Analyst Articles – Forex News 24

Analyst Articles – Forex News 24


EURUSD Price Breaks Below 1.1300 on ECB Growth Concerns Rumor

Posted: 16 Apr 2019 02:54 AM PDT

Hits: 4


EURUSD Price, Chart and ZEW Analysis, ECB Concerns:

  • EURUSD unmoved on ZEW data but dips on Reuters ECB growth forecast rumor.
  • Euro seemingly capped at current levels; client sentiment is bearish.

Q2 2019 EUR Forecast and USD Top Trading Opportunities

The latest German and Euro-Area ZEW data paints a mixed picture with sentiment pushing higher while the assessment of the economic situation in Germany deteriorates further.

EURUSD Price Breaks Below 1.1300 on ECB Growth Concerns Rumor

According to ZEW President Achim Wambach, 'The slight improvement recorded by the ZEW Indicator of Economic Sentiment is largely based on the hope that the global economic environment will develop less poorly than previously assumed. The postponement of the Brexit deadline may also have contributed to buoy the economic outlook. By contrast, the latest figures regarding incoming orders and industrial production in the German industry point to a rather weak economic development'.

The ZEW data had little impact of the single-currency which post-release fell suddenly on Reuters 'sources' headlines which said that several ECB members doubted projections of a growth rebound in H2 and some questioned the accuracy of the forecasting models. While still only a rumor, if growth projections are under question, as well as the modelling, the single currency may turn lower-for-longer and re-test recent lows.

EURUSD printed a low of 1.1279 straight after the rumor hit the screens and briefly broke below the 200-day ma. Support sits at 1.1216 before the 1.1176, the recent 22-month low.

Euro Fundamental Outlook: Will Data Support EURUSD Break?

EURUSD Four-Hour Price Chart (March – April 16, 2019)

EURUSD Price Breaks Below 1.1300 on ECB Growth Concerns Rumor

Retail traders are 52.8% net-long EURUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. However recent daily and weekly positional changes give us a stronger bearish contrarian bias.

We run a number of Trader Sentiment webinars every week explaining how to use client sentiment data and positioning when looking at a trade set-up. Access the DailyFX Webinar Calendar to get all the times and links for a wide range of webinars and topics.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on EURUSD – bullish or bearish? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.


2019-04-16 09:42:00

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GBPUSD Price Outlook Poor Even as UK Inflation Fears Mount

Posted: 16 Apr 2019 02:15 AM PDT

Hits: 10


UK wages, GBP price, news and analysis:

  • Average weekly earnings in the UK continue to rise faster than the CPI measure of inflation.
  • That suggests inflationary pressures are building.
  • However, the chances of an interest rate increase by the Bank of England are remote because of Brexit so the Pound is unlikely to benefit.

UK wages growth buoyant

The increase in UK average weekly earnings was unchanged at 3.5% year/year in the three months to February, suggesting that inflationary pressures are building in the UK economy. Separate data due Wednesday are expected to reveal that the CPI measure of inflation climbed to 2.0% year/year in March, up from 1.9% but still showing that real wages are rising and that inflationary pressures in the UK economy are therefore building.

In normal times, that would mean growing speculation on an interest rate increase by the Bank of England and therefore a climb in GBPUSD and the GBP crosses. However, the central bank is most unlikely to raise rates until there is more clarity on Brexit – and the next rate move could yet be down.

GBPUSD was lifted by the latest figures but longer-term it continues to ease from the highs seen a month ago and that trend lower could well continue particularly as, from a technical perspective, the pair remains in a bearish descending triangle chart pattern.

GBPUSD Price Chart, Hourly Timeframe (March 11 – April 16, 2019)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

Note that no important Brexit developments are expected this week while the Westminster Parliament remains on its Easter break.

Core earnings less buoyant

Looking at the data in more depth, average earnings excluding bonuses increased by 3.4%, down from 3.5%, and there was bad news from the jobs data. Employment rose by only 179,000 in February, down from a 222,000 increase the month before although the unemployment rate was unchanged at 3.9%.

