Forex Trading For Beginners 2021

New Zealand Dollar, NZD/USD, Delta Variant, NZ Job Ads, Technical Outlook - Talking Points Asia-Pacific markets may see positive open after upbeat Wall Street session New Zealand job ads for June rise 1% in bright signal for the labor market NZD/USD makes modest break above trendline resistance, aims for 20-day SMA Thursday’s Asia-Pacific Outlook The New Zealand Dollar managed to record a small gain overnight against a US Dollar that was bolstered by the Federal Open Market Committee ’s (FOMC) June meeting minutes. While it showed that on net, members remain supportive of easy monetary policy conditions in the near term, rising inflation pressures pushed some towards discussing an exit plan to normalize policy. The hawkish signals within the FOMC minutes still note considerable uncertainty in the economic outlook. That has likely only grown since the June meeting, with the quickly spreading Delta Covid strain now becoming the dominant variant within the United States accord...

WTI Crude Oil Talking Points: The bullish trend has continued in Oil , with prices jumping up to a key zone of resistance. So far that resistance has held but bullish momentum has been impressive, might buyers have enough left in the tank to take out this key zone? The analysis contained in article relies on price action and chart formations . To learn more about price action or chart patterns, check out our DailyFX Education section. Advertisement While many commodities have been heavily on offer of recent, the bullish trend in crude oil has continued and prices are threatening to break out to a fresh six-year-high. But, to put this in context, we are now seeing crude oil prices testing a big batch of resistance on the chart that may carry some bigger-picture implications. I had looked into the potential for a breakout in Oil in late May , and then again last month as it appeared that a bigger breakout may be afoot . At this point, oil prices have run into a big ar...

Australian Dollar, AUD/USD, Covid, RBA Governor Lowe, Technical Outlook - Talking Points Asia Pacific markets may see weakness after Wall Street snaps win streak Delta variant of Covid weighs on sentiment, particularly in Australia AUD/USD weakness may extend further on negative technical signal Wednesday’s Asia-Pacific Outlook Asia Pacific markets may see a weak start on Wednesday following a bearish Wall Street session on Tuesday. The Australian Dollar is lower against the Greenback as a move lower in US equities is likely fueling some inflows into the US Dollar . The benchmark S&P 500 index broke a multi-day win streak, dropping 0.20% on the day, while the Dow Jones saw a larger drop of 0.60%. The move lower in US equities doesn’t necessarily reflect a broad sense of risk aversion, given the preceding 7-day run-up. Investors are likely taking some profit, which can be seen as skimming some froth out of the markets. The US Dollar was 0.30% higher at the New York closi...

Gold Talking Points: Gold just closed June as its worst month since November of 2016. Already in July Gold prices have put in a stern bounce – but does this change the big picture? The next major drivers in the rates theme are expected later this summer, keeping the door open to mean reversion and retracement themes in the yellow metal. Advertisement It was a rough month of June for Gold bulls. The yellow metal put in its worst month since November of 2016 , and as highlighted last week, that month of underperformance came in ahead of eight rate hikes over the next two years, from December 2016 through December of 2018. And given the current backdrop and the driver that pushed Gold over the ledge last month, the similarity makes sense, as the recent bearish push in Gold was driven by the signaling in the FOMC projection that highlighted two possible rate hikes in 2023. But, as also shared in that recent article , Gold prices were in the process of testing a key support...

Australian Dollar, Delta Variant, Crude Oil, OPEC+, AUD/USD -Talking Points Delta strain continues to weigh on economic outlook in Australia OPEC+ decision delayed until Friday, sending oil prices higher AUD/USD drops lower as a bearish SMA crossover approaches Friday’s Asia-Pacific Outlook Broad US Dollar strength worked against the Australian Dollar and its regional counterpart, the New Zealand Dollar , overnight. June was a stellar period for the Greenback when it marked its best month in 5 years . AUD/ USD traded down to its lowest point of the year early this morning, as headwinds built against the economic recovery in Australia. Australia has come under another round of lockdowns this week after a reemergence in Covid cases. While the country has successfully managed outbreaks up until now, the highly transmissible Delta variant – thought to be responsible for the current cases – appears to be outmaneuvering defensive measures that have been successful in the past. ...

Gold Price Forecast Gold just finished its worst month since November of 2016. After November 2016, the Fed hiked eight times over the next two years. When the Fed began to shift back into a cutting cycle in 2019, Gold prices began to rally and continued to do so through the pandemic, hitting a fresh all-time-high in August of 2020 . With Gold prices putting in a heavily bearish move around the June FOMC rate decision, are markets sending another signal that the bullish cycle in Gold is now over? Advertisement Gold prices were in a beleaguered state coming into this week, having put in its worst month since November of 2016. That month, of course, was when Donald Trump had won the US presidency and markets ushered in the hopeful ‘reflation’ trade. Over the course of the next couple years, the FOMC hiked rates eight times. So, Gold traders were acutely aware of the writing on the wall and that drubbing in Gold prices after the election but ahead of the rate hikes proved ...

New Zealand Dollar, NZD/USD, Delta Variant, Travel Bubble -Talking Points Asia-Pacific traders taking cautious approach as Covid risks reemerge New Zealand building permits drop for first time since February in May NZD/USD trades largely unchanged after a bout of weakness last week Thursday’s Asia-Pacific Outlook Asia-Pacific markets may see a neutral open as a stronger US Dollar weighs on risk-sensitive currencies such as the Australian Dollar and New Zealand Dollar . Market sentiment has held up fairly well in the face of the quickly spreading Delta Covid variant, although traders are keeping a close eye on the strain’s impacts across major economies. The region’s economic recovery showed a small road bump on Wednesday when China reported a slight decline in its factory activity. While the manufacturing purchasing managers’ index (PMI) for June via the National Bureau of Statistics (NBS) beat expectations, it saw a decrease from the prior month. However, a highlight in the...

