Trade ideas

The upside in copper flagged last week has played out nicely, delivering a fresh contract high for the red metal on COMEX futures. However, the price action over the latter parts of this week has not been convincing, warning of growing near-term downside risk.

AUD/USD and the ASX 200 have flourished this week thanks to renewed bets of Fed cuts, even though softer employment and wages data for Australia rekindled hopes of a lower RBA cash rate.

The USD/CAD was back at the point of origin of Wednesday’s breakdown at 1.3630-1.3650 area. Could we see the Loonie head lower from here? This week’s disappointing US data certainly point to a dimmer USD/CAD outlook.

EURUSD Forecast: the pair is back up to April highs; are March highs next in sight?

Despite the slow start to today’s session, the recent price action and improving eurozone sentiment suggests the EUR/USD outlook remains positive, with the exchange rate on course to potentially head towards the 1.10 handle.

USD/JPY falls post-CPI & with jobless claims up next. DAX reaches record high as US CPI euphoria spreads.

US jobless claims data will garner far more interest than usual later Thursday as traders assess whether last week’s unusually large increase was an anomaly or start of a new trend. Testing a key level on the charts, two-way risk created by the data makes GBP/USD a pair to keep on the radar.

On Tuesday I outlined a bullish case for bitcoin futures whilst prices remained above $60k. One soft US CPI and retail sales report later, bullish range expansion has most certainly kicked in.

The USD was weaker despite higher producer prices, as traders placed greater emphasis on last month's figures being revised lower. And that now sees a 51% chance of a September Fed cut, according to Fed Fund futures.

Japan’s Nikkei 225 faces an important technical test today, pushing back to towards a resistance zone it’s been unable to break for weeks. With risk appetite rampant and softer yen helping to juice the earnings outlook for exporters, if bulls can’t reclaim the ascendancy today, when will they ever?

The AUD/USD forecast is turning somewhat positive, both from a macro perspective and technical viewpoint.

The EUR/USD analysis is currently looking positive, and the bulls would love to see weaker US inflation data this week to inspire a potential breakout above the key 1.08 resistance level.

GBP/USD unmoved as traders shrug off wage data. DAX eases from record high ahead of German ZEW economic sentiment & US PPI.

Crude oil finds itself between a rock and a hard place where technical levels are concerned, although that doesn't mean it can't at least make a minor bullish breakout before another leg lower. Price action on bitcoin appears to be more constructive for bulls, at least over the near term.

it’s now up to incoming data and news flow to continue fuelling the bullish USD narrative, otherwise it risks sparking a reversal. We may be seeing the inception of such a move in EUR/USD right now.

Incoming UK data today could be the difference between the BOE cutting or holding in June. Add into the mix US producer prices and Powell speech, GBP/USD us a key market for forex traders to watch today.

If you trade Asian currencies like the Japanese yen, Australian or New Zealand dollar, you should always keep a close eye on what’s happening in the Chinese yuan. You’re doing yourself a disservice if your not.