The AUD is the strongest and the USD is the weakest as NA traders enter for the day

Technical Analysis

Author: Greg Michalowski | forex

Looks like "risk on" trade today

The AUD is the strongest and the USD is the weakest as NA traders enter for the day.  That combination is a tell tale for "risk on" flows.  Indeed stocks are higher (Nasdaq making another record for the 30th time this year). Yields are higher.  Oil is breaking out to the upside. Gold and Silver are higher with gold trading to a new all time high.  Trump is going all in saying we will have another big payroll number on Friday, and that he can announce a payroll cut himself as he is king....President ; ).

Looks like "risk on" trade today
Looking at the ranges and changes the major pairs vs the US are trading nearer extremes for the day. The exception is the USDJPY which is trading above and below unchanged and is unchanged now.  The JPY crosses are all moving to the upside on the risk on flows. 

The ranges and changes for the major currency pairs
In other markets, 
  • Spot gold is trading up to a new record. The price is currently up $20.20 or 1.01% at $2039.51
  • Spot silver is trading up $0.74 or 2.86% at $26.74. The high price reached just short of $27 at $26.9998.
  • WTI crude oil futures are trading sharply higher by $1.64 or 3.93% of $43.35. The price is searching above its 50% retracement of the 2020 trading range at $41.71.
The major indices are trading higher. Disney announced a profit but on lower revenues. They also announced that they would release the movie Mulan on Disney+ for a one time fee which will boost earnings.  Him
  • Dow futures are implying a 186 point rise
  • S&P futures are pointing toward a 17 point rise
  • NASDAQ index futures are pointing toward a 18 point rise
In the European, the major indices are trading higher
  • German DAX, +0.6%
  • France's CAC, +0.9%
  • UK's FTSE 100, +1.1%
  • Spain's Ibex, +0.7%
  • Italy's FTSE MIB, +0.7%
US yields are higher in early trading:
  • 2 year 0.109%, +0.1 basis points
  • 5 year 0.201%, +1.1 basis points
  • 10 year 0.529%, +2.2 basis points
  • 30 year 1.22%, +3.4 basis points


For bank trade ideas, check out eFX Plus
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose