FRA40 - 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 8200 will confirm the bullish momentum.
The measured move target...
The euro is steady on Friday, after sustaining sharp losses a day earlier due to the US inflation report. In the North American session, EUR/USD is trading at 1.0893, up 0.09%.
The European Central Bank maintained the deposit rate at 4.0% for a fourth straight time at last week’s meeting. It looks like rates have peaked but the ECB has been reluctant to signal...
NZDJPY - 24h expiry
The correction higher is assessed as being complete.
Price action has continued to trend strongly higher and has stalled at the previous resistance near 91.15.
We expect a reversal in this move.
Risk/Reward would be poor to call a sell from current levels.
A move through 90.90 will confirm the bearish momentum.
The measured move target is...
The New Zealand dollar has lost ground on Thursday. In the North American session, NZD/USD is trading at 0.6136, down 0.33%. On Friday, New Zealand releases the Manufacturing PMI.
It was a busy day in the US, and this writer expected that retail sales would be the highlight of the day. In the end, it was the Producer Price Index which stole the show and gave the...
XAUUSD - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
A lower correction is expected.
The primary trend remains bullish.
We look to buy dips.
Previous support located at 2150.56.
We look to Buy at 2153.50 (stop at 2141.50)
Our profit targets will be 2183.50 and 2189.50
Resistance:...
NZDUSD - 24h expiry
There is no clear indication that the upward move is coming to an end.
The correction lower is assessed as being complete.
RSI (relative strength indicator) is flat and reading close to 50 (mid-point) highlighting the fact that we are non- trending.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6170 will...
The Australian dollar remains close to the 0.66 line, where it has been for most of the week. In the North American session, AUD/USD is trading at 0.6620, up 0.21%.
The business sector is not feeling very confident about the near-term outlook of the Australian economy. The NAB Business Confidence index dipped to zero in February, down from one in January but...
EURJPY - 24h expiry
Short term bias has turned negative.
The 200 day moving average should provide resistance at 161.35.
This is negative for sentiment and the downtrend has potential to return.
We look to sell rallies.
Further downside is expected although we prefer to sell into rallies close to the 161.65 level.
We look to Sell at 161.80 (stop at 162.30)...
The Japanese yen has looked sharp lately but is considerably lower on Tuesday. In the North American session, USD/JPY is trading at 147.75, up 0.55%. The yen has rallied for five straight days, gaining 2.4% during that time.
The US inflation rate crept higher in February. Headline CPI climbed 3.2% y/y, up from 3.1% in January and above the market estimate of...
EURCHF - 24h expiry
Setbacks should be limited to yesterday's low.
Our short term bias remains positive.
The bullish engulfing candle on the 4 hour chart the positive for sentiment.
The dip was bought into but, the rally has also stalled.
We look to buy dips.
50 4hour EMA is at 0.9583.
We look to Buy at 0.9583 (stop at 0.9561)
Our profit targets will be...
The British pound has started the trading week in negative territory. In the North American session, GBP/USD is trading at 1.2807, down 0.39%. The pound has posted six straight winning days and climbed 1.56% last week against the US dollar.
The UK releases the employment report on Tuesday. The labor market has remained resilient even with the steep rise in...
DE30EUR - 24h expiry
Price action resulted in a new all-time high at 17904.
We look to buy dips.
50 4hour EMA is at 17685.
The primary trend remains bullish.
Offers ample risk/reward to buy at the market.
We look to Buy at 17690 (stop at 17590)
Our profit targets will be 17940 and 17990
Resistance: 17760 / 17907 / 18000
Support: 17710 / 17618 /...
GBPJPY - Intraday
The primary trend remains bullish.
The selloff has posted a correction count on the daily chart.
Buying continued from the 50% pullback level of 188.30.
We look to buy dips.
Bespoke support is located at 188.70.
We look to Buy at 188.70 (stop at 188.20)
Our profit targets will be 189.90 and 190.20
Resistance: 189.70 / 190.20 /...
GBPNZD - 24h expiry
Price action looks to be forming a top.
A bearish Head and Shoulders is forming.
As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels.
The 50% Fibonacci retracement is located at 2.0790 from 2.0915 to 2.0666.
The hourly chart technicals suggests further upside before the downtrend returns....
The euro is barely making a peep on Thursday, ahead of the European Central Bank’s decision later in the day. In the European session, EUR/USD is trading at 1.0894, down 0.04%.
The ECB is expected to follow the Federal Reserve’s pause and hold the deposit rate at 4.0% for a fourth straight time. Have ECB rates peaked? The answer seems yes, but ECB policy makers...
EURCHF - 24h expiry
Our short term bias remains positive.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
20 4hour EMA is at 0.9588.
The sequence for trading is higher highs and lows.
Risk/Reward would be poor to call a buy from current levels.
We look to Buy at 0.9589 (stop at...
The Australian dollar has posted strong gains on Wednesday despite a weak GDP report today. In the North American session, AUD/USD is trading at 0.6562, up 0.90%.
Australia’s economy ended 2023 on whimper rather than a gain, as GDP rose just 0.2% q/q the fourth quarter. This was lower than the 0.3% gain in the third quarter and missed the market estimate which...
NZDJPY - 24h expiry
Price action looks to be forming a top.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
The rally is close to an exhaustion count on the weekly chart.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.
Bespoke resistance is located at 91.80.
We...
