The Canadian dollar is unchanged, trading at 1.3400 in the North American session.
The Bank of Canada meets later today, and the money markets are expecting another pause, which would leave the benchmark rate at 4.5%. The BoC's rate-tightening cycle has been on a "conditional pause", which is another way of saying that rate decisions are data-dependent,...
The Australian dollar has extended its rally on Wednesday. AUD/USD is trading at 0.6689, up 0.28%. Today's weak GDP report and soft Chinese trade data haven't spoiled the party, as the Australian dollar is up 1.2% this week.
Australia's GDP slowed to 0.2% in the first quarter, down from 0.6% in Q4 2022 and missing the consensus of 0.3%. On an annual basis, GDP...
GBPUSD - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
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 further downside before the uptrend returns.
Indecisive price action has...
EURJPY - 24h expiry
Selling pressure from 150.20 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 continues to roll and has extended its rally on Tuesday. In the European session, AUD/USD is trading at 0.6659, up 0.63% on the day. The Aussie has sparkled in June, surging 2.4%.
On the economic calendar, Australia releases GDP early on Wednesday. The markets are expecting a solid gain of 2.7% in the first quarter, up from 2.4% in Q4...
USDCHF - 24h expiry
Broken out of the channel formation to the downside.
A break of the recent low at 0.9035 should result in a further move lower.
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
We look for losses to be extended today.
The primary trend remains bearish.
We look to Sell a break of 0.9033 (stop at 0.9058)
Our...
CHN50 - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
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 further downside before the uptrend returns.
Further upside is expected...
USDCHF - 24h expiry
Our short term bias remains positive.
Trading within a Bullish Channel formation.
Trend line support is located at 0.9051.
Previous resistance at 0.9060 now becomes support.
50 4hour EMA is at 0.9060.
We look to Buy at 0.9063 (stop at 0.9033)
Our profit targets will be 0.9138 and 0.9148
Resistance: 0.9116 / 0.9148 / 0.9160
Support:...
EURNZD - Intraday
Short term momentum is bearish.
Expect trading to remain mixed and volatile.
A break of the recent low at 1.7633 should result in a further move lower.
We look for losses to be extended today.
Short term oscillators have turned negative.
We look to Sell a break of 1.7623 (stop at 1.7683)
Our profit targets will be 1.7473 and 1.7443...
AUDJPY - Intraday
Previous support is located at 91.50.
Previous resistance located at 92.00.
The trend of lower intraday highs at 92.00 needs to be broken to confirm a reversal.
Risk/Reward would be poor to call a buy from current levels.
The RSI is trending higher.
We look to Buy at 91.25 (stop at 90.90)
Our profit targets will be 92.15 and 92.25...
ASX200 - 24h expiry
Buying pressure from 7053 resulted in prices rejecting the dip.
The current move higher is expected to continue.
The bias is still for lower levels and we look for any 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...
The Swiss franc has moved higher on Thursday and is trading at 0.9068 in the North American session, down 0.41%. On Wednesday, the Swiss franc fell as low as 0.9147, its lowest level in two months.
The Swiss National Bank meets on June 22nd and SNB President Jordan had a warning today for the markets. Jordan said that the central bank would not allow inflation...
US500 - Intraday - We look to Buy at 4155 (stop at 4135)
Levels close to the 50% pullback level of 4170 found buyers.
A Fibonacci confluence area is located at 4164.
Bespoke support is located at 4150.
There is scope for mild selling at the open but losses should be limited.
Although the anticipated move higher is corrective, it does offer ample risk/reward...
The euro has edged higher on Thursday, trading at 1.0708, up 0.19%. The currency remains under pressure as the US dollar is flexing some muscles. On Wednesday, EUR/USD touched a low of 1.0635, its lowest level since March 20.
There are clear signs of disinflation in the eurozone, as rising interest rates have dampened economic activity. Spain and France reported...
Palladium - 24h expiry
Our short term bias remains
negative.
The primary trend remains bearish.
Preferred trade is to sell into rallies. Previous support at 1395 now becomes resistance.
We look for a temporary move higher.
We look to Sell at 1394.8 (stop at 1418.8)
Our profit targets will be 1334.8 and 1324.8
Resistance: 1373 / 1395 / 1415
Support:...
NZDUSD - 24h expiry
Previous support located at 0.6000.
Previous resistance located at 0.6025.
There is no clear indication that the downward move is coming to an end.
A higher correction is expected.
Risk/Reward would be poor to call a sell from current levels.
We look to Sell at 0.6045 (stop at 0.6070)
Our profit targets will be 0.5985 and 0.5970...
EURJPY - 24h expiry
We are trading at oversold extremes.
This is positive for sentiment and the uptrend has potential to return.
The trend of higher lows is located at 146.13.
We prefer to consider the medium term trend and expect buying interest to support as prices move lower.
Further upside is expected although we prefer to buy into dips close to the...
The Canadian dollar is trading close to a two-month low, as the currency remains under pressure. USD/CAD is trading at 1.3646 in the European session, up 0.34%.
Canada releases GDP later today, and the markets are projecting a modest 0.4% q/q for the first quarter, after flatlining in Q4 2022. On an annualized basis, GDP is expected to jump by 2.5%, after...
