Gold - 24h expiry
Buying continued from the 61.8% pullback level of 2372.6.
Yesterday's Marabuzo is located at 2374.
Preferred trade is to buy on dips.
Dip buying offers good risk/reward.
Price action continues to trade around significant highs.
We look to Buy at 2373.5 (stop at 2361.5)
Our profit targets will be 2403.5 and 2410.5
Resistance: 2392.9 /...
The Canadian dollar is showing little movement on Friday. In the North American session, USD/CAD is trading at 1.3618, up 0.05% on the day.
Canada and the US released employment data today and surprisingly, the Canadian dollar has showed almost no reaction.
Canada’s labor market contracted in June, with a decrease of 1.4 thousand. This follows a gain of 26.7...
Gold - Intraday
Previous support located at 2355.
Levels close to the 50% pullback level of 2354.5 found buyers.
Dip buying offers good risk/reward.
Our outlook is bullish.
Price action continues to trade around significant highs.
We look to Buy at 2355.5 (stop at 2343.5)
Our profit targets will be 2385.5 and 2393.5
Resistance: 2368.8 / 2387.8 /...
The Japanese yen has rebounded on Thursday and is trading at 161.01, down 0.43% on the day. The yen has been on a slide over the past four weeks and has declined by 3.9% during that time. On Wednesday, the yen fell as low as 161.95, its lowest level since 1986. US markets are closed today for the Fourth of July holiday.
The US ISM Services PMI disappointed on...
FRA40 - 24h expiry
Indecisive price action has resulted in sideways congestion on the intraday chart.
Pivot resistance is at 7700.
We expect a reversal in this move.
Risk/Reward would be poor to call a sell from current levels.
A move through 7625 will confirm the bearish momentum.
We look to Sell at 7700 (stop at 7772)
Our profit targets will be 7520 and...
The Australian dollar is drifting on Wednesday. AUD/USD is trading at 0.6674 at the time of writing, up 0.11%on the day.
Australian consumers have been counting their pennies and reducing discretionary spending. Consumers are feeling the double squeeze of high borrowing costs and stubborn inflation, but retail sales pulled a surprise today with a gain of 0.6% m/m...
EURGBP - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
Price action looks to be forming a top.
Intraday signals are bearish.
Preferred trade is to sell into rallies.
Bespoke resistance is located at 0.8485.
We look to Sell at 0.8485 (stop at 0.8500)
Our profit targets will be 0.8445 and...
The euro is slightly lower on Tuesday. EUR/USD is trading at 1.0712 in the European session, down 0.24% on the day at the time of writing. The euro hit a two-week high on Monday, rising to 1.0776, but couldn’t consolidate and ended the day almost unchanged.
The annual inflation rate in the eurozone dropped to 2.5% in June, compared to 2.6% a month earlier and in...
The euro has started the week with strong gains. EUR/USD is trading at 1.0756 in the European session, up 0.41% on the day at the time of writing. The euro is at its highest level since June 14.
France went to the polls on Sunday, with voter turnout at a four-decade high. The vote was a stinging rebuke for French President Emmanuel Macron, whose Ensemble alliance...
DE30EUR - 24h expiry
Our bespoke resistance of 18366 has been clearly broken.
Previous resistance at 18325 now becomes support.
Preferred trade is to buy on dips.
The primary trend remains bullish.
Price action continues to trade around significant highs.
We look to Buy at 18325 (stop at 18215)
Our profit targets will be 18565 and 18635
Resistance: 18446...
EURCHF - 24h expiry
Previous resistance at 0.9595 now becomes support.
Our short term bias remains positive.
Preferred trade is to buy on dips.
Risk/Reward would be poor to call a buy from current levels.
Our outlook is bullish.
We look to Buy at 0.9595 (stop at 0.9569)
Our profit targets will be 0.9660 and 0.9670
Resistance: 0.9625 / 0.9640 /...
ASX200 - 24h expiry
Indecisive price action has resulted in sideways congestion on the daily chart.
RSI (relative strength indicator) is flat and reading close to 50 (mid-point) highlighting the fact that we are non- trending.
We expect a reversal in this move.
Risk/Reward would be poor to call a sell from current levels.
A move through 7770 will confirm the...
The euro has gained ground on Thursday. EUR/USD is trading at 1.0707, up 0.26% on the day. The euro has stayed close to the 1.07 line for much of the week as it looks for direction.
The eurozone releases the June inflation report next week. The French inflation release, which will be released on Friday, could be a precursor for the eurozone release. French...
WTI - 24h expiry
Bespoke support is located at 80.70.
Offers ample risk/reward to buy at the market.
Our short term bias remains positive.
50 4hour EMA is at 80.73.
80.59 has been pivotal.
We look to Buy at 80.75 (stop at 79.95)
Our profit targets will be 82.75 and 83.25
Resistance: 81.50 / 82.24 / 83.00
Support: 80.50 / 79.50 / 79.00
Risk...
NZDUSD - 24h expiry
Previous support level of 0.6100 broken.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
Short term RSI has turned negative.
The measured move target is 0.6040.
We look to Sell at 0.6100 (stop at 0.6124)
Our profit targets will be 0.6040 and 0.6025
Resistance: 0.6090 / 0.6100 /...
GBPAUD - 24h expiry
The medium term bias remains bearish.
The sequence for trading is lower lows and highs.
A higher correction is expected.
Preferred trade is to sell into rallies.
Bespoke resistance is located at 1.9150.
We look to Sell at 1.9150 (stop at 1.9200)
Our profit targets will be 1.9030 and 1.9000
Resistance: 1.9150 / 1.9200 / 1.9250
Support:...
The Australian dollar is slightly lower on Tuesday. AUD/USD is trading at 0.6638 in the North American session, down 0.27% on the day.
Australia’s Westpac Consumer Sentiment index flexed some muscle earlier on Tuesday but that didn’t help the Australian dollar. The index jumped 1.7% in June, a strong turnaround after three straight declines. Despite the...
Australian dollar has started the week quietly. AUD/USD is trading at 0.6648 early in the North American session, up 0.11% on the day.
Australia releases Westpac Consumer Sentiment early on Tuesday. Consumer confidence has been weak and fell 0.3% in May to 82.4, following a 2.4% decline in April. Consumers have been pessimistic about the weak economy and concerns...
