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
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
Bullish
Wall Street
Bearish
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • 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/TnL91f7sl7
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/cDcjl3Ue09
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/KWOX5wSipe
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/cwSWCpKtaj
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zu5hMovbz6
  • 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/QMKyTBOKNG
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/aRkGoNvj6D
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/ltVTNO2sjT
  • GBP/USD clears the May low (1.3801) as the Federal Reserve forecasts two rate hikes for 2023. Get your $GBP market update from @DavidJSong here:https://t.co/WdTG2niAKz https://t.co/2j02VyH0wm
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.60% 🇨🇦CAD: -0.91% 🇦🇺AUD: -0.96% 🇳🇿NZD: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HWVSmqaiYF
Dollar Higher; Pound, Euro, and Gold Price Charts for Next Week

Dollar Higher; Pound, Euro, and Gold Price Charts for Next Week

Paul Robinson, Strategist

The Dollar is looking to reassert itself after having undergone a corrective move. The Euro will be the dominating factor in the DXY index, while the Pound’s weakness may continue for a little while longer until a big level arises versus the Dollar under 12700. Gold price moved swiftly lower yesterday with the nudge of stronger stocks and Dollar; important trend-line test is nearing…

Technical Highlights:

  • The US Dollar Index (DXY) looking to continue higher
  • GBPUSD working towards key inflection point
  • Euro looking towards the 11100-mark or worse soon
  • Gold price looking towards August trend-line test

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

The US Dollar Index (DXY) looking to continue higher

The US Dollar Index (DXY) carved out a bullish corrective wedge in recent sessions and with yesterday’s rally it is pushing out of the pattern. This has the Dollar positioned for higher prices in the session ahead with the next immediate level resistance at 98.10, followed by 98.33 (April high). A breakdown below yesterday’s low at 97.44 is reason to become cautious on a bullish outlook.

US Dollar Index (DXY) Daily Chart (out of wedge)

Dollar Higher; Pound, Euro, and Gold Price Charts for Next Week

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

GBPUSD working towards key inflection point

GBPUSD continues to get hit for a 5th day in a row so far, with its only up day since May 3 having been only a handful of pips. This has the pair currently trading under the Feb 14 low. Continued weakness is anticipated in the near-term, but a big level is coming up. The August low was met with a powerful reversal back on Jan 15, making the 12660s important to watch price action for signs of a reversal.

GBPUSD Daily Chart (12660s could be big)

Dollar Higher; Pound, Euro, and Gold Price Charts for Next Week

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

Euro looking towards the 11100-mark or worse soon

The Euro is edging lower in-line with its trend, looking to soon put pressure on the 11100 mark. A breakdown will have underside trend-lines in play, and with volatility so low it won’t be surprising to see another bounce develop from around last month’s low or just beneath in the upper 11100s. The trading bias is down but caution is warranted on shorts as lower levels get probed.

EURUSD Daily Chart (low near 11100 the risk)

Dollar Higher; Pound, Euro, and Gold Price Charts for Next Week

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

Gold price looking towards August trend-line test

Gold took a hit yesterday and with it the trend-line off the August low could soon be back in play near 1275. A break below there will quickly put pressure on 1266, the double-bottom lows made previously make on the August trend-line. From there things could get ugly for gold.

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

Gold Price Daily Chart (August t-line in sight)

Dollar Higher; Pound, Euro, and Gold Price Charts for Next Week

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