for longs as a generally bullish bias stays in place for as long as the channel holds up. Conversely, if the lower parallel breaks then shorts may quickly gain the upper hand. In either event, hold or fold, traders can use the channel as guidance.

USDJPY Daily Chart (watch channel support)

USDJPY daily chart, watch channel support

Gold price testing resistance, outlook still generally bearish

Gold is up against a line of former support and thus far respecting it as resistance. Price action isn’t convincing yet, but a turn down may put the ball back in the court of short-sellers. Ultimately, at some point looking for a move to the lower parallel back in the summer, currently in the vicinity of 1260/55.

Gold may post small bounce soon but sellers to remain

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

Gold Daily Chart (at resistance)

Gold daily chart, at resistance

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