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British Pound Clings to ’Flash Crash’ Range Ahead of UK/US GDP Report

Fundamental Forecast for the British Pound: Neutral Brexit Briefing: British Pound Regains its Poise as UK PM Speaks at Davos GBP/USD Eyes Last Line of Defense Ahead of UK Jobs, US CPI GBP/USD Technical Analysis: Drop After the Pop, Is the Bullish Move Over? Sign up for David’s e-mail distribution list. GBP/USD may continue to face range-bound conditions ahead of the ‘Brexit’ deadline as Prime Minister Theresa May pushes for a clean break from the European Union (EU), but the bearish sentiment surrounding the British Pound may subside over the near-term as the Bank of England (BoE) changes its tune for monetary policy. Even though the BoE looks poised to retain the highly accommodative policy for the foreseeable future, the recent uptick in the U.K. Consumer Price Index (CPI) may sway central bank officials to adopt a more hawkish tone at the next ‘Super Thursday’ event on February 2, and Governor MarkArticle source: https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2017/01/21/British-Pound-Clings-to-Flash-Crash-Range-Ahead-of-UKUS-GDP-ReporttofDS.html?DFXfeeds=forex:fundamental:forecast:weekly:gbp

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Gold Off Key Resistance- Trump, US GDP to Determine Depth of Correction

Fundamental Forecast for Gold: Neutral Gold Price Turns off 1219 but Watch for Support Near 1191 Gold Rebound Takes Out 1Q Targets- 1220 Barrier Critical Looking longer-term? Review DailyFX’s 1Q Gold Projections Gold prices marched higher for a fourth consecutive week with the precious metal up 0.86% to trade at 1207 ahead of the New York close on Friday. Sustained weakness in the greenback continued to offer support for bullion which held near two-month highs as all the world shifted its attention to the inauguration of the 45th President of the United States. The technical fundamental picture remains precarious near-term and although prices look due for a set-back, the broader outlook remains unchanged. Heading into next week, traders will be closely eyeing the release of US 4Q GDP figures on Friday. Consensus estimates are calling for an annualized print of 2.2% q/q, down from 3.5% q/q. Keep in mind that interest rate expectations remain firmly rooted for the second half of the year with Fed Fund Futures citingArticle source: https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2017/01/21/Gold-Off-Key-Resistance--Trump-US-GDP-to-Determine-Depth-of-CorrectiontofMB.html?DFXfeeds=forex:fundamental:forecast:weekly:chf

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US Rig Count Jumps Most Week-on-Week Since Q2 2013, Yet Oil Supported

Fundamental Forecast forUSOIL:Bullish Talking Points: Baker Hughes Rig Count on Friday shows rigs were up by 29 to 551, largest WoW jump since Q213, balancing out OPEC compliance and China supply drop Thursday’s DoE inventory data shows US inventories continue to build with a 2.347mn bbl build See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX and Energy markets is scheduled for the coming days on the DailyFX Webinar Calendar. Where will the Crude Oil go in the first quarter of 2017? Get our forecast here! Oil Traders could have taken the first three weeks of the trading year off given the lack of volatility, but for multiple reasons, we do not expect this quiet price action to continue. Oil contract demand seems to have slowed down at the beginning of the year as UST yields also slowed their ascent. However, as Donald Trump takes the Office as the 45Article source: https://www.dailyfx.com/forex/fundamental/article/special_report/2017/01/21/US-Rig-Count-Jumps-Most-Week-on-Week-Since-Q2-2013-Yet-Oil-SupportedtofTY.html?DFXfeeds=forex:fundamental:article:special_report

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GBP/JPY Technical Analysis: ¥142.50 to Mark Retracement Completion

To receive James Stanley’s Analysis directly via email, please sign up here. Talking Points: GBP/JPY Technical Strategy: Intermediate-term (past 3 months: bullish. Near-term attempting to align with longer-term trend. After a gap-lower to start the week, GBP/JPY has found footing to stage a bullish move of more than 500 pips off the lows. If you’re looking for trading ideas, check out our Trading Guides. In our last article, we looked at the retracement of the prior bullish move in GBP/JPY as the pair attempted to dig-out ‘higher-low’ support in the effort of longer-term trend continuation. And after a gap-lower to start the week, GBP/JPY finally found some element of support at the 50% Fibonacci retracement of the most post-Flash Crash move on Monday, leading to a burst of strength that’s lifted the pair by more than 500 pips off of the lows. Chart prepared by James Stanley GivenArticle source: https://www.dailyfx.com/forex/technical/home/analysis/gbp-jpy/2017/01/19/gbpjpy-daily-classics-1-19-2017-srepstans.html?DFXfeeds=forex:technical:home:analysis:gbp-jpy

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Silver Prices: Trading Levels in Play

What’s inside: Silver rejected on attempted break above resistance Multi-week upward trend still in tact 2-hour chart helps provide clarity, trading levels Trading Guides and Forecasts On Wednesday, when looking at silver prices we discussed the critical area surrounding 17. This is what we had to say from a tactical standpoint: “Traders looking to short, now is the time for price action to turn bearish – whether it be a sharp turn lower or a key reversal bar on a failed breakout above resistance. This would be the first true indication of a break in the upward momentum since bottoming in late-December.” On Wednesday, silver traded up above the 17.24 threshold we had penciled in before reversing and closing at the low of the session. It was a sign of rejection, a sign that momentum was turning back lower. But we need to see a break in the upward trend off the December lows before the down-side can gain traction. Silver: Daily Created with Tradingview Pulling in closer to a 2-hour chart, silver is currently holding a lower parallel; and ifArticle source: https://www.dailyfx.com/forex/technical/home/analysis/xag-usd/2017/01/20/Silver-Prices-Trading-Levels-in-Play-PRtech.html?DFXfeeds=forex:technical:home:analysis:xag-usd

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Technical Weekly: GBP/USD Making an 8 Year Low?

