GBPUSD - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
This is positive for sentiment and the uptrend has potential to return.
The hourly chart technicals suggests further downside before the uptrend returns.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move...
NIK225 - 24h expiry
Selling pressure from 29249 resulted in all the initial daily gains being overturned.
The current move lower is expected to continue.
The bias is still for higher levels and we look for any dips to be limited.
The trend of higher lows is located at 28562.
Preferred trade is to buy on dips.
We look to Buy at 28805 (stop at 28665)
Our...
EURJPY - 24h expiry
Buying pressure from 147.88 resulted in prices rejecting the dip.
The current move higher is expected to continue.
This is positive for sentiment and the uptrend has potential to return.
Previous resistance located at 149.27.
Further upside is expected, however, due to the strong resistance above we prefer to buy a break of 149.27, which...
USD/JPY continues to have a quiet week and is almost unchanged, trading at 135.20.
The markets will be keeping a close eye on the Bank of Japan's Summary of Opinions, which will be released later today. The summaries rarely move the dial on the yen, but this summary could be different, as it covers the April meeting which was the first chaired by Governor Kazuo...
EURUSD - 24h expiry
Continued downward momentum from 1.1053 resulted in the pair posting net daily losses yesterday.
There is no sign that this bearish momentum is faltering but the pair has stalled close to a previous swing low of 1.1008. Intraday, and we are between bespoke support and resistance 1.0860-1.0988.
There is scope for mild buying at the open but...
NZDJPY - 24h expiry
Previous support located at 85.00.
Previous resistance located at 85.50.
Price action looks to be forming a top.
Short term momentum is bearish.
A move through 85.00 will confirm the bearish momentum.
We look to Sell a break of 85.28 (stop at 85.78)
Our profit targets will be 84.08 and 83.78
Resistance: 85.50 / 85.80 / 86.00
Support:...
AUDUSD - 24h expiry
There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 0.6806.
We are trading at overbought extremes. A lower correction is expected.
Short term bias is bullish.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
We look to Buy at...
USD/JPY is almost unchanged today, trading at 135.18.
Japan's households are again holding tightly to the purse strings, as household spending fell 1.9% y/y in March, following a 1.6% gain in February. The consensus estimate stood at 0.4%. Household spending has been in a slump, with only one gain in the past five readings.
There was no relief from wage data, as...
The Australian dollar is in negative territory, ending a rally of close to 200 points. In the European session, AUD/USD is trading at 0.6760, down 0.29% on the day.
Australian retail sales posted a decline of 0.6% in the first quarter, following a downwardly revised reading of -0.3% in Q4 2022. The reading matched the consensus, but investors were not pleased...
NZDUSD - 24h expiry
We expect a reversal in this move.
Price action looks to be forming a top.
A move through 0.6340 will confirm the bearish momentum.
Momentum is flat, highlighting the lack of clear direction.
The measured move target is 0.6250.
We look to Sell a break of 0.6340 (stop at 0.6370)
Our profit targets will be 0.6270 and 0.6250...
USDJPY - 24h expiry
Trend line support is located at 134.00.
The trend of higher lows is located at 129.80.
We can see no technical reason for a change of trend.
The Risk/Reward would be poor to call a buy from current levels.
A move through 135.00 will confirm the bullish momentum.
We look to Buy at 134.05 (stop at 133.55)
Our profit targets will be...
USDCHF - 24h expiry
The primary trend remains bearish.
Preferred trade is to sell into rallies.
20 1day EMA is at 0.8944.
Intraday rallies continue to attract sellers and there is no clear indication that this sequence for trading is coming to an end.
The bearish engulfing candle on the 4-hour chart is negative for sentiment.
We look to Sell at 0.8944 (stop...
GBPCHF - Intraday
Buying pressure from 1.1108 resulted in prices rejecting the dip.
The current move higher is expected to continue.
Although this gives the medium term bias a mild bullish edge, we expect intraday trading to continue to be mixed and volatile.
Preferred trade is to sell into rallies.
Further downside is expected although we prefer to set...
The Canadian dollar continues to rally today and has climbed 120 points since Tuesday. Earlier in the day, USD/CAD touched a low of 1.3490, its lowest level since April 21st.
The markets will be treated to key employment numbers on both sides of the border later today. Canada is expected to have added 20,000 new jobs in April, following 34,700 in March. This...
AUDUSD - 24h expiry
We are trading at overbought extremes.
Indecisive price action has resulted in sideways congestion on the intraday chart.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
Previous resistance located at 0.6793.
The hourly chart technicals suggests further upside...
CHN50 - 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.
The hourly chart technicals suggests further upside before the downtrend returns.
The bias is still for lower...
USDCAD - 24h expiry
Previous support located at 1.3570.
Previous resistance located at 1.3600.
Indecisive price action has resulted in sideways congestion on the intraday chart.
Momentum is flat, highlighting the lack of clear direction.
We have a 61.8% Fibonacci pullback level of 1.3525 from 1.3640 to 1.3570.
Risk/Reward would be poor to call a buy from...
EUR/USD is trading quietly on Thursday, ahead of the ECB decision later today.
All eyes are the ECB, which is expected to raise rates at today's meeting. The burning question remains will the central bank increase rates by 25 or 50 basis points? The eurozone April inflation report, published Tuesday, didn't provide any insights as both the headline and core...
