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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here -
  • 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:
  • 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:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here:
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here:
Trading Outlook for EURUSD, USDJPY, Gold Price & More

Trading Outlook for EURUSD, USDJPY, Gold Price & More

2019-04-23 11:00:00
Paul Robinson, Strategist

The Euro is positioned for lower prices, as a test of the March/April lows looks to be just around the corner; from there we will need to see if support in this low-vol environment keeps it afloat or an extended move can develop. USDJPY has been very quiet but looks poised to continue higher towards long-term resistance lines. Gold is out of a topping pattern but has a sizable line of support to break before more bearish momentum can be realized.

Technical Highlights:

  • EURUSD looks headed for March/April lows
  • USDJPY has room to run higher towards long-term resistance
  • Gold price is near August trend-line, last line of support

Fresh Q2 Forecasts are out for major markets and currencies. Check them out on the DailyFX Trading Guides page.

EURUSD looks headed for March/April lows

The Euro is undergoing a smallish bounce after getting hit hard on Thursday from a channel/bear-flag formation. Looking for a bit more weakness down towards the March/April lows near or under 11200 before another bounce may develop. It will require some strong momentum and a break of levels before consideration of an extended move can be taken seriously in the currently low volatility environment.

EURUSD Daily Chart (March/April lows look to be next)

EURUSD daily chart, March/April lows look to be next

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

USDJPY has room to run higher towards long-term resistance

USDJPY has been trading mostly sideways with a slight downward bias the past few sessions. This smacks of corrective and sets the pair up for another move higher. Confluent support was met in overnight trade and with the push off of it as long as the minor swing low holds, then the 11265/11335 area will be targeted from here.

USDJPY Daily Chart (supported, resistance above looks next)

USDJPY daily chart, supported, resistance above looks next

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

Gold price is near August trend-line, last line of support

Gold is caught between a rock and a hard place as it broke price support recently in the ongoing descending wedge-like price action we are seeing. There is solid trend-line support rising up from August which needs to be broken next to clear the way for another leg lower. It is anticipated that it will break, but a small bounce may first develop before it does. This could be a good thing as it creates a minor swing low to operate off of with shorts on a break below trend-line support.

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 (sitting between support/resistance)

gold daily chart, sitting between support/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.