This is for general information purposes only – Examples shown are for illustrative purposes and may not reflect current prices from OANDA. It is not investment advice or an inducement to trade. Past history is not an indication of future performance. The US dollar is soaring against many major currency rivals to close out the trading week, driven by a better-than-expected January jobs report. This comes as the US economy enjoyed a plethora of positive numbers this week that have made investors question if the slowdown is as prevalent as analysts say it is.
However, the dollar’s upside momentum was so strong that the gains were quickly reversed, and an hour later, the EUR/USD had broken its previous low and actually hit a 1.5-year low against the dollar. Opportunities were plentiful for breakout traders but bullish momentum in the dollar was so strong that such a bad payrolls number failed to put a sustainable dent in the currency’s rally. One thing you should keep in mind is that, on the back of a good number, a strong move should also see a strong extension. Let’s look at the chart in Figure 3 as an example. This chart shows activity after the same release as the one shown in Figure 2, but on a different time frame to show how difficult trading news releases can be.
The Economic Calendar Puts the EUR and the Greenback in Focus
A variety of exotic options are available for traders who want to capture a breakout in volatility without having to face the risk of a reversal. Do your research and stay on top of economic news and you could reap the rewards. Generally, no fewer than seven pieces of data are released daily from the eight major currencies or countries that are most closely followed.
The spot is holding above the main daily simple moving averages (SMAs). XRP price is trading in negative territory, with losses of some 0.10% on Tuesday.
When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. Prices provided herein may be provided by market makers and not by exchanges. Economic Data Puts the Greenback in Focus, while Coronavirus Jitters LingerIt could be another choppy day ahead for the majors. While economic data out of the U.S will influence, the majors will be in the hands of the news wires. China’s Economic Pain from Coronavirus Will be Felt Across the GlobeMuch of the talk around the China coronavirus has been on the economic damage to the Chinese economy.
The RBA Gives the Aussie Dollar a Boost, with the Pound Steadying after Monday’s SlideIt’s a relatively quiet day ahead on the economic data front, with U.S factory orders the headline stat of the day ahead…. Australia Likely to be Hard-Hit by CoronavirusThe https://forexanalytics.info/admiral-markets-company/ coronavirus is having a negative effect worldwide, particularly on countries with close links to China. The Asian giant is Australia’s largest trading partner, and the severe disruption to China’s economy will likely damage the Australian economy.
For example, unemployment may be more important this month than trade or interest rate decisions. Therefore, it is important to keep on top of what the market is focusing on at the moment. The most common way to trade forex on news is to look for a period of consolidation ahead of a big number and trade the breakout on the back of the number. OANDA Asia Pacific Pte Ltd (Co. Reg. No K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore.
Trading through an online platform carries additional risks. Our award-winning team of currency analysts and strategists provide daily trading news and commentary about the state of the markets. Get free access to leading news feeds, and use our analytical tools to assess when and why trading instruments are moving. The Canadian dollar today fell against the US dollar following the release of mixed Canadian jobs data and the upbeat US non-farm payrolls report.
- Forex analysis describes the tools that traders use to determine whether to buy or sell a currency pair, or to wait before trading.
- If neither barrier level is breached prior to expiration, the option expires worthless.
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- China’s Economic Pain from Coronavirus Will be Felt Across the GlobeMuch of the talk around the China coronavirus has been on the economic damage to the Chinese economy.
- However, the dominant theme in the markets is becoming the persistent strength of the US Dollar.
You can be making the right move but end up being stopped out or the market may simply not have the momentum to sustain the move. Depending on the current state of the economy, the relative importance of these releases may change.
OANDA Technical Analysis, including Autochartist services and content, is provided for informational purposes only, and does not take into account any individual’s personal circumstances, investment objectives, or risk tolerance. We share information on the trading activity of our https://forexanalytics.info/ institutional and retail clients. Our Order Book graphs aggregate live market data from our entire client base to show real-time snapshots of pending orders and current positions for the major currency pairs. Assess the true market sentiment before you short or long a currency.
XRP/USD has been consolidating over the last Forex analytics six sessions, as the bulls lose momentum.
GOLD (XAU/ USD)
Trader confidence is improving on hopes that the coronavirus outbreak may be close to its peak. However, the dominant theme in the markets is becoming the persistent strength of the US Dollar. Commodities Our guide explores the most traded commodities worldwide and how to start trading them. Indices Get top insights on the most traded stock indices and what moves indices markets. Cryptocurrencies Find out more about top cryptocurrencies to trade and how to get started.
China Trade Data, German Stats and U.S NFP and Wage Growth Numbers in FocusIt’s a busy day ahead. China’s trade data and German industrial production numbers will be in focus ahead of U.S stats later in the day. A Quiet Day on the Economic Calendar Leaves the Coronavirus in FocusThe Aussie Dollar got an early boost, courtesy of impressive inflation numbers out of China. Trade with a global market leader with a proven track record of financial strength and reliability. Trade a wide range of forex markets plus spot metals with low pricing and excellent execution.
With no end in sight to the virus and little information coming out of China, the extent of the economic ramifications remains unclear. ForexNews.World delivers real time updated forex news and market research. We are leading source for latest news on cryptocurrency along with technical analysis on the foreign currency, commodities and trading strategies. We are go to source for you to get breaking news stories and in-depth market updates from around the world. All the biggest trading floors in the world have screens locked on ForexLive™.
The USD/CAD currency pair’s rally was also fueled by the decline in global crude oil prices, which dragged the commodity-linked loonie lower. The Australian dollar rose today after China’s consumer inflation accelerated more than was expected by markets. The market sentiment was still cautious as the Wuhan coronavirus continued to spread across China. The Great Britain pound was about flat against other major currencies and trimmed losses versus commodity currencies today after the release of a bunch of macroeconomic indicators in Britain.
So for those who choose to trade news, there are plenty of opportunities. Here, we look at which economic news releases are released when, which are most relevant to forex (FX) traders and how traders can act on this market-moving data. One of the great advantages of trading currencies is that the forex market is open 24 hours a day, five days a week (from Sunday, 5 P.M. EST until Friday, 4 P.M. EST). In the 17 hours before the release, the EUR/USD was confined within a tight 30-pip trading range. Want to get in-depth lessons and instructional videos from Forex trading experts?
Positive global risk sentiment & the RBA had traders buying up AUD early in the week, enough to beat most of the major currencies into the weekend. Keep track of the latest currency market moves as they develop. Stay up-to-date on breaking forex news as well as relevant financial developments. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors.