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A quiet day in terms of economic data with very few pieces of truly impactful releases today through all the sessions.
The U.S. Dollar currently ending the European session a bit mixed, with roughly half the G10 currencies gaining against the Dollar. Taking a look at the USDollar 4 Hour chart we can see the continuation of what we looked at on Friday, with the Dollar index softening a touch and falling away from the resistance line we had drawn around the $97 handle.
Sterling continues to grind higher this week in early trading, as markets digest extensions to the Brexit negotiations and come to terms with another few months of sporadic volatility.
On the technical front, we are pushing back towards declining trendline, however, something else of note is the monthly pivot level just ahead at 1.3122 that may stall the pair somewhat. It remains to see if a break in this trendline will cause a push higher without any macro stimulus, but it will remain on our watchlist for sure.
GBPUSD – 4 Hour
Forex Majors Summary
A softer day today for Oil, currently trading down -$0.60 a barrel or -0.94% on the day, sliding on the back of tapered production out of OPEC & Russia. We still have the supporting trendline below, we shall see over the coming days and weeks whether this can maintain the bullish trend on the back of the current concerns weighing on the Oil market.
Metals also softer today, with both Gold & Silver grinding a little lower throughout the day. Gold currently down $2.96 an ounce or -0.25% and Silver is down $0.03 an ounce or -0.22%.
A mixed day across the board for Global Indices with Europe pretty muted on the day, the FTSE sitting marginally in the red & the DAX managing to hold on to positive territory.
In the U.S., Indices not performing so well, with all the major Indices sitting in the red. This including the S&P gaping higher on Friday, we have seen the Index slide a little, however, we are still sitting above the 2900 level. Something of note is that in the United States it is earning week this week, so we expect to see some volatility in the Indices, especially when some of the larger weighted members start reporting the earnings.
Cryptocurrencies in the green across the board today, with all the majors starting the week higher before sliding a touch, however late in the European session we are seeing the digital assets get a little bit of a bid and starting to push higher again.
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By Alex Simcock
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 MetaTrader 5, Datawrapper, Tradingview, CoinMarketCap, Bloomberg, Twitter