The Australian dollar has started the week with gains. In the North American session, AUD/USD is trading at 0.6636, up 0.25%.
The Reserve Bank of Australia is widely expected to pause rates for a second straight month at Tuesday's policy meeting. The latest inflation numbers indicated that inflation fell from 7.8% to 7.0% in the first quarter. This is much too...
AUDJPY - 24h expiry -
Previous support located at 90.50.
Previous resistance located at 91.00.
There is no clear indication that the upward move is coming to an end.
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....
USDCHF - 24h expiry -
We look for a temporary move higher.
Daily signals are bearish.
Preferred trade is to sell into rallies.
20 1day EMA is at 0.8988.
0.8996 has been pivotal.
We look to Sell at 0.8986 (stop at 0.9016)
Our profit targets will be 0.8916 and 0.8906
Resistance: 0.8960 / 0.8976 / 0.8995
Support: 0.8930 / 0.8910 / 0.8900
Risk...
USD/JPY is trading quietly at 133.84, up 0.13% on the day. The yen's lack of movement could change today with a host of key releases. Japan will release Tokyo Core CPI, while the US publishes Preliminary GDP for the first quarter and unemployment claims. Japan releases Tokyo Core CPI for April early on Friday, which is expected to remain steady at 3.2%.
Will BoJ...
FRA40 - 24h expiry -
Previous support at 7500 now becomes resistance.
We are trading at overbought extremes.
We look for a temporary move higher.
A higher correction is expected.
Short term bias has turned negative.
We look to Sell at 7509 (stop at 7569)
Our profit targets will be 7361 and 7331
Resistance: 7470 / 7500 / 7535
Support: 7420 / 7400 /...
UK100 - 24h expiry -
We are trading at overbought extremes.
Short term MACD has turned negative.
A break of 7800 is needed to confirm follow through negative momentum.
Short term bias has turned negative.
We look for losses to be extended today.
We look to Sell a break of 7799 (stop at 7838)
Our profit targets will be 7701 and 7681
Resistance: 7835 /...
CHN50 - 24h expiry -
Buying pressure from 12830 resulted in prices rejecting the dip.
The current move higher is expected to continue.
With the Ichimoku cloud resistance above we expect gains to be limited.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Further downside is expected although we prefer to...
German consumer confidence continued its upswing heading into May. The German GfK consumer sentiment index rose to -25.7, up from -29.3 in April and above the estimate of -27.5 points. Not exactly red-hot numbers, but the upswing has now extended over seven straight months, a clear trend that the German consumer is becoming more optimistic about economic...
AUDUSD - 24h expiry -
Previous support level of 0.6619 broken.
We are trading at oversold extremes.
A higher correction is expected.
Previous support located at 0.6564. The hourly chart technicals suggests further downside before the uptrend returns.
Preferred trade is to buy on dips.
Although the anticipated move higher is corrective, it does offer ample...
NIK225 - 24h expiry -
Selling pressure from 28805 resulted in all the initial daily gains being overturned.
The current move lower is expected to continue.
The bias is still for higher levels and we look for any dips to be limited.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Further upside is expected...
The Australian dollar has plunged on Tuesday. AUD/USD is trading at 0.6632, down 0.95% on the day. The Aussie is under strong downward pressure, having lost around 1.7% since Thursday.
Australia releases inflation on a quarterly basis, which magnifies the impact of the release. Inflation has been falling and this trend is expected to continue in the Wednesday...
AUDJPY - 24h expiry -
The medium term bias remains bearish.
In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower.
Neckline support is 89.40.
Bespoke resistance is located at 89.92.
Preferred trade is to sell into rallies.
We look to Sell at 89.92...
NZDJPY - 24h expiry - We look to Sell at 83.00 (stop at 83.40)
Previous support located at 82.25.
Previous resistance located at 82.75.
Broken out of the triangle formation to the downside.
We look for a re-test of the upward trending resistance.
A move through 82.50 will confirm the bearish momentum.
Our profit targets will be 82.00 and 81.80...
This week's data calendar out of Japan will be dominated by inflation releases and the Bank of Japan's two-day meeting at the end of the week. Traders will be keeping a close eye on BoJ Core CPI, which will be released on Tuesday. The index, which is the BoJ's preferred inflation gauge, fell from 3.1% to 2.7% in February. Another drop would support the central...
GER40 - 24h expiry - We look to Buy a break of 16001 (stop at 15899)
There is no clear indication that the upward move is coming to an end.
We are trading at overbought extremes.
Daily signals are bullish.
15925 has been pivotal.
A break of the recent high at 15980 should result in a further move higher.
Our profit targets will be 16251 and 16301...
Palladium - 24h expiry -
The primary trend remains bearish.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
Price action has posted a Doji candle and signals a possible reversal of the recent trend.
The bias is to break to the downside.
Our outlook is bearish.
We look to Sell a break of 1572.9 (stop at...
The Australian dollar has been relatively quiet during the week but is getting pummelled on Friday. AUD/USD is trading at 0.6685, down 0.84% on the day. The sharp drop can be attributed to technical factors and hawkish comments from Fed members on Thursday.
The Federal Reserve is not yet ready to wrap up its current rate-tightening cycle and has sent out the...
EURCHF - 24h expiry - We look to Sell at 0.9833 (stop at 0.9863)
Our short-term bias remains negative.
Intraday rallies continue to attract sellers and there is no clear indication that this trading sequence is ending.
50 4-hour EMA is at 0.9834.
The preferred trade is to sell into rallies.
We look for a temporary move higher.
Our profit targets will be...
