Welcome to the first trading day of the New Year.
Trading remains thin, as most markets are closed. In the European session, EUR/USD is trading at 1.0679, down 0.23%. I expect a quiet day for the euro.
There are no US events on the schedule. German Manufacturing PMI improved to 47.1 in December, up from 46.2 in November and shy of the consensus of 47.4 points....
GER40 - Intraday - We look to Buy at 13867 (stop at 13787)
Levels below 13860 continue to attract buyers.
Trading has been mixed and volatile.
Expect trading to remain mixed and volatile.
A lower correction is expected.
Our profit targets will be 14066 and 14096
Resistance: 14083 / 14160 / 14200
Support: 14000 / 13960 / 13860
Risk Disclaimer
The trade...
It's the last trading day of 2022, and EUR/USD is almost unchanged in what should be a quiet day in the currency markets. In the European session, EUR/USD is trading at 1.0674, up 0.13%.
The week between Christmas and New Year's is usually very light on data, and there were no tier-1 events in Germany or the eurozone this week. Earlier today, Spain released the...
GBPNZD - 21h expiry - We look to Buy at 1.8900 (stop at 1.8790)
Previous support located at 1.9000.
Previous resistance located at 1.9100.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 1.9100 will confirm the bullish momentum.
Our profit targets will be 1.915 and 1.920
Resistance: 1.9100 /...
We're seeing limited movement in the currency markets this week, which is not uncommon during the week between Christmas and New Year's. Trading volume remains thin and the data calendar is very light. In the North American session, EUR/USD is trading at 1.0649, up 0.35%.
The US released unemployment claims today, one of the highlights in a quiet week. Initial...
USDCHF - Intraday - We look to Sell at 0.9327 (stop at 0.9351)
Price action continued to range between key support & resistance (0.9230 - 0.9330) although we expect a break of this range soon.
The bias is to break to the downside.
Daily signals are bearish.
Previous support at 0.9330 now becomes resistance.
Our profit targets will be 0.9268 and 0.9258...
The Japanese yen continues to lose ground this week and is in negative territory on Wednesday. In the European session, USD/JPY is trading at 134.11, up 0.49%.
Post-Christmas holiday trading remains thin, but USD/JPY has made steady gains and climbed 1% this week. The US dollar has recovered somewhat after last Tuesday's slide when it fell a staggering 3.8% after...
USDCHF - Intraday - We look to Buy at 0.9235 (stop at 0.9209)
Levels below 0.9240 continue to attract buyers.
Expect trading to remain mixed and volatile.
We look to buy dips.
We are trading at oversold extremes.
Our profit targets will be 0.9298 and 0.9308
Resistance: 0.9300 / 0.9320 / 0.9340
Support: 0.9280 / 0.9270 / 0.9250
Risk Disclaimer
The trade...
US and Japanese markets are open on Tuesday, but trading remains thin after the Christmas holiday. There are some key Japanese events on the calendar, although US releases are all tier-2 events. In the North American session, USD/JPY is trading at 133.41, up 0.44%.
There are a host of events out of Japan today. Retail sales rose for a ninth consecutive month in...
With most financial markets closed on Monday, trading will be thin. Japanese markets are open and USD/JPY has edged higher, trading at 132.82, up 0.34%.
The Bank of Japan announced a policy change last week, and the ramifications were massive for the Japanese yen, as USD/JPY jumped as much as 4.8% following the move. The BoJ widened the yield curve on long-term...
The dust is beginning to settle after the Bank of Japan's stunning move earlier this week. At its policy meeting, the BoJ widened the yield curve on long-term bonds from 0.25% to 0.50%. The move blindsided the markets, which had anticipated a ho-hum BoJ meeting with no changes in policy. The announcement sent USD/JPY tumbling by over 500 points and has raised...
EURCHF - Intraday - We look to Buy at 0.9858 (stop at 0.9841)
Short term bias has turned positive.
20 1day EMA is at 0.9858.
Daily signals are mildly bullish.
We look to buy dips.
Trading has been mixed and volatile.
Our profit targets will be 0.9899 and 0.9909
Resistance: 0.9900 / 0.9917 / 0.9940
Support: 0.9880 / 0.9860 / 0.9850
Risk Disclaimer
The...
GER40 - Intraday - We look to Buy at 13909 (stop at 13829)
Levels below 13850 continue to attract buyers.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
50 1 day EMA is at 13900.
We look to buy dips.
Our profit targets will be 14109 and 14149
Resistance: 14000 / 14100 /...
HS50 - 21h expiry - We look to Sell at 19475 (stop at 19795)
We are trading at overbought extremes. A Doji style candle has been posted from the high.
Price action looks to be forming a top. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
Further downside is expected although we...
UK100 - Intraday - We look to Buy at 7460 (stop at 7412)
Previous support located at 7450.
Previous resistance located at 7550.
Further upside is expected although we prefer to set longs at our bespoke support levels at 7450, resulting in improved risk/reward.
A move through 7550 will confirm the bullish momentum.
Our profit targets will be 7570 and 7600...
Palladium - Intraday - We look to Buy a break of 1734.1 (stop at 1708.9)
A bullish reverse Head and Shoulders is forming.
A break of the recent high at 1733.4 should result in a further move higher.
bearish engulfing candle on the 4 hour chart is negative for sentiment.
We look for gains to be extended today.
Our profit targets will be 1796.7 and 1806.7...
GBP/USD is sharply lower on Wednesday. In the North American session, the pound is trading at 1.2093, down 0.74%.
There was an unexpected surprise from the UK CBI Realized Sales today. December sales volumes showed a strong rebound, rising 11 points. This easily beat the November reading of -19 and the consensus of -21. However, retailers expect the rebound to be...
USDCHF - Intraday - We look to Sell at 0.9313 (stop at 0.9339)
Our short term bias remains negative.
Daily signals are bearish.
50 4hour EMA is at 0.9311.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
Our profit targets will be 0.9251 and 0.9241
Resistance: 0.9290 / 0.9300 / 0.9320
Support: 0.9270 / 0.9255 / 0.9240
Risk...
