The Japanese yen has started the week quietly. In the European session, USD/JPY is trading at 133.29, down 0.14%. This follows a positive week for the yen, in which USD/JPY declined by 1.15%.
Japan's GDP for the second quarter rose 0.5%. The reading was a notch below the forecast of 0.6%, and the yen showed little interest. Domestic consumption, which makes up...
EURUSD - Intraday - We look to Buy at 1.0257 (stop at 1.0195)
The rally has posted an exhaustion count on the daily chart. We look for a temporary move lower. Prices expected to stall near trend line support. Support could prove difficult to breakdown. Dip buying offers good risk/reward.
Our profit targets will be 1.0400 and 1.0450
Resistance: 1.0400 / 1.0600...
The British pound is in negative territory today, after a contraction in UK GDP. In the European session, GBP/USD is trading at 1.2126, down 0.61% on the day.
The British pound posted dazzling gains on Wednesday, surging 1.19%. The impressive climb was, however, a case of US dollar weakness, rather than any newfound strength in the pound. Inflation in the US was...
GBPUSD - Intraday - We look to Buy a break of 1.2230 (stop at 1.2170)
Price action looks to be forming a bullish flag/pennant. This is positive for short-term sentiment and we look to set longs at good risk/reward levels for further correction higher. The bias is to break to the upside. Further upside is expected, however, due to the strong resistance above we...
The British pound is trading quietly today, after posting sharp gains on Wednesday. In the North American session, GBP/USD is trading at 1.2220, up 0.02% on the day.
US inflation surprised on Wednesday, as both the CPI and the core CPI readings were lower than expected. Headline CPI dropped sharply to 8.5%, down from 9.1% in June and below the estimate of 8.7%....
GBPCHF - Intraday - We look to Sell at 1.1574 (stop at 1.1610)
We look to sell rallies. The medium term bias remains bearish. There is scope for mild buying at the open but gains should be limited. Expect trading to remain mixed and volatile.
Our profit targets will be 1.1499 and 1.1390
Resistance: 1.1580 / 1.1711 / 1.1990
Support: 1.1500 / 1.1450 /...
AUDJPY - Intraday - We look to Buy at 93.25 (stop at 92.25)
Previous support located at 94.00. Previous resistance located at 94.50. There is no clear indication that the upward move is coming to an end. Risk/Reward would be poor to call a buy from current levels. A move through 94.50 will confirm the bullish momentum.
Our profit targets will be 95.25 and...
Silver - Intraday - We look to Buy at 20.09 (stop at 19.92)
Preferred trade is to sell into rallies. There is scope for mild selling at the open but losses should be limited. Daily signals are mildly bullish. Further upside is expected although we prefer to set longs at our bespoke support levels at 20.10, resulting in improved risk/reward.
Our profit targets...
ASX200 - Intraday - We look to Buy at 6985 (stop at 6906)
6980 continues to hold back the bears. The lack of interest is a concern for bears. Preferred trade is to buy on dips. Further upside is expected.
Our profit targets will be 7157 and 7200
Resistance: 7160 / 7300 / 7630
Support: 6980 / 6800 / 6425
Risk Disclaimer
The trade ideas beyond this page are...
The British pound has surged in today's North American session. GBP/USD has jumped a massive 1.20% on the day and is trading at 1.2218.
The economic calendar is very light on both sides of the pond today, but that didn't matter as today's US inflation report has sent the US dollar on a nasty slide. The July data saw both the headline and core readings come in...
EURNZD - Intraday - We look to Sell at 1.6329 (stop at 1.6366)
Price action continued to range between key support & resistance (1.6130 - 1.6330) and we expect this to continue. Daily signals are bearish. Preferred trade is to sell into rallies. Expect trading to remain mixed and volatile.
Our profit targets will be 1.6232 and 1.6212
Resistance: 1.6270 /...
NASDAQ - Intraday - We look to Sell a break of 12932 (stop at 13135)
Our outlook is bearish. A sequence of intraday lower lows and highs has been posted. We can see no technical reason for a change of trend. We would prefer to see a break of initial support at 12950 before setting shorts. Further downside is expected.
Our profit targets will be 12408 and 12200...
NZDUSD - Intraday - We look to Buy at 0.6250 (stop at 0.6200)
Previous support located at 0.6250. Previous resistance located at 0.6300. Indecisive price action has resulted in sideways congestion on the intraday chart. Risk/Reward would be poor to call a buy from current levels. A move through 0.6300 will confirm the bullish momentum.
Our profit targets will be...
US30USD - Intraday - We look to Buy at 32499 (stop at 32188)
Afternoon gains were sold into and follow-through bearish momentum resulted in the market moving lower. Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher. Support is located at 32490 and should stem dips to this area....
USDJPY - Intraday - We look to Buy at 134.27 (stop at 133.44)
Our outlook is bullish. The trend of higher lows is located at 132.50. There is scope for mild selling at the open but losses should be limited. Support is located at 134.20 and should stem dips to this area. We look to buy dips.
Our profit targets will be 136.49 and 138.00
Resistance: 136.50 /...
The British pound has posted slight gains today. GBP/USD is trading in the European session at 1.2106, up 0.21% on the day.
The economic calendar has been light so far this week. On Capitol Hill, the Biden Administration racked up a badly-needed victory ahead of the mid-terms, passing a domestic spending bill which covers climate change, health costs, and...
The euro has started the week in positive territory. In the North American session, EUR/USD is trading at 1.0217, up 0.36% on the day.
The week wrapped up with a superb nonfarm payroll report, which sent the US dollar broadly higher. However, the gains proved to be short-lived, as the euro has recovered most of Friday's losses. The July nonfarm payroll report...
NZDUSD - Intraday - We look to Buy at 0.6250 (stop at 0.6190)
Previous support located at 0.6250. Previous resistance located at 0.6300. Indecisive price action has resulted in sideways congestion on the intraday chart. Risk/Reward would be poor to call a buy from current levels.
Our profit targets will be 0.6375 and 0.6400
Resistance: 0.6300 / 0.6350 /...
