The British pound has been calm for most of the week and has edged lower on Thursday, trading at 1.1936 in the North American session.
The UK economic calendar has been brimming all week, and Friday will be busy with retail sales and PMI reports. The markets are expecting retail sales to slow in June - headline retail sales is expected at -5.3% YoY, following the...
GBPAUD - Intraday - We look to Buy at 1.7253 (stop at 1.7132)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. A move lower faces tough support and we remain cautious on downside potential. Bespoke support is located at 1.7250. We therefore, prefer to fade into the dip with a tight stop in anticipation of a...
EURGBP - Intraday - We look to Sell at 0.8550 (stop at 0.8580)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. The 200 day moving average should provide resistance at 0.8553. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. The...
EURJPY - Intraday - We look to Sell at 142.40 (stop at 143.30)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. Previous resistance located at 142.38. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. The current move higher is...
The British pound is almost unchanged today, as GBP/USD trades at the 1.2000 line.
UK inflation rose in June to its highest level since 1982, as the cost-of-living crisis has moved from bad to worse. Headline CPI hit 9.4% YoY, up from 9.1% in May and a notch above the consensus forecast of 9.3%. Core CPI dipped from 5.9% to 5.8%, matching the forecast.
The UK...
NZDUSD - Intraday - We look to Buy at 0.6180 (stop at 0.6120)
Previous support located at 0.6200. Previous resistance located at 0.6250. Further upside is expected although we prefer to set longs at our bespoke support levels at 0.6180, resulting in improved risk/reward. A move through 0.6250 will confirm the bullish momentum.
Our profit targets will be...
AUDJPY - Intraday - We look to Buy at 94.50 (stop at 93.50)
Previous support located at 95.00. Previous resistance located at 95.50. Further upside is expected although we prefer to set longs at our bespoke support levels at 94.50, resulting in improved risk/reward. A move through 95.50 will confirm the bullish momentum.
Our profit targets will be 96.50 and...
The US dollar remains in correction mode and the euro has jumped on the bandwagon. EUR/USD is trading at 1.0231, up 0.88%.
The euro breached the symbolic parity line late on Thursday, the first time that has happened in 20 years. EUR/USD dropped a bit further but has rebounded nicely since then and climbed about 250 points. A better-than-expected US retail sales...
NASDAQ - Intraday - We look to Sell at 12094 (stop at 12252)
Following yesterday's bearish candle, the overall trend lower looks set to continue today. We are assessed to be in a corrective mode higher. Prices expected to stall near trend line resistance. We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Our...
EURNZD - Intraday - We look to Buy a break of 1.6502 (stop at 1.6469)
Short term RSI has turned positive. Broken out of the channel formation to the upside. A break of yesterdays high would confirm bullish momentum. The trend of lower intraday highs has also been broken.
Our profit targets will be 1.6598 and 1.6618
Resistance: 1.6470 / 1.6500 / 1.6540
...
EURUSD - Intraday - We look to Buy at 1.0082 (stop at 1.0012)
Prices have continued the bullish move higher and resulted in 2 consecutive positive days. This is positive for sentiment and the uptrend has potential to return. There is scope for mild selling at the open but losses should be limited. Support is located at 1.0080 and should stem dips to this area....
The Australian dollar has started the trading week with strong gains, extending the upswing from Friday. AUD/USD is trading at 0.6835, up 0.62% on the day.
Market risk sentiment has strengthened, courtesy of better-than-expected data out of the US on Friday. Headline retail sales and core retail sales both posted a gain of 1.0% MoM in June, above the forecast and...
EURAUD - Intraday - We look to Sell at 1.4950 (stop at 1.5050)
Previous support located at 1.4800. Previous resistance located at 1.4900. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.4950, resulting in improved risk/reward. A move through 1.4800 will confirm the bearish momentum.
Our profit targets will...
USDCAD - Intraday - We look to Buy at 1.2950 (stop at 1.2890)
Previous support located at 1.2950. Previous resistance located at 1.3000. A lower correction is expected. Risk/Reward would be poor to call a buy from current levels. A move through 1.3000 will confirm the bullish momentum.
Our profit targets will be 1.3100 and 1.3125
Resistance: 1.3000 /...
USDJPY - Intraday - We look to Buy at 137.53 (stop at 136.50)
A sequence of weekly higher highs and lows has been posted. We can see no technical reason for a change of trend. There is scope for mild selling at the open but losses should be limited. Support is located at 137.50 and should stem dips to this area. Dip buying offers good risk/reward.
Our profit...
EURCHF - Intraday - We look to Sell at 0.9882 (stop at 0.9903)
Bespoke resistance is located at 0.9880. Intraday rallies continue to attract sellers and there is no clear indication that this sequence for trading is coming to an end. Preferred trade is to sell into rallies. Our short term bias remains negative.
Our profit targets will be 0.9828 and 0.9818
...
The week wrapped up on a high note, as June US retail sales beat expectations. The headline and core readings both accelerated in June, with solid gains of 1.0%. This indicates that US consumers are still spending despite the toll that higher inflation and higher rates are taking on disposable income. The strong retail sales report will raise expectations that the...
Silver - Intraday - We look to Sell at 18.85 (stop at 19.09)
The medium term bias remains bearish. Previous support level of 18.74 broken. A weaker opening is expected to challenge bullish resolve. Bespoke resistance is located at 18.85. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 18.85, resulting in...
