USDCAD - 24h expiry
Price action has continued to trend strongly lower and has stalled at the previous support near 1.3700.
Price action looks to be forming a bottom.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 1.3725 will confirm the bullish momentum.
We look to Buy at 1.3700 (stop at...
The British pound is showing limited movement on Wednesday. GBP/USD is trading at 1.2844 in the European session, down 0.15% on the day.
Headline inflation in the UK rose 2.2% y/y in July, up from 2% in June but below the market estimate of 2.3%. Perhaps most important for the Bank of England, services inflation slowed to 5.2%, the lowest since June 2022 and well...
CHN50 - 24h expiry
Price action has continued to trend strongly higher and has stalled at the previous resistance near 11700.
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...
XAUUSD - 24h expiry
Price action continues to trade around the all-time highs.
Preferred trade is to buy on dips.
Yesterday's Marabuzo is located at 2451.
Risk/Reward would be poor to call a buy from current levels.
The primary trend remains bullish.
We look to Buy at 2451.5 (stop at 2435.5)
Our profit targets will be 2491.5 and 2501.5
Resistance: 2477.7...
The British pound is drifting on Monday. GBP/USD is trading at 1.2768 early in the North American session, up 0.08% on the day.
The UK releases the employment report for the three months to June and we could see signs of a cooling labour market. Annualized average earnings including bonuses, which has hovered between 5.5%-6% all year, is expected to fall sharply...
The Canadian dollar has shined this week, posting gains over the past four days and rising 1%. Will the impressive rally continue? In the North American session, USD/CAD is trading at 1.3732, unchanged on the day.
Canada wraps up the week with the July employment report. The June report was soft, with job growth coming in at -1.4 thousand, a rare decline. The...
The New Zealand dollar has soared today. In the European session, NZD/USD is trading at 0.6018, up an impressive 1.1% at the time of writing.
New Zealand’s labour market has been cooling off due to elevated interest rates and the markets were braced for a soft jobs report for the second quarter. Instead, job growth rebounded and unemployment was lower than...
GER40 - 24h expiry
Bullish divergence is expected to support prices.
The bullish engulfing candle on the 4 hour chart the positive for sentiment.
We are trading at oversold extremes. A higher correction is expected.
The bias is to break to the upside.
A break of the recent high at 17565 should result in a further move higher.
We look to Buy a break of 17585...
GBPAUD - 24h expiry
The primary trend remains bullish.
A lower correction is expected.
Price action has formed an expanding wedge formation.
Preferred trade is to buy on dips.
Bespoke support is located at 1.9475.
We look to Buy at 1.9475 (stop at 1.9395)
Our profit targets will be 1.9675 and 1.9715
Resistance: 1.9625 / 1.9690 / 1.9760
Support: 1.9475 /...
The Australian dollar gained ground earlier but has reversed directions and has edged lower. In the European session, AUD/USD is trading at 0.6778, down 0.24% at the time of writing.
The Reserve Bank of Australia held the cash rate at 4.35% for a seventh straight time today. The markets had fully priced in this move and the Australian dollar’s reaction has been...
US500 - 24H expiry
Traded to the lowest level in 12 weeks.
We have a 78.6% Fibonacci pullback level of 5136 from 4930 to 5680.
There is no clear indication that the downward move is coming to an end.
The sequence for trading is lower lows and highs.
We look to set shorts at our bespoke indicator level (5273).
We look to Sell at 5273 (stop at 5321)
Our...
The Australian dollar has taken a nasty spill to start off the trading week. AUD/USD dropped as much has 2.5% in the Asian session and fell to its lowest levels since November 2023. The Aussie has pared those losses and is down 0.96% at the time of writing, trading at 0.6448.
The Reserve Bank of Australia meets early Tuesday and it’s a virtual certainty that the...
The Japanese yen continues to rally. USD/JPY is trading at 148.86 in the European session, down 0.31% on the day at the time of writing. On Thursday, the yen strengthened as much as 148.50, its best showing since May 11.
Only three weeks ago, the yen looked dead in the water. USD/JPY was trading just shy of 162, its highest level in almost four decades. Since...
The British pound has fallen sharply on Thursday. GBP/USD is trading at 1.2774 in the North American session, down 0.63% on the day. Earlier, GBP/USD fell to 1.2750, its lowest level in a month.
For those readers who like to follow the central banks (as the writer does), it has been a very interesting week. The Bank of Japan raised interest rates, the Federal...
US100 - 24h expiry
Previous resistance level of 19262 broken.
Short term bias is mildly bullish.
A lower correction is expected.
We look to buy dips.
Further upside is expected although we prefer to buy into dips close to the 19200 level.
We look to Buy at 19200 (stop at 18990)
Our profit targets will be 19550 and 19650
Resistance: 19895 / 20790 /...
The Japanese yen continues to sparkle. USD/JPY is trading at 150.27 in the European session, down 1.62% on the day at the time of writing. Earlier, the yen strengthened to 150.04, its highest level against the dollar since March 19.
The Bank of Japan showed an aggressive side rarely seen at today’s meeting. The BoJ raised the benchmark rate to around 0.25%, up...
WTI - 24h expiry
Our short term bias remains negative.
Our bespoke support of 77.06 has been clearly broken.
Previous support at 77.50 now becomes resistance.
We look for a temporary move higher.
We look for losses to be extended today.
We look to Sell at 77.50 (stop at 78.30)
Our profit targets will be 75.50 and 75.15
Resistance: 77.13 / 77.50 /...
HS50 - 24h expiry
Price action has continued to trend strongly lower and has stalled at the previous support near 16917.
Price action looks to be forming a bottom.
A Doji style candle has been posted from the base.
This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher.
Although the...