You can find more detail on the DailyFX calendar here

Wednesday's numbers are also expected to show a small increase in the core inflation rate year/year. However, there should be better news from Thursday's retail sales data, with economists predicting a year/year increase of 4.6% year/year in March, up from 4.0%.

More to read:

Understanding GBP

Using News and Events to Trade Forex

Resources to help you trade the forex markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

— Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex


2019-04-16 09:00:00

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Technical Support Remains Under Pressure

Posted: 16 Apr 2019 01:01 AM PDT

Hits: 4


Gold Price Analysis, News and Chart.

We have just released our Q2 Trading Forecasts for a range of currencies and commodities including Gold.

  • Technical support under pressure as buyers sit on the sidelines.
  • Markets undecided on risk appetite but trade talks turn mildly positive.

Gold is currently sitting on the important 61.8% Fibonacci retracement level of the April – August 2018 move at $1,287/oz. and may make another attempt at the recent lows. A quiet start to a holiday-shortened week in Europe saw gold fade lower and if gold closes below $1,287/oz. an important zone between $1,281/oz. and $1,276.8/oz. nears. Below here the precious metal will be trading back at levels last seen at the end of December 2018 and the sell-off may gather strength. The chart does show a couple of supportive signs, with gold remaining above the important 200-day moving average, currently at $1,257/oz. while the CCI indicator shows the metal touching oversold conditions.

How to Trade Gold: Top Gold Trading Strategies & Tips.

Gold Price Chart Daily Time Frame (August 2018 – April 8, 2019)

Gold Price Outlook: Technical Support Remains Under Pressure

US Treasury yields continue to weigh on gold with the yield on the 10-year UST at, or close to, a one-month high of 2.56%. The yield curve also remains positive with the 3-month/10-year spread at +13 basis points and the 2-year/10-year spread at +16 basis points. US-China trade deal optimism continues to grow after US Treasury Secretary Steven Mnuchin said that talks were progressing well, while US-Japan trade talks are also said to moving in a positive direction.

US Treasury 10-year Yield – April 16, 2019

Gold Price Outlook: Technical Support Remains Under Pressure

IG Client Sentiment shows that retail traders are 76.9% net-long of Gold, a bearish contrarian indicator. See how recent changes in positioning affect our trading bias.

— Written by Nick Cawley, Market Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

2019-04-16 08:00:00

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Swedish Krona, Norwegian Krone Eye German Zew Survey, US Data

Posted: 15 Apr 2019 11:46 PM PDT

Hits: 6


TALKING POINTS – NOK,SEK, US INDUSTRIAL PRODUCTION, GERMAN ZEW SURVEY

  • Nordic economic docket remains light – NOK and SEK eyeing external risk
  • German ZEW Survey and US industrial data may be key volatility triggers
  • What is the policy outlook for Riksbank rate decision meeting this month?

See our free guide to learn how to use economic news in your trading strategy!

The economic docket in Sweden and Norway remains blank for today's trading session, probably leaving NOK and SEK at the mercy of their cross-currency counterparts. As outlined in the weekly fundamental outlook, the Swedish Krona and Norwegian Krone's price action will likely be dictated by key growth announcements and indicators out of the US and Europe.

US industrial production data will be released today, with forecasts of a 0.2 percent month-on-month expansion following a downward revision of last month's report to a flat result. US economic data has been broadly underperforming relative to economists' expectations since February, and this has prompted the Fed to adjust its outlook on rate hikes as growth continues to show greater weakness.

Elsewhere, the German ZEW survey – a measure used to gauge analyst sentiment – will be published. Traders will begin to pay attention more closely to key sentiment and leading indicators out of Germany as the "steam engine of Europe" begins to sputter and casts a dark cloud over Europe's outlook. This comes amid broader regional underperformance and waning PMI surveys as continental demand wanes.

Swedish Krona traders over the next week may begin to get a little hot under the collar as the Riksbank prepares to deliver its rate decision, accompanied by commentary. So far, policymakers have broadly expressed frustration and disappointment with inflationary pressure. There is an anticipation of a rate hike in September, though given the fundamental outlook, the economy during that time may not be able to adequately endure an environment of tightened credit.

