The Australian dollar is in negative territory, ending a rally of close to 200 points. In the European session, AUD/USD is trading at 0.6760, down 0.29% on the day.
Australian retail sales posted a decline of 0.6% in the first quarter, following a downwardly revised reading of -0.3% in Q4 2022. The reading matched the consensus, but investors were not pleased...
NZDUSD - 24h expiry
We expect a reversal in this move.
Price action looks to be forming a top.
A move through 0.6340 will confirm the bearish momentum.
Momentum is flat, highlighting the lack of clear direction.
The measured move target is 0.6250.
We look to Sell a break of 0.6340 (stop at 0.6370)
Our profit targets will be 0.6270 and 0.6250...
USDJPY - 24h expiry
Trend line support is located at 134.00.
The trend of higher lows is located at 129.80.
We can see no technical reason for a change of trend.
The Risk/Reward would be poor to call a buy from current levels.
A move through 135.00 will confirm the bullish momentum.
We look to Buy at 134.05 (stop at 133.55)
Our profit targets will be...
USDCHF - 24h expiry
The primary trend remains bearish.
Preferred trade is to sell into rallies.
20 1day EMA is at 0.8944.
Intraday rallies continue to attract sellers and there is no clear indication that this sequence for trading is coming to an end.
The bearish engulfing candle on the 4-hour chart is negative for sentiment.
We look to Sell at 0.8944 (stop...
GBPCHF - Intraday
Buying pressure from 1.1108 resulted in prices rejecting the dip.
The current move higher is expected to continue.
Although this gives the medium term bias a mild bullish edge, we expect intraday trading to continue to be mixed and volatile.
Preferred trade is to sell into rallies.
Further downside is expected although we prefer to set...
The Canadian dollar continues to rally today and has climbed 120 points since Tuesday. Earlier in the day, USD/CAD touched a low of 1.3490, its lowest level since April 21st.
The markets will be treated to key employment numbers on both sides of the border later today. Canada is expected to have added 20,000 new jobs in April, following 34,700 in March. This...
AUDUSD - 24h expiry
We are trading at overbought extremes.
Indecisive price action has resulted in sideways congestion on the intraday chart.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
Previous resistance located at 0.6793.
The hourly chart technicals suggests further upside...
CHN50 - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
The hourly chart technicals suggests further upside before the downtrend returns.
The bias is still for lower...
USDCAD - 24h expiry
Previous support located at 1.3570.
Previous resistance located at 1.3600.
Indecisive price action has resulted in sideways congestion on the intraday chart.
Momentum is flat, highlighting the lack of clear direction.
We have a 61.8% Fibonacci pullback level of 1.3525 from 1.3640 to 1.3570.
Risk/Reward would be poor to call a buy from...
EUR/USD is trading quietly on Thursday, ahead of the ECB decision later today.
All eyes are the ECB, which is expected to raise rates at today's meeting. The burning question remains will the central bank increase rates by 25 or 50 basis points? The eurozone April inflation report, published Tuesday, didn't provide any insights as both the headline and core...
USDCHF - 24h expiry
Our bespoke support of 0.8860 has been clearly broken.
Previous support at 0.8860 now becomes resistance.
Trades at the lowest level in 27 months. We are trading at oversold extremes.
A lower correction is expected.
There is no clear indication that the downward move is ending.
We look to Sell at 0.8874 (stop at 0.8904)
Our profit...
NZDJPY - 24h expiry
Previous support located at 84.25.
Previous resistance located at 84.50.
We have a 38.2% Fibonacci pullback level of 81.50 from 85.50 to 84.00.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 84.50 will confirm the bullish momentum.
We look to Buy at 84.00 (stop at 83.60)...
The Japanese yen continues to show strong volatility, which started on Friday. In the North American session, USD/JPY is trading at 135.14, down 1.04% on the day.
The Federal Reserve will announce its rate decision later today, and the markets are confident that the Fed will raise rates by 25 basis points, which would bring the benchmark rate to 5.25%. The...
EURJPY - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
This is positive for sentiment and the uptrend has the potential to return.
The hourly chart technicals suggest further downside before the uptrend returns.
The bias is still for higher levels and we look for any dips to be limited.
We...
GER40 - 24h expiry
We are trading at overbought extremes.
Short-term momentum is bearish.
Bearish divergence is expected to cap gains.
15750 continues to hold back the bears.
15729 has been pivotal.
A break of the recent low at 15729 should result in a further move lower.
We look to Sell a break of 15719 (stop at 15801)
Our profit targets will be 15519...
NZD/USD is considerably higher on Tuesday, trading at 0.6203, up 0.57%. Earlier, NZD/USD rose as high as 0.6218, its highest level since April 19th.
New Zealand's labour market has remained robust, despite relentless tightening from the Reserve Bank of New Zealand, which has raised rates to 5.25%. We'll get a look at first-quarter employment numbers later today,...
USDCHF - 24h expiry
Daily signals are bearish.
Preferred trade is to sell into rallies.
20 1day EMA is at 0.8982.
0.8996 has been pivotal.
We look for a temporary move higher.
We look to Sell at 0.8989 (stop at 0.9019)
Our profit targets will be 0.8919 and 0.8909
Resistance: 0.8960 / 0.8976 / 0.8995
Support: 0.8930 / 0.8910 / 0.8900
Risk...
USDCAD - 24h expiry -
Previous support located at 1.3525.
Previous resistance located at 1.3600.
The corrective move lower has stalled overnight and reacted higher from in front of the 61.80% Fibonacci retracement of 1.3525.
We expect a reversal in this move.
A move through 1.3560 will confirm the bullish momentum.
We look to Buy at 1.3530 (stop at 1.3490)...
