FRA40 - 24h expiry
There is no clear indication that the downward move is coming to an end.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
A move through 7170 will confirm the bearish momentum.
The RSI is trending lower.
We look to Sell at 7230 (stop at 7280)
Our profit targets will be 7110 and 7080...
GBPAUD - 24h expiry
There is no clear indication that the downward move is coming to an end.
We expect a reversal in this move.
A move through 1.9600 will confirm the bearish momentum.
Short term RSI has turned negative.
The measured move target is 1.9400.
We look to Sell a break of 1.9600 (stop at 1.9750)
Our profit targets will be 1.9480 and 1.9450...
USD/CAD is trading quietly in Europe at 1.3651, up 0.06%. I expect to see stronger movement in the North American session, with the Bank of Canada making its rate announcement and the US releasing the ISM Services PMI which is expected to show little change.
The Bank of Canada is virtually certain to hold rates at today's meeting, with just a 6% probability of a...
USDCHF - 24h expiry
Broken out of the channel formation to the upside.
Short term bias has turned positive.
A later dip lower was met with further buying interest and prices settled higher to post a positive day.
A lower correction is expected.
We look to buy dips.
20 4hour EMA is at 0.8862.
We look to Buy at 0.8862 (stop at 0.8834)
Our profit targets...
EURAUD - 24h expiry - We look to Sell a break of 1.6775 (stop at 1.6825)
We expect a reversal in this move.
A move through 1.6775 will confirm the bearish momentum.
Pivot support is at 1.6700.
The measured move target is 1.6600.
Pivot resistance is at 1.6850.
Our profit targets will be 1.6655 and 1.6620
Resistance: 1.6850 / 1.6875 / 1.6900
Support: 1.6800...
The euro is back to its losing ways on Tuesday, after holding steady a day earlier. In the North American session, EUR/USD is trading at 1.0745, down 0.48%. The euro has faltered badly, losing about 2% since Wednesday and trading at its lowest level since July.
ECB Christine Lagarde has been talking about the importance of beating inflation but has shrugged when...
GER40 - 24h expiry
Intraday signals are mildly bearish.
Trend line support is located at 15700.
Preferred trade is to buy on dips.
Prices expected to stall near trend line support.
We look for a temporary move lower.
We look to Buy at 15713 (stop at 15613)
Our profit targets will be 15963 and 16013
Resistance: 15800 / 15900 / 15960
Support: 15772 / 15700...
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.
A move through 0.5975 will confirm the bullish momentum.
The measured move target is 0.6000.
We look to Buy at 0.5900 (stop at 0.5870)
Our profit targets will be 0.5970 and 0.5990
Resistance:...
The Australian dollar has started the week with slight gains. In Monday's European session, AUD/USD is trading at 0.6464, up 0.21%.
The Reserve Bank of Australia is expected to hold interest rates at 4.10% when it meets on Tuesday and a rate hike would be a huge surprise. The central bank has paused for two straight meetings and the odds of a third pause stand at...
FRA40 - 24h expiry
The correction higher is assessed as being complete.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
A move through 7300 will confirm the bearish momentum.
The RSI is trending lower.
We look to Sell at 7370 (stop at 7420)
Our profit targets will be 7250 and 7225
Resistance: 7350 / 7370 /...
The euro is flat on Friday, after sustaining sharp losses a day earlier. In the European session, EUR/USD is trading at 1.0844.
There wasn't much to cheer about after today's Manufacturing PMI reports for Germany and the eurozone. Although both PMIs improved slightly in August, business activity continues to decline in the manufacturing sector. The Eurozone PMI...
EURNZD - Intraday
The bearish engulfing candle on the daily chart is negative for sentiment.
The trend of lower highs is located at 1.8345.
We look for a temporary move higher.
We are trading at overbought extremes.
Bearish divergence is expected to cap gains.
We look to Sell at 1.8343 (stop at 1.8393)
Our profit targets will be 1.8223 and 1.8193...
NZDJPY - 24h expiry
Indecisive price action has resulted in sideways congestion on the intraday chart.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 87.00 will confirm the bullish momentum.
The measured move target is 88.00.
We look to Buy at 86.50 (stop at 86.10)
Our profit targets will be...
The Swiss franc has lost ground on Thursday. In the North American session, USD/CHF is trading at 0.8835, up 0.59%.
Thursday's Swiss retail sales for July looked awful, falling 2.3% m/m. This follows a revised gain of 1.5% in June. Market attention has now shifted to Swiss inflation, which will be released on Friday. Swiss inflation dropped to 1.6% in July, the...
AUDUSD - 24h expiry
Short term bias has turned 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 0.6462.
Bespoke support is located at 0.6460.
We look to buy dips.
We look to Buy at 0.6461 (stop at 0.6441)
Our profit targets will be 0.6511 and 0.6531...
CHN50 - 24h expiry
Price action looks to be forming a bottom.
Previous resistance at 12530 now becomes support.
12531 has been pivotal.
Support is located at 12530 and should stem dips to this area.
Buying posted in Asia.
We look to Buy at 12555 (stop at 12435)
Our profit targets will be 12855 and 12935
Resistance: 12700 / 12800 / 13000
Support: 12550...
The euro's mini-rally has run out of steam. EUR/USD climbed 0.80% over the past two days but is trading in negative territory on Wednesday. In the European session, the euro is trading at 1.0867, down 0.11%.
The markets will be keeping a close eye on European inflation releases today and Thursday. Germany releases the July CPI report later today, with a consensus...
AUDUSD - 24H expiry
Short term bias has turned positive.
Previous resistance at 0.6435 now becomes support.
We look to buy dips.
The overnight dip has been bought into and there is scope for further bullish pressure going into this morning.
50 4hour EMA is at 0.6442.
We look to Buy at 0.6438 (stop at 0.6418)
Our profit targets will be 0.6488 and 0.6498...
