The week wrapped up on a high note, as June US retail sales beat expectations. The headline and core readings both accelerated in June, with solid gains of 1.0%. This indicates that US consumers are still spending despite the toll that higher inflation and higher rates are taking on disposable income. The strong retail sales report will raise expectations that the...
Silver - Intraday - We look to Sell at 18.85 (stop at 19.09)
The medium term bias remains bearish. Previous support level of 18.74 broken. A weaker opening is expected to challenge bullish resolve. Bespoke resistance is located at 18.85. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 18.85, resulting in...
GBPUSD - Intraday - We look to Sell at 1.1930 (stop at 1.1995)
Buying pressure from 1.1760 resulted in prices rejecting the dip. The bias is still for lower levels and we look for any gains to be limited. This is negative for sentiment and the downtrend has potential to return. We therefore, prefer to fade into the rally with a tight stop in anticipation of a...
The Japanese yen has been pummeled today by the US dollar. USD/JPY is currently trading at 139.22, up 1.29% on the day.
The US dollar is showing broad strength today, and for the yen that has meant a new 20-year low, as USD/JPY touched 139.39 earlier in the day. The symbolic 140.00 line is within striking distance, and it would certainly be memorable if the yen...
NZDJPY - Intraday - We look to Buy at 84.43 (stop at 83.98)
A sequence of intraday higher highs and lows has been posted. This is positive for sentiment and the uptrend has potential to return. Buying pressure from 84.36 resulted in prices rejecting the dip. Further upside is expected. We look to buy dips.
Our profit targets will be 85.59 and 86.00
...
WTI - Intraday - We look to Sell at 97.76 (stop at 101.20)
The medium term bias remains bearish. A firmer opening is expected to challenge bearish resolve. Resistance is located at 98.00 and should cap gains to this area. Preferred trade is to sell into rallies.
Our profit targets will be 88.10 and 84.00
Resistance: 98.00 / 112.00 / 126.00
Support: ...
AUDUSD - Intraday - We look to Sell at 0.6840 (stop at 0.6890)
Buying pressure from 0.6730 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.
Our...
The British pound has taken investors for a ride today, as GBP/USD dropped sharply but has since recovered. In the North American session, GBP/USD is trading at 1.1856, down 0.28%. It has been a busy day on the economic calendar, with a host of UK releases and the US inflation report.
In the US, the long-sought-after inflation peak remains as elusive as ever. The...
GBPNZD - Intraday - We look to Buy at 1.9300 (stop at 1.9190)
Previous support located at 1.9350. Previous resistance located at 1.9400. A lower correction is expected. Risk/Reward would be poor to call a buy from current levels. A move through 1.9400 will confirm the bullish momentum.
Our profit targets will be 1.9525 and 1.9550
Resistance: 1.9400 /...
WTI - Intraday - We look to Sell at 96.74 (stop at 100.41)
The medium term bias remains bearish. A sequence of daily lower lows and highs has been posted. We can see no technical reason for a change of trend. There is scope for mild buying at the open but gains should be limited. Further downside is expected although we prefer to sell into rallies close to the...
EURUSD - Intraday - We look to Buy at 1.0004 (stop at 0.9936)
Short term bearish momentum has stalled. We look for a temporary move higher. Preferred trade is to buy on dips. Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 1.0181 and 1.0250
Resistance: 1.0200 / 1.0780 / 1.1470
Support:...
For those following the euro's close encounters with parity, the currency played a game of tease earlier today. In the European session, EUR/USD dropped to parity with the US dollar, a line of psychological importance. However, the euro would not budge any lower, and is currently at 1.0068 in the North American session, up 0.28% today. I would not be surprised if...
GBPAUD - Intraday - We look to Sell at 1.7642 (stop at 1.7717)
Intraday signals are bearish. Rallies continue to attract sellers. We can see no technical reason for a change of trend. Trend line resistance is located at 1.7650. Further downside is expected although we prefer to sell into rallies close to the 1.7650 level.
Our profit targets will be 1.7453 and...
USDCHF - Intraday - We look to Buy at 0.9781 (stop at 0.9758)
Our short term bias remains positive. We are trading at overbought extremes. A lower correction is expected. We look to buy dips. 20 4hour EMA is at 0.9777.
Our profit targets will be 0.9837 and 0.9847
Resistance: 0.9850 / 0.9870 / 0.9900
Support: 0.9820 / 0.9800 / 0.9780
Risk Disclaimer...
GBPUSD - Intraday - We look to Sell at 1.1990 (stop at 1.2070)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. There is no sign that this bearish momentum is faltering but the pair has stalled close to a previous swing low of 1.1875. We are trading at oversold extremes. A higher correction is expected. The...
NZDUSD - Intraday - We look to Sell at 0.6150 (stop at 0.6200)
Previous support located at 0.6100. Previous resistance located at 0.6150. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 0.6150, resulting in improved risk/reward. A move through 0.6075 will confirm the bearish momentum.
Our profit targets will...
It is looking like July 2022 could be a memorable month for the euro, but unfortunately not for the right reasons. EUR/USD is within a whisker of dropping below parity with the US dollar for the first time since 2002 and the risk of a break below parity below in the coming days remains high. In the North American session, EUR/USD is trading at 1.008, down...
AUDUSD - Intraday - We look to Buy at 0.6765 (stop at 0.6715)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. The current move lower is expected to continue. Previous support located at 0.6762. Preferred trade is to buy on dips. Although the anticipated move higher is corrective, it does offer ample...
