Only United States economic date worth mentioning today:
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Australian Dollar continuing to slide against the major currencies today after the latest trade balance data which came our below expectations at A$2316m during the Asian session. Aussie Dollar trading 1.26% against the Japanese Yen today.
AUDJPY – Daily
No major developments on Brexit today so it was fairly good day for the Pound. Sterling trading higher against Australian Dollar, Canadian Dollar and the US Dollar. It strengthened against the US Dollar for the second consecutive day by around 0.39% at the end of the European session.
FX Majors Summary
Oil price dropping today after a positive day yesterday after talks of smaller than expected OPEC output cuts. US Crude (USOUSD) and Brent (UKOUSD) down by 4.37% and 3.53% respectively.
Gold trading higher today, up by 0.36%. At one point trading at its highest level since June. Silver lower by 0.26%
All of the major world indices trading lower today with DAX30 having the most losses, trading 3.23% lower. FTSE100 dipping to its lowest level since December, the worst since the day of the Brexit referendum. The index is down by around 10% year-to-date.
US Indices also trading lower after yesterdays closure. Both Dow Jones Industrial Average (WS30) and S&P 500 (US500) down by 2.16% and 2.25%.
FTSE100 – Daily
Global Indices Summary
Another negative for the digital currencies today. Ethereum and Litecoin falling the most, down by 7.98% and 6.80% respectively. Litecoin dropping to its lowest level since June 2017.
GBPCAD (Point & Figure) – We currently see demand sitting at 1.7125 which also presents a triple top pattern at this level. Should a buy signal develop around this area, i.e. a breakout above, then we could potentially see another move into the 1.72 regions. More importantly, the longer-term downtrend as shown by the bearish resistance line would become compromised, essentially creating a new uptrend (bullish support line). An increase in supply could end up re-visiting a previous low of 1.6625 as support.
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By Klāvs Valters
This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.
Sources: Go Markets MT4, Google, Datawrapper, Tradingview.