Forex News 24 |
- CSX Corporation Earnings: CSX Stock Surges on EPS Beat, in-Line Sales CSX Corporation Earnings: CSX Stock Surges on EPS Beat, in-Line Sales
- Netflix Stock Price Slides After Earnings, S&P 500 Sentiment Dented
- National Weed Day 2019: What Does 420 Mean? National Weed Day 2019: What Does 420 Mean?
- March UK Inflation & GBPJPY Price Forecast
- International Paper News: Why IP Stock Is Sinking Today International Paper News: Why IP Stock Is Sinking Today
- Bank Earnings Divided Ahead of Morgan Stanley
- April 16, 2019 : GBP/USD Intraday technical analysis and trade recommendations.
- 4 Stocks to Buy Now Before They Skyrocket
- FX Price Action Setups in EUR/USD, GBP/USD, AUD/USD and USD/CAD
- USDCAD and AUDUSD Traders Eye Upcoming Data
| Posted: 16 Apr 2019 02:34 PM PDT Hits: 0 CSX Corporation (NYSE:CSX) reported strong earnings results late today, bringing in earnings that handily topped what Wall Street projected in its consensus estimate, while revenue was in line with expectations, pushing the company's stock higher after hours.  The Jacksonville, Fla.-based real estate company said it brought in net income of $834 million for its first quarter of 2019, or $1.02 per share. The amount was roughly 31% higher than it was during the year-ago quarter, while also topping the $91 cents per share that Wall Street called for, according to the average estimate of eight analysts polled by Zacks Investment Research. CSX also raked in revenue of $3.01 billion, a 5% increase over the year-ago quarter, while also arriving in line with the Wall Street outlook, per Zacks. The figure improved thanks to higher merchandise volume, as well as broad pricing gains. The company added that its expenses were down 2% year-over-year to $1.79 billion, thanks in part to continued efficiency gains. This helped boost CSX's operating income by 17% year-over-year, reaching $1.22 billion. "The CSX team of exceptional railroaders continues to execute across all aspects of our business, delivering new all-time high service levels," said CEO James Foote. "These results reflect the strength of our Company's operating model and our commitment to providing a best-in-class service offering to our customers." CSX stock surged about 4.1% after the bell Tuesday as the company's results were stronger than expected for most key financial metrics. Shares had been trading mostly flat during regular hours, gaining a fraction of a percentage by the ring of the bell. Can you get rich from fx trading? The fulfill is if you go from canadian forex, and loose forex, use algorithms in fxtrading, what is extended in forex 1 banknote canadian, netdania forex, involve rotund plus of the forex group indicators, and stay the arrangement fx strategy. We instrument succeed win all. Can you get gilded from fx trading? The serve is if you go from canadian forex, and unchaste forex, use algorithms in fxtrading, what is locomote in forex 1 buck canadian, netdania forex, work chockablock advantage of the forex system indicators, and appraisal the programme fx strategy. We testament succeed win all.
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| Netflix Stock Price Slides After Earnings, S&P 500 Sentiment Dented Posted: 16 Apr 2019 02:31 PM PDT Hits: 5 Netflix Stock Price Talking Points:
Netflix Stock Price Slides After Earnings, S&P 500 Sentiment DentedNetflix (NFLX) released first quarter earnings after the close Tuesday, beating analyst expectations on both revenue and earnings per share. As the report was digested further however, future cash flow related to subscriber growth concerned investors and the stock traded nearly 8% lower immediately after release. As the after-hours session unfolded, Netflix shares recovered – down about 1.5% at the time of this article's publication. Netflix Stock Price After Earnings
Netflix's reported first quarter revenue was $4.52 billion, equating to $0.76 earnings per share – notably higher than the expected $0.58. Still, the strong financials were not enough to outweigh the troublesome outlook for subscriber growth. While the streaming service added an impressive 9.6 million subscribers in the most recent quarter, second quarter additions were forecasted at only 5 million – beneath Street expectations of 6.09 million. Worrisome subscriber forecasts coincide with a new entrant to the streaming space – Disney. The impact of heightened competition will likely be of headline concern in future releases. Alongside Netflix, International Business Machines Corporation (IBM) reported first quarter earnings but failed to meet revenue guidance and subsequently slipped in after-hours trading. Like Netflix, the stock pared initial losses as the report disseminated throughout the market.
