The Japanese yen is down sharply for a second straight day. USD/JPY is trading at 144.87 in the North American session, up 1.45% on the day. Later today, Japan releases Final GDP, which is expected to come in at 0.7%, up from the initial GDP estimate of 0.5%.
It's been a disastrous week so far for the yen, as USD/JPY has jumped 3.31% and is quickly closing in on...
NAS100USD - Intraday - We look to Sell at 12190 (stop at 12371)
The medium term bias remains bearish. A sequence of daily lower lows and highs has been posted. We can see no technical reason for a change of trend. Further downside is expected although we prefer to sell into rallies close to the 12200 level.
Our profit targets will be 11760 and 11600
...
XAUUSD - Intraday - We look to Sell at 1707.29 (stop at 1720.89)
The primary trend remains bearish. A firmer opening is expected to challenge bearish resolve. Horizontal resistance is seen at 1708.00. Resistance could prove difficult to breakdown. Preferred trade is to sell into rallies.
Our profit targets will be 1678.18 and 1670.00
Resistance: 1708.00 /...
USDCAD - Intraday - We look to Buy at 1.3100 (stop at 1.3040)
Previous support located at 1.3150. Previous resistance located at 1.3200. A lower correction is expected. Risk/Reward would be poor to call a buy from current levels. A move through 1.3200 will confirm the bullish momentum.
Our profit targets will be 1.3220 and 1.3250
Resistance: 1.3200 /...
EUR/USD slipped to a new 20-year low earlier today, falling to 0.9864. Currently, the euro is trading at 0.9910, down 0.20%.
Eurozone government yields fell sharply today on reports that the ECB may decide to scale down an expected 75 basis point hike on Thursday. This has pushed the euro to a new 20-year low earlier today, as the currency remains under...
GBPAUD - Intraday - We look to Buy at 1.7000 (stop at 1.6930)
Previous support located at 1.7000. Previous resistance located at 1.7100. Further upside is expected although we prefer to set longs at our bespoke support levels at 1.7000, resulting in improved risk/reward. A move through 1.7100 will confirm the bullish momentum.
Our profit targets will be...
AUDUSD - Intraday - We look to Sell at 0.6880 (stop at 0.6925)
Buying pressure from 0.6772 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. Preferred trade is to sell into rallies.
Our profit targets will be 0.6755 and 0.6680
Resistance: ...
EURGBP - Intraday - We look to Buy at 0.8575 (stop at 0.8540)
We are trading at oversold extremes. This is positive for sentiment and the uptrend has potential to return. The hourly chart technicals suggests further downside before the uptrend returns. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Our...
The Australian dollar has started the week with slight losses. In the North American session, AUD/USD is trading at 0.6798, down 0.19%.
The Reserve Bank of Australia meets on Tuesday, with investors unclear as to the size of the next rate move. The markets have priced in a 50 basis point move at 68%, with a modest 25 bp increase at 32%. This means that the RBA...
GBPNZD - Intraday - We look to Sell at 1.9000 (stop at 1.9100)
Previous support located at 1.8850. Previous resistance located at 1.8900. Trend line resistance is located at 1.9000. 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.
Our profit targets will be 1.8750 and 1.8700...
US2000USD0 - Intraday - We look to Sell at 1860 (stop at 1895)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. A higher correction is expected. 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...
EURUSD - Intraday - We look to Sell at 0.9970 (stop at 1.0033)
The primary trend remains bearish. A firmer opening is expected to challenge bearish resolve. Resistance is located at 0.9980 and should cap gains to this area. Preferred trade is to sell into rallies. Further downside is expected.
Our profit targets will be 0.9826 and 0.9800
Resistance: ...
US30USD - Intraday - We look to Sell at 31991 (stop at 32442)
The medium term bias remains bearish. There is scope for mild buying at the open but gains should be limited. Previous support at 32000 now becomes resistance. Resistance could prove difficult to breakdown. Preferred trade is to sell into rallies.
Our profit targets will be 30952 and 30700
...
The euro is in positive territory today after taking a nasty spill on Thursday. In the European session, EUR/USD is trading at 0.9984, up 0.40%.
Thursday was a day to file away and move on for the euro, as EUR/USD tumbled 1.07%. The euro is under pressure from a high-flying US dollar and is having trouble staying above the symbolic parity line. A combination of...
GBPUSD - Intraday - We look to Sell at 1.1655 (stop at 1.1725)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. Buying pressure from 1.1498 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 look...
Silver - Intraday - We look to Sell at 18.40 (stop at 18.69)
Preferred trade is to sell into rallies. The bias is still for lower levels and we look for any gains to be limited. News events could adversely affect the short term technical picture. We can see no technical reason for a change of trend.
Our profit targets will be 17.57 and 17.10
Resistance: ...
GBPJPY - Intraday - We look to Sell at 162.50 (stop at 163.00)
We are trading at overbought extremes. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. The 200 period moving average should provide resistance at 162.60. Preferred trade is to sell into rallies.
Our profit targets will...
US2000USD - Intraday - We look to Sell at 1880 (stop at 1910)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. We are trading at oversold extremes. 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...
