US500 - Intraday - We look to Buy at 4096 (stop at 4066)
Posted a Bullish Outside candle on the Daily chart.
There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 4153.
The bias remains mildly bullish but there is scope for a move in either direction at the open.
Trading within a Bullish Channel...
The British pound is poised to post its fifth successive winning week. During this time, the GBP/USD has sparkled, rallying almost 500 points.
This week's UK releases have not been as positive as the pound's upswing. GDP was flat in February on a monthly basis, down from 0.4% in January and unable to hit the estimate of 0.1%. Manufacturing Production was also...
EURCHF - 24h expiry - We look to Sell at 0.9856 (stop at 0.9886)
Broken out of the channel formation to the downside.
Previous support at 0.9860 now becomes resistance.
Our short term bias remains negative.
Daily signals are mildly bearish.
Preferred trade is to sell into rallies.
Our profit targets will be 0.9786 and 0.9776
Resistance: 0.9830 / 0.9845 /...
USDCHF - 24h expiry -
There is no clear indication that the downward move is coming to an end.
A Morning Doji Star formation has been posted at the low.
We look for a temporary move higher.
Previous support at 0.8950 now becomes resistance.
20 4-hour EMA is at 0.8950.
We look to Sell at 0.8952 (stop at 0.8982)
Our profit targets will be 0.8877 and...
NZDUSD - 24h expiry - We look to Sell a break of 0.6269 (stop at 0.6297)
Previous support located at 0.6270.
Previous resistance located at 0.6300.
The move higher is mixed and volatile, common in corrective sequences.
We expect a reversal in this move.
A move through 0.6270 will confirm the bearish momentum.
Our profit targets will be 0.6201 and...
Australia posted a blowout employment report today, giving the Australian dollar a strong boost. The economy created 53,000 new jobs in March, after a downwardly revised 63,600 a month earlier. This crushed the estimate of 20,000 and especially impressed as full-time employment increased by 72,000 (part-time decreased by 19,200). Unemployment was unchanged at...
USDCHF - 24h expiry -
Trades at the lowest level in 21 months.
Our short-term bias remains negative.
There is no clear indication that the downward move is coming to an end.
Previous support at 0.9040 now becomes resistance.
The preferred trade is to sell into rallies.
We look to Sell at 0.9038 (stop at 0.9068)
Our profit targets will be 0.8963 and...
GBPAUD - 24h expiry - We look to Buy at 1.8510 (stop at 1.8455)
Previous support located at 1.8550.
Previous resistance located at 1.8700.
Trading within a Bullish Channel formation.
Our expectation now is for this swing lower to continue towards the bottom of the trend channel, to complete a correction before buyers return.
Risk/Reward would be poor to call...
EURNZD - 24h expiry - We look to Sell a break of 1.7598 (stop at 1.7648)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
We are trading at overbought extremes.
A higher correction is expected.
A break of the recent low at 1.7606 should result in a further move lower.
Bearish divergence is expected to cap...
GER40 - 24h expiry -
Daily signals are bullish.
Traded to the highest level in 62 weeks.
There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 15683.
15791 has been pivotal.
A break of the recent high at 15791 should result in a further move higher.
We look to Buy a break of 15801 (stop at...
NZDUSD - 24h expiry - We look to Sell at 0.6240 (stop at 0.6270)
Previous support located at 0.6200.
Previous resistance located at 0.6225.
The trend of higher intraday lows has also been broken.
Risk/Reward would be poor to call a sell from current levels. Further downside is expected.
Our profit targets will be 0.6175 and 0.6150
Resistance: 0.6225 /...
ASX200 - 24h expiry - We look to Buy at 7270 (stop at 7220)
Previous resistance level of 7272 broken.
Our short term bias remains positive.
We are trading at overbought extremes.
A lower correction is expected.
We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Our profit targets will be 7390 and...
The Eurozone economy continues to recover, but there is plenty of work ahead. The Sentix Investor Confidence index improved to -8.7 in April, above the March read of -11.1 and better than the estimate of -11.7 points. The concerns over an energy crisis in Europe this winter failed to materialize and Germany and the rest of the eurozone came out of the winter...
UK100 - 24h expiry -
Previous support located at 7740.
Previous resistance located at 7800.
We are trading close to the end of an ascending Ending Wedge Formation.
We expect a reversal in this move.
A move through 7740 will confirm the bearish momentum.
We look to Sell a break of 7740 (stop at 7820)
Our profit targets will be 7560 and 7550
Resistance:...
NZDJPY - 24h expiry - We look to Buy at 82.25 (stop at 81.75)
Previous support located at 82.50.
Previous resistance located at 83.00.
Price action has stalled at good support levels and currently trades just above here (82.25).
The correction lower is assessed as being complete.
Further upside is expected.
Our profit targets will be 83.45 and 83.50...
Bank of Japan Governor Ueda spoke at his first news conference as head of the central bank today. It wasn't quite a State of the Union address, but Ueda's message was clear - the current monetary policy was appropriate and he had no plans to make any major shifts.
There has been strong speculation that Ueda will make some significant moves, perhaps not right away...
NASDAQ - 24h expiry - We look to Buy at 12892 (stop at 12822)
Posted Mixed Daily results for the last 6 days.
Bespoke support is located at 12892.
A move to 13153 will form an intraday bearish Gartley pattern.
Preferred trade is to buy on dips.
Dip buying offers good risk/reward.
Our profit targets will be 13153 and 13235
Resistance: 13100 / 13153 /...
Palladium - 24h expiry -
Offers ample risk/reward to buy at the market.
We are trading at oversold extremes.
Trend line support is located at 1420.
Early pessimism is likely to lead to losses although extended attempts lower are expected to fail.
We look for a temporary move lower.
We look to Buy at 1421.2 (stop at 1397.1)
Our profit targets will be...