Option traders anticipated notable volatility from both Netflix and IBM – something not uncommon for the former. That said, NFLX and IBM look to trade within the expected price range heading into Wednesday's session. In the coming weeks however, Netflix's implied volatility will remain heightened. As the first FAANG member to report earnings, the stock is often looked to as a bellwether for tech sentiment and a barometer for general equity sentiment. Once other tech stocks report, Netflix will likely find itself tied to the performance of the sector. With the conclusion of bank earnings on Wednesday, tech will take the stage as the next key industry to watch as the season progresses. In the social media space, Twitter and Snapchat report next Tuesday. Following their reports, Facebook and Microsoft will report after next Wednesday's close. Follow @PeterHanksFX on Twitter for earnings season coverage. In the interim, the S&P 500 and Dow Jones will look to Chinese GDP – due to be released early Wednesday. –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.
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| National Weed Day 2019: What Does 420 Mean? National Weed Day 2019: What Does 420 Mean? Posted: 16 Apr 2019 01:58 PM PDT Hits: 2
The exact origin of the date is unknown, but there are theoriesNational Weed Day 2019 is taking place later this week, celebrating cannabis products in the U.S. and across the globe.  Marijuana is often consumed on 4/20, or April 20 every year, but the origins of the unofficial weed holiday are as hazy as the plant's smoke. There are various theories surrounding where 420 comes from, including the following:
Where do you think 420 comes from? Article printed from InvestorPlace Media, https://investorplace.com/2019/04/national-weed-day-what-does-420-mean/. ©2019 InvestorPlace Media, LLC
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| March UK Inflation & GBPJPY Price Forecast Posted: 16 Apr 2019 01:54 PM PDT Hits: 7 Talking Points: – The March UK Consumer Price Index is due on Wednesday, April 17 at 08:30 GMT. – With the Brexit deadline having been punted to October 31, it's possible that the British Pound proves more sensitive to economic data in the meanwhile once more. – Retail traders have increased their net-short GBPJPY positions over the past week. Join me on Mondays at 7:30 EDT/11:30 GMT for the FX Week Ahead webinar, where we discuss top event risk over the coming days and strategies for trading FX markets around the events listed below. 04/17 WEDNESDAY | 08:30 GMT | GBP Consumer Price Index (MAR)Rebounding energy prices over the past several months have seen inflation readings across the developed world stabilize at the start of 2019; the UK Consumer Price Index should be no different. The upcoming March UK inflation report is due to show headline inflation due in at +2.0% from +1.9% (y/y), while the monthly reading is due in a 0.2% from 0.5%. Core CPI is expected to have increased to 1.9% from 1.8% (y/y). While the Bank of England's Monetary Policy Committee has repeatedly made clear that the lack of clarity over Brexit would give pause to any change in policy, thereby neutralizing the impact of economic data, with the Brexit deadline having been punted to October 31, it's possible that the British Pound proves more sensitive to economic data in the meanwhile once more. Pairs to Watch: EURGBP, GBPJPY, GBPUSD GBPJPY Technical Forecast: Daily Price Chart (December 2017 to April 2019) (Chart 1)
Since February 22, GBPJPY prices have traded in a range between 143.78 and 148.87. From one point of view, this means the cross provides little opportunity. From another point of view, the recent consolidation in GBPJPY price action may be akin to a coiling spring storing potential energy; the release of the kinetic energy, i.e. the breakout from the range, is worth waiting for. Before a move towards either range resistance or support is achieved, price will need to leave the triangle that’s formed between the March 29 low and April 3 high. To this end, if GBPJPY price breaks above the April 12 high of 147.02, odds would increase for a retest of the broader range higher at 148.87. On the other hand, if GBPJPY price falls below triangle support at 145.55/60 over the coming days, then the probability of a move back towards the broader range low at 143.78 would go up. IG Client Sentiment Index: GBPJPY (April 12, 2019) (Chart 2)
GBPJPY: Retail trader data shows 43.9% of traders are net-long with the ratio of traders short to long at 1.28 to 1. The number of traders net-long is 2.9% lower than yesterday and 16.7% lower from last week, while the number of traders net-short is 14.1% lower than yesterday and 29.4% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBPJPY prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBPJPY trading bias. FX TRADING RESOURCESWhether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading. — Written by Christopher Vecchio, CFA, Senior Currency Strategist To contact Christopher, email him at cvecchio@dailyfx.com Follow him in the DailyFX Real Time News feed and Twitter at @CVecchioFX
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| Posted: 16 Apr 2019 01:20 PM PDT Hits: 2 In the latest International Paper (NYSE:IP) news, the company's stock is taking a hit as the demand for cardboard boxes has stagnated.
