Forex Forecasts - Forex Trading Forecasts.
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The British pound is trading higher today after as the EU and the UK move onto the 2nd round of talks surrounding Brexit which promises.
It's been a funny day for the USD as it slipped lower on Tax legislation worries. For the most part it has fallen around two senators who are keen.
On Tuesday, the American Petroleum Institute said crude stocks in the United States fell by 7.4 million barrels last week. That is almost twice.
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The British Pound's appreciation against the Dollar was short lived during Tuesday's trading session as investors evaluated the likely impact.
Narrow ranges have prevailed so far today as market participants sit on their hands ahead of key data from key economies this week, the first of which arrives.
It’s an action-packed week for global markets with a deluge of G20 central bank meetings and key economic data releases to contemplate ahead of.
The Greenback ventured to a two-week high against a basket of major currencies on Friday morning, amid investor optimism over U. S. tax reforms.
The gold price is under further pressure today after being hammered over the last week and as we mentioned yesterday, any sustained break down.
The Canadian dollar was back in focus today as the market was looking for hawkish signs from the Bank of Canada, on the back of the recent interest.
Despite U. S. equities closing at new records on the tax breakthrough, it was interesting to see the dollar retreating slightly against its major counterparts.
This week will be dominated by Geo-Politics as the US Tax Bill needs to be reconciled between the Senate and House, whilst UK Prime Minister.
The gold price has certainly behaved strangely this week, failing to react to news which would usually send the precious metal considerably higher.
The British pound continues to rise today against its US counterpart after rumors surfaced yesterday that the UK has reached a settlement to leave the European union.
It's been a crazy day on the markets and the GBPUSD has been a clear winner when it comes to movements today as the Market has reacted.
European Outlook: Asian markets seem to have shrugged off North Korea’s missile launch and turned their focus to the progress of Trump’s tax cut.
The gold price is making another run for the $1,300 mark in today’s trading session on the back of US dollar weakness and as the market.
The gold price has drifted slightly lower for the 2nd day in a row on the back of profit taking as the US as the US celebrates thanks giving.
Data released on Thursday from Markit Economics showed eurozone’s thriving economy powered ahead in November, with new manufacturing orders.
UK Chancellor Phillip Hammond delivered an Autumn Budget that appeared to be somewhat neutral in its content. More sobering was the updated forecast.
The Dollar found itself vulnerable to heavy losses on Wednesday evening, after minutes from the latest FOMC meeting illustrated concerns among.
The healthy combination of rising corporate profits, strong global growth and cautious optimism over U. S. corporate tax cuts, simply reinvigorated.
The gold price is slightly lower in today’s European trading session although it is still hovering around 1 month highs as fears grow that US President.
Speaking at the Frankfurt European Banking Congress, ECB President Mario Draghi, commented that although the eurozone economy was robust.
Several factors that put pressure on the black gold dynamics. The current technical pattern of the oil market, several trading recommendations.
U. S. stocks logged their fourth drop in the past five trading days, falling to a three-week low with the S&P 500 closing 1.25% below its record high on Nov 7.
A negative vibe was felt across financial markets during Tuesday's trading session, as the combination of tumbling oil prices and growing.
The week ahead will be filled with action and for me the big one will be of course the US CPI reading due out on Wednesday. Why is this a big event?
The gold price has moved significantly higher over the last 4 trading sessions on the back of US president Donald Trump’s trip to Asia as well as political turmoil for the president back home.
The Australian dollar has flat lined today as the markets wait to hear the result of the RBA minutes shortly after midnight GMT. It's no surprise that the markets..
The Euro has been a star over the previous months, but it's becoming more and more lacklustre as the ongoing Spanish drama.
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AUDJPY and NZDUSD Elliott Wave Analysis.
Good day traders!
AUDJPY is now trading at the upper channel line and completing possibly sub-wave three of higher degree wave C. We see a five-wave structure in play, that can see limited upside near the upper channel line and there make a new three-wave drop lower. A reversal in five waves would suggest a completed wave C and more weakness ahead.
NZDUSD is unfolding a nice bullish impulse within wave C, as part of a higher degree three-wave recovery. We see a five-wave structure in the making, with price trading within an extended blue wave v. This blue wave v also has five-wave waves, and current wave that is unfolding is sub-wave iv), that can see limited downside near the Fibonacci ratio of 50.0 or 61.8.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
AUDJPY and NZDUSD Elliott Wave Analysis.
Good day traders! AUDJPY is now trading at the upper channel line and completing possibly…
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Crude Oil Prices Look to Inventory Data to Help End Deadlock.
Crude oil prices are looking to weekly inventory flow data to help end nearly a month of deadlock producing an increasingly narrow range below the $60/barrel figure.
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Weekly Forex Forecast.
The EUR/USD pair had a slightly negative week, but quite frankly when I look at the longer-term charts, I see plenty of support underneath. I think that we may continue to drift a little bit lower, but I expect to see a significant amount of support between the 1.16 and 1.17 levels, so given enough time I think that a breakout above the downtrend line on the weekly chart should send this market much, much higher as the bullish flag signifies that we may see a very strong move to the upside next year.
The GBP/USD pair was very noisy during the week, and that makes quite a bit of sense as we have been discussing the break away of the UK from the EU. Because of this, a lot of headlines will come in and test this market, but I think a pullback should find plenty of support underneath that we can take advantage of. Look at pullbacks as value in this pair, as the death of the British pound was prematurely announced.
The Australian dollar initially tried to rally during the week, but now is testing the 0.75 level underneath. A breakdown below the 0.75 level should send this market down to the 100% Fibonacci retracement level, testing the 0.7333 level if that happens. I think that gold breaking down could be the catalyst to send this market much lower. Once we are 4 hours into a move below the 0.75 handle, I am willing to start selling.
WTI Crude Oil.
The WTI Crude Oil market initially fell during the week, but has turned around to form a hammer. The hammer of course is a bullish sign, and I think that we will see buyers jump into this market, perhaps trying to test the $60 level again. I think this is a short-term opportunity to go higher, but really at this point I think we will continue to see a lot of choppiness and essentially the market should go sideways over the course of the week. Look at short-term range bound strategies.
Currency Pairs EUR/USD GBP/USD AUD/USD Crude Oil.
Christopher Lewis.
Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.
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Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.