The British pound is sharply lower on Thursday as the US dollar has rebounded against the major currencies. In the North American session, GBP/USD is trading at 1.1787, down 1.07%. We continue to see sharp swings from the pound in November.
Jeremy Hunt's Autumn Statement was much more in keeping with the difficult economic times than the ill-fated mini-budget...
AUDJPY - Intraday - We look to Buy at 93.00 (stop at 92.45)
Previous support located at 93.50.
Previous resistance located at 94.00.
A lower correction is expected.
Risk/Reward would be poor to call a buy from current levels.
A move through 94.00 will confirm the bullish momentum.
Our profit targets will be 94.38 and 94.98
Resistance: 94.00 / 95.00 /...
GER40 - Intraday - We look to Sell a break of 14119 (stop at 14226)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
Spikes (rejections) can be seen in both directions highlighting indecision.
We are trading at overbought extremes.
A higher correction is expected.
A break of the recent low at 14123 should...
NZDJPY - Intraday - We look to Buy at 85.50 (stop at 84.85)
Previous support located at 86.00.
Previous resistance located at 86.50.
Further upside is expected although we prefer to set longs at our bespoke support levels at 85.50, resulting in improved risk/reward.
A move through 86.50 will confirm the bullish momentum.
Our profit targets will be 87.00 and...
Palladium - Intraday - We look to Buy at 2036.1 (stop at 2011.1)
Short term momentum is bullish.
A lower correction is expected.
Previous resistance, now becomes support at 2040.
We look to buy dips.
20 4hour EMA is at 2031.
Our profit targets will be 2098.6 and 2108.6
Resistance: 2105 / 2130 / 2150
Support: 2075 / 2040 / 2020
Risk Disclaimer
The trade...
USDCHF - Intraday - We look to Buy at 0.9401 (stop at 0.9369)
A Morning Doji Star formation has been posted at the low (4h chart).
Bespoke support is located at 0.9400.
We look to buy dips.
We are trading at oversold extremes.
Our profit targets will be 0.9479 and 0.9499
Resistance: 0.9450 / 0.9470 / 0.9490
Support: 0.9425 / 0.9400 / 0.9356
Risk...
The British pound has moved higher on Wednesday. In the European session, GBP/USD is trading at 1.1934, up 0.56%. The pound roared on Tuesday, gaining close to 1% and punching past the 1.20 line for the first time in three months.
It has been a busy time for sterling, which has been marked by sharp swings that would make an exotic currency blush. The pound's...
CHN50 - 21h expiry - We look to Sell at 12765 (stop at 13010)
Buying pressure from 12189 resulted in prices rejecting the dip.
The current move higher is expected to continue. Trading within a Bullish Channel formation.
Our expectation now is for this swing higher to continue towards the top of the trend channel, to complete a correction before sellers return....
The Japanese yen hit its highest level since August 29th, as the currency powers higher. In the North American session, USD/JPY is trading at 139.17, down 0.53%.
The US dollar can't find its footing, and even a soft GDP reading out of Japan hasn't put a dent in the current yen rally. The economy declined in the third quarter for the first time in a year. GDP fell...
The British pound has reversed directions on Tuesday and posted sharp gains. In the European session, GBP/USD is trading at 1.1902, up 1.22%. The pound has punched above 1.19 for the first time since August 19th.
The UK employment report was soft, with unemployment ticking higher to 3.5%, up from 3.4%. Unemployment rose by 3.3 thousand, down from 3.9 thousand but...
Silver - Intraday - We look to Buy at 21.62 (stop at 21.37)
Dips continue to attract buyers.
Bespoke resistance is located at 22.69.
Due to an Ending Wedge formation, we continue to treat extended gains with caution.
The trend of higher lows is located at 21.53.
Bespoke support is located at 21.62.
Preferred trade is to buy on dips.
Intraday signals are...
EURJPY - Intraday - We look to Sell at 146.20 (stop at 147.10)
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...
GER40 - 11h expiry - We look to Buy at 14041 (stop at 13954)
Our short term bias remains positive.
We look to buy dips.
20 4 hour EMA is at 14033.
Our profit targets will be 14258 and 14298
Resistance: 14330 / 14400 / 14500
Support: 14170 / 14100 / 14000
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not...
EURCHF - 11h expiry - We look to Sell at 0.9829 (stop at 0.9852)
Short term bias has turned negative.
Previous support at 0.9830 now becomes resistance.
Preferred trade is to sell into rallies.
We look for a temporary move higher.
Our profit targets will be 0.9772 and 0.9762
Resistance: 0.9780 / 0.9800 / 0.9830
Support: 0.9760 / 0.9745 / 0.9725
Risk...
GBPUSD - 10h expiry - We look to Sell at 1.1820 (stop at 1.1915)
We are trading at overbought extremes.
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.
Although the anticipated...
EURCHF - Intraday - We look to Sell at 0.9887 (stop at 0.9908)
Short term bias has turned negative.
Bespoke resistance is located at 0.9890.
Preferred trade is to sell into rallies.
Our profit targets will be 0.9832 and 0.9822
Resistance: 0.9870 / 0.9890 / 0.9905
Support: 0.9840 / 0.9820 / 0.9800
Risk Disclaimer
The trade ideas beyond this page are for...
The Japanese yen is taking a breather after posting huge gains on Thursday. In the European session, USD/JPY is trading at 140.30, down 0.45%.
The week wrapped up with a key inflation release. Japan's Producer Price Index slowed to 9.1% in October, down from 10.2% in September. Still, this was above the consensus of 8.8%. Consumer inflation is running around 3%,...
The British pound has soared today, following the US inflation report. GBP/USD is trading at 1.1661, up a massive 2.7%.
The October inflation report was lower than what everyone had expected, which has triggered strong volatility in the currency markets. The US dollar is sharply lower against the majors, as the markets are expecting the Fed to ease up on interest...