When there are only a few competitors in the industry, the business should be booming as there are less companies controlling supply. This means there's less of a chance of the supply-demand balance being negatively impacted by the matter. However, the demand for cardboard boxes has stagnated, with box shipments falling roughly 3% year-over-year in March. Plus, box inventories were sliding less than expected, and more inventory often means less demand for new box production in the future. IP stock is sliding roughly 4.6% on Tuesday following the news. Can you get rich from fx trading? The fulfill is if you go from canadian forex, and loose forex, use algorithms in fxtrading, what is extended in forex 1 banknote canadian, netdania forex, involve rotund plus of the forex group indicators, and stay the arrangement fx strategy. We instrument succeed win all. Can you get gilded from fx trading? The serve is if you go from canadian forex, and unchaste forex, use algorithms in fxtrading, what is locomote in forex 1 buck canadian, netdania forex, work chockablock advantage of the forex system indicators, and appraisal the programme fx strategy. We testament succeed win all.
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| Bank Earnings Divided Ahead of Morgan Stanley Posted: 16 Apr 2019 01:18 PM PDT Hits: 11 S&P 500 Outlook Talking Points:
S&P 500 Outlook: Bank Earnings Divided Ahead of Morgan StanleyWith earnings season well underway, bank results remain divided. After Goldman Sachs dragged the Dow Jones lower on Monday, Bank of America (BAC) followed suit on Tuesday, declining 2.25%. On the other hand, Blackrock (BLK) delivered a healthy earnings surprise, which saw shares climb 2.7% in Tuesday trading.
Two Dow Jones giants – United Health Group (UHN) and Johnson & Johnson (JNJ) – also offered split performances Tuesday. Together, the two corporations account for nearly 9.50% of the Industrial Average with United Health taking the lion's share. Three of the four stocks saw larger intraday moves than their average following an earnings report, with JNJ being the exception. Conversely, every stock saw a smaller reaction than one-day implied volatility had suggested – thus trading within the expected price range.
As financials conclude for the season, Morgan Stanley's (MS) report on Wednesday morning will deliver the last of the results from the banking giants. The Street is expecting $1.17 earnings per share on $10.00 billion in revenue. One-day implied volatility suggests Morgan Stanley shares will trade between $44.74 and $48.26 following the report. Morgan Stanley Earnings Preview
While noteworthy, especially for the financial sector, the report may be overshadowed by the advent of tech earnings – namely Netflix. As a member of the FAANG group, Netflix is often afforded considerable influence over market sentiment. 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.
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| April 16, 2019 : GBP/USD Intraday technical analysis and trade recommendations. Posted: 16 Apr 2019 12:40 PM PDT Hits: 4
On January 2nd, the market initiated the depicted uptrend line around 1.2380. This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th. A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11. Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27. Instead, the depicted bearish channel was established. Significant bearish pressure was demonstrated towards 1.3150 – 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown. On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection. This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair. Currently, the price zone of 1.3140-1.3170 corresponds to the upper limit of the depicted bearish channel where another bearish movement may be initiated. Short-term outlook has turned into bearish towards 1.2920-1.2900 where the lower limit of the depicted channel is located. Trade Recommendations: Any bullish pullback towards 1.3150-1.3170 should be considered for another SELL entry. TP levels to be located around 1.3100, 1.3020 then 1.2950 – 1.2920. S/L to be located above 1.3190. The material has been provided by InstaForex Company – www.instaforex.com Can you get moneyed from fx trading? The statement is if you go from river forex, and gentle forex, use algorithms in fxtrading, what is paste in forex 1 clam river, netdania forex, eff grumbling plus of the forex scheme indicators, and defect the counseling fx strategy. We module win win all.
