CHN50 - 24h expiry
There is no indication that the selloff is coming to an end.
Further downside is expected.
Short term RSI is moving lower.
Risk/Reward would be poor to call a sell from current levels.
A move through 11000 will confirm the bearish momentum.
We look to Sell at 11100 (stop at 11200)
Our profit targets will be 10850 and 10800
Resistance:...
Palladium - 24h expiry
Yesterday's Marabuzo is located at 973.
Our short term bias remains positive.
We look for gains to be extended today.
Preferred trade is to buy on dips.
With signals for sentiment at oversold extremes, the dip could not be extended.
We look to Buy at 973.5 (stop at 953.5)
Our profit targets will be 1023.5 and 1033.5
Resistance:...
EURAUD - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. A lower correction is expected.
Risk/Reward would be poor to call a sell from current levels.
As this corrective sequence continues we look to set shorts on a rally at better risk/reward levels.
Bespoke resistance is located at 1.6460....
The Australian dollar is in positive territory on Monday after an uneventful week. In the European session, AUD/USD is trading at 0.6603, up o.41%.
The markets are braced for a soft retail sales report on Tuesday, with December's consensus estimate standing at -1.0%. The November report sparkled with a 2% gain, the strongest level since November 2021. The strong...
DE30EUR - 24h expiry
Price action continues to trade around the all-time highs.
The primary trend remains bullish.
We look to buy dips.
20 4hour EMA is at 16865.
Levels close to the 78.6% pullback level of 16863 found buyers.
We look to Buy at 16865 (stop at 16785)
Our profit targets will be 17065 and 17125
Resistance: 16970 / 17004 / 17100
Support:...
EURCHF - Intraday
Short term momentum is bearish.
We look for losses to be extended today.
The bearish engulfing candle on the daily chart is negative for sentiment.
Daily signals are bearish.
A break of the recent low at 0.9385 should result in a further move lower.
We look to Sell at 0.9383 (stop at 0.9407)
Our profit targets will be 0.9323 and 0.9313...
The Japanese yen is drifting on Friday. In the European session, USD/JPY is trading at 147.80, up 0.10%.
Tokyo Core CPI reached a significant milestone today, falling to 1.6% y/y in January, after a December reading of 2.1%. This was the first time the indicator dropped below the Bank of Japan's 2% target since May 2022. The main driver of the decline was lower...
NIK225 - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
A Doji style candle has been posted from the base.
Price action looks to be forming a bottom.
The primary trend remains bullish.
We look to buy dips.
We look to Buy at 35980 (stop at 35760)
Our profit targets will be 36530 and 36630...
The Japanese yen has edged lower on Thursday. In the North American session, USD/JPY is trading at 147.62, up 0.08%.
The US economy continues to surprise with stronger-than-expected data. On Wednesday, the services and manufacturing PMIs both accelerated and beat the estimates, followed by first-estimate GDP for the fourth quarter earlier today.
The economy...
NIK225 - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
Price action looks to be forming a bottom.
The primary trend remains bullish.
We look to buy dips.
Weekly pivot is at 35980.
We look to Buy at 35925 (stop at 35685)
Our profit targets will be 36525 and 36655
Resistance: 37020 / 37940...
The Canadian dollar is showing limited movement on Wednesday. In the North American session, USD/CAD is trading at 1.3436, down 0.19%.
The Bank of Canada will announce its first rate decision of 2024 later today. The BoC has maintained the cash rate at 5.0% for three straight times and barring further acceleration in inflation, the rate-tightening cycle is over....
NZDUSD - 24h expiry
There is no clear indication that the downward move is coming to an end.
Although we remain bearish overall, a correction is possible without impacting the trend lower.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6075 will confirm the bearish momentum.
The measured move target is 0.6025.
We look to Sell...
GBPUSD - 24h expiry
The primary trend remains bullish.
The selloff has posted a correction count on the daily chart.
A move lower faces tough support and we remain cautious on downside potential.
Risk/Reward would be poor to call a buy from current levels.
The preferred trade is to buy on dips.
We look to Buy at 1.2725 (stop at 1.2693)
Our profit targets...
NZDUSD - 24h expiry
Mixed but negative price action has resulted in consecutive, narrow-ranged, sideways trading days.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6100 will confirm the bearish momentum.
The measured move target is 0.6050.
We look to Sell at 0.6125 (stop at 0.6149)
Our profit...
The Japanese yen is in a holding pattern on Monday as the Bank of Japan holds a two-day meeting today and Tuesday. In the European session, EUR/USD is trading at 148.05, down 0.08%.
The yen has been on a rollercoaster in recent weeks. In December, the yen took advantage of a slumping US dollar and surged 4.85%. Those gains have been squandered as the dollar has...
Gold - 24h expiry
A Doji style candle has been posted from the high.
Price action looks to be forming a top.
The 200 day moving average should provide resistance at 2034.94.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
We look for a temporary move higher.
Preferred trade is to...
NAS100USD - Intraday
The 261.8% Fibonacci extension is located at 17117 from 16568 to 16773.
A Fibonacci confluence area is located at 17184.
There is scope for mild selling at the open but losses should be limited.
Previous resistance, now becomes support at 17000.
The medium term bias is neutral.
We look to Buy at 17000 (stop at 16900)
Our profit targets...
The British pound has weakened slightly on Friday. In the European session, GBP/USD is trading at 1.2682, down 0.18%.
The markets were expecting a letdown from December retail sales after a strong November reading, but nobody was expecting a multi-year drop. Yet that's what happened, as retail sales plunged 3.2% m/m, the lowest level since January 2021....
