The New Zealand dollar continues to show volatility this week. In the North American session, NZD/USD is trading at 0.6182, down 0.48%, erasing all of Tuesday's gains.
Later today, New Zealand releases retail sales for the second quarter. The markets are expecting a strong rebound of 1.7%, after the Q1 reading of -0.5%. The release is expected to reflect pent-up...
NZDJPY - Intraday - We look to Sell at 84.91 (stop at 85.31)
Signals are mixed but remain mildly bearish with an short-term timeframe highlighting an exhaustion count. We look for a temporary move higher. Prices expected to stall near trend line resistance. Preferred trade is to sell into rallies. Further downside is expected.
Our profit targets will be 84.01...
NAS100USD/b] - Intraday - We look to Sell at 13124 (stop at 13319)
Short term momentum is bearish. There is scope for mild buying at the open but gains should be limited. Horizontal resistance is seen at 13150. Resistance could prove difficult to breakdown. We look to sell rallies.
Our profit targets will be 12705 and 12600
Resistance: 13150 / 13600 /...
USDCAD - Intraday - We look to Sell at 1.3000 (stop at 1.3050)
Previous support located at 1.2950. Previous resistance located at 1.3000. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.3000, resulting in improved risk/reward. A move through 1.2950 will confirm the bearish momentum.
Our profit targets will...
NZDUSD - Intraday - We look to Sell at 0.6250 (stop at 0.6300)
Previous support located at 0.6200. Previous resistance located at 0.6250. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 0.6250, resulting in improved risk/reward. A move through 0.6200 will confirm the bearish momentum.
Our profit targets will...
The British pound has jumped 0.82% today, as the currency has rebounded somewhat from its worst week of the year. GBP/USD plunged 2.53% last week, as the US dollar has found its mojo after weeks of beating a retreat. GBP/USD has climbed today after US New Home Sales dropped to 511 thousand in July, down from 585 thousand in August and well below expectations.
UK...
SPX500USD - Intraday - We look to Buy at 4083 (stop at 4018)
Daily signals for sentiment are at oversold extremes. A move lower faces tough support and we remain cautious on downside potential. Further upside is expected although we prefer to buy into dips close to the 4080 level. Risk/Reward would be poor to call a buy from current levels.
Our profit targets...
EUR/USD has stabilized after a rough start to the week. In the European session, EUR/USD is trading at 0.9931, down 0.10% on the day and its lowest level since November 2002.
After weeks in retreat, the US dollar has rebounded and is showing broad strength. The euro has taken it on the chin, falling 2.12% last week and down another 1.07% this week. It looks like...
EURCHF - Intraday - We look to Sell at 0.9615 (stop at 0.9635)
Our short term bias remains negative. There is no clear indication that the downward move is coming to an end. We look for a temporary move higher. 20 4hour EMA is at 0.9615.
Our profit targets will be 0.9566 and 0.9556
Resistance: 0.9580 / 0.9600 / 0.9620
Support: 0.9570 / 0.9550 / 0.9530
...
US30USD - Intraday - We look to Sell at 33964 (stop at 34295)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. A lower correction is expected. Horizontal resistance is seen at 34000. We look to sell rallies. Further downside is expected.
Our profit targets will be 33212 and 33000
Resistance: 34000 /...
EURUSD - Intraday - We look to Sell at 1.0095 (stop at 1.0154)
The medium term bias remains bearish. Price action has broken from the previous formation. A firmer opening is expected to challenge bearish resolve. Resistance is located at 1.0100 and should cap gains to this area. Preferred trade is to sell into rallies.
Our profit targets will be 0.9956 and...
GBPCHF - Intraday - We look to Sell at 1.1379 (stop at 1.1405)
The medium term bias remains bearish. Negative overnight flows lead to an expectation of a weaker open this morning. We have a 38.2% Fibonacci pullback level of 1.1382 from 1.1508 to 1.1305. Bespoke resistance is located at 1.1379.
Our profit targets will be 1.1305 and 1.1258
Resistance: ...
SPX500USD - Intraday - We look to Sell at 4274 (stop at 4322)
A bearish Head and Shoulders is forming. This is negative for sentiment and the downtrend has potential to return. There is scope for mild buying at the open but gains should be limited. Resistance is located at 4280 and should cap gains to this area.
Our profit targets will be 4161 and 4120
...
USDCHF - Intraday - We look to Sell at 0.9647 (stop at 0.9669)
We look for a temporary move higher. 0.9651 has been pivotal. 0.9649 has been pivotal. The trend of lower highs is located at 0.9647.
Our profit targets will be 0.9591 and 0.9581
Resistance: 0.9590 / 0.9630 / 0.9650
Support: 0.9550 / 0.9520 / 0.9500
Risk Disclaimer
The trade ideas beyond...
The Canadian dollar is lower for a third straight day. In the European session, USD/CAD is trading at 1.2984, up 0.29% on the day.
The US dollar has rebounded this week against the majors, including the Canadian dollar. USD/CAD is on the verge of breaking above the 1.30 line, which has held firm since July 18th. A weak Canadian retail sales report later today...
EURUSD - Intraday - We look to Sell at 1.0144 (stop at 1.0183)
Following yesterday's bearish candle, the overall trend lower looks set to continue today. Price action has broken from the previous formation. A firmer opening is expected to challenge bearish resolve. Resistance is located at 1.0150 and should cap gains to this area. Preferred trade is to sell...
It hasn't been a good week for the Japanese yen, as USD/JPY has climbed 1.24%. The yen is almost unchanged today, trading at 135.16.
Japan wraps up the week with a key inflation release on Friday. Core CPI is forecast to rise to 2.5%, up from 2.2% in June. Japan's inflation rate is much lower than what we're seeing elsewhere, such as double-digit inflation in the...
GBPCHF - Intraday - We look to Sell at 1.1550 (stop at 1.1585)
We look to sell rallies. Our outlook is bearish. 21 1day EMA is at 1.1544. Expect trading to remain mixed and volatile.
Our profit targets will be 1.1448 and 1.1410
Resistance: 1.1550 / 1.1580 / 1.1990
Support: 1.1400 / 1.1300 / 1.1200
Risk Disclaimer
The trade ideas beyond this page are...
