EURNZD - Intraday - We look to Sell at 1.6729 (stop at 1.6767)
Short term bias has turned negative. The trend of higher intraday lows has also been broken. Reverse trend line resistance comes in at 1.6740. 20 4hour EMA is at 1.6731. Bespoke resistance is located at 1.6730.
Our profit targets will be 1.6631 and 1.6611
Resistance: 1.6670 / 1.6700 / 1.6730
...
EURAUD - Intraday - We look to Buy at 1.5100 (stop at 1.4980)
Previous support located at 1.5150. Previous resistance located at 1.5250. We expect a reversal in this move. Risk/Reward would be poor to call a buy from current levels. A move through 1.5250 will confirm the bullish momentum.
Our profit targets will be 1.5375 and 1.5400
Resistance: 1.5250 /...
DOW30 - Intraday - We look to Buy at 30647 (stop at 30282)
The trend of higher lows is located at 30400. This is positive for sentiment and the uptrend has potential to return. A weaker opening is expected to challenge bullish resolve. Prices expected to stall near trend line support. We therefore, prefer to fade into the dip with a tight stop in anticipation...
The Australian dollar is sharply lower on Tuesday. In the European session, AUD/USD is trading at 0.6796, down 1.0% on the day.
The RBA delivered a 0.50% rate hike for a second straight month, bringing the cash rate to 1.35%. The central bank has now hiked by 1.25% since May, marking the fastest series of moves since 1994. This aggressive stance didn't do...
EURUSD - Intraday - We look to Sell at 1.0496 (stop at 1.0542)
1.0380 continues to hold back the bears. We look for a temporary move higher. Resistance is located at 1.0500 and should cap gains to this area. We expect a reversal in this move. Preferred trade is to sell into rallies.
Our profit targets will be 1.0382 and 1.0350
Resistance: 1.0500 / 1.0780...
GBPAUD - Intraday - We look to Buy at 1.7580 (stop at 1.7512)
Previous resistance at 1.7570 now becomes support. Support could prove difficult to breakdown. We expect a reversal in this move. Dip buying offers good risk/reward.
Our profit targets will be 1.7780 and 1.7800
Resistance: 1.7750 / 1.8120 / 1.9100
Support: 1.7570 / 1.7200 / 1.6200
Risk...
We are seeing plenty of volatility from the Australian dollar. AUD/USD is trading at 0.6883 in European trade, up 0.98% on the day. The Australian dollar has recovered most of its losses from Friday, when the pair slipped 1.28%.
All eyes are on the RBA, which holds its monthly policy meeting on Tuesday. The meeting is live, as it's not clear if the Bank will...
GBPUSD - Intraday - We look to Sell at 1.2215 (stop at 1.2290)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. This is negative for sentiment and the downtrend has potential to return. The hourly chart technicals suggests further upside before the downtrend returns. We therefore, prefer to fade into the...
EURCHF - Intraday - We look to Sell at 1.0049 (stop at 1.0072)
The weaker Euro has boosted performance. There is no clear indication that the downward move is coming to an end. Preferred trade is to sell into rallies. Previous support at 1.0050 now becomes resistance.
Our profit targets will be 0.9992 and 0.9982
Resistance: 1.0020 / 1.0050 / 1.0080
...
The euro is sharply lower on Friday and is currently trading just above the 1.04 line, down 0.76%.
Eurozone CPI for June was higher than expected, at 8.6% YoY. The estimate stood at 8.4% and inflation rose sharply from the May reading of 8.1%. This marked a record-high. There was better news from the core reading, which dropped marginally to 3.7% YoY, down from...
GBPJPY - Intraday - We look to Buy at 162.70 (stop at 161.80)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. A higher correction is expected. The hourly chart technicals suggests further downside before the uptrend returns. We look to buy dips.
Our profit targets will be 165.30 and 168.40
Resistance:...
AUDUSD - Intraday - We look to Sell at 0.6850 (stop at 0.6925)
Previous support level of 0.6850 broken. The current move lower is expected to continue. The hourly chart technicals suggests further upside before the downtrend returns. Preferred trade is to sell into rallies.
Our profit targets will be 0.6645 and 0.6540
Resistance: 0.6970 / 0.7130 /...
The euro has edged higher on Thursday, after posting losses in two consecutive sessions.
The markets were treated to a data dump out of the eurozone, with some mixed numbers. On the employment front, the eurozone unemployment rate fell to 6.6%, down from 6.8% (6.7% exp.). Germany reported 133 thousand newly unemployed, a huge increase, but this reading was an...
The Japanese yen is one of those currencies that keeps investors on its toes, and it has certainly lived up to its billing in recent weeks. USD/JPY has shot up 5.79% in the month of June and is back above the 136.00 line. BoJ Core CPI, the central bank's preferred inflation gauge, ticked upwards to 1.5% in May, up from 1.4% prior and matching the forecast.
There...
The Australian dollar is in positive territory on Tuesday. AUD/USD is trading at 0.6944 in European trade, up 0.28% on the day.
Australia releases retail sales for May on Wednesday. Retail sales is the primary gauge of consumer spending, and the markets are braced for a weak reading of 0.3%, following a 0.9% gain in April. Consumers are holding tightly onto their...
Japan has seen inflation move higher, although nowhere near the levels in the US or the UK, which are not far from double-digits. Last week, core CPI for May came in at 2.1% YoY, unchanged from April. This was the second straight month that core CPI remained above the BoJ's target of 2%. This is a dramatic shift, given that Japan struggled with deflation for...
The pound has edged higher today, shrugging off soft UK releases. Retail sales for May fell 0.5%, and declined 4.7% YoY, below the estimate of -4.5% (-5.7% prior). It was a similar story for core retail sales, which came in at -5.7% YoY, worse than the forecast of -5.1% (-6.1% prior).
The sharp declines in consumer spending should not come as a surprise, given...
The Japanese yen is in positive territory today, extending its gains from yesterday. USD/JPY is trading at 135.46 in the European session, down 0.56% on the day.
The yen has gained a bit of strength as USD/JPY is back below 136.00, after rising close to 136.71 earlier in the week, its highest level since September 1998. The yen received a reprieve from its recent...
