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
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
Oil - US Crude
Mixed
Wall Street
Bearish
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
  • We've taken out short-term support on $SPX. Bigger levels below though. For this index, it is 4,000. For the Nasdaq 100, which has a floor more immediately at hand, it is 13,000 https://t.co/KeHxTw81Ht
  • Heads Up:🇺🇸 Monthly Budget Statement (APR) due at 18:00 GMT (15min) Expected: $-220B Previous: $-660B https://www.dailyfx.com/economic-calendar#2021-05-12
  • US Dollar Rip, Dip, Rip Around CPI: EUR/USD, USD/CAD https://www.dailyfx.com/forex/video/live_events/2021/05/12/usd-rip-dip-rip-around-cpi-eurusd-eur-usd-usd-cad-usdcad.html
  • Heads Up:🇺🇸 Fed Harker Speech due at 17:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-12
  • EUR/USD pulls back from a fresh monthly high (1.2182) even as the European Central Bank (ECB) slows the pace of the pandemic emergency purchase programme. Get your $EURUSD market update from @DavidJSong here:https://t.co/bBDJlErqVI https://t.co/aA6wqLygPE
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.93%, while traders in GBP/USD are at opposite extremes with 69.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HQJH0sy4AD
  • Heads Up:🇺🇸 Fed Bostic Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-12
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.22% Gold: -0.76% Silver: -1.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fRX841FAfC
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.16% 🇬🇧GBP: -0.56% 🇨🇭CHF: -0.60% 🇯🇵JPY: -0.89% 🇦🇺AUD: -1.47% 🇳🇿NZD: -1.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/nZKnhhjNMy
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.19% Germany 30: -0.28% France 40: -0.32% Wall Street: -1.32% US 500: -1.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FbBNVFy3wI
Charts for Next Week: EURUSD, GBPUSD, Gold Price & More

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

Paul Robinson, Strategist

Broadly speaking, the U.S. Dollar continues to be directionless. Within that spectrum EURUSD is working its way higher ever-so-slowly towards trend resistance about 40-60 points from current levels. GBPUSD is very near the apex of a wedge and set up for a breakout any time now. Turning to gold, it is heading towards a test of a descending wedge pattern that is seen as likely to have the metal rolling lower soon.

Technical Highlights:

  • EURUSD trading towards trend-line resistance
  • GBPUSD very near the apex of wedge
  • Gold working on completing descending wedge

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

EURUSD trading towards trend-line resistance

The Euro continues to trade like the Euro in this low-vol environment, taking days just to move a hundred pips. But nevertheless, it is still abiding by support and resistance levels, most recently swinging higher off the March low. It’s just expectations for now need to be tempered in what it will give us.

Next up is to see if resistance will hold true, as a pair of trend-lines run down from the January 2018 top and September. These run the vicinity of 11345/80. Given the low-vol environment and resistance in place it looks like another swing lower could be in store soon. A touch and turnaround in momentum is needed first before looking to short, similar to other swings so far this year.

EURUSD Daily Chart (t-line resistance ahead)

EURUSD daily chart, t-line resistance ahead

Find out where our analysts see the Euro going in the coming weeks based on both fundamental and technical factors – Q2 Euro Forecast

GBPUSD very near the apex of wedge

Cable has become increasingly quiet and with this price action is coming the development of a descending wedge pattern. It is also developing on solid support via a trend-line and 200-day as well. We should see a breakout unfold soon in one direction or another. Will run with a trading bias once we do. For more on the broader set-up, check out yesterday’s piece on GBPUSD.

GBPUSD Daily Chart (near apex of wedge)

GBPUSD daily chart, near apex of wedge

Find out where our analysts see the Pound heading in the coming weeks based on both fundamental and technical factors – Q2 GBP Forecast

Gold working on completing descending wedge

Gold continues to work on a solid-looking descending wedge. It still has room and time to develop, but with a full completion and breakout a large swing should develop. The likely direction of the break is to the downside given the descending nature of the pattern and turn off the top of the larger wedge on the weekly time-frame.

Silver is nearing the neckline of a head-and-shoulders pattern, alternatively it could be a falling wedge that leads to a rally. This pattern and the gold set-up were discussed in detail this morning.

Find out where our analysts see Gold heading in the coming weeks based on both fundamental and technical factors – Q2 Gold Forecast

Gold Daily Chart (Descending wedge…)

Gold daily chart, descending wedge

Bonus Chart: AUDJPY Breakout

AUDJPY daily chart, breakout underway

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