AUDUSD - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
The selloff has posted a correction count on the daily chart.
Risk/reward is ample to call a buy trade.
Price action looks to be forming a bottom.
Bullish divergence can be seen on the 4 hour chart (the chart makes a lower low while the...
NZDUSD - 24h expiry
Indecisive price action has resulted in sideways congestion on the intraday chart.
Pivot resistance is at 0.6150.
We expect a reversal in this move.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6120 will confirm the bearish momentum.
We look to Sell at 0.6150 (stop at 0.6180)
Our profit targets will be...
The British pound is showing limited movement at the start of the week. In Monday's North American session, GBP/USD is unchanged at 1.2629.
Bank of England Governor Andrew Bailey will speak at a public event later today and the markets will be listening carefully, looking for hints about the BoE's future rate path. The BOE kept rates unchanged at 5.25% for a...
GER40 - 24h expiry - We look to Buy at 16920 (stop at 16840)
The primary trend remains bullish.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
Price action resulted in a new all-time high at 17066.
Mixed but positive price action has resulted in consecutive, narrow-ranged, sideways...
The Canadian dollar has climbed higher in the North American session after the release of Canada's December employment report. In the North American session, USD/CAD is trading at 1.3432, down 0.20%.
Canada usually posts employment reports on the same Friday as the US, but had the stage all to itself today, as the US posted its job report last week. The news was...
AUDUSD - Intraday
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
The selloff has posted a correction count on the daily chart.
We are trading at oversold extremes.
Preferred trade is to buy on dips.
We look to Buy at 0.6480.
We look to Buy at 0.6480 (stop at 0.6456)
Our profit targets will be 0.6540...
EURNZD - 24h expiry
Broken out of the channel formation to the downside.
With resistance seen at 1.7690 and Marabuzo resistance at 1.7680, there is scope for selling rallies.
Preferred trade is to sell into rallies.
Short term MACD has turned negative.
50 4hour EMA is at 1.7692.
We look to Sell at 1.7685 (stop at 1.7735)
Our profit targets will be 1.7565...
CHN50 - 24h expiry
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
The primary trend remains bearish.
Short term momentum is bearish.
We look for losses to be extended today.
A break of the recent low at 11356 should result in a further move lower.
We look to Sell a break of 11345 (stop at 11465)
Our profit targets will be 11045...
EUR/USD is slightly lower on Wednesday. In the North American session, the euro is trading at 1.0751, down 0.20%.
Germany's CPI is expected at 0.2% m/m on Friday, which would confirm the initial estimate from two weeks earlier. On an annualized basis, the initial estimate for CPI came in at 2.9% in January, down sharply from 3.7% in December. A deceleration in...
NZDUSD - 24h expiry
Price action has stalled at good resistance levels and currently trades just below here (0.6120).
We expect a reversal in this move.
RSI (relative strength indicator) is flat and reading close to 50 (mid-point) highlighting the fact that we are non- trending.
A move through 0.6100 will confirm the bearish momentum.
The measured move...
EUR/USD has posted slight gains on Wednesday. In the North American session, the euro is trading at 1.0773, up 0.19%.
This week's German data has analysts scratching their heads. Industrial production, released today, declined 1.6% m/m in December, compared to a downwardly revised -0.2% in November and worse than the market estimate of -0.4%. It was the ninth...
GER40 - 24h expiry
Price action resulted in a new all-time high at 17066.
There is no clear indication that the upward move is coming to an end.
Our outlook is bullish.
Preferred trade is to buy on dips.
20 4hour EMA is at 16966.
The measured move target is 17184.
We look to Buy at 16970 (stop at 16890)
Our profit targets will be 17170 and 17250...
CHN50 - 24h expiry
There is no indication that the rally is coming to an end.
The RSI is trending higher.
Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher.
Risk/Reward would be poor to call a buy from current levels.
A move through 11500 will confirm the bullish momentum.
We...
GBPCHF - 24h expiry
There is no sign that this bearish momentum is faltering but the pair has stalled close to a previous swing low of 1.0895.
A higher correction is expected.
With the Ichimoku cloud resistance above we expect gains to be limited.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Further...
The New Zealand dollar is showing limited movement on Tuesday. Early in the North American session, NZD/USD is trading at 0.6052, down 0.03%.
New Zealand releases the fourth-quarter employment report later today. Employment is expected to rebound with a 0.3% gain, after a decline of 0.2% in the third quarter, which was the first decline in over three years. The...
NZDUSD - 24h expiry
There is no indication that the selloff is coming to an end.
Further downside is expected. Short term RSI has turned negative.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6050 will confirm the bearish momentum.
We look to Sell at 0.6080 (stop at 0.6110)
Our profit targets will be 0.6008 and 0.6000...
GBPUSD - 24h expiry
The primary trend remains bullish.
The selloff has posted a correction count on the daily chart.
A move lower faces tough support and we remain cautious on downside potential.
However, with the intraday chart now highlighting lower highs we are possibly forming a descending triangle pattern.
Preferred trade is to buy on dips.
We look to...
The Australian dollar is slightly lower on Monday, after sliding 0.90% on Friday. In the European session, AUD/USD is trading at 0.6499, down 0.21%. Earlier, AUD/USD traded as low as 0.6486, its lowest level since mid-November.
The Reserve Bank of Australia is expected to maintain the benchmark rate at 4.35% at Tuesday's meeting, the first of 2024. The RBA raised...
