NIK225 - 24h expiry -
Selling pressure from 28805 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.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Further upside is expected...
The Australian dollar has plunged on Tuesday. AUD/USD is trading at 0.6632, down 0.95% on the day. The Aussie is under strong downward pressure, having lost around 1.7% since Thursday.
Australia releases inflation on a quarterly basis, which magnifies the impact of the release. Inflation has been falling and this trend is expected to continue in the Wednesday...
AUDJPY - 24h expiry -
The medium term bias remains bearish.
In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower.
Neckline support is 89.40.
Bespoke resistance is located at 89.92.
Preferred trade is to sell into rallies.
We look to Sell at 89.92...
NZDJPY - 24h expiry - We look to Sell at 83.00 (stop at 83.40)
Previous support located at 82.25.
Previous resistance located at 82.75.
Broken out of the triangle formation to the downside.
We look for a re-test of the upward trending resistance.
A move through 82.50 will confirm the bearish momentum.
Our profit targets will be 82.00 and 81.80...
This week's data calendar out of Japan will be dominated by inflation releases and the Bank of Japan's two-day meeting at the end of the week. Traders will be keeping a close eye on BoJ Core CPI, which will be released on Tuesday. The index, which is the BoJ's preferred inflation gauge, fell from 3.1% to 2.7% in February. Another drop would support the central...
GER40 - 24h expiry - We look to Buy a break of 16001 (stop at 15899)
There is no clear indication that the upward move is coming to an end.
We are trading at overbought extremes.
Daily signals are bullish.
15925 has been pivotal.
A break of the recent high at 15980 should result in a further move higher.
Our profit targets will be 16251 and 16301...
Palladium - 24h expiry -
The primary trend remains bearish.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
Price action has posted a Doji candle and signals a possible reversal of the recent trend.
The bias is to break to the downside.
Our outlook is bearish.
We look to Sell a break of 1572.9 (stop at...
The Australian dollar has been relatively quiet during the week but is getting pummelled on Friday. AUD/USD is trading at 0.6685, down 0.84% on the day. The sharp drop can be attributed to technical factors and hawkish comments from Fed members on Thursday.
The Federal Reserve is not yet ready to wrap up its current rate-tightening cycle and has sent out the...
EURCHF - 24h expiry - We look to Sell at 0.9833 (stop at 0.9863)
Our short-term bias remains negative.
Intraday rallies continue to attract sellers and there is no clear indication that this trading sequence is ending.
50 4-hour EMA is at 0.9834.
The preferred trade is to sell into rallies.
We look for a temporary move higher.
Our profit targets will be...
GER40 - 24h expiry -
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
Price action has posted a Doji candle and confirms a possible stall in the recent move.
The trend of higher intraday lows has also been broken.
We are trading at overbought extremes.
A higher correction is expected.
A break of the...
NZDJPY - 24h expiry - We look to Sell a break of 82.75 (stop at 83.15)
Previous support located at 82.75.
Previous resistance located at 83.25.
Broken out of the triangle formation to the downside.
A break of yesterdays low would confirm bearish momentum.
A move through 82.75 will confirm the bearish momentum.
Our profit targets will be 81.75 and 81.50...
The NAB Business Confidence Index declined for a second straight quarter, falling by 4 pts. This missed the estimate of 2 and follows a Q4 2022 reading of -1. Business Conditions also dropped by 4 pts. The NAB found that businesses remain most concerned about wage growth and continue to report a shortage of workers. The good news was that supply chains have...
EURNZD - 24h expiry -
Intraday dips continue to attract buyers and there is no clear indication that this trading sequence is ending.
Our short-term bias remains positive.
We look to buy dips.
50 4-hour EMA is at 1.7623.
Bespoke support is located at 1.7640.
We look to Buy at 1.7645 (stop at 1.7595)
Our profit targets will be 1.7765 and 1.7785...
EURAUD - 24h expiry - We look to Sell at 1.6345 (stop at 1.6401)
Previous support located at 1.6300.
Previous resistance located at 1.6350.
Price action looks to be forming a top.
The trend of higher intraday lows has also been broken.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.6350, resulting in...
NZDUSD - 24h expiry - We look to Sell at 0.6240 (stop at 0.6265)
Previous support located at 0.6200.
Previous resistance located at 0.6220.
Further downside is expected.
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.
Our profit targets will be...
UK inflation remains hot and stubbornly high. In March, headline CPI dropped to 10.1%, down from 10.4% but above the consensus estimate of 9.8%. Inflation is still stuck in double digits, but the silver lining is that inflation has resumed its downswing after unexpectedly rising in February from 10.4% to 10.1%. The core rate remained unchanged at 6.2%, above the...
Gold - 24h expiry -
We have posted an inside Harami candle on the daily chart.
A clear sign of investor indecision.
A bullish reverse Head and Shoulders is forming.
Bespoke support is located at 1995.
The formation has a measured move target of 2041.
Dip buying offers good risk/reward.
We look to Buy at 1991 (stop at 1976)
Our profit targets will be...
ASX200 - 24h expiry - We look to Buy at 7316 (stop at 7266)
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.
We look to buy dips.
Further upside is expected although we prefer to buy into dips close to the 7310 level.
Our profit targets...
