The Canadian dollar is back below the 1.3000 line today. USD/CAD is trading at 1.2987 in the North American session, down 0.37%. On the economic calendar, Canada's Ivey PMI was a major disappointment, slowing to 62.2 in June from 72.0 in May (74.0 exp.).
Friday's focus will be on job numbers, with both Canada and the US releasing employment reports for June....
WTI - Intraday - We look to Sell at 100.67 (stop at 103.61)
The primary trend remains bearish. The continuation lower in prices through support has been impressive with strong momentum and shows no signs of slowing. We look to sell rallies. There is scope for mild buying at the open but gains should be limited. A Fibonacci confluence area is located at 100.00....
EURCHF - Intraday - We look to Sell at 0.9943 (stop at 0.9964)
Our short term bias remains negative. 20 4hour EMA is at 0.9935. 0.9945 has been pivotal. Previous support at 0.9945 now becomes resistance.
Our profit targets will be 0.9888 and 0.9878
Resistance: 0.9900 / 0.9920 / 0.9945
Support: 0.9870 / 0.9850 / 0.9830
Risk Disclaimer
The trade ideas...
NZDJPY - Intraday - We look to Sell at 84.16 (stop at 84.69)
Our outlook is bearish. Rallies continue to attract sellers. Trend line resistance is located at 84.20. Further downside is expected.
Our profit targets will be 82.80 and 82.50
Resistance: 84.20 / 86.60 / 92.00
Support: 82.80 / 80.00 / 76.00
Risk Disclaimer
The trade ideas beyond this page...
The month of July has been an unmitigated disaster for the euro - with only three trading sessions in the books, EUR/USD has declined a staggering 2.73%. Earlier in the day, the euro dropped to 1.0186, its lowest level since December 2002. The euro appears headed for parity with the US dollar, a psychologically significant level.
The economic outlook in the...
Silver - Intraday - We look to Sell at 19.53 (stop at 19.82)
Preferred trade is to sell into rallies. The medium term bias remains bearish. 50 1hour EMA is at 19.60. Daily signals are bearish. There is scope for mild buying at the open but gains should be limited.
Our profit targets will be 18.80 and 18.50
Resistance: 19.60 / 20.90 / 24.00
Support: ...
EURNZD - Intraday - We look to Sell at 1.6729 (stop at 1.6767)
Short term bias has turned negative. The trend of higher intraday lows has also been broken. Reverse trend line resistance comes in at 1.6740. 20 4hour EMA is at 1.6731. Bespoke resistance is located at 1.6730.
Our profit targets will be 1.6631 and 1.6611
Resistance: 1.6670 / 1.6700 / 1.6730
...
EURAUD - Intraday - We look to Buy at 1.5100 (stop at 1.4980)
Previous support located at 1.5150. Previous resistance located at 1.5250. We expect a reversal in this move. Risk/Reward would be poor to call a buy from current levels. A move through 1.5250 will confirm the bullish momentum.
Our profit targets will be 1.5375 and 1.5400
Resistance: 1.5250 /...
DOW30 - Intraday - We look to Buy at 30647 (stop at 30282)
The trend of higher lows is located at 30400. This is positive for sentiment and the uptrend has potential to return. A weaker opening is expected to challenge bullish resolve. Prices expected to stall near trend line support. We therefore, prefer to fade into the dip with a tight stop in anticipation...
The Australian dollar is sharply lower on Tuesday. In the European session, AUD/USD is trading at 0.6796, down 1.0% on the day.
The RBA delivered a 0.50% rate hike for a second straight month, bringing the cash rate to 1.35%. The central bank has now hiked by 1.25% since May, marking the fastest series of moves since 1994. This aggressive stance didn't do...
EURUSD - Intraday - We look to Sell at 1.0496 (stop at 1.0542)
1.0380 continues to hold back the bears. We look for a temporary move higher. Resistance is located at 1.0500 and should cap gains to this area. We expect a reversal in this move. Preferred trade is to sell into rallies.
Our profit targets will be 1.0382 and 1.0350
Resistance: 1.0500 / 1.0780...
GBPAUD - Intraday - We look to Buy at 1.7580 (stop at 1.7512)
Previous resistance at 1.7570 now becomes support. Support could prove difficult to breakdown. We expect a reversal in this move. Dip buying offers good risk/reward.
Our profit targets will be 1.7780 and 1.7800
Resistance: 1.7750 / 1.8120 / 1.9100
Support: 1.7570 / 1.7200 / 1.6200
Risk...
We are seeing plenty of volatility from the Australian dollar. AUD/USD is trading at 0.6883 in European trade, up 0.98% on the day. The Australian dollar has recovered most of its losses from Friday, when the pair slipped 1.28%.
All eyes are on the RBA, which holds its monthly policy meeting on Tuesday. The meeting is live, as it's not clear if the Bank will...
GBPUSD - Intraday - We look to Sell at 1.2215 (stop at 1.2290)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. This is negative for sentiment and the downtrend has potential to return. The hourly chart technicals suggests further upside before the downtrend returns. We therefore, prefer to fade into the...
EURCHF - Intraday - We look to Sell at 1.0049 (stop at 1.0072)
The weaker Euro has boosted performance. There is no clear indication that the downward move is coming to an end. Preferred trade is to sell into rallies. Previous support at 1.0050 now becomes resistance.
Our profit targets will be 0.9992 and 0.9982
Resistance: 1.0020 / 1.0050 / 1.0080
...
The euro is sharply lower on Friday and is currently trading just above the 1.04 line, down 0.76%.
Eurozone CPI for June was higher than expected, at 8.6% YoY. The estimate stood at 8.4% and inflation rose sharply from the May reading of 8.1%. This marked a record-high. There was better news from the core reading, which dropped marginally to 3.7% YoY, down from...
GBPJPY - Intraday - We look to Buy at 162.70 (stop at 161.80)
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible. A higher correction is expected. The hourly chart technicals suggests further downside before the uptrend returns. We look to buy dips.
Our profit targets will be 165.30 and 168.40
Resistance:...
AUDUSD - Intraday - We look to Sell at 0.6850 (stop at 0.6925)
Previous support level of 0.6850 broken. The current move lower is expected to continue. The hourly chart technicals suggests further upside before the downtrend returns. Preferred trade is to sell into rallies.
Our profit targets will be 0.6645 and 0.6540
Resistance: 0.6970 / 0.7130 /...
