EURNZD - 24h expiry
Our short-term bias remains negative.
The lack of interest is a concern for bulls.
Previous resistance is located at 1.7440.
We look for a temporary move higher.
50 4-hour EMA is at 1.7420.
We look to Sell at 1.7447 (stop at 1.7517)
Our profit targets will be 1.7267 and 1.7227
Resistance: 1.7350 / 1.7400 / 1.7440
Support: 1.7305 /...
AUDUSD - 24h expiry
There is no sign that this bearish momentum is faltering but the pair has stalled close to a previous swing low of 0.6629.
Bullish divergence can be seen on the 4 hour chart (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher.
Indecisive price...
GBPAUD - 24h expiry
Previous support located at 1.8740.
Previous resistance located at 1.8800.
Broken out of the triangle formation to the upside.
Further upside is expected.
Risk/Reward would be poor to call a buy from current levels.
We look to Buy at 1.8715 (stop at 1.8650)
Our profit targets will be 1.8825 and 1.8850
Resistance: 1.8800 / 1.8850 /...
The Japanese yen is on a four-day losing streak and is in negative territory on Wednesday. In the North American session, the yen is trading at 137.39, up 0.74% on the day.
Japan's GDP in the first quarter was higher than expected. The economy grew by 1.6% y/y, after a 0.1% decline in Q4 2022 and easily beat the estimate of 0.7%. On a quarterly basis, GDP...
EURUSD - 24h expiry
Price action continues to be mixed and volatile for 2 days in succession resulting in spikes in both directions.
Price action has formed an intraday bullish Bat pattern.
Selling posted in Asia.
The previous swing low is located at 1.0831.
Bespoke support is located at 1.0827.
There is scope for mild selling at the open but losses should...
NZDUSD - 24h expiry
Previous support located at 0.6225.
Previous resistance located at 0.6250.
Price action looks to be forming a bottom.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6250 will confirm the bullish momentum.
We look to Buy at 0.6190 (stop at 0.6160)
Our profit targets will be 0.6265 and 0.6285
Resistance:...
EURCHF - 24h expiry
Daily signals are bearish.
There is no clear indication that the downward move is coming to an end.
Preferred trade is to sell into rallies.
20 1day EMA is at 0.9788.
We are trading at oversold extremes.
We look to Sell at 0.9788 (stop at 0.9808)
Our profit targets will be 0.9738 and 0.9728
Resistance: 0.9740 / 0.9760 /...
After three straight days of sharp movement, the pound has settled down on Tuesday and is slightly lower, trading at 1.2496.
Is the UK labour market showing signs of strain? Today's employment numbers are pointing in that direction. The unemployment rate rose to 3.9%, up from 3.8% which was also the estimate. Unemployment claims rose by 46,700, up from 26,500 and...
FRA40 - 24h expiry
Trend line support is located at 7400.
Previous resistance located at 7450.
Price continues to trade within the triangle formation.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
We look to Buy at 7400 (stop at 7370)
Our profit targets will be 7470 and 7500
Resistance: 7450 / 7470 /...
CHN50 - 24h expiry
Buying pressure from 12916 resulted in prices rejecting the dip.
The current move higher is expected to continue.
The bias is still for lower levels and we look for any gains to be limited.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Further downside is expected although we prefer to...
GDP/USD has started the week in positive territory, after a two-day slide that saw the pound lose 1.5%. In the North American session, GBP/USD is trading at 1.2514, up 0.54%.
On the economic calendar, it's a fairly quiet start to the week. There are no releases out of the UK. In the US, the Empire State Manufacturing Index slid to -31.8, versus 10.8 prior and an...
AUDJPY - 24h expiry
The downward trending resistance line at 91.30 should provide the ideal target and fade level as medium term bears build positions into the current strength.
Previous support level of 90.50 broken.
The trend of higher intraday lows has also been broken.
Further downside is expected.
Risk/Reward would be poor to call a sell from current...
Palladium - 24h expiry
There is no indication that the selloff is coming to an end.
We look for losses to be extended today.
Short-term oscillators have turned negative.
Expect trading to remain mixed and volatile.
The primary trend remains bearish.
We look to Sell a break of 1501.8 (stop at 1525.8)
Our profit targets will be 1441.8 and 1431.8...
AUDJPY - 24h expiry
Previous support located at 90.00.
Previous resistance located at 90.50.
The trend of higher intraday lows has also been broken.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
We look to Sell at 90.50 (stop at 90.90)
Our profit targets will be 89.50 and 89.30
Resistance: 90.25 / 90.50 /...
GBP/USD is trading at 1.2517 in Europe, almost unchanged.
In the UK, GDP declined by 0.3% in March m/m, below the 0.1% estimate and the February reading of 0.0%. Still, the economy managed to gain 0.1% in the first quarter, unchanged from Q4 2022 and matching the estimate.
There was no surprise as the Bank of England raised rates by 25 basis points, bringing the...
FRA40 - 24h expiry
Previous support located at 7350.
Previous resistance located at 7425.
Price action looks to be forming a bottom.
Risk/Reward would be poor to call a buy from current levels.
Short term RSI has turned positive.
We look to Buy at 7325 (stop at 7275)
Our profit targets will be 7445 and 7450
Resistance: 7425 / 7450 / 7500
Support: 7350...
NZDUSD - 24h expiry
Previous support located at 0.6300.
Previous resistance located at 0.6325
There is no indication that the selloff is coming to an end.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
We look to Sell at 0.6325 (stop at 0.6355)
Our profit targets will be 0.6255 and 0.6250
Resistance: 0.6325 /...
The Swiss franc has fallen considerably on Thursday. In the North American session, USD/CHF is trading at 0.8950, up 0.59% on the day.
Swiss National Bank President Jordan reiterated a hawkish message on Wednesday that he sent out a week ago. Jordan said that he could not rule out further rate hikes, noting that current monetary policy was not restrictive enough....
