GBP/USD continues its downswing. The pound is trading at 1.2340, down 0.20% and is at a one-month low against the US dollar.
The UK releases retail sales for April on Friday. On an annualized basis, the headline and core readings are expected to decline by 2.8% in April, which would indicate that UK consumers continue to hold tight onto the purse strings....
EURJPY - 24h expiry
A Doji style candle has been posted from the high.
We are trading at overbought extremes.
A lower correction is expected.
The bias is still for higher levels and we look for any dips to be limited.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
We look to Buy at 149.05 (stop at 148.65)...
NIK225 - 24h expiry
We are trading at oversold extremes.
A higher correction is expected.
This is positive for sentiment and the uptrend has potential to return.
The 50% Fibonacci retracement is located at 30124 from 28893 to 31355.
Further upside is expected although we prefer to buy into dips close to the 30125 level.
We look to Buy at 30125 (stop at...
GBP/USD is down for a third straight day, trading at 1.2374, down 0.33%. Earlier, GBP/USD touched a low of 1.2369, its lowest level since April 18th. The FOMC releases the minutes of the May meeting later today.
The closely-watched UK inflation report for April was a disappointment. There was some good news as headline inflation fell to 8.7%, down sharply from...
AUDUSD - 24h expiry
We are trading at oversold extremes.
Price action looks to be forming a bottom.
Indecisive price action has resulted in sideways congestion on the intraday chart.
This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher.
Previous support located at 0.6574.
We look to Buy...
GER40 - 24h expiry
Daily signals are bullish.
We are trading at overbought extremes.
Short-term momentum is bearish.
A lower correction is expected.
The 1-day moving average should provide support at 15980.
The sequence for trading is higher highs and lows.
We look to Buy at 15981 (stop at 15896)
Our profit targets will be 16191 and 16241
Resistance:...
GBPAUD - 24h expiry
Previous support located at 1.8700.
Previous resistance located at 1.8800.
Indecisive price action has resulted in sideways congestion on the intraday chart.
Momentum is flat, highlighting the lack of clear direction.
Risk/Reward would be poor to call a buy from current levels.
We look to Buy at 1.8650 (stop at 1.8599)
Our profit...
GBP/USD is trading quietly at 1.2423, down 0.11% on the day.
UK inflation has been a thorn in the side of the Bank of England for months and is still above 10%. The UK releases the April inflation report on Wednesday and relief may finally have arrived. Headline CPI is expected to fall from 10.1% all the way to 8.3% y/y. That would be welcome news, but core CPI,...
GER40 - 24h expiry
Price action continues to trade around the all-time highs.
Daily signals for sentiment are at overbought extremes.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
A higher correction is expected.
A break of the recent low at 16190 should result in a further move lower.
We look to Sell...
USDCHF - 24h expiry - We look to Buy at 0.8963 (stop at 0.8938)
Short-term bias has turned positive.
Trend line support is located at 0.8960.
Intraday dips continue to attract buyers and there is no clear indication that this trading sequence is ending.
We are trading at oversold extremes.
We look to buy dips.
Our profit targets will be 0.9023 and 0.9033...
NZDUSD - 24h expiry
Previous support located at 0.6275.
Previous resistance located at 0.6300.
The trend of higher lows is located at 0.6190.
Further upside is expected.
A move through 0.6300 will confirm the bullish momentum.
We look to Buy at 0.6255 (stop at 0.6230)
Our profit targets will be 0.6315 and 0.6325
Resistance: 0.6300 / 0.6310 /...
The New Zealand dollar is coming off a strong week, with gains of 1.36%. In Monday's North American session, NZD is unchanged, trading at 0.6274.
New Zealand releases retail sales on Tuesday. The central bank's tightening has hampered consumer spending and the markets are bracing for a decline in retail sales for the first quarter. Headline retail sales are...
GER40 - 24h expiry
Price action continues to trade around the all-time highs.
Daily signals for sentiment are at overbought extremes.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
A higher correction is expected.
A break of the recent low at 16240 should result in a further move lower.
We look to Sell...
USDCHF - 24h expiry
The previous resistance level of 0.9000 was broken.
We expect a reversal in this move.
A lower correction is expected.
We look to buy dips.
20 4-hour EMA is at 0.9005. Our outlook is bullish.
We look to Buy at 0.8995 (stop at 0.8970)
Our profit targets will be 0.9055 and 0.9065
Resistance: 0.9050 / 0.9062 / 0.9080
Support: 0.9042 /...
The Canadian dollar is trading quietly ahead of a key retail sales report later today. USD/CAD is trading in Europe at 1.3484, down 0.13%.
The Canadian consumer is holding tightly to their wallet, which is not all that surprising in the current economic climate. Inflation ticked higher in April, rising from 4.3% to 4.4%. Add in high interest rates and it's not...
GER40 - 24h expiry
Price action continues to trade around the all-time highs.
16301 has been pivotal.
Short-term momentum is bullish.
We are trading at overbought extremes.
Early optimism is likely to lead to gains although extended attempts higher are expected to fail.
We look for a temporary move higher.
We look to Sell at 16297 (stop at 16377)
Our...
ASX200 - 24h expiry
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.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.
The hourly chart...
The yen woes continue, as the currency has plunged a massive 400 points over the past week. In Thursday's North American session, the yen is trading at 138.52, up 0.60% on the day. USD/JPY hasn't been at such high levels since November 2022.
All eyes will be on Japan's Core CPI release early on Friday. This is a key inflation indicator and could move the dial of...
