USDJPY - Intraday - We look to Sell at 132.47 (stop at 133.84)
Our outlook is bearish. The continuation lower in prices through support has been impressive with strong momentum and shows no signs of slowing. We can see no technical reason for a change of trend. Preferred trade is to sell into rallies. Further downside is expected.
Our profit targets will be...
AUDUSD - Intraday - We look to Buy at 0.6950 (stop at 0.6905)
We are trading at overbought extremes. The current move lower is expected to continue. The bias is still for higher levels and we look for any dips to be limited. The trend of higher lows is located at 0.6911. We look to buy dips.
Our profit targets will be 0.7075 and 0.7170
Resistance: 0.7170...
The Australian dollar has posted strong gains today. In the North American session, AUD/USD is trading at 0.7030, up 0.57% on the day.
The Reserve Bank of Australia meets on Tuesday and is expected to deliver a third straight hike of 0.50%. This would bring the Cash Rate to 1.85%. The markets have priced in a 50bp increase at 0.75%. The central bank continues to...
NZDUSD - Intraday - We look to Buy at 0.6275 (stop at 0.6215)
Previous support located at 0.6300. Previous resistance located at 0.6350. Further upside is expected although we prefer to set longs at our bespoke support levels at 0.6275, resulting in improved risk/reward. A move through 0.6350 will confirm the bullish momentum.
Our profit targets will be...
EURAUD - Intraday - We look to Sell at 1.4625 (stop at 1.4725)
Previous support located at 1.4500. Previous resistance located at 1.4550. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.4625, resulting in improved risk/reward. A move through 1.4500 will confirm the bearish momentum.
Our profit targets will...
GBPJPY - Intraday - We look to Sell at 163.00 (stop at 163.90)
We are trading at oversold extremes. A higher correction is expected. With the Ichimoku cloud resistance above we expect gains to be limited. Preferred trade is to sell into rallies.
Our profit targets will be 160.40 and 158.70
Resistance: 162.15 / 163.70 / 165.60
Support: 160.60 / 158.70 /...
USD/JPY continues to fall as the Japanese yen rally continues. In the European session, USD/JPY is trading at 133.26, down 0.72%.
Thursday's US GDP for Q1 was weaker than expected, as the -0.9% reading surprised the markets, which had projected a 0.5% gain. There was plenty of discussion about the soft GDP report, not so much that it underperformed, but rather...
US Wall St 30 - Intraday - We look to Buy at 32225 (stop at 31722)
A sequence of daily higher highs and lows has been posted. The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing. We can see no technical reason for a change of trend. We look to buy dips. We look for gains to be extended...
EURGBP - Intraday - We look to Sell at 0.8440 (stop at 0.8475)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. A Doji style candle has been posted from the base. A higher correction is expected. The bias is still for higher levels and we look for any dips to be limited. We therefore, prefer to fade into the...
AUDJPY - Intraday - We look to Sell at 94.00 (stop at 94.85)
Previous support located at 93.00. Previous resistance located at 94.00. Posted a Double Top formation. Risk/Reward would be poor to call a sell from current levels. The measured move target is 92.00.
Our profit targets will be 92.15 and 92.00
Resistance: 93.50 / 94.00 / 94.50
Support: 93.00 /...
EURAUD - Intraday - We look to Sell at 1.4700 (stop at 1.4800)
Previous support located at 1.4550. Previous resistance located at 1.4600. There is no clear indication that the downward move is coming to an end. A higher correction is expected. Risk/Reward would be poor to call a sell from current levels.
Our profit targets will be 1.4450 and 1.4400
...
NASDAQ - Intraday - We look to Buy at 12312 (stop at 12101)
The sequence for trading is higher highs and lows. This is positive for sentiment and the uptrend has potential to return. A weaker opening is expected to challenge bullish resolve. Support is located at 12300 and should stem dips to this area. We look to buy dips.
Our profit targets will be 12790...
EURCHF - Intraday - We look to Sell at 0.9809 (stop at 0.9831)
Our short term bias remains negative. 0.9811 has been pivotal. Previous support at 0.9810 now becomes resistance. Preferred trade is to sell into rallies.
Our profit targets will be 0.9755 and 0.9745
Resistance: 0.9800 / 0.9820 / 0.9840
Support: 0.9780 / 0.9760 / 0.9740
Risk Disclaimer...
GBPNZD - Intraday - We look to Buy at 1.9250 (stop at 1.9140)
Previous support located at 1.9350. Previous resistance located at 1.9400. Further upside is expected although we prefer to set longs at our bespoke support levels at 1.9250, resulting in improved risk/reward. A move through 1.9400 will confirm the bullish momentum.
Our profit targets will be 1.9475...
AUDUSD - Intraday - We look to Sell at 0.7005 (stop at 0.7050)
Daily signals for sentiment are at overbought extremes. Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. Preferred trade...
The Australian dollar has edged higher on Wednesday. AUD/USD is trading at 0.6950 in European trade.
Australia's inflation rate accelerated in the second quarter, but the market reaction was muted, as the 6.1% gain was a notch below the estimate of 6.2%. Inflation still remains the RBA's number one problem, as CPI jumped from 5.1% in Q1. With inflation coming in...
EURGBP - Intraday - We look to Sell at 0.8475 (stop at 0.8505)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. A higher correction is expected. 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...
The euro has taken a nasty tumble today. In the North American session, EUR/USD is trading at 1.0144, down 0.76%.
The energy crisis surrounding Nord Stream 1, a key channel for Russian gas exports to Europe continues to simmer. Perhaps the pipeline should be referred to as 'Nord Brook 1', after Gazprom, the Russian energy giant, warned it will cut flows through...
