GBPCHF - 24h expiry
There is no sign that this bearish momentum is faltering but the pair has stalled close to a previous swing low of 1.0895.
A higher correction is expected.
With the Ichimoku cloud resistance above we expect gains to be limited.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Further...
The New Zealand dollar is showing limited movement on Tuesday. Early in the North American session, NZD/USD is trading at 0.6052, down 0.03%.
New Zealand releases the fourth-quarter employment report later today. Employment is expected to rebound with a 0.3% gain, after a decline of 0.2% in the third quarter, which was the first decline in over three years. The...
NZDUSD - 24h expiry
There is no indication that the selloff is coming to an end.
Further downside is expected. Short term RSI has turned negative.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6050 will confirm the bearish momentum.
We look to Sell at 0.6080 (stop at 0.6110)
Our profit targets will be 0.6008 and 0.6000...
GBPUSD - 24h expiry
The primary trend remains bullish.
The selloff has posted a correction count on the daily chart.
A move lower faces tough support and we remain cautious on downside potential.
However, with the intraday chart now highlighting lower highs we are possibly forming a descending triangle pattern.
Preferred trade is to buy on dips.
We look to...
The Australian dollar is slightly lower on Monday, after sliding 0.90% on Friday. In the European session, AUD/USD is trading at 0.6499, down 0.21%. Earlier, AUD/USD traded as low as 0.6486, its lowest level since mid-November.
The Reserve Bank of Australia is expected to maintain the benchmark rate at 4.35% at Tuesday's meeting, the first of 2024. The RBA raised...
AUDJPY - Intraday
Broken out of the channel formation to the downside.
We look to sell rallies.
We expect a reversal in this move.
Risk/Reward would be poor to call a sell from current levels.
A move through 96.25 will confirm the bearish momentum.
We look to Sell at 96.80 (stop at 97.30)
Our profit targets will be 95.60 and 95.40
Resistance: 96.80 /...
EUR/USD has edged higher in the European session and trading at 1.0890, up 0.18% on the day. The euro had a strong day on Thursday, gaining 0.50%.
Inflation continues to fall in the eurozone, although the drop was very modest. CPI eased to 2.8% y/y in January, down from 2.9% in December and in line with the market estimate. Monthly, CPI declined by 0.4% in...
USDCHF - 24h expiry
Prices have reacted from the 23.6% Fibonacci retracement level.
Bespoke support is located at 0.8610.
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
We look to buy dips.
Our outlook is bullish.
We look to Buy at 0.8610 (stop at 0.8586)
Our profit targets will be 0.8670 and 0.8685...
ASX200 - 24h expiry
There is no clear indication that the upward move is coming to an end.
Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher.
Risk/Reward would be poor to call a buy from current levels.
A move through 7650 will confirm the bullish momentum. The measured move...
EUR/USD showed little movement earlier but that changed after German CPI was softer than expected. The euro gained 0.40% in the aftermath of the inflation report but has given back about half of those gains. In the North American session, EUR/USD is trading at 1.0857, up 0.11%.
Germany's inflation rate dropped to 2.9% y/y in January, down sharply from 3.7% in...
AUDUSD - 24h expiry
Trading has been mixed and volatile.
Price action has continued to range within a rectangle formation.
The primary trend remains bearish.
Preferred trade is to sell into rallies.
Bespoke resistance is located at 0.6600.
We look to Sell at 0.6600 (stop at 0.6624)
Our profit targets will be 0.6540 and 0.6520
Resistance: 0.6600 / 0.6630...
CHN50 - 24h expiry
There is no indication that the selloff is coming to an end.
Further downside is expected.
Short term RSI is moving lower.
Risk/Reward would be poor to call a sell from current levels.
A move through 11000 will confirm the bearish momentum.
We look to Sell at 11100 (stop at 11200)
Our profit targets will be 10850 and 10800
Resistance:...
Palladium - 24h expiry
Yesterday's Marabuzo is located at 973.
Our short term bias remains positive.
We look for gains to be extended today.
Preferred trade is to buy on dips.
With signals for sentiment at oversold extremes, the dip could not be extended.
We look to Buy at 973.5 (stop at 953.5)
Our profit targets will be 1023.5 and 1033.5
Resistance:...
EURAUD - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. A lower correction is expected.
Risk/Reward would be poor to call a sell from current levels.
As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels.
Bespoke resistance is located at 1.6460....
The Australian dollar is in positive territory on Monday after an uneventful week. In the European session, AUD/USD is trading at 0.6603, up o.41%.
The markets are braced for a soft retail sales report on Tuesday, with December's consensus estimate standing at -1.0%. The November report sparkled with a 2% gain, the strongest level since November 2021. The strong...
DE30EUR - 24h expiry
Price action continues to trade around the all-time highs.
The primary trend remains bullish.
We look to buy dips.
20 4hour EMA is at 16865.
Levels close to the 78.6% pullback level of 16863 found buyers.
We look to Buy at 16865 (stop at 16785)
Our profit targets will be 17065 and 17125
Resistance: 16970 / 17004 / 17100
Support:...
EURCHF - Intraday
Short term momentum is bearish.
We look for losses to be extended today.
The bearish engulfing candle on the daily chart is negative for sentiment.
Daily signals are bearish.
A break of the recent low at 0.9385 should result in a further move lower.
We look to Sell at 0.9383 (stop at 0.9407)
Our profit targets will be 0.9323 and 0.9313...
The Japanese yen is drifting on Friday. In the European session, USD/JPY is trading at 147.80, up 0.10%.
Tokyo Core CPI reached a significant milestone today, falling to 1.6% y/y in January, after a December reading of 2.1%. This was the first time the indicator dropped below the Bank of Japan's 2% target since May 2022. The main driver of the decline was lower...