EUR/USD holding up after weekly key reversal Outside bullish weeks in GBP/USD and USD/CAD Good levels coming up for AUD/USD and NZD/USD —Subscribe to Jamie Saettele’s distribution list in order to receive a free report to your inbox several times a week. EUR/USD Weekly Chart Prepared by Jamie Saettele, CMT See REAL TIME trader positioning “I don’t see how it’s smooth sailing to the downside…EUR/USD continues to trade on a long term parallel and the weekly wicks (key reversal this week) denote active support. I don’t like being a bear in the face of active support at a well-defined parallel.” Support held and the first test for this rally is 1.0820 (former lows and a parallel) and then 1.0912 (Brexit low) and 31 year trendline. Pay attention to weekly RSI. The fact that the indicator has turned up from above 30 is a positive but pay attention to the 60 value for resistance. Check out the DailyFX Trading Guides and webinars forArticle source: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2017/01/20/Technical-Weekly-GBPUSD-Making-an-8-Year-Low.html?DFXfeeds=forex:technical:article:fx_technical_weekly

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US Dollar at Risk as Traders Cut Exposure Amid Information Vacuum

Fundamental Forecast for the US Dollar: Neutral US Dollar at risk of kneejerk volatility as markets struggle to form outlook Murky fiscal policy may limit market-moving potential of 4Q US GDP data Information vacuum may encourage profit-taking on long USD exposure Where will the US Dollar go in the first quarter of 2017? Get our forecast here! A mostly thin economic calendar leaves the US Dollar to ponder the implications of a still-murky fiscal policy of newly-minted President Donald Trump in the week ahead. The promise of generous stimulus initially stoked bets on faster growth and inflation, sending shares higher alongside the greenback as investors foresaw richer earnings and a steeper Fed rate hike cycle. The absence of details has soured optimism however and the currency has been mostly on the defensive since the calendar turned to 2017. Big-ticket fundamental news-flow does not enter the picture until Friday, when market participants will get their first look at fourth quarter US GDP figures. The annualized growth rateArticle source: https://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2017/01/21/US-Dollar-at-Risk-as-Traders-Cut-Exposure-Amid-Information-Vacuum-tofIS.html?DFXfeeds=forex:fundamental:forecast:weekly:usd

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Global Equities Cautiously Optimistic Around Trump Inauguration

Forecast for FTSE 100: Bullish, Long-Term Trend Forecast for SPX: Neutral(Range-bound with Bullish Bias) Forecast for DAX: Neutral(Range-bound with Bullish Bias) Forecast for Nikkei: Neutral(Possible Reversal of Prior Bullish Trend) Dollar’s Trump and Pound’s Brexit Volatility Settle, Keep an Eye on SP 500 SP 500: Patiently Awaiting Make or Break Event If you’re looking for trading ideas, check out our Trading Guides. And if you’re looking for ideas that are more short-term in nature, please check out our Speculative Sentiment Index Indicator (SSI). Global equities continued to retain relative strength around-the-globe as the world ushered-in the Donald Trump era. While the post-Election rallies seen around-the-world have all went through various forms of consolidation or pullback, the general driver remains the same: Central Banks are standing nearby in case matters, all of the sudden, begin to disintegrate as we saw in the beginning of 2016: And hopes for robust fiscal policy expansion in the United States carriesArticle source: https://www.dailyfx.com/forex/fundamental/article/special_report/2017/01/21/Global-Equities-Cautiously-Optimistic-Around-Trump-Inauguration-srepJS.html?DFXfeeds=forex:fundamental:article:special_report

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EUR/USD – Watch the 20 Day Average on Weakness

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts Traits of Successful Traders -Recent updates noted that “EUR/USD has turned up from the exact same parallel that provided support on the 2nd day of 2016. Again, strength through the 12/29 high would inspire confidence in a more important turn although there is probably resistance near 1.0790. In the meantime, intraday weakness is viewed as a bullish opportunity.” Pay attention to the 20 day average (especially on a closing basis) for support. Focus is higher but beware a possible reaction near 1.0790-1.0800. Strength above 1.0820 would open up 1.1180. Article source: https://www.dailyfx.com/forex/technical/elliott_wave/eur-usd/2017/01/19/eliottWaves_eur-usd.html?DFXfeeds=forex:technical:elliott_wave:eur-usd

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Gold Price Turns off 1219 but Watch for Support Near 1191

Daily Chart Prepared by Jamie Saettele, CMT DailyFX Trading Guides and Forecasts -“There are 2 levels to be aware of for possible resistance in gold; 1219 (38.2%) and near 1250 (50% and former support…including Brexit day low).” 1219 has held as resistance but it’s too early to say that gold is headed lower. For more on gold, watch this video. Article source: https://www.dailyfx.com/forex/technical/elliott_wave/gold/2017/01/19/eliottWaves_gold.html?DFXfeeds=forex:technical:elliott_wave:gold

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