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....
AU200AUD - 24h expiry
The correction higher is assessed as being complete.
We expect a reversal in this move.
Risk//Reward would be good to call a sell from current levels.
A move through 7725 will confirm the bearish momentum.
The measured move target is 7625.
We look to Sell at 7750 (stop at 7790)
Our profit targets will be 7650 and 7625
Resistance:...
GBPAUD - 24h expiry
Continued upward momentum from 1.9380 resulted in the pair posting net daily gains yesterday.
A Fibonacci confluence area is located at 1.9100.
Selling spikes offers good risk/reward.
Bespoke resistance is located at 1.9537.
There is scope for mild buying at the open but gains should be limited.
Intraday signals are far from strong.
We...
The Japanese yen has taken a tumble on Tuesday. In the North American session, USD/JPY is trading at 150.67, up 1.02%.
The Bank of Japan hiked interest rates for the first time since 2007 at today’s meeting and also abolished the yield control curve to target interest rate at specific levels. There was a strong possibility that the BoJ might wait until April to...
GBPUSD - 24h expiry
Previous resistance at 1.2700 now becomes support.
Offers ample risk/reward to buy at the market.
Daily signals are mildly bullish.
Bullish divergence is expected to support prices.
Early pessimism is likely to lead to losses although extended attempts lower are expected to fail.
We look to Buy at 1.2700 (stop at 1.2666)
Our profit...
NZDJPY - 24h expiry
Indecisive price action has resulted in sideways congestion on the intraday chart.
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 sell from current levels.
A move through 90.60 will confirm the bearish momentum.
The measured...
The Australian dollar is showing little movement on Monday. In the North American session, AUD/USD is trading at 0.6655, down 0.07%.
The Reserve Bank of Australia wraps up a two-day meeting on Tuesday and is widely expected to maintain the cash rate at 4.35%. The RBA last raised rates in November 2023 and rates have likely peaked.
There isn’t much suspense ahead...
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...
