USDCHF - Intraday
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
Short term momentum is bearish.
There is no clear indication that the downward move is coming to an end.
The primary trend remains bearish.
0.9341 has been pivotal.
A break of the recent low at 0.9341 should result in a further move lower....
The Canadian dollar is coming off a relatively quiet week but that could change as there a host of key releases this week. Ivey PMI kicks things off later today, followed by the Bank of Canada rate decision on Wednesday and the February employment report on Friday.
Canada's Ivey PMI recorded a massive rebound in January, climbing from 33.4 all the way to 60.1...
US500 - Intraday - We look to Sell at 4014 (stop at 4034)
Posted a Bullish Hammer Bottom on the Daily chart.
Buying posted in Asia.
Bespoke resistance is located at 4014.
The previous swing high is located at 4018.
A bullish reverse Head and Shoulders is forming.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.
Our...
The Japanese yen has gained ground on Friday. In the European session, USD/JPY is trading at 136.17, down 0.44%.
There was some positive news on the inflation front, as Tokyo Core CPI for February slowed for the first time since January 2022. The indicator was expected to rise from 4.3% to 4.5%, but instead reversed directions and fell to 3.3%. The sharp drop was...
Previous support located at 7950.
Previous resistance located at 8000.
The correction lower is assessed as being complete.
Further upside is expected.
Risk/Reward would be poor to call a buy from current levels.
Our profit targets will be 8006 and 8024
UK100 - Intraday - We look to Buy at 7926 (stop at 7894)
Resistance: 800 / 8050 / 8100
Support: 7950 /...
We are trading at oversold extremes.
20 1-day EMA is at 1494.
Bullish divergence can be seen on the daily (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
Palladium - Intraday - We...
Previous support located at 1.5700. Previous resistance located at 1.5800.
There is no clear indication that the upward move is coming to an end.
A lower correction is expected.
Risk/Reward would be poor to call a buy from current levels.
A move through 1.5800 will confirm the bullish momentum.
EURAUD - 24h expiry - We look to Buy at 1.5700 (stop at 1.5640)...
GER40 - Intraday - We look to Sell at 15424 (stop at 15504)
The bearish engulfing candle on the daily chart is negative for sentiment.
Daily signals for sentiment are at overbought extremes.
Short term momentum is bearish.
The trend of lower highs is located at 15490.
Our short term bias remains negative.
We look for a temporary move higher.
Our profit...
The euro remains busy and is down 0.40% on Thursday, trading at 1.0624. This follows the euro gaining 0.90% a day earlier.
The euro's moves today and yesterday have in large part been dictated by inflation releases. Earlier today, Eurozone Final CPI came in at 8.6% for January, down sharply from 9.2% in December. Headline inflation eased for a third straight...
USDCHF - Intraday - We look to Buy at 0.9371 (stop at 0.9347)
Our short term bias remains positive.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
Preferred trade is to buy on dips.
There is no clear indication that the upward move is coming to an end.
Daily signals for sentiment...
GBPAUD - 24h expiry - We look to Buy at 1.7700 (stop at 1.7640)
Previous support located at 1.7700.
Previous resistance located at 1.7800.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 1.7800 will confirm the bullish momentum.
Our profit targets will be 1.7850 and 1.7880
Resistance: 1.7800...
The Australian dollar is showing strong gains for the first time in a week. AUD/USD is trading at 0.6764 in Europe, up 0.53%.
Australia's inflation fell to 7.4% in January, down from 8.4% in December and below the estimate of 8.0%. Australian Treasurer Jim Chalmers said that he was "cautiously hopeful" that inflation has peaked, but inflation still remained the...
EURJPY - Intraday - We look to Sell at 145.40 (stop at 146.10)
Buying pressure from 143.87 resulted in prices rejecting the dip.
The current move higher is expected to continue.
Previous resistance located at 145.47.
Preferred trade is to sell into rallies.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.
Our profit...
EURCHF - Intraday - We look to Buy at 0.9946 (stop at 0.9924)
Our short term bias remains positive.
Previous support located at 0.9945.
0.9934 has been pivotal.
We look to buy dips.
There is no clear indication that the upward move is coming to an end.
Our profit targets will be 1.0001 and 1.0011
Resistance: 0.9980 / 1.0000 / 1.0010
Support: 0.9960 /...
NZDUSD - 24h expiry - We look to Sell at 0.6200 (stop at 0.6240)
Previous support located at 0.6150.
Previous resistance located at 0.6200.
There is no clear indication that the downward move is coming to an end.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6150 will confirm the bearish momentum.
Our profit targets will be...
EURNZD - Intraday - We look to Buy at 1.7156 (stop at 1.7116)
Daily signals are bullish.
Our short term bias remains positive.
A lower correction is expected.
We look to buy dips.
The sequence for trading is higher highs and lows.
Previous resistance at 1.7150 now becomes support.
Our profit targets will be 1.7256 and 1.7276
Resistance: 1.7232 / 1.7270...
GER40 - Intraday - We look to Sell at 15484 (stop at 15564)
The bearish engulfing candle on the daily chart is negative for sentiment.
Daily signals for sentiment are at oversold extremes.
A higher correction is expected.
The trend of lower highs is located at 15510.
Prices expected to stall near trend line resistance.
Our profit targets will be 15284 and...
The Australian dollar remains under pressure and has edged lower on Tuesday. AUD/USD dropped below the 0.67 line on Monday for the first time since Jan. 3.
Australian retail sales jumped 1.9% m/m in January, following an upwardly revised 4% decline in December and beating the consensus of 1.5%. The data indicates that consumer demand remains resilient despite...
