It is looking like July 2022 could be a memorable month for the euro, but unfortunately not for the right reasons. EUR/USD is within a whisker of dropping below parity with the US dollar for the first time since 2002 and the risk of a break below parity below in the coming days remains high. In the North American session, EUR/USD is trading at 1.008, down...
AUDUSD - Intraday - We look to Buy at 0.6765 (stop at 0.6715)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. The current move lower is expected to continue. Previous support located at 0.6762. Preferred trade is to buy on dips. Although the anticipated move higher is corrective, it does offer ample...
USDJPY - Intraday - We look to Buy at 136.36 (stop at 135.96)
The primary trend remains bullish. The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing. A lower correction is expected. A Fibonacci confluence area is located at 136.33. Preferred trade is to buy on dips.
Our profit targets...
It continues to be a miserable July for EUR/USD, which has declined 3.12%. The euro continues to deliver fresh 20-year lows, dropping to 1.0071 late in the Asian session. The euro has since recovered most of today's losses, but the psychologically-important parity line is getting closer by the day, as the euro continues to stumble. On the economic front, US...
EURCHF - Intraday - We look to Sell at 0.9943 (stop at 0.9964)
Our short term bias remains negative. There is no clear indication that the downward move is coming to an end. 0.9945 has been pivotal. Previous support at 0.9945 now becomes resistance.
Our profit targets will be 0.9888 and 0.9878
Resistance: 0.9900 / 0.9920 / 0.9945
Support: 0.9870 / 0.9850...
AUDJPY - Intraday - We look to Sell at 93.00 (stop at 94.00)
Previous support located at 92.00. Previous resistance located at 93.00. Trend line resistance is located at 93.00. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 93.00, resulting in improved risk/reward. A move through 92.00 will confirm the bearish...
USDCHF - Intraday - We look to Buy at 0.9701 (stop at 0.9678)
Short term bias has turned positive. 20 4hour EMA is at 0.9699. We look for a temporary move lower. We look to buy dips.
Our profit targets will be 0.9758 and 0.9768
Resistance: 0.9750 / 0.9770 / 0.9800
Support: 0.9720 / 0.9700 / 0.9680
Risk Disclaimer
The trade ideas beyond this page are...
EURAUD - Intraday - We look to Sell at 1.5050 (stop at 1.5150)
Previous support located at 1.4850. Previous resistance located at 1.5000. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.5000, resulting in improved risk/reward. A move through 1.4850 will confirm the bearish momentum.
Our profit targets will...
The Canadian dollar is back below the 1.3000 line today. USD/CAD is trading at 1.2987 in the North American session, down 0.37%. On the economic calendar, Canada's Ivey PMI was a major disappointment, slowing to 62.2 in June from 72.0 in May (74.0 exp.).
Friday's focus will be on job numbers, with both Canada and the US releasing employment reports for June....
WTI - Intraday - We look to Sell at 100.67 (stop at 103.61)
The primary trend remains bearish. The continuation lower in prices through support has been impressive with strong momentum and shows no signs of slowing. We look to sell rallies. There is scope for mild buying at the open but gains should be limited. A Fibonacci confluence area is located at 100.00....
EURCHF - Intraday - We look to Sell at 0.9943 (stop at 0.9964)
Our short term bias remains negative. 20 4hour EMA is at 0.9935. 0.9945 has been pivotal. Previous support at 0.9945 now becomes resistance.
Our profit targets will be 0.9888 and 0.9878
Resistance: 0.9900 / 0.9920 / 0.9945
Support: 0.9870 / 0.9850 / 0.9830
Risk Disclaimer
The trade ideas...
NZDJPY - Intraday - We look to Sell at 84.16 (stop at 84.69)
Our outlook is bearish. Rallies continue to attract sellers. Trend line resistance is located at 84.20. Further downside is expected.
Our profit targets will be 82.80 and 82.50
Resistance: 84.20 / 86.60 / 92.00
Support: 82.80 / 80.00 / 76.00
Risk Disclaimer
The trade ideas beyond this page...
The month of July has been an unmitigated disaster for the euro - with only three trading sessions in the books, EUR/USD has declined a staggering 2.73%. Earlier in the day, the euro dropped to 1.0186, its lowest level since December 2002. The euro appears headed for parity with the US dollar, a psychologically significant level.
The economic outlook in the...
Silver - Intraday - We look to Sell at 19.53 (stop at 19.82)
Preferred trade is to sell into rallies. The medium term bias remains bearish. 50 1hour EMA is at 19.60. Daily signals are bearish. There is scope for mild buying at the open but gains should be limited.
Our profit targets will be 18.80 and 18.50
Resistance: 19.60 / 20.90 / 24.00
Support: ...
EURNZD - Intraday - We look to Sell at 1.6729 (stop at 1.6767)
Short term bias has turned negative. The trend of higher intraday lows has also been broken. Reverse trend line resistance comes in at 1.6740. 20 4hour EMA is at 1.6731. Bespoke resistance is located at 1.6730.
Our profit targets will be 1.6631 and 1.6611
Resistance: 1.6670 / 1.6700 / 1.6730
...
EURAUD - Intraday - We look to Buy at 1.5100 (stop at 1.4980)
Previous support located at 1.5150. Previous resistance located at 1.5250. We expect a reversal in this move. Risk/Reward would be poor to call a buy from current levels. A move through 1.5250 will confirm the bullish momentum.
Our profit targets will be 1.5375 and 1.5400
Resistance: 1.5250 /...
DOW30 - Intraday - We look to Buy at 30647 (stop at 30282)
The trend of higher lows is located at 30400. This is positive for sentiment and the uptrend has potential to return. A weaker opening is expected to challenge bullish resolve. Prices expected to stall near trend line support. We therefore, prefer to fade into the dip with a tight stop in anticipation...
The Australian dollar is sharply lower on Tuesday. In the European session, AUD/USD is trading at 0.6796, down 1.0% on the day.
The RBA delivered a 0.50% rate hike for a second straight month, bringing the cash rate to 1.35%. The central bank has now hiked by 1.25% since May, marking the fastest series of moves since 1994. This aggressive stance didn't do...
