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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • USD strength present throughout the NY session, but the US Dollar Index continues to find stiff resistance at the 94 level $USD $DXY https://t.co/nZFjtFbG4O
  • Euro is down more than 0.2% against the US Dollar since the start of the week with EUR/USD trading just above support heading into the European Central Bank interest rate decision tomorrow. Get your $EURUSD market update from @MBForex here:https://t.co/a9tikztYFj https://t.co/uztfGSoYvW
  • Nasdaq 100 is not sure whether it wants to close at a record high, but the NDX-SPX ratio has jumped sharply today on the tech index's 0.9% rally https://t.co/fUMvv9mtZ8
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.33% Silver: 0.05% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1qRqMHuB6V
  • The recent AUD/JPY rally appears to be stalling below 86.000, with the pair relatively flat on the session $AUDJPY https://t.co/xfNKmmhJdq
  • #Euro Technical Forecast: $EURUSD Pressured into #ECB- Breakout Levels - https://t.co/RG2nfQrqsF https://t.co/ceYY2Dk1Eo
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.05%, while traders in USD/JPY are at opposite extremes with 73.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/j6NdfK7lpf
  • A day full of meetings and I've always had one eye fixed on this $GOOG rally. Last nights afterhours reticence didn't do this stock (and MSFT) justice. Impressive https://t.co/tEwaqSt5lm
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.29% US 500: 0.22% France 40: 0.19% Germany 30: 0.13% Wall Street: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aH5WxfeKWP
  • RT @DeItaone: *Natural Gas Jumps 4.3% to Session-High $6.134 Ahead of Contract Expiration
Trading Outlook for EURUSD, USDJPY, Gold Price & More

Trading Outlook for EURUSD, USDJPY, Gold Price & More

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.

DISCLOSURES