WTI - Intraday - We look to Sell at 91.78 (stop at 95.24)
The medium term bias remains bearish. A firmer opening is expected to challenge bearish resolve. Resistance is located at 92.00 and should cap gains to this area. We look to sell rallies.
Our profit targets will be 84.10 and 82.00
Resistance: 92.00 / 100.00 / 112.00
Support: 84.00 / 68.00 /...
USDCAD - Intraday - We look to Buy at 1.2875 (stop at 1.2815)
Previous support located at 1.2875. Previous resistance located at 1.2950. A lower correction is expected. A move through 1.2950 will confirm the bullish momentum.
Our profit targets will be 1.3025 and 1.3050
Resistance: 1.2950 / 1.3000 / 1.3050
Support: 1.2900 / 1.2875 / 1.2825
Risk...
SPX500USD - Intraday - We look to Buy at 4086 (stop at 4060)
Preferred trade is to buy on dips. There is scope for mild selling at the open but losses should be limited. Bespoke support is located at 4090. Support could prove difficult to breakdown. Further upside is expected although we prefer to set longs at our bespoke support levels at 4090, resulting in...
The British pound is falling sharply in the North American session, after a massively strong US nonfarm payment release. GBP/USD is trading at 1.2040, down 0.98% on the day.
It wasn't so long ago that US nonfarm payrolls was one of the most anticipated events on the economic calendar and often had a significant impact on the movement of the US dollar. That has...
It's a busy day in both Canada and the US, with both countries releasing July employment reports. It wasn't so long ago that US nonfarm payrolls was eagerly anticipated and was the most important event of the week. The NFP often had a significant impact on the movement of the US dollar. That has changed in the new economic landscape of red-hot inflation and...
EURJPY - Intraday - We look to Sell at 137.30 (stop at 138.25)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. This is negative for sentiment and the downtrend has potential to return. The hourly chart technicals suggests further upside before the downtrend returns. We therefore, prefer to fade into the...
USD/JPY continues to gain ground and has pushed across the 134 line. In the European session, the pair is trading at 134.12, up 0.20%.
The week started off nicely for the Japanese yen, which took advantage of broad weakness in the US dollar. USD/JPY fell 1.22% on Monday and touched a low of 131.60, its lowest level since mid-June. However, the dollar has since...
EURAUD - Intraday - We look to Buy at 1.4575 (stop at 1.4475)
Previous support located at 1.4600. Previous resistance located at 1.4700. Price action looks to be forming a bottom. Risk/Reward would be poor to call a buy from current levels. A move through 1.4700 will confirm the bullish momentum.
Our profit targets will be 1.4775 and 1.4800
Resistance: ...
US Russ 2000 - Intraday - We look to Buy at 1870 (stop at 1845)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. We are trading at overbought extremes. A lower correction is expected. The bias is still for higher levels and we look for any dips to be limited. Preferred trade is to buy on dips.
Our profit...
EURGBP - Intraday - We look to Sell at 0.8415 (stop at 0.8440)
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...
NZDJPY - Intraday - We look to Sell at 84.26 (stop at 84.88)
The medium term bias remains bearish. We are assessed to be in a corrective mode higher. Current price action faces resistance at the 50% Fibonacci retracement level of the 86.59-82.15 move. We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Our...
US Nas 100 - Intraday - We look to Sell at 13057 (stop at 13289)
The rally has posted an exhaustion count on the daily chart. A lower correction is expected. Prices expected to stall near trend line resistance. Preferred trade is to sell into rallies. Further downside is expected.
Our profit targets will be 12508 and 12400
Resistance: 13100 / 15200 /...
EURJPY - Intraday - We look to Sell at 136.85 (stop at 138.00)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. This is negative for sentiment and the downtrend has potential to return. The hourly chart technicals suggests further upside before the downtrend returns. We therefore, prefer to fade into the...
NASDAQ - Intraday - We look to Buy at 12670 (stop at 12457)
News events could adversley affect the short term technical picture. A sequence of intraday higher highs and lows has been posted. We can see no technical reason for a change of trend. A weaker opening is expected to challenge bullish resolve. Dip buying offers good risk/reward.
Our profit targets...
The New Zealand dollar has reversed directions today and recorded sharp losses. NZD/USD is trading at 0.6285, down 0.75% on the day. Risk appetite has fallen, with US Speaker of the House Nancy Pelosi's controversial trip to Taiwan sending risk appetite lower. The New Zealand dollar has followed the Aussie, which has plunged around 1.5% today. As well, NZD/USD is...
USDJPY - Intraday - We look to Sell at 132.47 (stop at 133.84)
Our outlook is bearish. The continuation lower in prices through support has been impressive with strong momentum and shows no signs of slowing. We can see no technical reason for a change of trend. Preferred trade is to sell into rallies. Further downside is expected.
Our profit targets will be...
AUDUSD - Intraday - We look to Buy at 0.6950 (stop at 0.6905)
We are trading at overbought extremes. The current move lower is expected to continue. The bias is still for higher levels and we look for any dips to be limited. The trend of higher lows is located at 0.6911. We look to buy dips.
Our profit targets will be 0.7075 and 0.7170
Resistance: 0.7170...
The Australian dollar has posted strong gains today. In the North American session, AUD/USD is trading at 0.7030, up 0.57% on the day.
The Reserve Bank of Australia meets on Tuesday and is expected to deliver a third straight hike of 0.50%. This would bring the Cash Rate to 1.85%. The markets have priced in a 50bp increase at 0.75%. The central bank continues to...
