The Australian dollar has started the trading week with considerable losses. In the North American session, AUD/USD is trading at 0.6482, down 0.50%.
Investors are eagerly awaiting the minutes from the Reserve Bank of Australia’s meeting last month. At the meeting, the central bank maintained the cash rate at 4.35% for a third straight time. The pause was...
AUDJPY - 24h expiry
Price action has continued to trend strongly lower and has stalled at the previous support near 98.60.
Price action looks to be forming a bottom.
Momentum is flat, highlighting the lack of clear direction.
Risk/Reward would be poor to call a buy from current levels.
A move through 99.00 will confirm the bullish momentum.
We look to Buy...
AUDUSD - Intraday
The primary trend remains bearish.
The sequence for trading is lower lows and highs.
As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels.
Rallies should be capped by yesterday's high.
Bespoke resistance is located at 0.6520.
We look to Sell at 0.6527 (stop at 0.6547)
Our profit targets will be...
The euro has edged lower on Friday. In the European session, EUR/USD is trading at 1.0782, down 0.05%.
It has been a bumpy road for the euro in 2024, as the currency has declined 2.3% so far this year. Earlier today, EUR/USD dropped as low as 1.0768, its lowest level since February 21.
Germany, the largest economy in the eurozone, continues to struggle and that...
NZDJPY - 24h expiry
The primary trend remains bearish.
The sequence for trading is lower lows and highs.
We have a 50% Fibonacci pullback level of 90.85 from 91.25 to 90.20.
Preferred trade is to sell into rallies.
Bespoke resistance is located at 90.80.
We look to Sell at 90.80 (stop at 91.10)
Our profit targets will be 90.05 and 89.90
Resistance: 90.80...
The Canadian dollar is slightly higher on Thursday. USD/CAD is trading at 1.3537 in the North American session, down 0.23%.
Canada’s GDP bounced back with a strong gain of 0.6% m/m in January, after a 0.1% in December. This beat the market estimate of 0.4%. The preliminary estimate for February’s GDP stands at 0.4%, which means that so far, growth in the first...
USDJPY - 24h expiry
Price action continues to be mixed and volatile for 6 days in succession resulting in spikes in both directions.
The rally was sold and the dip bought resulting in mild net losses yesterday.
Bespoke support is located at 148.96.
A Fibonacci confluence area is located at 148.95.
Rumours of intervention have resulted in a spike in...
The Japanese yen has edged higher on Wednesday. In the European session, USD/JPY is trading at 151.17, down 0.26%.
The Bank of Japan raised interest rates last week for the first time since 2007. The move marked a sea-change in monetary policy. However, the tightening has not translated into gains for the Japanese yen, which remains under pressure. Earlier today,...
GBPUSD - 24h expiry
The medium term bias remains bearish.
Price action looks to be forming a top.
The sequence for trading is lower lows and highs.
Rallies should be capped by yesterday's high.
Bespoke resistance is located at 1.2660.
We look to Sell at 1.2660 (stop at 1.2690)
Our profit targets will be 1.2585 and 1.2565
Resistance: 1.2660 / 1.2690 /...
GBPAUD - 24h expiry
Price action has continued to range within a rectangle formation.
A lower correction is expected.
Risk/Reward would be poor to call a sell from current levels.
Preferred trade is to sell into rallies.
Bespoke resistance is located at 1.9385.
We look to Sell at 1.9385 (stop at 1.9425)
Our profit targets will be 1.9285 and 1.9265...
The Japanese yen continues to have a quiet week. In the North American session, USD/JPY is trading at 151.36, down 0.03%.
Bank of Japan core inflation fell to 2.3% in February, down from 2.6% in January and shy of the market estimate of 2.5%. The release further complicates the inflation picture in Japan, as we continue to see inflation indicators heading in all...
NZDUSD - 24h expiry
We are trading at oversold extremes.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6010 will confirm the bullish momentum.
The measured move target is 0.6035.
We look to Buy at 0.5990 (stop at 0.5968)
Our profit targets will be 0.6045 and 0.6060
Resistance: 0.6010 /...
The Japanese yen is showing limited movement on Monday. In the North American session, USD/JPY is trading at 151.25, down 0.13%.
Last week’s Bank of Japan was dramatic as the central bank raised interest rates for the first time since 2007. The move did not catch the markets completely by surprise, as some media reports ahead of the meeting said the BoJ would...
AUDUSD - 24h expiry
The primary trend remains bearish.
The rally has posted a correction count on the daily chart.
As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels.
Risk/Reward would be poor to call a sell from current levels.
Bespoke resistance is located at 0.6560.
We look to Sell at 0.6560 (stop at...
EURJPY - Intraday
Price action looks to be forming a top.
A lower correction is expected.
Short term bias is bullish.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Further upside is expected although we prefer to buy into dips close to the 163.40 level.
We look to Buy at 163.40 (stop at 162.30)
Our...
The British pound has extended its losses on Friday. In the European session, GBP/USD is trading at 1.2600, down 0.45%. Earlier, the pound fell as low as 1.2584, its lowest level since March 20.
UK retail sales were flat in February, after a revised 3.6% gain (m/m) in January. This was better than the market estimate of -0.3%. On an annualized basis, retail sales...
The Swiss franc has tumbled on Thursday after the Swiss National Bank lowered interest rates. In the North American session, USD/CHF is trading at 0.8987, up 1.35% on the day. Earlier, the Swiss franc fell as low as 0.8994, its lowest level since November 23.
There has been plenty of speculation as to when the Fed and other major central banks will lower interest...
FRA40 - 24h expiry
There is no indication that the rally 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 8250 will confirm the bullish momentum.
The measured move target is 8300....
