GER40 - 24h expiry
Trading within a Bullish Channel formation.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
50 4hour EMA is at 16125.
We look to buy dips.
Price action continues to trade around significant highs.
We look to Buy at 16131 (stop at 16031)
Our profit targets...
NZDUSD - 24h expiry
Price action looks to be forming a bottom.
Short term RSI has turned positive.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6225 will confirm the bullish momentum.
The measured move target is 0.6275.
We look to Buy at 0.6180 (stop at 0.6145)
Our profit targets will be 0.6255 and 0.6275
Resistance:...
USDCAD - 24h expiry
Trend line support is located at 1.3125.
A lower correction is expected.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 1.3175 will confirm the bullish momentum.
We look to Buy at 1.3125 (stop at 1.3090)
Our profit targets will be 1.3215 and 1.3240
Resistance: 1.3200 /...
NZDJPY - 24h expiry
Indecisive price action has resulted in sideways congestion on the intraday chart. Rallies continue to attract sellers. Preferred trade is to sell into rallies. A move through 87.00 will confirm the bearish momentum. Momentum is flat, highlighting the lack of clear direction.
We look to Sell at 87.85 (stop at 88.25)
Our profit targets...
The euro has started the week in negative territory. In the North American session, EUR/USD is trading at 1.1083, down 0.38%. The euro has lost ground for three straight days and has fallen as much as 170 pips since hitting a 2023-high on July 18th.
The eurozone recovery is likely to be lengthy, and Monday's PMIs pointed to a deceleration in the manufacturing and...
AUDUSD - 24h expiry
We are trading at oversold extremes.
A Doji style candle has been posted from the base.
A higher correction is expected.
Short term bias has turned negative.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
We look to Sell at 0.6790 (stop at 0.6830)
Our profit targets will be 0.6690...
EURCHF - Intraday
There is no clear indication that the downward move is coming to an end.
Broken out of the channel formation to the downside.
Rallies should be capped by yesterday's high.
50 4-hour EMA is at 0.9661.
Preferred trade is to sell into rallies.
We look to Sell at 0.9659 (stop at 0.9685)
Our profit targets will be 0.9599 and 0.9589...
The Canadian dollar is trading quietly on Friday. In the European session, USD/CAD is trading at 1.3171, almost unchanged.
It has been a busy week in the currency markets, with the US dollar rebounding and posting strong gains against the major currencies. The notable exception has been the Canadian dollar, which has held its own against the greenback this week....
The US dollar continues to rally as the Japanese yen is down for a fourth straight day. In Friday's European session, USD/JPY is trading at 141.93, up 1.33%.
The yen has taken investors on a roller-coaster ride. The Japanese currency surged 2.37% last week against the greenback but has reversed directions and dropped 2.15% this week.
Japan’s core inflation...
USDCHF - Intraday
Broken out of the channel formation to the upside.
Short term momentum is bullish.
A break of yesterdays high would confirm bullish momentum.
We are trading at oversold extremes.
Trades at the lowest level in 105-months.
We look to Buy a break of 0.8686 (stop at 0.8650)
Our profit targets will be 0.8776 and 0.8796
Resistance: 0.8684 /...
GBPNZD - 24h expiry
Price action has continued to trend strongly lower and has stalled at the previous support near 2.0500.
Price action looks to be forming a bottom.
Risk/Reward would be poor to call a buy from current levels.
A move through 2.0600 will confirm the bullish momentum.
The measured move target is 2.0675.
We look to Buy at 2.0500 (stop at...
USDCHF - 24h expiry
We are trading at oversold extremes.
The primary trend remains bearish.
Trades at the highest level in 105 months.
Trading within a Bearish Channel formation.
Trend line resistance is located at 0.8607.
There is no clear indication that the downward move is coming to an end.
We look to Sell at 0.8607 (stop at 0.8639)
Our profit...
NZDUSD - 24h expiry
The move lower is mixed and volatile, common in corrective sequences.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6250 will confirm the bullish momentum.
The measured move target is 0.6300.
We look to Buy at 0.6200 (stop at 0.6169)
Our profit targets will be 0.6275...
The Australian dollar is down sharply on Wednesday. In the North American session, AUD/USD is trading at 0.6774, down 0.55%.
For anyone who enjoys strong volatility, look no further than the Australian dollar. Last week, AUD/USD climbed 2.18%, as the US dollar sagged badly after the June inflation report surprised on the downside. The Australian dollar hasn't...
Palladium - 24h expiry
Broken out of the channel formation to the upside.
We look for a temporary move higher.
The primary trend remains bearish.
50 1day EMA is at 1340.
Preferred trade is to sell into rallies.
We look to Sell at 1339.8 (stop at 1363.8)
Our profit targets will be 1279.8 and 1269.8
Resistance: 1322 / 1340 / 1360
Support: 1302 / 1290 /...
NZDUSD - 24h expiry
The move lower is mixed and volatile, common in corrective sequences.
Price action has continued to trend strongly lower and has stalled at the previous support near 0.6250.
Risk/Reward would be poor to call a buy from current levels.
Short term RSI has turned positive.
A move through 0.6300 will confirm the bullish momentum.
We look to...
The British pound has edged lower on Tuesday. In the North American session, GBP/USD is trading at 1.3038, down 0.27%.
The UK is lagging behind other major economies in the fight to curb inflation. Will Wednesday's inflation report bring some good news? In May, CPI remained stuck at 8.7% y/y but is expected to ease to 8.2% in June. The core rate is expected to...
AUDUSD - 24h expiry
0.6900 has been pivotal.
0.6895 has been pivotal.
0.6900 continues to hold back the bulls.
Preferred trade is to sell into rallies.
We look for a temporary move higher.
We look to Sell at 0.6889 (stop at 0.6921)
Our profit targets will be 0.6809 and 0.6785
Resistance: 0.6837 / 0.6850 / 0.6890
Support: 0.6807 / 0.6787 / 0.6770
Risk...