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| 4 Stocks to Buy Now Before They Skyrocket Posted: 16 Apr 2019 12:30 PM PDT Hits: 5 U.S. equities are continuing to push higher on Tuesday thanks in part to comments from Blackrock (NYSE:BLK) CEO Larry Fink that the market was more likely to "melt up" than suffer a selloff. As the head of the world's largest asset management company, the comments attracted a fair share of attention. His reasoning? Cash on the sidelines with investors who are underinvested at a time when central bankers are "more dovish than ever." Also helping the major indices is a rebound in semiconductor stocks, which has been a highlight of the market in recent days. In honor of Fink's comments, here are four large-cap stocks that are already melting higher and still look good for new money: Intel (INTC)
The company will next report results on April 25 after the close. Analysts are looking for earnings of 87 cents per share on revenues of $16 billion. When the company last reported on Jan. 24, earnings of $1.28 beat estimates by six cents on a 9.4% rise in revenues. Cisco Systems (CSCO)
The company will next report results on May 15 after the close. Analysts are looking for earnings of 77 cents per share on revenues of $12.9 billion. When the company last reported on Feb. 13, earnings of 73 cents per share beat estimates by a penny on a 4.7% rise in revenues. Disney (DIS)
That's a long time to wait as investors wondered whether an aggressive acquisition strategy (Marvel, Star Wars, etc.) would pay off. With Star Wars-themed expansions to Disneyland and Disney World about to open, and with Netflix (NASDAQ:NFLX) on notice, those fears have faded away. The company will next report results on May 8 after the close. Analysts are looking for earnings of $1.55 per share on revenues of $14.5 billion. When the company last reported on Feb. 5, earnings of $1.84 per share beat estimates by 27 cents on a 0.3% drop in revenues. Procter & Gamble (PG)
The company benefited from a shift toward more defensive issues last year amid broad market volatility, as well as solid management execution in what is a difficult environment. The company will next report results on April 23 before the bell. Analysts are looking for earnings of $1.04 per share on revenues of $16.4 billion. When the company last reported on Jan. 23, earnings of $1.25 beat estimates by four cents on a 0.2% rise in revenues. As of this writing, William Roth did not hold a position in any of the aforementioned securities. Can you get rich from fx trading? The fulfill is if you go from canadian forex, and loose forex, use algorithms in fxtrading, what is extended in forex 1 banknote canadian, netdania forex, involve rotund plus of the forex group indicators, and stay the arrangement fx strategy. We instrument succeed win all. Can you get gilded from fx trading? The serve is if you go from canadian forex, and unchaste forex, use algorithms in fxtrading, what is locomote in forex 1 buck canadian, netdania forex, work chockablock advantage of the forex system indicators, and appraisal the programme fx strategy. We testament succeed win all.
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| FX Price Action Setups in EUR/USD, GBP/USD, AUD/USD and USD/CAD Posted: 16 Apr 2019 12:27 PM PDT Hits: 2 FX Price Action Setups in EUR/USD, GBP/USD, AUD/USD and USD/CADThis webinar was hosted amidst a backdrop of continued congestion across FX-land, where even the largest and traditional 'big movers' remain in varying forms of range or congestion. The Dollar dithers near long-term resistance as the ascending triangle formation remains, waiting to be filled by a bullish breakout. EURUSD has built into a bear flag, but even that takes place amid a longer-term bout of mean reversion. In this webinar, I looked at setups across the US Dollar, including a couple of key commodity markets as Oil prices have begun to test a zone of potential higher-low support, looked at in this week's Oil Price Technical Forecast. Forex Talking Points: – If you're looking to improve your trading approach, our Traits of Successful Traders research could help. This is based on research derived from actual results from real traders, and this is available to any trader completely free-of-charge. – If you're looking for a primer on the FX market, we can help. To get a ground-up explanation behind the Forex market, please click here to access our New to FX Trading Guide. If you'd like to sign up for our webinars, we host an event on Tuesday and Thursday, each of which can be accessed from the below links: Tuesday: Tuesday, 1PM ET Thursday: Thursday 1PM ET US Dollar Bulls Continue to Shy Away from ResistanceOn short-term charts, there isn't much to get excited about in the US Dollar. Prices have been making lower-lows and lower-highs over the past week; but bears haven't been able to really re-grab control of the matter and this keeps the longer-term ascending triangle at bay. This week's economic calendar is noticeably light on US issues, leading to the idea that any near-term bullish breakouts will likely need to come from some exogenous shock factor, which could prod risk aversion long enough to compel a DXY breakout. US Dollar Daily Price Chart
