The UK economy has been struggling and Friday's GDP is expected to indicate negative growth, with a market consensus of -0.1% q/q for the third quarter. In Q2, GDP showed a small gain of 0.2%. August GDP is expected at 0.0% m/m, after a 0.2% gain in September. A soft GDP report will raise speculation about a recession and could weigh on the pound.
Bank of England...
The New Zealand dollar is in positive territory on Wednesday. In the European session, NZD/USD is trading at 0.5926, up 0.26%.
New Zealand's manufacturing sector has been in decline for seven consecutive months and little change is expected from the October PMI, which will be released on Friday. The market consensus stands at 45.0, compared to 45.3 in September,...
DE30EUR - 24h expiry
The bullish engulfing candle on the 4 hour chart the positive for sentiment.
Our short term bias remains positive.
The overnight dip has been bought into and there is scope for further bullish pressure going into this morning.
A break of yesterdays high would confirm bullish momentum.
Short term RSI is moving higher.
We look to Buy a...
NZDJPY - 24h expiry
There is no clear indication that the upward move is coming to an end.
A lower correction is expected.
Risk/Reward would be poor to call a buy from current levels.
A move through 89.50 will confirm the bullish momentum.
The measured move target is 90.00.
We look to Buy at 89.00 (stop at 88.60)
Our profit targets will be 90.00 and 90.20...
The British pound has edged lower on Wednesday. In the North American session, GBP/USD is trading at 1.2287, down 0.10%. There are no tier-1 releases out of the UK or the US today, leaving investors to focus on comments from Bank of England Governor Bailey earlier in the day.
The Bank of England kept rates on hold for a second straight time last week at 5.25%,...
GER40 - 24h expiry
Daily signals are mildly bearish.
Negative overnight flows lead to an expectation of a weaker open this morning.
A break of the recent low at 15070 should result in a further move lower.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
Short term momentum is bearish.
We look to Sell a...
EURAUD - 24h expiry
There is no clear indication that the upward move is coming to an end.
Further upside is expected.
Risk/Reward would be poor to call a buy from current levels.
Short term RSI is moving higher.
A move through 1.6650 will confirm the bullish momentum.
We look to Buy at 1.6600 (stop at 1.6550)
Our profit targets will be 1.6720 and 1.6750...
The New Zealand dollar is down sharply on Tuesday. In the North American session, NZD/USD is trading at 0.5927, down 0.61%. It has been a roller-coaster ride for the New Zealand currency, which continues to swing wildly. Last week, NZD/USD surged 3.24%, its best weekly performance since October 2022. This week has been all red for the New Zealand dollar, which has...
GBPJPY - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
A lower correction is expected.
Short term bias has turned positive.
Preferred trade is to buy on dips.
Previous resistance at 184.29 now becomes support.
We look to Buy at 184.30 (stop at 183.70)
Our profit targets will be 185.80 and...
NZDJPY - 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 89.80 will confirm the bullish momentum.
The measured move...
The Australian dollar has edged lower on Monday, after huge gains on Friday. In the North American session, AUD/USD is trading at 0.6499, down 0.21%.
On Friday, the Aussie posted spectacular gains, rising 1.22% and hitting its highest level since August 10th. The US dollar retreated against the majors on Friday, suffering sharp losses after a softer-than-expected...
Gold - 24h expiry
Price action continues to be mixed and volatile for 4 days in succession resulting in spikes in both directions.
Trading within a Bullish Channel formation.
Trend line support is located at 1975.
Trend line resistance is located at 2021.
Bespoke support is located at 1970.
A Fibonacci confluence area is located at 2033.
We look to Buy at...
US500 - Intraday
Price action has formed an expanding wedge formation.
The formation has a measured move target of 4540.
The trend of lower highs is located at 4323.
Bespoke resistance is located at 4331.
A break of 4340 is needed to confirm follow through bullish momentum.
Economic figures could adversley affect the short term technical picture.
We look...
The Canadian dollar is showing little movement on Friday. In the European session, USD/CAD is trading at 1.3740, up 0.03%.
The week wraps up with US and Canadian employment reports, which could mean volatility from the Canadian dollar during the North American session.
The US releases nonfarm payrolls, which had a massive September and crushed expectations with...
WTI - Intraday
The AB=CD formation target is located at 70.19.
Reverse trend line resistance comes in at 83.91.
Bespoke resistance is located at 84.06.
Preferred trade is to sell into rallies.
The medium term bias remains bearish.
We look to Sell at 84.00 (stop at 85.50)
Our profit targets will be 80.20 and 79.60
Resistance: 83.91 / 84.06 /...
HS50 - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
The 200 day moving average should provide resistance at 17520.
This is negative for sentiment and the downtrend has potential to return.
The hourly chart technicals suggests further upside before the downtrend returns.
We therefore, prefer...
The British pound has posted strong gains on Thursday. In the European session, GBP/USD is trading at 1.2216, up 0.54%.
Bank of England pauses
The Bank of England voted to maintain interest rates at 5.25% at today's meeting. The pauses follow 14 straight rate increases in the current tightening cycle which began in December 2021. The move indicates that the MPC...
UK100GB - 24h expiry
Price action looks to be forming a bottom.
Short term RSI is moving higher.
Risk/Reward would be poor to call a buy from current levels.
A move through 7400 will confirm the bullish momentum.
The measured move target is 7500.
We look to Buy at 7350 (stop at 7300)
Our profit targets will be 7470 and 7500
Resistance: 7400 / 7450 /...