Year-to-date, the Swedish Krona has been the worst performer out of all the G10 currencies against the US Dollar. A major cause is the push back in rate hike expectations as the Swedish economy faces rising domestic risks e.g. household indebtedness, and weaker demand out of a key export partner: Europe. To learn more about the unique political economy of EU-Nordic relations, see my Krona, Krone forecast.

Chart of the day:

Chart Showing Spot Returns

NORDIC TRADING RESOURCES

— Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter


2019-04-16 06:30:00

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S&P 500 Reversal Forming, Nikkei 225 Gains with Docomo Price Cuts

Posted: 15 Apr 2019 10:34 PM PDT

Hits: 5


Asia Pacific Markets Wrap Talking Points

  • Nikkei 225 supported by gains in NTT Docomo
  • Equities facing European sentiment, US data
  • S&P 500 carving out bearish reversal pattern

Find out what retail traders' equities buy and sell decisions say about the coming price trend!

Asia Pacific equities generally traded higher in a rather choppy session. On Wall Street, the S&P 500 ended the day close to little changed following a mixed start to the early phases of the US earnings season.

Japan's benchmark Nikkei 225 was supported by wireless telecommunication services as NTT Docomo soared. The company announced smaller-than-expected price cuts as the stock rose about 3.4%, its best performance in a single day since December.

Elsewhere, the Shanghai Composite climbed out of negative territory as it rose over one percent. In Australia, the ASX 200 rose more than 0.35% as the equity index was supported by financials which carry about a 31% weighting in the index.

There was a temporary surge of risk aversion around the time of the RBA minutes from the April policy meeting. As anticipated in this week's fundamental forecast, AUD/USD weakened and remained lower despite equities resuming their upside push. The anti-risk Japanese Yen underperformed.

Ahead, the equity outlook is vulnerable to disappointing economic sentiment surveys out of Europe. Another risk may come from softer-than-expected US industrial production. Lately, data out of the world's largest economy has been tending to underperform. More of the same may add fundamental pressures to the S&P.

S&P 500 Technical Analysis

Taking a look at S&P 500 futures, in order to see afterhours trade, the index is carving out a falling wedge bearish pattern on the daily chart. This is accompanied with negative RSI divergence which shows that upside momentum is fading after resistance was cleared at 2900. As such, technical considerations err on the side of caution as the floor of the candlestick pattern may be tested soon.

S&P 500 Daily Chart

S&P 500 Reversal Forming, Nikkei 225 Gains with Docomo Price Cuts

Chart Created in TradingView

FX Trading Resources

— Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter


2019-04-16 05:00:00

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USDIDR Eyes Indonesian General Election, China GDP, US Earnings

Posted: 15 Apr 2019 09:22 PM PDT

Hits: 6


ASEAN Fundamental Outlook

  • Malaysian Ringgit weakens with Palm Oil, USD/PHP brushes aside dovish BSP
  • Indonesian Rupiah eyeing general elections on the same day as China Q1 GDP
  • Market optimism to be driven by US earnings, retail sales which may disappoint

Trade all the major global economic data live and interactive at the DailyFX Webinars. We'd love to have you along.

US Dollar and ASEAN FX Recap

The US Dollar underperformed last week, aiming narrowly lower in rather choppy trade. A lot of the losses occurred during the first few days in the aftermath of a lackluster jobs report for the period of March. This resulted in overall mixed performance from some of its ASEAN currency counterparts. On Friday, the Singapore Dollar weakened following the MAS lowering growth and inflation forecasts.

While USD/SGD was more-or-less little changed by week-end, the Malaysian Ringgit largely underperformed. USD/MYR inversely tracked a decline in palm oil futures, Malaysia is the world's second largest producer of the commodity. Meanwhile, USD/PHP fell, brushing aside increasingly dovish commentary from the Governor of the Philippine Central Bank on Friday as the Greenback weakened.

