The Canadian dollar is drifting in the European session, trading at 1.3378.
It has been a good week for the Canadian currency, which is up about 1% against its US cousin. We can expect some significant movement from USD/CAD in the North American session, as both Canada and the US release the June employment reports.
The US labour market has been surprisingly...
GER40 - 24h expiry
The bearish engulfing candle on the weekly chart is negative for sentiment.
Short term bias has turned negative.
There is no clear indication that the downward move is coming to an end.
We are trading at oversold extremes.
We look for a temporary move higher.
Previous support at 15750 now becomes resistance.
We look to Sell at 15749...
NZDJPY - 24h expiry
Trading within a Bullish Channel formation.
We look for price action to stay within the channel formation today.
Our expectation now is for this swing lower to continue towards the bottom of the trend channel, to complete a correction before buyers return.
Risk/Reward would be poor to call a sell from current levels.
The measured move...
US2000 - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. We are trading at oversold extremes. Price action looks to be forming a bottom. This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher. The hourly chart technicals suggests...
The Japanese yen is showing strong gains on Thursday. In the European session, USD/JPY is trading at 143.82, down 0.57%.
The Federal Reserve has been aggressively tightening rates in order to curb inflation but took a pause in June after ten consecutive hikes. At the meeting, the Fed said that a pause would provide members with time to assess the impact of the...
AUDUSD - 24h expiry
We are trading at oversold extremes.
Posted a Bullish Hammer Bottom on the 1 hour chart.
This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher.
Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Further upside is expected...
NZDUSD - 24h expiry
Broken out of the channel formation to the upside.
Further upside is expected.
Risk/Reward would be poor to call a buy from current levels.
Short term momentum is bullish.
A move through 0.6200 will confirm the bullish momentum.
We look to Buy at 0.6150 (stop at 0.6120)
Our profit targets will be 0.6225 and 0.6250
Resistance: 0.6200...
EUR/USD is showing limited movement on Wednesday. In the European session, the euro is almost unchanged at 1.0882.
The eurozone services sector continues to show growth, but the June numbers showed a deceleration. Eurozone PMI slowed to 52.0, shy of the consensus of 52.4 and down from 55.1 in May. This marked a five-month low. Germany's services sector stalled,...
Palladium - 24h expiry
We are trading at oversold extremes.
There is no clear indication that the downward move is coming to an end.
The current move lower is expected to continue.
Trading within a Bearish Channel formation.
Trend line resistance is located at 1248.
The sequence for trading is lower lows and highs.
We look to Sell at 1249.4 (stop at...
EURAUD - 24h expiry
The current move lower is expected to continue.
Rallies continue to attract sellers.
The RSI is trending lower.
Risk/Reward would be poor to call a sell from current levels.
A move through 1.9250 will confirm the bearish momentum.
We look to Sell at 1.6350 (stop at 1.6410)
Our profit targets will be 1.6210 and 1.6180
Resistance:...
EUR/USD is drifting downward on Tuesday. In the North American session, the euro is trading at 1.0898, down 0.15%. The US markets are closed for the July Fourth holiday, and we can expect limited movement from EUR/USD for the remainder of the day.
After disappointing German and eurozone Manufacturing PMIs on Monday, it's the turn of Services PMIs on Wednesday. ...
EURUSD - 24h expiry
Prices stalled near resistance and reversed lower.
Trend line resistance is located at 1.0920.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
Momentum is flat, highlighting the lack of clear direction.
We look to Sell at 1.0919 (stop at 1.0949)
Our profit targets will be 1.0844 and 1.0834...
NZDUSD - 24h expiry
Trend line resistance is located at 0.6160.
Price action has continued to trend strongly higher and has stalled at the previous resistance near 0.6160.
We expect a reversal in this move.
Momentum is flat, highlighting the lack of clear direction.
A move through 0.6130 will confirm the bearish momentum.
We look to Sell a break of 0.6125...
USDCHF - 24h expiry
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
A higher correction is expected. Trend line support is located at 0.8940.
Price action continued to range between key support & resistance (0.8910 - 0.9000) although we expect a break of this range soon.
Expect trading to remain mixed and volatile.
We look to Buy...
The Australian dollar is showing some movement right off the bat on Monday. AUD/USD fell as much as 70 pips in the Asian session but has recovered most of those losses. In the European session, AUD/USD is trading at 0.6657 down 0.03%.
The Reserve Bank of Australia meets on Tuesday, and it's a coin-toss as to whether the central bank will raise rates for a third...
Brent - 24h expiry
Daily signals are bearish.
Trend line resistance is located at 76.60.
50 1day EMA is at 76.35.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
We look to Sell at 76.39 (stop at 77.39)
Our profit targets will be 73.89 and 73.39
Resistance: 75.90 / 76.40 / 77.34
Support: 75.20 / 74.80 / 74.40
Risk...
EUR/USD is trading at 1.0872 in the European session, up 0.07%. The euro is under pressure and is down close to 100 pips since Tuesday.
Inflation in the eurozone continues to fall. Eurozone CPI is expected to fall to 5.5% in June, down from 6.1% in May and a notch below the consensus of 5.6%. Headline inflation has fallen to its lowest level since January...
The Canadian dollar is flat on Friday, trading at 1.3258 in the European session.
Canada releases GDP for May later on Friday. The consensus stands at 0.2% m/m, which translates into 2.4% annualized, a respectable gain. If the GDP report beats the consensus, the Canadian dollar could post gains.
Canada's economy showed strength in the first quarter, with a gain...
