GBPUSD Stalling ahead of 1.3300 UK data has allowed for further downside towards 1.3300.
At current prices, intraday readings are stretched and
intraday players are likely to scale out here around 1.3300 and trail stops
to 1.3420s.
Fxrenew
GBPUSD Biased Short - UK CPI DueGBP has been in a downtrend for a few weeks now, and is engaging with downwards
momentum once again this morning. However, with CPI due in just ove 2 hours,
we would suggest waiting for the data to hit and playing the reaction.
The market is expecting a neutral/positive number but our analysis would suggest
strong potential for a negative number. Updates to follow.
JPY Pairs Hit on Trump Trump headlines spooked a fairly illiquid market overnight and caused some risk-off tone.
A tad overdone intraday already, plus there is more data due today to take on board.
EURAUD Tags 1.5500Intraday shorts will likely scale out around here.
Short bias remains intact, look for rallies towards 1.5550 to be sold into.
FTSE Biased Long for the 6th week in a rowWe've been suggesting FTSE long to clients for the past 6 weeks and the bias is still in play.
7800 is the main support zone currently. So long as it holds on any retracement,
the bias remains intact. GBP weakness is also helping this trade, since FTSE is priced in GBP.
EURAUD Short Bias in PlayAUD was the strongest comm-doll into the week and clients had been advised
to play Aussie strength vs. Euro.
Further losses are possible, as the market pushes for 1.5500 with Italian political
concerns pressuring the Euro, and the return of European traders after yesterday's
bank holiday.
EURUSD - 1.1800 Keeps Bearish Bias IntactAs EU traders come back to their desks today it will be interesting to see what happens to the Euro.
We bounced the first support zone 1700/20 yesterday and 1.1800 has acted as resistance.
We need more information before making any further decisions.
There is also the feeling that Italian political concerns are overdone.
This all feels a bit premature - patience is needed.
Crude Oil - Long Bias Remains IntactOur bullish call is in play and we are above last week's high.
Further gains look possible given the current conditions.
Crude Oil Probing 72.00 Venezuelan elections and a ballistic missile fired over Saudi’s Jazan City have WTI poised for further upside.
Will 72.00 break this time round?
EURUSD Biased ShortItaly's populist government agenda, alongside rising US Yields have created a divergence which could result in further downside on the Eur.
USDJPY Pushes through 111.00 as US/CHINA Trade War "On Hold"Our bullish call from last week has received a boost from trade negotiations.
We look for a pullback to 111.00/10 to add.
CADJPY Long Bias on Canadian DataWe expect positive data out of Canada today and will be targeting CADJPY if our expectations materialize. - J.P.
AUDNZD Loses 1.0900 Handle - Short Term Outlook now NeutralMomentum has been lost on AudNzd as we fall back below the 1.0900 handle.
Short-term traders can scratch their remaining longs whilst medium-term
traders will have stops still parked around the 1.0850s and waiting to see
the close of business today.
USDJPY Reaches 111.00Our main target was reached. Scale out, cover costs and trail stop.
Long bias is still in play, but no further entries are warranted this week.
Crude Oil - Long Bias timing out72.00 is being rejected and this isn't the kind of performance that we like to see early on in a trade.
Depending on your risk appetite, feel free to scratch this trade and keep your powder dry for other
opportunities.
USDJPY Overbought IntradayUSDJPY has progressed as expected, and is signalling overbought readings. Up here in the 110.70s is a decent place to scale out/cover costs.
EURCAD Biased ShortA combination of Italian political developments and demand for Crude oil are keeping the lid on EURCAD.
Crude Oil Biased LongAs demand remains strong whilst supply tightens, Crude Oil is pressuring 72.00 from below and looks poised for higher prices.
Rather low risk compared to the potential upside.
AUDNZD Vaulting 1.0900Aussie remains unfazed by April jobs report. Data was in line with expectations but we had a weaker March revision.
AUDNZD, which we have been tracking since the beginning of the week, is pressuring 1.0900. Trail stops to today's low,
hold exposure for 1.1000.
Global Volatility MonitorVolatility conditions are intermediate - risks are balanced. Check our Monthly Macro Risk blog post for more information.
USDJPY Biased LongUS yields are back in focus and above 3%. Most other majors have covered their ATR for the week, leaving USDJPY with a tad of space left.
The tight consolidation is something we technically like, despite being uneasy about the North Korea about-face (they are no longer meeting with South Korea). So there are risks to this call.
GBPNZD Setup on UK Employment DataGBPNZD is on our radar as a potential opportunity during the UK Employment report today.
Placing GBP strength (on better data) vs. NZD weakness enhances the odds of having a
profitable trade.