ASEAN FX 5-Day Performance

Indonesian Elections and Chinese GDP

USD/IDR is eyeing the upcoming Indonesia general election on April 17th. Incumbent President Joko Widodo, of the PDI-P party, has been leading in the polls against challenger Prabowo Subianto, of the Gerindra party. Albeit, recent surveys have been showing that the president's lead has been somewhat narrowing. A status quo outcome may keep Rupiah volatility relatively stable.

On the flip side, a victory for Prabowo Subianto, based on opinion polls, may temporarily weigh against IDR as investors reassess their positioning. Mr Prabowo has promised tax cuts and if he wins, that may bolster the Rupiah down the road as it may lessen the urge for the Bank of Indonesia to cut rates. Regardless of the outcome, it still remains committed to upholding the value of IDR in close intervention.

Meanwhile, on the same day eyes will be on Chinese first quarter GDP data. According to the Citi Surprise Index, Chinese economic news flow has been tending to outperform relative to economists' expectations. This suggests that perhaps models are being too pessimistic and an upside surprise may reduce global growth slowdown fears. That may boost equities and sentiment-linked ASEAN currencies.

US Earnings Season and Data

With concerns being raised by major central banks about the global growth environment, risk trends will be keeping a close eye on the US first quarter earnings seasons. So far, it has been a less-than-optimal start as Wall Street traded sideways. Signs of trouble ahead in the world's largest economy could easily spark adverse knock-on effects that may spill into Asia Pacific equities.

In addition, keep an eye on US retail sales and PMI data which is another element in this equation. In stark contrast to China, data in the world's largest economy has been tending to disappoint. The balance here will be how the US Dollar behaves as a liquid haven. You may follow me on twitter here @ddubrovskyFX for timely updates on how these impact financial markets and ASEAN FX.

FX Trading Resources

— Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter


2019-04-16 03:30:00

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Australian Dollar Wilts On RBA Minutes, Jobless Data Could Be Key

Posted: 15 Apr 2019 07:19 PM PDT

Hits: 7


Australian Dollar, Reserve Bank of Australia Monetary Policy Minutes, Talking Points:

  • RBA rate setters saw very little chance of higher rates
  • They said that continued low inflation might warrant a cut, especially if employment growth stalls
  • AUD/USD slipped back and is getting closer to its former downtrend

Get live, interactive coverage of all major Australian economic data at the DailyFX Webinars

The Australian Dollar slipped Tuesday after the minutes of the last monetary policy meeting showed more apparent emphasis on the consequences of lower interest rates.

Rate setters said that a rate cut would be appropriate if inflation stayed low and unemployment trended up and that, given subdued inflation, the likelihood of a near-term rise in rates was low. The meeting itself resulted in the key Official Cash Rate remaining on hold at its record, 1.50% low for a 32nd straight month.

This is the longest period of stasis in Australian history but, nevertheless, rate futures markets still price-in the prospect that the next move, when it comes will be a cut.

The minutes suggested that the RBA now tends to agree and sure enough AUD/USD headed down.

Australian Dollar Vs US Dollar, 5-Minute Chart

On its daily chart the Aussie remains above the long downtrend which persisted through much of 2018 as US interest rates rose while Australia's stayed put. Resilient global risk appetite has boosted the Australian currency. but the minutes have put market minds back on its utter lack of domestic monetary policy support.

Australian Dollar Vs US Dollar, Daily Chart.

The next key domestic data hurdle for the Aussie will now be official local employment data which come out on Thursday. The Australian economy has been something of a job creation powerhouse in the last few years, but the tone of the minutes suggests that the RBA is worried that this strength could be about to fade.

Before that, however, on Wednesday, will come official Chinese Gross Domestic Product numbers. These will clearly matter to the AUD/USD market given Australia's huge trading links with the world's second largest economy.

Resources for Traders

Whether you're new to trading or an old hand DailyFX has plenty of resources to help you. There's our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There's also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they're all free.

— Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!