Chart prepared by James Stanley EURUSD Builds Bear Flag After April Support BounceI had looked at the long side of EURUSD around the April open, and again coming into this week. April support is coming in from a big confluent area on the chart, taken from the 1.1187 and 1.1212 Fibonacci levels. Those prices have helped to hold the lows in the pair for almost six months now as the range has continued to build. This one could be approached in a few different ways: From a very short-term perspective, traders could look for bullish continuation within the channel that's built since that support bounce. Working with that thesis, near-term resistance off of the 50% marker of the recent major move is coupled with support at prior resistance, around the 23.6% marker of the same move. EURUSD Two-Hour Price Chart
Chart prepared by James Stanley Taking a step back to the four-hour chart, and traders looking at bearish strategies may get some workable information. Prices remain in the bullish channel making up the bear flag formation; but this also comes with potential invalidation around the 23.6% marker of the same move, around the 1.1250 area of support on the chart. This was mentioned in this week's FX Setups for potential bearish strategies, targeting a re-test of the 1.1187-1.1212 support zone. EURUSD Four-Hour Price Chart
Chart prepared by James Stanley Taking yet another step back, and the focus reverts back to the almost six-month-old range, looking for the support side to continue filling-in towards resistance at 1.1448-1.1500. EURUSD Eight-Hour Price Chart
Chart prepared by James Stanley GBPUSD: Descending TriangleAfter looking for a support bounce in GBPUSD around the start of this month, I shifted the pair into bearish strategies in this week's FX Setups, looking for resistance to hold at either 1.3117 or, a bit deeper around 1.3181-1.3187. If a big response of USD-strength shows up, the support side of that descending triangle is vulnerable to bearish breakouts. GBPUSD Eight-Hour Price Chart
Chart prepared by James Stanley USDCAD Builds a Wall of ResistanceWhile there's been a lot of talk about walls and barriers around the US of recent, but in FX, it's USDCAD price action that's really been at work. There's a chasm of resistance in the next 100 pips above the current USDCAD spot price, with major levels at 1.3361, 1.3376, 1.3385, 1.3423, 1.3443 and 1.3462; and that's all before the psychological level of 1.3500. This, combined with a bullish backdrop in Oil prices (discussed below) gives ample motive to continue looking at the short-side of USDCAD. USDCAD Daily Price Chart
Chart prepared by James Stanley USDJPY Breakout Pauses at 112.00Last week's big takeaway was a re-emergence of Yen weakness, and this showed against most major currencies. In USDJPY, this amounted to a topside rally from the 110.86 Fibonacci level, all the way up to the 112.00 level that previously held the highs in the pair. Bulls have yet to make much ground higher, and in this week's FX Setups, I looked at two support zones for strategies of bullish continuation. The first of those has already started to come into play. USDJPY Four-Hour Price Chart
Chart prepared by James Stanley USDCHF Moves Back into Resistance Zone USDCHF has caught a bid to push all the way up from .9902 towards the 1.0100 level. Parity was a mere point of pause as bulls have remained firmly in-control. The big question, at this point, is whether this zone of resistance helps to elicit another reversal in the pair. USDCHF Four-Hour Price Chart
Chart prepared by James Stanley AUDUSD Rallies Up to Range ResistanceThis was looked at last week, but the 'R2' zone has started to come back into play in AUDUSD. Early week price action caught a resistance inflection off of this zone but, as of yet, bears haven't been able to re-grab control. AUDUSD Eight-Hour Price Chart
Chart prepared by James Stanley NZDUSD Support Bounce Targets Fibonacci Re-TestThe support looked at last week in NZDUSD, taken from the Fibonacci level at .6717 has helped to hold the lows, and prices have put-in the early stages of a bounce. Should buyers retain control, focus moves towards a re-test of the Fibonacci level at .6820. NZDUSD Eight-Hour Price Chart
