Previously, the New Zealand Dollar was on pace to deliver its best performance against the US Dollar in a week this year so far. You can read about our cookie usage here. Your email has been sent.
Trading Strategies Headlines
On the daily timeframe the bias continues to suggest that further upside is to be had in the pair following the breach above the Consequently, the upside targets are at the psychological handle before a test of the July peak at To contact Justin, email him at Justin. Fundamental Forecast for GBP: After starting the week well, with positive noises coming out of the EU over the proposal, the EU told the UK that the plan was unworkable and would need major revisions, something the UK has already ruled out.
In normally circumstances, and these are anything but, a bearish view would be warranted but both sides still need to make an agreement as a no-deal would badly affect both economies. The sidelines remain the place to be for now. And before then the annual four-day Conservative Party conference, starting on September 30, may well see a fresh leadership challenge unless the PM can convince the party faithful to back her.
The best Brexit-pair, EURGBP , shows how damaging the last 24 hours has been for Sterling sentiment with the pair rebounding sharply to a fresh two week high. Traders may be interested in two of our trading guides — Traits of Successful Traders and Top Trading Lessons — while technical analysts are likely to be interested in our latest Elliott Wave Guide.
To contact Nick, email him at nicholas. Fundamental Forecast for Gold: Gold posted a moderate rally this week, trading higher until Friday when the metal surrendered earlier established gains. Also on Friday, the hourly chart reveals multiple tests of short-term support which dates back to mid-August. A break higher would likely need a significant fundamental development to carry through with conviction, which is rather unlikely with a quiet economic calendar this next week. However, one notable event is present Wednesday.
The Federal Reserve is due to announce their decision on the interest rate range which currently rests at 1. Although the event will be watched closely by investors, markets have already priced in a hike. Falling in line with the current trend of 25 basis point hikes, CME futures have the probability of an increase to 2. Historically, gold demand wavers as equities provide strong returns. As US equities push to record heights, gold interest should dip.
It could be argued the ongoing trade wars should stoke some safe haven interest but this has not been seen in the past few months, with gold posting a multi-month decline. Conversely, retail positioning at IG remains net-long on gold. View how our clients are positioned on gold and other assets. All in all, it looks as though gold is positioned for a break lower.
Considering the limited upside potential, waning safe haven demand, strong equities, and priced in Fed decision, we could see gold test support dating back to in the upcoming week. Fundamental Forecast for CAD: The past week saw the Canadian Dollar weaken towards 1. The Bank of Canada provided a relatively balanced statement, leaving the door open for a hike in October. As we look towards next week, the Canadian Dollar may see somewhat of a quieter week from the data front with a lack of tier 1 data to drive price action in the CAD.
Fundamental Australian Dollar Forecast: The Australian Dollar has risen to three-week highs against its big US brother, getting perhaps even more of a respite than I predicted this time last week.
This is perhaps surprising in an environment of terrible trade relations between Washington and Beijing. At market opening and closing times and prior to announcements, the market spread may widen substantially.
Consequently, you must ensure that you have sufficient funds on your account to cover this eventuality. Tickmill keeps your funds in segregated accounts with trusted financial institutions according to the regulations of either the FCA in the UK or the FSA in the Seychelles.
Tickmill delivers a supreme trading experience with some of the lowest spreads and commissions in the industry and no requotes, delays or interventions. Striving for your success, Tickmill does not impose restrictions on profitability and allows all trading strategies including hedging, scalping and arbitrage. Trade with a First-Class Broker Forex. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Get access to the global markets and trade commission-free. Take advantage of tight spreads and competitive commissions. This platform is rich with trading tools and easy to use. IB's trader workstation is considered one of the best trading platforms available for advanced traders. It's old-school, to say the least. While IB is not exactly ideal for beginners, it can help you gain a better understanding of the details of the trades as it requires more attention to detail.
I compare it to learning to drive a manual car compared to an automatic. Learning to drive a manual stick shift car is more difficult but once you learn how to do it you will also know how to drive an automatic car. So, there you have it. A list of the important factors you should consider when choosing a broker and 4 of the brokers that are used by Navin, the Urban Forex team and some of the Elite members.
At the end of the day, you need to choose a broker that suits you and your needs and I hope this article helps. Fill out your details below to be updated instantly when there is a new live webinar coming up or other major announcements.
I consent to receive your emails about your announcements, products, special offers and live trade examples.