2019-04-16 01:53:00

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Crude Oil Prices May Fall Amid Fears of Slowing Global Growth

Posted: 15 Apr 2019 06:43 PM PDT

Hits: 1


CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil prices continue to edge down after Chevron/Anadarko deal
  • Gold prices stall at key support, chart hints at major top in the works
  • RBA minutes, German ZEW and US industrial production data on tap

Crude oil prices continued to edge lower, building on Friday's weakness. The move appeared to reflect follow-through on the markets' response after Chevron agreed to buy Anadarko Petroleum, which markets seemed to see as likely to boost output. The monthly EIA drilling productivity report reinforced that idea. It projected that total US shale production will rise to a record 8.46 million barrels per day next month.

Meanwhile, gold prices probed a bit lower but ultimately finished the session little-changed. Treasury bond yields and the US Dollar tellingly idled in narrow consolidation ranges. This suggests the yellow metal was unable to find adequately eye-catching developments to generate a convincing directional lead for anti-fiat and non-interest-bearing asset demand trends.

CRUDE OIL PRICES MAY FALL AS GLOBAL SLOWDOWN FEARS RETURN

Looking ahead, a worried tone in minutes from April's RBA meeting may stoke global slowdown fears. The downbeat mood may be reinforced if the German ZEW analyst sentiment survey and US industrial production data fall short of forecasts, echoing the tendency to disappoint on recent macroeconomic news-flow. That may trigger broad-based risk aversion.

Cycle-sensitive crude oil prices may fall in this scenario, although weekly API inventory flow data may muddy the waters a bit. It will be judged against expectations of a 1 million barrel rise to be reported in official DOE figures Wednesday. As before, the response from gold prices to sentiment-driven moves will continue to depend on the relative magnitude of divergent moves in yields and the US Dollar.

See the latest gold and crude oil forecasts to learn what will drive prices in the second quarter!

GOLD TECHNICAL ANALYSIS

Gold prices are testing neckline support at 1281.31, with a daily close below that confirming a bearish Head and Shoulders (H&S) pattern. That would initially expose the 1260.80-63.76 area, but the overall setup implies a subsequent drop toward the $1200/oz figure. Alternatively, a break back above the resistance in the 1303.70-09.12 zone targets the 1323.40-26.30 region next.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are cautiously pulling back from support-turned-resistance in the 63.59-64.88 area. Confirmation of a larger reversal needs a close below 60.39. That would violate the uptrend form late December and expose the 57.24-88 zone. Alternatively, a push above resistance and a subsequent barrier in the 66.09-67.03 region sets the stage for a test of the $70/bbl figure.

Crude oil price chart - daily

COMMODITY TRADING RESOURCES

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter


2019-04-16 00:30:00

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USDCAD Support Held on Negative BoC Business Outlook, AUD Eyes RBA

Posted: 15 Apr 2019 04:52 PM PDT

Hits: 12


Asia Pacific Market Open Talking Points

  • Canadian Dollar drops with crude oil prices as BoC fuels rate cut bets
  • Wall Street swings as US earnings season begins with mixed results
  • Australian Dollar at risk if RBA minutes build on global growth risks

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in theDailyFX Webinars. We'd love to have you along.

FX News Monday

The Canadian Dollar underperformed on Monday alongside volatility in crude oil prices. It began with downside gaps which may have been as a result of growing concerns about a provincial election in Alberta that may create uncertainty for a portion of Canada's energy sector. This was then followed by a slew of disappointing Canadian economic data.

Bank of Canada's overall business outlook survey contracted 0.6 in the first quarter of 2019 which was the first negative outcome since 2016. Accompanying this was growing concerns about inflation expectations from the central bank. On the chart below, you can see Canadian front-end government bond yields falling as USD/CAD rose. This reflected increased BoC rate cut expectations.

Check out the DailyFX Economic Calendarfor critical currency event risk!

USD/CAD Rises on BoC Business Outlook Survey

USDCAD Support Held on Negative BoC Business Outlook, AUD Eyes RBA

Chart Created in TradingView

USD/CAD Technical Analysis

USD/CAD still remains in a well-defined range between 1.3251 and 1.3469 after support held over the past 24 hours yet again. This may signal that perhaps it could be readying up to test resistance next. On the other hand, the daily chart below shows that if there is a downside breakout, that requires overcoming more psychological barriers than a turn higher. These include former resistance from early 2019 and rising support from late January.