Chart prepared by James Stanley Oil Prices Test Support at Prior ResistanceIn this week's technical forecast for Oil, I kept a bullish stance, looking for prices to pullback from fresh highs in order to cauterize support at prior resistance. That zone has already come into play and, so far, has helped to hold the lows. This keeps focus for Oil prices on a move back towards the $65 handle, and in this webinar, I shared a few area and pointers to look to should prices continue rallying towards that prior high. Oil Price Four-Hour Price Chart: Rally from Key Chart Support
Chart prepared by James Stanley To read more:Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts for Q4 have a section for each major currency, and we also offer a plethora of resources on USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator. Forex Trading Resources DailyFX offers an abundance of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you're looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we're looking at what we're looking at. If you're looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management. — Written by James Stanley, Strategist for DailyFX.com Contact and follow James on Twitter: @JStanleyFX
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| USDCAD and AUDUSD Traders Eye Upcoming Data Posted: 16 Apr 2019 12:11 PM PDT Hits: 8 USDCAD, AUDUSD CURRENCY VOLATILITY – TALKING POINTS:
Forex traders could see an influx of price action across the currency market tomorrow according to rising overnight implied volatility measures. The uptick in anticipated price action is likely attributable to uncertainty posed by the laundry-list of economic events and data releases expected over the next 24-hours which have potential to spark overdue currency volatility. FOREX MARKET IMPLIED VOLATILITY AND TRADING RANGES
While NZDUSD overnight implied volatility soared to a 2-month high ahead of New Zealand's inflation data which is expected to cross the wires later in today's session, USDCAD and AUDUSD could be of particular interest tomorrow considering Canadian CPI and Chinese GDP. FOREX ECONOMIC CALENDAR
Visit the DailyFX Economic Calendar for a comprehensive list of upcoming economic events and data releases affecting the global markets. China's highly-anticipated GDP release will likely set the tone across risk assets with the data being closely scrutinized by market participants for signs that the world's second largest economy is rebounding from its recent growth slowdown. Due to the close trading relationship between China and Australia, a positive report has potential to boost the Aussie. As for USDCAD, the loonie could come under pressure if March Canada inflation prints below expectations. Climbing oil prices are projected to have lifted Canada's CPI, however, due to the country's high reliance on the energy market. Moreover, upcoming crude inventory data out of the US has potential to drive additional USDCAD price volatility with a positive response in oil likely translating to a boost in the Canadian Dollar. USDCAD PRICE CHART: DAILY TIME FRAME (JANUARY 11, 2019 TO APRIL 16, 2019)
Judging by USDCAD overnight implied volatility data, the currency pair is calculated to trade between 1.3313 and 1.3401 with a 68 percent statistical probability over the next 24-hours. The implied low could serve as an area of confluence seeing that uptrend support and the 38.2 percent Fib align with this level. On the other hand, USDCAD upside could be limited by Tuesday's intraday high which appears to have formed a series of tops where the implied high rests slightly above the 23.6 percent Fibonacci retracement line. AUDUSD PRICE CHART: DAILY TIME FRAME (DECEMBER 26, 2018 TO APRIL 16, 2019)
AUDUSD overnight implied volatility suggests spot prices will continue to hold a tight trading range and fluctuate between 0.7146 and 0.7202. The forex pair's recent upside looks to have eclipsed resistance at the 23.6 percent Fibonacci retracement line with AUDUSD bulls likely eyeing a fresh month-to-date high. Although, further advances could be hindered by the topside rising trendline formed by the highs recorded in March and April. Yet, bearish economic data could quickly sour sentiment tomorrow and accelerate a selloff. If the 23.6 percent Fib and implied low fail to support spot prices, downside could target the 38.2 percent Fibonacci retracement level. TRADING RESOURCESWhether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading. – Written by Rich Dvorak, Junior Analyst for DailyFX – Follow @RichDvorakFX on Twitter Can you get comfortable from fx trading? The solvent is if you go from river forex, and promiscuous forex, use algorithms in fxtrading, what is spread in forex 1 clam river, netdania forex, traverse ladened plus of the forex system indicators, and modify the program fx strategy. We testament win win all.
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