The Australian dollar has started the week with slight gains. In Monday's European session, AUD/USD is trading at 0.6464, up 0.21%.
The Reserve Bank of Australia is expected to hold interest rates at 4.10% when it meets on Tuesday and a rate hike would be a huge surprise. The central bank has paused for two straight meetings and the odds of a third pause stand at...
FRA40 - 24h expiry
The correction higher is assessed as being complete.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
A move through 7300 will confirm the bearish momentum.
The RSI is trending lower.
We look to Sell at 7370 (stop at 7420)
Our profit targets will be 7250 and 7225
Resistance: 7350 / 7370 /...
The euro is flat on Friday, after sustaining sharp losses a day earlier. In the European session, EUR/USD is trading at 1.0844.
There wasn't much to cheer about after today's Manufacturing PMI reports for Germany and the eurozone. Although both PMIs improved slightly in August, business activity continues to decline in the manufacturing sector. The Eurozone PMI...
EURNZD - Intraday
The bearish engulfing candle on the daily chart is negative for sentiment.
The trend of lower highs is located at 1.8345.
We look for a temporary move higher.
We are trading at overbought extremes.
Bearish divergence is expected to cap gains.
We look to Sell at 1.8343 (stop at 1.8393)
Our profit targets will be 1.8223 and 1.8193...
NZDJPY - 24h expiry
Indecisive price action has resulted in sideways congestion on the intraday chart.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 87.00 will confirm the bullish momentum.
The measured move target is 88.00.
We look to Buy at 86.50 (stop at 86.10)
Our profit targets will be...
The Swiss franc has lost ground on Thursday. In the North American session, USD/CHF is trading at 0.8835, up 0.59%.
Thursday's Swiss retail sales for July looked awful, falling 2.3% m/m. This follows a revised gain of 1.5% in June. Market attention has now shifted to Swiss inflation, which will be released on Friday. Swiss inflation dropped to 1.6% in July, the...
AUDUSD - 24h expiry
Short term bias has turned positive.
Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end.
20 4hour EMA is at 0.6462.
Bespoke support is located at 0.6460.
We look to buy dips.
We look to Buy at 0.6461 (stop at 0.6441)
Our profit targets will be 0.6511 and 0.6531...
CHN50 - 24h expiry
Price action looks to be forming a bottom.
Previous resistance at 12530 now becomes support.
12531 has been pivotal.
Support is located at 12530 and should stem dips to this area.
Buying posted in Asia.
We look to Buy at 12555 (stop at 12435)
Our profit targets will be 12855 and 12935
Resistance: 12700 / 12800 / 13000
Support: 12550...
The euro's mini-rally has run out of steam. EUR/USD climbed 0.80% over the past two days but is trading in negative territory on Wednesday. In the European session, the euro is trading at 1.0867, down 0.11%.
The markets will be keeping a close eye on European inflation releases today and Thursday. Germany releases the July CPI report later today, with a consensus...
AUDUSD - 24H expiry
Short term bias has turned positive.
Previous resistance at 0.6435 now becomes support.
We look to buy dips.
The overnight dip has been bought into and there is scope for further bullish pressure going into this morning.
50 4hour EMA is at 0.6442.
We look to Buy at 0.6438 (stop at 0.6418)
Our profit targets will be 0.6488 and 0.6498...
NIK225 - 24h expiry
Our bespoke resistance of 32325 has been clearly broken.
Previous resistance at 32200 now becomes support.
Our short term bias remains positive.
There is no clear indication that the upward move is coming to an end.
We look to buy dips.
We look to Buy at 32251 (stop at 32071)
Our profit targets will be 32701 and 32801
Resistance:...
The Australian dollar is in positive territory on Tuesday. In the European session, AUD/USD is trading at 0.6437, up 0.12% on the day.
China's economic slowdown is bad news for the Australian economy, which counts China as its biggest export market. China's imports have been falling and as a result, commodity prices have dropped, hurting Australia's exports of...
GER40 - 24h expiry
Short term bias has turned positive.
Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher.
We look to buy dips.
Bespoke support is located at 15700.
The lack of interest is a concern for bears.
We look to Buy at 15711 (stop at 15611)
Our profit targets will be...
The euro has posted limited gains at the start of the trading week. In the North American session, EUR/USD is trading at 1.0803, up 0.08%.
The week ended on a sour note as German Ifo Business Climate fell for a fourth straight month in August to 85.7, down from an upwardly revised 87.4 and shy of the market consensus of 86.7. Germany's GDP flatlined in the second...
NIK225 - 24h expiry
Short term momentum is bullish.
There is no indication that the rally is coming to an end.
32240 has been pivotal.
A break of the recent high at 32240 should result in a further move higher.
The primary trend remains bullish.
We look to Buy a break of 32266 (stop at 32086)
Our profit targets will be 32716 and 32816
Resistance: 32240...
US500 - 24h expiry
The medium-term bias remains bullish.
A Fibonacci confluence area is located at 4577.
Dip buying offers good risk/reward.
There is scope for mild selling at the open but losses should be limited.
Bespoke support is located at 4380.
We look to Buy at 4380 (stop at 4344)
Our profit targets will be 4470 and 4490
Resistance: 4476 / 4541...
USDCHF - 24h expiry
Trading within a Corrective Channel formation.
A higher correction is expected.
Short term momentum is bearish.
Prices expected to stall near trend line support.
Trend line support is located at 0.8780.
We look to Buy at 0.8784 (stop at 0.8754)
Our profit targets will be 0.8854 and 0.8874
Resistance: 0.8840 / 0.8860 / 0.8876
Support:...
US500 - Intraday
A Morning Doji Star formation has been posted at the low.
Posted a Bearish Outside candle on the Daily chart.
The conflicting views have resulted in the immediate outlook being hard to interpret.
Economic figures could adversley affect the short term technical picture.
A Fibonacci confluence area is located at 4563.
A break of 4420 is...
