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Australia

USDSGD DOWNSIDE CONTINUATIONWith the USD expected to fall we look to the USD crosses for short opportunities. We have already had one great trade on USDSGD last month and it has lined up again for another short opportunity. The reason we expect USD to fall is due to the current downside of the US Government Bonds. The prices of the Bonds are falling and this can show a lack of investment in the greenback. A lack of investment can lead to the currency weakening and the bonds tend to act as a lead indicator for the USD strength/weakness. Technically the daily chart formed a ringed high at the bearish moving averages showing potential downside. Weekly support sits at 1.3613 and would be first targets.
Short
by BlueberryMarkets
AUDCAD CORRECTIONAUDCAD has been on our radar for a few reasons. AUD GDP Report was poor and put doubt in the mind of investors whether the RBA could hike rates at all. We are also seeing CAD gain strength off the back of the current decision for Opec to cut oil production to help struggling oil prices. The daily timeframe is potentially forming a head and shoulders pattern with the right shoulder forming at the 0.9650 resistance. Price has currently formed a double top pattern at the resistance and if we see a break lower, look for the re-test for continuation trades.
Short
by BlueberryMarkets
GBPNZD DOWNSIDE CONTINUATIONYesterday PM May deferred the vote on Brexit in Parliament that was meant to take place today so she can discuss the current draft agreement with the EU again. She was highly unlikely to win the vote regardless and the markets took this news negatively. Looking at the GBP pairs we have an opportunity to continue to trade this currency lower and GBPNZD looks good for further downside. Technically the market is in a downtrend and the lower timeframe averages are lining up with the higher timeframe averages with price currently re-testing the averages. Look for bearish price action here for continuation trades lower.
Short
by BlueberryMarkets
EURUSD TO BENEFIT FROM USD WEAKNESSEURUSD has been holding nicely above the key 1.1300 and with the potential for further USD weakness combined with strong Euro seasonal patterns, a move into the key resistance of 1.1780 could be likely. Looking at the 4hr timeframe on the right-hand side we have seen a close above the previous significant highs and price is currently testing the moving averages. If we see bullish price action here we can look for the early opportunity long.
Long
by BlueberryMarkets
EURJPY DOWNSIDE CONTINUATIONEURJPY has been on our watchlist as price breaks through a key trendline support. The daily chart confirmed the lower low, lower close and we should see further downside as money moves from the equities to the safe havens such as JPY and GOLD. Looking to the 4hr timeframe we can see the lower low clearly and if we see the market retrace to the resistance at the previous structure lows around the 128.25. We will look for targets down the key swing support level of 127.20.
Short
by BlueberryMarkets
USDNOK DOWNSIDE WITH OIL STRENGTHUSDNOK downside looks likely as USD pushes lower. This combined with the current OPEC decision to cut oil production could help the NOK a heavy producer and exporter of oil to increase in value. Technically the daily timeframe is still in an uptrend, however looking to the 4hr timeframe you can see the head and shoulders pattern has been completed, which is an early sign of a change in trend. We also have the confluence of a higher timeframe trendline support being broken with price closing below. This is an early indication of further downside. Minor resistance and head and shoulder neckline of 8.5200 would be an ideal place to look for a short opportunity.
Short
by BlueberryMarkets
EURUSD UPSIDE CONTINUATIONNow the USD has broken through the key trendline support we could potentially see a significant USD sell off. The 4hr chart here has started to form higher highs and higher lows and could continue the uptrend. Our moving averages have crossed bullish on this timeframe also adding to our confluence. Applying the Fibonacci we can see the 50% fib retracement is sitting at a minor area of structure. If price retraces to here and forms bullish price action we will look for a long opportunity into the 127.2 fib extension.
Long
by BlueberryMarkets