Palladium - 24h expiry
The primary trend remains bearish.
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
Trading has been mixed and volatile.
Expect trading to remain mixed and volatile.
Rallies should be capped by yesterday's high.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is...
US100 - Intraday
We are trading at oversold extremes.
Previous support located at 14670.
Prices have reacted from 14668.
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
The bias is to break to the upside.
We look to Buy a break of 14852 (stop at 14752)
Our profit targets will be 15102 and 15152...
The British pound is in negative territory after two days of losses. In the European session, GBP/USD is trading at 1.2245, down 0.40%. The struggling pound is down 1.1% this week and is trading at its lowest levels since late March.
It is a busy day on the data calendar for UK releases. Retail sales rose in August by 0.4% m/m, following a 1.1% decline in July...
EURUSD - Intraday
Price action looks to be forming a bottom.
Price action has continued to trend strongly lower and has stalled at the previous support near 1.0625.
A move through 1.0675 will confirm the bullish momentum.
RSI (relative strength indicator) is flat and reading close to 50 (mid-point) highlighting the fact that we are non- trending.
The measured...
HS50 - 24h expiry
There is no indication that the selloff is coming to an end.
Previous support level of 17809 broken.
We are trading at oversold extremes.
A higher correction is expected.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
We look to Sell at 17820 (stop at 17980)
Our profit targets will be...
The Canadian dollar is showing limited movement on Thursday. In the North American session, USD/CAD is trading at 1.3474, up 0.09%.
Canada wraps up the week with the retail sales report on Friday. July's retail sales were weak, with a gain of 0.1% m/m and a decline of 0.6% y/y. August is expected to show improvement, with consensus estimates of 0.4% m/m and 0.5%...
EURJPY - 24h expiry
Buying pressure from 157.37 resulted in prices rejecting the dip.
A Doji style candle has been posted from the base.
Indecisive price action has resulted in sideways congestion on the intraday chart.
This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher.
Further...
NZDUSD - 24h expiry
Indecisive price action has resulted in sideways congestion on the intraday chart.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.5975 will confirm the bullish momentum.
The RSI is trending higher.
The measured move target is 0.6010.
We look to Buy at 0.5925 (stop at 0.5895)
Our profit targets will be...
The Japanese yen continues to have a quiet week. In Wednesday's North American session, USD/JPY is trading at 147.66, down 0.15%.
If the Federal Reserve does not pause rate hikes at today's meeting, it would be a massive surprise. Still, that doesn't mean that investors aren't paying close attention. There is particular interest as to whether the dot plot...
AUDJPY - 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.
The RSI is trending higher.
A move through 95.75 will confirm the bullish...
EURAUD - 24h expiry - We look to Sell at 1.6665 (stop at 1.6715)
Trading within a Bearish Channel formation.
We look for price action to stay within the channel formation today.
Our expectation now is for this swing higher to continue towards the top of the trend channel, to complete a correction before sellers return.
Risk/Reward would be poor to call a sell...
The Canadian dollar has extended its gains on Tuesday. In the European session, USD/CAD is trading at 1.3441, down 0.33%. Earlier in the day, the Canadian dollar strengthened and touched a low of 1.3436, its best showing since September 15th.
The Bank of Canada will be keeping close tabs on today's inflation report. CPI for August is expected to fall to 0.3% m/m,...
EURCHF - 24h expiry
0.9600 continues to hold back the bulls.
Risk/reward is ample to call a sell trade.
The primary trend remains bearish.
The preferred trade is to sell into rallies.
0.9599 has been pivotal.
We look to Sell at 0.9597 (stop at 0.9617)
Our profit targets will be 0.9547 and 0.9537
Resistance: 0.9595 / 0.9603 / 0.9620
Support: 0.9580 /...
NIK225 - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
Price action looks to be forming a bottom.
This is positive for sentiment and the uptrend has potential to return.
Weekly pivot is at 33118. Preferred trade is to buy on dips.
We look to Buy at 33181 (stop at 32981)
Our profit targets...
The New Zealand dollar has started the week in positive territory. NZD/USD is trading at 0.5918 in the North American session, up 0.34%.
New Zealand's Services PMI eased to 47.1 in August, down from 47.8 in July. The reading marked a third straight decline in activity and was the lowest level since January 2022. This comes on the heels of Friday's Manufacturing...
GER40 - Intraday - We look to Buy at 15831 (stop at 15731)
Our short term bias remains positive.
There is no clear indication that the upward move is coming to an end.
Previous resistance level of 15830 broken.
Previous resistance at 15830 now becomes support.
20 4hour EMA is at 15830.
Preferred trade is to buy on dips.
Our profit targets will be 16081...
US100 - Intraday
The medium term bias remains bullish.
A Fibonacci confluence area is located at 16292.
There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 15629.
The reaction lower is negative, however, we view this as an opportunity to set longs in line with the overall bullish move higher....
The euro has steadied on Friday. In the European session, EUR/USD is trading at 1.0665, up 0.20%.
The European Central Bank's rate decision went right down to the wire on Wednesday. It was unclear whether the central bank would hike or hold, with strong reasons to support each position. In the end, the ECB opted to hike, choosing the fight against inflation over...
