GBPNZD - Intraday - We look to Buy at 1.9250 (stop at 1.9140)
Previous support located at 1.9350. Previous resistance located at 1.9400. Further upside is expected although we prefer to set longs at our bespoke support levels at 1.9250, resulting in improved risk/reward. A move through 1.9400 will confirm the bullish momentum.
Our profit targets will be 1.9475...
AUDUSD - Intraday - We look to Sell at 0.7005 (stop at 0.7050)
Daily signals for sentiment are at overbought extremes. Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. Preferred trade...
The Australian dollar has edged higher on Wednesday. AUD/USD is trading at 0.6950 in European trade.
Australia's inflation rate accelerated in the second quarter, but the market reaction was muted, as the 6.1% gain was a notch below the estimate of 6.2%. Inflation still remains the RBA's number one problem, as CPI jumped from 5.1% in Q1. With inflation coming in...
EURGBP - Intraday - We look to Sell at 0.8475 (stop at 0.8505)
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...
The euro has taken a nasty tumble today. In the North American session, EUR/USD is trading at 1.0144, down 0.76%.
The energy crisis surrounding Nord Stream 1, a key channel for Russian gas exports to Europe continues to simmer. Perhaps the pipeline should be referred to as 'Nord Brook 1', after Gazprom, the Russian energy giant, warned it will cut flows through...
SPX500USD - Intraday - We look to Buy at 3913 (stop at 3868)
A bullish reverse Head and Shoulders is forming. The measured move target is 3910. Support could prove difficult to breakdown. We expect a reversal in this move. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Our profit targets will be 4019 and...
Silver - Intraday - We look to Sell at 18.93 (stop at 19.13)
There is scope for mild selling at the open but losses should be limited. Trading within a Bearish Channel formation. We look to sell rallies. Early optimism is likely to lead to gains although extended attempts higher are expected to fail.
Our profit targets will be 18.19 and 18.00
Resistance: ...
EURJPY - Intraday - We look to Sell at 140.45 (stop at 141.20)
Buying pressure from 138.71 resulted in prices rejecting the dip. The bias is still for lower levels and we look for any gains to be limited. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. The 200 day moving average...
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...
