There were some big movers in the overnight trading action, in all key asset’s groups; FX, Stocks & Commodities.

The USD rallied on the back of renewed faith & optimism that phase 1 of a US/China trade deal can me made, with rolling back of tariffs a key headline driver of sentiment.

Risk assets liked the tone set by the latest round of news surrounding the trade progress and the positive nature of the likelihood of the scaling bac k of trade tariffs.

  • The GBP took a hit against all FX counterparts because the Bank of England vote switched from 9 to 0 in favour of holding UK interest rates, to 7 to 2, with 2 MPC (Monetary Policy Committee) members voting for a rate cut.


EUR/GBP spiked from 85.90 to 86.60 before reversing gears.

  • USDJPY rallied, the USD denominated commodities slammed lower (Gold & Silver in particular), and meanwhile, the SP500 surged on higher.


We really are set to see this trend continue – so I maintain my calls:

  • $1,380 call for Gold
  • Higher highs ahead for US equities
  • SP500 towards 3200
  • AUD/USD to 70c
  • USD/JPY to run to 110.00.


Meanwhile, Silver slapped back to $17 in a big percentage daily move led by USD being bid higher.

Levels to watch on Silver:

  • Technically the $17 level holds as a solid base.
  • September support $16.90 on the downslide may open the door for much lower lows.
  • $16.65 also is a clean price target if we see renewed selling pressure led by USD rally.

RISK WARNING: Foreign exchange and derivatives trading carry a high level of risk. Before you decide to trade foreign exchange, we encourage you to consider your investment objectives, your risk tolerance and trading experience. It is possible to lose more than your initial investment, so do not invest money you cannot afford to lose。 ACY Securities Pty Ltd (ABN: 80 150 565 781 AFSL: 403863) provides general advice that does not consider your objectives, financial situation or needs. The content of this website must not be construed as personal advice; please seek advice from an independent financial or tax advisor if you have any questions. The FSG and PDS are available upon request or registration. If there is any advice on this site, it is general advice only. ACY Securities Pty Ltd (“ACY AU”) is authorised and regulated by the Australian Securities and Investments Commission (ASIC AFSL:403863). Registered address: Level 18, 799 Pacific Hwy, Chatswood NSW 2067. AFSL is authorised us to provide our services to Australian Residents or Businesses.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex Analysis

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.


GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 


Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News

Forex Majors