The euro is in positive territory at the start of the week. In the North American session, EUR/USD is trading at 1.0245, up 0.30%.
The US dollar lost some of its lustre last week and the euro took advantage. EUR/USD posted its first winning week in a month and pulled some distance away from the parity line.
The euro has posted gains today but there was some...
US30USD - Intraday - We look to Buy at 31620 (stop at 31219)
Our outlook is bullish. Previous resistance at 31600 now becomes support. There is scope for mild selling at the open but losses should be limited. Support could prove difficult to breakdown. Further upside is expected although we prefer to buy into dips close to the 31600 level.
Our profit targets...
EURUSD - Intraday - We look to Buy at 1.0116 (stop at 1.0058)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. A weaker opening is expected to challenge bullish resolve. Support is located at 1.0100 and should stem dips to this area. We therefore, prefer to fade into the dip with a tight stop in anticipation...
USDJPY - Intraday - We look to Sell at 137.29 (stop at 137.99)
Posted a Bearish Outside candle on the Weekly chart. This is negative for sentiment and the downtrend has potential to return. A firmer opening is expected to challenge bearish resolve. Resistance is located at 137.33 and should cap gains to this area. Preferred trade is to sell into rallies.
Our...
The euro has reversed directions today and fallen below the 1.02 line. In the European session, EUR/USD is trading at 1.0188, down 0.42%.
The markets were glued to the ECB meeting on Thursday, uncertain as to whether the rate lift-off would be a 25bp or 50bp hike. In the end, Lagarde & Co. went hawkish, delivering a 50bp increase. This was somewhat of a surprise,...
SPX500USD - Intraday - We look to Buy at 3927 (stop at 3871)
Following yesterday's bullish candle, the overall trend higher looks set to continue today. A weaker opening is expected to challenge bullish resolve. Support is located at 3920 and should stem dips to this area. Support could prove difficult to breakdown. Dip buying offers good risk/reward.
Our...
Gold - Intraday - We look to Buy at 1702.91 (stop at 1683.63)
The bullish engulfing candle on the daily chart is positive for sentiment. The reaction higher is positive and highlights a clear reversal. We look for gains to be extended today. Further upside is expected although we prefer to buy into dips close to the 1700.00 level.
Our profit targets will be...
USDCAD - Intraday - We look to Buy at 1.2825 (stop at 1.2765)
Previous support located at 1.2850. Previous resistance located at 1.2900. Price action looks to be forming a bottom. Risk/Reward would be poor to call a buy from current levels. A move through 1.2900 will confirm the bullish momentum.
Our profit targets will be 1.2975 and 1.3000
Resistance: ...
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
...