MEXICAN PESO KEY POINTS: USD/MXN price action has remained subdued in the last few days ahead of a key holiday in the United States. U.S. NFP data on Friday, however, could spark volatility in the FX market In this article we analyze the main technical levels to watch in the USD /MXN for the rest of this week. Advertisement Most read: How does NFP data can affect FX markets and how to trade it smartly? After the big gain in the Mexican peso provoked by Banxico's rate hike surprise , volatility has decreased in USD/MXN exchange rate as of last Friday, with price action stuck in the 19. 70 -19. 95 range since that day. The s leep-inducing market condition can be attributed to the quieter summer trading season in the northern hemisphere and the upcoming long weekend in the United States to commemorate Independence Day (investors go on vacation around these days) . Many traders are also staying on the sidelines and deliberately avoiding taking large directional po...

CANADIAN DOLLAR TECHNICAL PRICE OUTLOOK: USD/CAD WEEKLY TRADE LEVELS USD/CAD has started to show consolidation after the bullish bounce driven by the June FOMC rate decision. After a prolonged sell-off, bears were thwarted in early-June with a swing-low just above the 1.2000 handle. But after that failed breakdown, buyers have become progressively more bullish during the month of June and there now appears to be legitimate reversal themes brewing in the pair. The analysis contained in article relies on price action and chart formations . To learn more about price action or chart patterns, check out our DailyFX Education section. Advertisement USD / CAD put in one of the more concerted sell-offs to go along with the recent theme of USD-weakness. After topping out last March, along with the US Dollar , USD/CAD then went on to spend the next fourteen months in varying stages of a sell-off. While the US Dollar was weak across the board, a strong Canadian Dollar, helped a...

Bitcoin, Ethereum Talking Points: Cryptocurrency markets were falling dramatically last week, but after support set on Saturday for Bitcoin and Ethereum , buyers have been pushing the trend higher. Both Bitcoin and Ethereum have recent tests of longer-term support coupled with short-term higher-highs and higher-lows. But there’s a subtle but important difference between the two chart setups at the moment, highlighted below. The analysis contained in article relies on price action and chart formations . To learn more about price action or chart patterns, check out our DailyFX Education section. Advertisement The month of May was brutal in the crypto space, Bitcoin especially, as a cascade of negative headlines punctuated bearish price action, causing a number of coins to turn over and push into bearish trends. As support began to build early in June, the sell-offs appeared to slow but this didn’t mean that sellers were done yet, as another leg-lower last week threatened...

US Dollar Talking Points: A back-loaded economic calendar may run into holiday-thin liquidity ahead of the July 4 th holiday in the United States. The US Dollar has held near a key zone following the FOMC -fueled breakout two weeks ago. EUR/USD may hold some attraction for USD -bulls, as the pair has held resistance at a big spot on the chart. The analysis contained in article relies on price action and chart formations . To learn more about price action or chart patterns, check out our DailyFX Education section. Advertisement The final three days of last week turned out to be very quiet in the US Dollar, with each day’s candle showing some element of indecision. A Wednesday spinning top led into two consecutive dojis, and this highlights how there’s some element of equilibrium with the current USD spot rate. But – this doesn’t mean that it’ll stay that way for long, as holiday thin conditions will likely show in the latter portion of this week and that’s when two r...

Australian Dollar, AUD/USD, Covid, RBA, Technical Outlook - Talking Points Asia Pacific markets look to extend last week’s upbeat trading activity New Covid cases in Australia prompt lockdowns, Delta variant feared AUD/USD faces trendline resistance as price holds above 200-day SMA Monday’s Asia-Pacific Outlook Asia Pacific markets look to start a new round of trading with an optimistic outlook following a generally upbeat week. Investors will look to further assess the path ahead for monetary policy. The highly anticipated US non-farm payrolls report ( NFP ) is on tap, potentially shifting global market sentiment. Meanwhile, the risk-sensitive Australian Dollar is taking a small step back against its US cousin. The regional economic docket appears rather light for the week ahead, which will leave traders at the whim of the broader market mood. Investors will key in on central bank commentary and price action leading up to Friday’s NFP report. Reserve Bank of Australia (RBA) ...

New Zealand Dollar, NZD/USD, Trade data, Economic Data -Talking Points New Zealand trade data shows positive economic momentum Westpac moves OCR hike timeline forward to August 2022 NZD/USD clears the 200-day SMA, focus shifts to trendline Friday’s Asia-Pacific Outlook New Zealand released trade data for May on Friday morning, with exports and imports crossing the wires at N$5.87 billion and N$5.40 billion, respectively. The aggregate balance rose to N$469 million, according to the DailyFX Economic Calendar. The Kiwi Dollar is on pace for a fourth daily gain against the Greenback after last week’s FOMC -induced selloff. The island nation’s economic situation continues to improve, noted by Westpac shifting its forecast forward for a rate hike in the overnight cash rate (OCR). Michael Gordon, Westpac’s acting NZ Chief Economist, stated that the OCR is seen rising to 2% by the end of 2024 and that the economy’s recovery is performing well. The upgraded forecast may help lift unde...