ASX200 - 24h expiry
The correction lower is assessed as being complete.
Short term RSI has turned positive.
Further upside is expected.
Risk/Reward would be poor to call a buy from current levels.
A move through 7825 will confirm the bullish momentum.
We look to Buy at 7775 (stop at 7735)
Our profit targets will be 7875 and 7895
Resistance: 7825 / 7850 /...
The euro is drifting on Monday. EUR/USD is down 0.05%, trading at 1.0849 in the North American session at the time of writing. US markets are closed for Memorial Day, which will likely mean a quiet day for the US dollar.
In Europe, German Ifo Business Climate stagnated in May and was steady at 89.3. This unchanged from the downwardly revised 89.3 in April and...
AUDJPY -24h expiry
Broken out of the wedge to the downside.
Price action looks to be forming a top.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
A move through 104.00 will confirm the bearish momentum.
We look to Sell at 104.30 (stop at 104.70
Our profit targets will be 103.30 and 103.05
Resistance: 104.25 /...
EURNZD - 24h expiry
Our short term bias remains negative.
Preferred trade is to sell into rallies.
50 4hour EMA is at 1.7784.
The sequence for trading is lower lows and highs.
Expect trading to remain mixed and volatile.
We look to Sell at 1.7785 (stop at 1.7835)
Our profit targets will be 1.7665 and 1.7635
Resistance: 1.7760 / 1.7785 / 1.7820
Support:...
The British pound continues to have a quiet week in which it has stayed close to the 1.27 line. GBP/USD is trading at 1.2715, up 0.13% at the time of writing in the European session.
UK retail spending slumped in April with a 2.3% m/m decline. This followed a revised 0.2% decline in March and was much weaker than the market estimate of -0.4%. It was the largest...
The Japanese yen is slightly lower on Thursday. USD/JPY is trading at 156.70, down 0.08% on the day at the time of writing.
Japan’s PMIs for April were a mixed bag and the yen didn’t show much reaction. Services PMI dipped to 53.6, down from 54.3 in March and just shy of the forecast of 53.8. This was the smallest growth in services since February.
Manufacturing...
GER40 - 24h expiry
Price action continues to trade around the all-time highs.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
A Doji style candle has been posted from the base.
Preferred trade is to buy on dips.
Our outlook is bullish.
We look to Buy at 18655 (stop at 18555)
Our...
AU200AUD - 24h expiry
There is no clear indication that the upward move is coming to an end.
Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher.
Risk/Reward would be poor to call a buy from current levels.
A move through 7800 will confirm the bullish momentum.
The measured move...
The British pound edged higher earlier today but has pared most of those gains. GBP/USD is trading at 1.2703, up 0.06% early in the North American session.
UK inflation fell sharply in April, falling to 2.3% y/y. This was down from 3.2% in March and the lowest rate since July 2021 but higher than the market estimate of 2.1%. On a monthly basis, inflation dropped...
CHN50 - 24h expiry
There is no clear indication that the upward move is coming to an end.
Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher.
Risk/Reward would be poor to call a buy from current levels.
A move through 12850 will confirm the bullish momentum.
The measured move...
XAUUSD - 24h expiry
Buying continued from the 78.6% pullback level of 2398.5.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
Preferred trade is to buy on dips.
Price action resulted in a new all-time high at 2450.
20 4hour EMA is at 2406.5.
Our profit targets will be 2446.1 and...
The New Zealand dollar is almost unchanged on Tuesday. NZD/USD is down 0.06%, trading at 0.6102 in the European session at the time of writing.
The Reserve Bank of New Zealand has shown it can be patient, having held the cash rate at 4.35% for six straight times. The central bank is expected to maintain rates yet again at Wednesday’s meeting as inflation has...
NZDUSD - 24h expiry
There is no clear indication that the upward move is coming to an end.
Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6125 will confirm the bullish momentum.
The measured move...
The Australian dollar is unchanged at the time of writing, trading at 0.6692 in the European session.
There are no economic releases out of the US or Australia today, which should translate into a quiet day for AUD/USD.
The Aussie is coming off an excellent week, gaining 1.36% and hitting its highest level since January. In the month of May, AUD/USD has surged...
USDJPY - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels.
The hourly chart technicals suggests further upside before the downtrend returns.
Risk/Reward would be poor to call a sell from current...
The euro has posted slight losses on Friday. EUR/USD is down 0.28%, trading at 1.0837 in the North American session at the time of writing.
The April inflation report showed that headline inflation remained steady at 2.4% y/y, holding at its lowest level in almost three years. Services inflation and energy prices declined, while food, alcohol and tobacco prices...
CN50USD - 24h expiry
Price action has stalled at good support levels and currently trades just above here (12550).
Price action looks to be forming a bottom.
Risk/Reward would be poor to call a buy from current levels.
A move through 12650 will confirm the bullish momentum.
The measured move target is 12800.
We look to Buy at 12550 (stop at 12450)
Our...
The Japanese yen climbed as much as 0.85% earlier on Thursday but has pared most of those gains. USD/JPY is trading at 155.38, up 0.31% in the European session.
Japan’s economy contracted in the first quarter. GDP declined by 2% y/y in the first quarter, following a revised 0% reading in Q4 2023. This was weaker than the market estimate of -15.%. On a quarterly...
