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...
NZDJPY - 24h expiry
Price action has continued to trend strongly higher and has stalled at the previous resistance near 88.50.
We expect a reversal in this move.
Short term RSI has turned negative.
A move through 87.75 will confirm the bearish momentum.
The measured move target is 87.00.
We look to Sell at 88.50 (stop at 89.00)
Our profit targets will be...
The Australian dollar has started the week in negative territory. In the European session, AUD/USD is trading at 0.6816, down 0.32%. The Aussie is coming off a banner week, with gains of 2.18% against the US dollar.
The Reserve Bank of Australia releases the minutes of the July 4th meeting on Tuesday. At that meeting, the RBA took a pause and maintained the cash...
USDCHF - 24h expiry
Trades at the lowest level in 101 months.
There is no indication that the selloff is coming to an end.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
Broken out of the triangle formation to the downside.
We look to Sell at 0.8686 (stop at 0.8716)
Our profit targets will be 0.8616 and 0.8606
Resistance:...
GBPJPY - Intraday
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
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 have a 61.8% Fibonacci pullback level of 182.27 from 184.01 to...
GBPCHF - 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.
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...
GBPAUD - 24h expiry
The trend of higher intraday lows has also been broken.
The next barrier is the trend of hourly lows at 1.8950.
Further downside is expected.
A move through 1.9000 will confirm the bearish momentum.
Risk/Reward would be poor to call a sell from current levels.
We look to Sell at 1.9145 (stop at 1.9195)
Our profit targets will be...
The Australian dollar continues to sizzle and has climbed 1.04% on Thursday, after rising 1.56% a day earlier. In the European session, AUD/USD is trading at 0.6857, close to a 3-week high.
Inflation remains the Reserve Bank of Australia's number one priority and Thursday's inflation expectations release vindicated the RBA's concern that inflation expectations...
