EURUSD - Intraday - We look to Buy at 1.0082 (stop at 1.0012)
Prices have continued the bullish move higher and resulted in 2 consecutive positive days. This is positive for sentiment and the uptrend has potential to return. There is scope for mild selling at the open but losses should be limited. Support is located at 1.0080 and should stem dips to this area....
The Australian dollar has started the trading week with strong gains, extending the upswing from Friday. AUD/USD is trading at 0.6835, up 0.62% on the day.
Market risk sentiment has strengthened, courtesy of better-than-expected data out of the US on Friday. Headline retail sales and core retail sales both posted a gain of 1.0% MoM in June, above the forecast and...
EURAUD - Intraday - We look to Sell at 1.4950 (stop at 1.5050)
Previous support located at 1.4800. Previous resistance located at 1.4900. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.4950, resulting in improved risk/reward. A move through 1.4800 will confirm the bearish momentum.
Our profit targets will...
USDCAD - Intraday - We look to Buy at 1.2950 (stop at 1.2890)
Previous support located at 1.2950. Previous resistance located at 1.3000. A lower correction is expected. Risk/Reward would be poor to call a buy from current levels. A move through 1.3000 will confirm the bullish momentum.
Our profit targets will be 1.3100 and 1.3125
Resistance: 1.3000 /...
USDJPY - Intraday - We look to Buy at 137.53 (stop at 136.50)
A sequence of weekly higher highs and lows has been posted. We can see no technical reason for a change of trend. There is scope for mild selling at the open but losses should be limited. Support is located at 137.50 and should stem dips to this area. Dip buying offers good risk/reward.
Our profit...
EURCHF - Intraday - We look to Sell at 0.9882 (stop at 0.9903)
Bespoke resistance is located at 0.9880. Intraday rallies continue to attract sellers and there is no clear indication that this sequence for trading is coming to an end. Preferred trade is to sell into rallies. Our short term bias remains negative.
Our profit targets will be 0.9828 and 0.9818
...
The week wrapped up on a high note, as June US retail sales beat expectations. The headline and core readings both accelerated in June, with solid gains of 1.0%. This indicates that US consumers are still spending despite the toll that higher inflation and higher rates are taking on disposable income. The strong retail sales report will raise expectations that the...
Silver - Intraday - We look to Sell at 18.85 (stop at 19.09)
The medium term bias remains bearish. Previous support level of 18.74 broken. A weaker opening is expected to challenge bullish resolve. Bespoke resistance is located at 18.85. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 18.85, resulting in...
GBPUSD - Intraday - We look to Sell at 1.1930 (stop at 1.1995)
Buying pressure from 1.1760 resulted in prices rejecting the dip. The bias is still for lower levels and we look for any gains to be limited. This is negative for sentiment and the downtrend has potential to return. We therefore, prefer to fade into the rally with a tight stop in anticipation of a...
The Japanese yen has been pummeled today by the US dollar. USD/JPY is currently trading at 139.22, up 1.29% on the day.
The US dollar is showing broad strength today, and for the yen that has meant a new 20-year low, as USD/JPY touched 139.39 earlier in the day. The symbolic 140.00 line is within striking distance, and it would certainly be memorable if the yen...
NZDJPY - Intraday - We look to Buy at 84.43 (stop at 83.98)
A sequence of intraday higher highs and lows has been posted. This is positive for sentiment and the uptrend has potential to return. Buying pressure from 84.36 resulted in prices rejecting the dip. Further upside is expected. We look to buy dips.
Our profit targets will be 85.59 and 86.00
...
WTI - Intraday - We look to Sell at 97.76 (stop at 101.20)
The medium term bias remains bearish. A firmer opening is expected to challenge bearish resolve. Resistance is located at 98.00 and should cap gains to this area. Preferred trade is to sell into rallies.
Our profit targets will be 88.10 and 84.00
Resistance: 98.00 / 112.00 / 126.00
Support: ...
AUDUSD - Intraday - We look to Sell at 0.6840 (stop at 0.6890)
Buying pressure from 0.6730 resulted in prices rejecting the dip. The current move higher is expected to continue. The bias is still for lower levels and we look for any gains to be limited. We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Our...
The British pound has taken investors for a ride today, as GBP/USD dropped sharply but has since recovered. In the North American session, GBP/USD is trading at 1.1856, down 0.28%. It has been a busy day on the economic calendar, with a host of UK releases and the US inflation report.
In the US, the long-sought-after inflation peak remains as elusive as ever. The...
GBPNZD - Intraday - We look to Buy at 1.9300 (stop at 1.9190)
Previous support located at 1.9350. Previous resistance located at 1.9400. A lower correction is expected. Risk/Reward would be poor to call a buy from current levels. A move through 1.9400 will confirm the bullish momentum.
Our profit targets will be 1.9525 and 1.9550
Resistance: 1.9400 /...
WTI - Intraday - We look to Sell at 96.74 (stop at 100.41)
The medium term bias remains bearish. A sequence of daily lower lows and highs has been posted. We can see no technical reason for a change of trend. There is scope for mild buying at the open but gains should be limited. Further downside is expected although we prefer to sell into rallies close to the...
EURUSD - Intraday - We look to Buy at 1.0004 (stop at 0.9936)
Short term bearish momentum has stalled. We look for a temporary move higher. Preferred trade is to buy on dips. Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 1.0181 and 1.0250
Resistance: 1.0200 / 1.0780 / 1.1470
Support:...
For those following the euro's close encounters with parity, the currency played a game of tease earlier today. In the European session, EUR/USD dropped to parity with the US dollar, a line of psychological importance. However, the euro would not budge any lower, and is currently at 1.0068 in the North American session, up 0.28% today. I would not be surprised if...
