USDCHF - 24h expiry
Bullish divergence can be seen on the daily (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher.
Posted a Double Bottom formation.
Price action has posted a Doji candle and confirms a possible stall in the recent move.
Price action looks to be...
CN50USD - 24h expiry
Buying pressure from 11908 resulted in prices rejecting the dip.
The current move higher is expected to continue.
Short term bias is mildly bullish.
The trend of higher lows is located at 11908.
Preferred trade is to buy on dips.
We look to Buy at 12035 (stop at 11985)
Our profit targets will be 12155 and 12195
Resistance: 12245 /...
EURJPY - 24h expiry
We are trading at overbought extremes.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
A lower correction is expected.
We prefer to consider the medium term trend and expect buying interest to support as prices move lower.
Further upside is expected although we prefer to buy into dips...
The Australian dollar is unchanged on Wednesday, after massive gains a day earlier. In the European session, AUD/USD is trading at 0.6505.
Australian wage growth climbed 1.3% q/q in the third quarter, matching the consensus estimate and above an upwardly revised 0.9% gain in Q2. This was the highest gain since records started in 1997, but the spike was largely...
GBPAUD - 24h expiry
There is no clear indication that the upward move is coming to an end.
Trend line support is located at 1.9225.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels. A move through 1.9250 will confirm the bullish momentum.
We look to Buy at 1.9205 (stop at 1.9155)
Our profit targets will be...
The Japanese yen has rebounded on Tuesday with strong gains. In the North American session, USD/JPY is trading at 150.70, down 0.67%.
The yen has snapped a nasty six-day losing streak which saw the currency lose 1.5%. The US dollar is broadly lower today after the October inflation report was weaker than expected.
US inflation was softer than expected in...
GBPCHF - 24h expiry
We are trading at overbought extremes.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
The current move higher is expected to continue.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Although the anticipated...
The British pound has edged higher on Monday. In the European session, GBP/USD is trading at 122.48, up 0.18%. The pound is coming off a nasty week, in which it declined 1.2%.
The UK labour market has been resilient despite the Bank of England's aggressive tightening but is showing some cracks. We'll get a look at key employment numbers on Wednesday. Job growth...
GBPJPY - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
Previous resistance located at 185.89.
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 is to sell into rallies.
Although the anticipated move...
UK100 - Intraday
Indecisive price action has resulted in sideways congestion on the intraday chart.
Risk/Reward would be poor to call a buy from current levels.
Short term RSI has turned positive.
A move through 7425 will confirm the bullish momentum.
The measured move target is 7525.
We look to Buy at 7365 (stop at 7315)
Our profit targets will be 7485...
SPX500USD - Intraday
Broken out of the wedge formation to the upside.
The formation has a measured move target of 4540.
Bearish Outside Day posted, a pattern that often indicates the end of a bullish run and the start of a new downward bias.
Bespoke support is located at 4310.
Reverse trend line support comes in at 4295.
There is scope for mild buying at...
The British pound is steady on Friday. In the European session, GBP/USD is trading at 1.2219, down 0.02%. The pound is coming off a nasty four-day slide, in which it declined 1.19%.
Today's UK's GDP numbers weren't pretty, but they managed to beat the forecasts, which has helped the British pound stabilize after a disappointing week. The economy flatlined in the...
NZDJPY - 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 90.00 will confirm the bullish momentum.
The RSI is trending...
The UK economy has been struggling and Friday's GDP is expected to indicate negative growth, with a market consensus of -0.1% q/q for the third quarter. In Q2, GDP showed a small gain of 0.2%. August GDP is expected at 0.0% m/m, after a 0.2% gain in September. A soft GDP report will raise speculation about a recession and could weigh on the pound.
Bank of England...
The New Zealand dollar is in positive territory on Wednesday. In the European session, NZD/USD is trading at 0.5926, up 0.26%.
New Zealand's manufacturing sector has been in decline for seven consecutive months and little change is expected from the October PMI, which will be released on Friday. The market consensus stands at 45.0, compared to 45.3 in September,...
DE30EUR - 24h expiry
The bullish engulfing candle on the 4 hour chart the positive for sentiment.
Our short term bias remains positive.
The overnight dip has been bought into and there is scope for further bullish pressure going into this morning.
A break of yesterdays high would confirm bullish momentum.
Short term RSI is moving higher.
We look to Buy a...
NZDJPY - 24h expiry
There is no clear indication that the upward move is coming to an end.
A lower correction is expected.
Risk/Reward would be poor to call a buy from current levels.
A move through 89.50 will confirm the bullish momentum.
The measured move target is 90.00.
We look to Buy at 89.00 (stop at 88.60)
Our profit targets will be 90.00 and 90.20...
The British pound has edged lower on Wednesday. In the North American session, GBP/USD is trading at 1.2287, down 0.10%. There are no tier-1 releases out of the UK or the US today, leaving investors to focus on comments from Bank of England Governor Bailey earlier in the day.
The Bank of England kept rates on hold for a second straight time last week at 5.25%,...
