Palladium - 24h expiry
Support is located at 1220 and should stem dips to this area.
We are trading at oversold extremes.
We look to buy dips.
1220 continues to hold back the bears.
Expect trading to remain mixed and volatile.
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We look to Buy at 1222.6 (stop at 1206.6)
Our profit targets will be 1262.6 and 1272.6
Resistance: 1269 / 1280 / 1300
Support:...
NZDUSD - 24h expiry
Price action has continued to trend strongly lower and has stalled at the previous support near 0.6060.
Price action looks to be forming a bottom.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6125 will confirm the bullish momentum.
We look to Buy at 0.6075 (stop at...
The Japanese yen has started the week in negative territory. In the European session, USD/JPY is trading at 142.36, up 0.42%.
Inflation continues to be a key issue for the Bank of Japan, although it is much lower than in other major economies, at around 3%. Still, inflation is above the Bank's 2% target and this continues to raise speculation that the BoJ will...
EURUSD - 24h expiry
2 positive daily performances in succession.
Intraday, and we are between bespoke support and resistance 1.0955-1.1016.
Rallies should be capped by yesterday's high.
Preferred trade is to sell into rallies.
The medium term bias remains bearish.
We look to Sell at 1.1016 (stop at 1.1046)
Our profit targets will be 1.0946 and 1.0940...
The Canadian dollar is showing limited movement on Friday. In the North American session, USD/CAD is trading at 1.3360, up 0.06%. Canadian and US job numbers were soft today, but the Canadian dollar's reaction has been muted.
After a stellar job report in June, the July numbers were dreadful. Canada's economy shed 6,400 jobs in July, compared to a 59, 900 gain in...
AUDUSD - Intraday
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
Short term bias has turned negative.
The hourly chart technicals suggests further upside before the downtrend returns.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Further downside is...
HS50 - 24h expiry
Buying pressure from 19347 resulted in prices rejecting the dip.
We are trading at overbought extremes.
Short term bias is mildly bearish.
The hourly chart technicals suggests further upside before the downtrend returns.
Preferred trade is to sell into rallies.
We look to Sell at 19985 (stop at 20220)
Our profit targets will be 19435 and...
The British pound is slightly lower on Thursday. In the European session, GBP/USD is trading at 1.2685, down 0.19%. The pound has been struggling and is down 1.26% this week.
The Bank of England meets later today and policy makers have a tough decision on their hands. Will they raise rates by 25 basis points or be more aggressive and deliver a 50-bp hike? The BoE...
GER40 - 24h expiry
There is no indication that the selloff is coming to an end.
Indecisive price action has resulted in sideways congestion on the intraday chart.
The lack of interest is a concern for bulls.
We look for losses to be extended today.
A break of yesterday's low would confirm bearish momentum.
We look to Sell a break of 15947 (stop at 16047)...
EURAUD - 24h expiry
The recent rally looks to have stalled.
We expect a reversal in this move.
A move through 1.6650 will confirm the bearish momentum.
The measured move target is 1.6500.
Hourly momentum has stalled and our bias is now neutral.
We look to Sell a break of 1.6650 (stop at 1.6710)
Our profit targets will be 1.6500 and 1.6475
Resistance:...
The New Zealand dollar has extended its losses on Wednesday. In the European session, NZD/USD is trading at 0.6093, down 0.91%. Earlier, NZD/USD touched a low of 0.6091, its lowest level since June 30th.
The New Zealand labour market has been tight, despite aggressive tightening by the Reserve Bank of New Zealand. Wednesday's employment report for the second...
GER40 - 24h expiry
The primary trend remains bullish.
We look to buy dips.
We are trading at oversold extremes.
50 1-day EMA is at 16050.
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
We look to Buy at 16051 (stop at 15951)
Our profit targets will be 16301 and 16351
Resistance: 16150 / 16250 /...
NZDJPY - 24h expiry
There is no clear indication that the upward move is coming to an end.
Further upside is expected. 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 88.25 will confirm the bullish...
The Australian dollar continues to swing wildly this week. In Tuesday's European session, AUD/USD is trading at 0.6630, down 1.30%. On Monday, AUD/USD jumped 1% higher.
There were no surprises from the Reserve Bank of Australia, which paused for a second straight month and maintained the cast rate at 4.10%. The money markets had priced in a pause but the...
USDCHF - 24h expiry
Short-term bias has turned positive.
Price action has posted a Doji candle and signals a possible reversal of the recent trend.
A lower correction is expected.
We look to buy dips.
50 4-hour EMA is at 0.8677.
We look to Buy at 0.8673 (stop at 0.8637)
Our profit targets will be 0.8763 and 0.8773
Resistance: 0.8736 / 0.8750 /...
NZDUSD - 24h expiry
Price action looks to be forming a bottom.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6225 will confirm the bullish momentum.
Short-term RSI has turned positive.
We look to Buy at 0.6175 (stop at 0.6145)
Our profit targets will be 0.6250 and 0.6275
Resistance:...
The Australian dollar has started the week with strong gains. In the European session, AUD/USD is trading at 0.6708, up 0.91%. The Aussie has rebounded after falling 1.25% last week.
The Reserve Bank of Australia meets on Tuesday and is expected to maintain the cash rate at 4.10%. The past two rate meetings have been close calls and that could be the case at...
GER40 - 24h expiry
Price action resulted in a new all-time high at 16503.
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 16350.
Bearish divergence can be seen on the 4 hour chart (the chart makes a higher high while the oscillator makes a lower high), often a...