USD/CAD Daily Chart

USDCAD Support Held on Negative BoC Business Outlook, AUD Eyes RBA

Chart Created in TradingView

Tuesday's Asia Pacific Trading Session

Sentiment-oriented currencies such as the Australian and New Zealand Dollars could be looking to a mixed start as Tuesday gets underway. A mixed beginning to the US earnings season, with Goldman Sachs and Citigroup having just passed, saw Wall Street swing as the S&P 500 ended more-or-less little changed at -0.06%. As such, Asia equities may be heading for consolidation.

AUD/USD could be vulnerable to monetary policy fundamental themes, with the RBA minutes from the April meeting on the docket. This is because the central bank has been slowing hinting that it is watching certain risks to their outlook such as slowing global growth. If the document echoes and builds on growing concerns from policymakers, the Aussie may weaken.

FX Trading Resources

— Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter


2019-04-15 23:00:00

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10. WiFi Routers review|

Crude Oil Price Under Threat on Potential End to OPEC Supply Cuts

Posted: 15 Apr 2019 02:53 PM PDT

Hits: 8


Crude Oil Price Outlook Talking Points:

  • Crude oil slipped in Monday trading as the supply and demand picture remains in flux
  • Crude oil's price chart reveals technical resistance nearby with two notable areas of support beneath
  • Interested in live currency analysis? Sign up for one of our free trading webinars.

Crude Oil Price Under Threat on Potential End to OPEC Supply Cuts

Crude oil retreated to around $63.40 on Monday after climbing to the highest price in five months last week – around $64.50. Crude oil's outlook is clouded by a series of supply-side uncertainties alongside global growth concerns that could weigh on demand forecasts.

Oil-producers Libya and Venezuela remain in states of crisis which has called their output consistency into question. Perhaps a more immediate driver behind Monday's price decline was a report from Reuters regarding comments from a Russian official on the state of Russia's crude oil market share.

On Saturday, Russian Finance Minister Anton Siluanov commented on Russia's receding share within the crude oil market. "There is a dilemma. What should we do with OPEC: should we lose the market, which is being occupied by the Americans, or quit the deal?" he said in Washington. If Russia were to cast aside OPEC output constraints in favor of recapturing lost market share, crude could see its recent rally threatened. The current 1.2 million barrel per day cut was enacted in January and is slated to remain in place for six months. OPEC and OPEC+ members will meet on June 25 and 26 to discuss an extension to the cuts.

Crude Oil Price Chart: Daily Time Frame (August 2018 – April 2019) (Chart 1)

crude oil price chart

From a technical perspective, crude oil trades slightly beneath the 61.8% Fib level from October's highs to December's lows in 2018. Above that exists horizontal resistance from August's swing low, with the 23.6% Fib level from February 2016 to October 2018 to the topside.

Intraday trading saw crude slip beneath the 61.8% level early on and was unable to breakthrough on multiple retests as the session progressed. For support, the $63.11 to $62.82 area will offer buoyancy should the commodity experience further pressure in the week ahead. Similarly, $62 to $61.60 will likely mark an area of subsequent support.

Crude Oil Price Chart: 1 – Hour Time Frame (March 2019 – April 2019) (Chart 2)

crude oil price chart

With the next OPEC meeting still months away, crude traders should look to Chinese GDP on Wednesday to help gauge the degree of demand for the fossil fuel. Baker Hughes rig count data is due Thursday, which will also offer short-term influence on crude oil's price. View our economic calendar for both data releases and other economic indicators in the week ahead. Follow @PeterHanksFX on Twitter for further market insight and updates.

–Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more: Dow Jones, S&P 500, DAX 30, and FTSE 100 Technical Forecast

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you're looking to improve your trading approach, check out Traits of Successful Traders. And if you're looking for an introductory primer to the Forex market, check out our New to FX Guide.


2019-04-15 21:30:00

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