The New Zealand dollar is down for a sixth straight day and has fallen 3.6% during that time. NZD has stabilized on Tuesday and is trading at 0.6120 in the North American session, down 0.07% on the day.
The Reserve Bank of New Zealand meets on Wednesday and is widely expected to a cut rates, but by how much? The markets have priced in an oversize rate cut of 50...
The yen has stabilized after massive losses last week. In the North American session, the USD/JPY is trading at 148.03 at the time of writing, up 0.45%.
The yen is coming off a spectacularly bad week with a 4.5% decline. This marked the yen’s worst week since 2020, during the covid pandemic. The sharp decline was driven by the political drama in Japan, which...
NZDUSD - 24h expiry
There is no clear indication that the downward move is coming to an end.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6120 will confirm the bearish momentum.
The measured move target is 0.6090.
We look to Sell at 0.6160 (stop at 0.6184)
Our profit targets will be 0.6100 and...
XAUUSD - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
We are trading at overbought extremes.
A higher correction is expected.
Preferred trade is to sell into rallies.
Bespoke resistance is located at 2660.
We look to Sell at 2662.2 (stop at 2678.2)
Our profit targets will be 2622.2 and...
NZDUSD - 24h expiry
Price action looks to be forming a top.
Further downside is expected.
Short term RSI is moving lower.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6200 will confirm the bearish momentum.
We look to Sell at 0.6240 (stop at 0.6270)
Our profit targets will be 0.6180 and 0.6175
Resistance: 0.6225 / 0.6240...
EURAUD - 24h expiry
There is no clear indication that the downward move is coming to an end.
Although we remain bearish overall, a correction is possible without impacting the trend lower.
Risk/Reward would be poor to call a sell from current levels.
A move through 1.6025 will confirm the bearish momentum.
The measured move target is 1.5975.
We look to Sell...
USDCHF - 24h expiry
Price action continued to range between key support & resistance (0.8400 - 0.8540) although we expect a break of this range soon.
The bias is to break to the downside.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
Early optimism is likely to lead to gains although extended attempts higher are expected to...
The yen is sharply lower on Wednesday. In the European session, the USD/JPY is trading at 144.82 at the time of writing, up 0.89%.
In Japan, the dust is yet to settle on the political drama. On Tuesday, the new Prime Minister, Shigeru Ishiba, appointed Katsunobu Kato as finance minister. Kato is a supporter of “Abenomics” which advocates monetary easing. This...
NZDUSD - 24h expiry
Price action looks to be forming a top.
Short term RSI is moving lower.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6275 will confirm the bearish momentum.
We look to Sell at 0.6300 (stop at 0.6330)
Our profit targets will be 0.6220 and 0.6205
Resistance: 0.6300 / 0.6315...
The euro continues to lose ground and is trading at 1.1080 in the North American session, down 0.49% on the day. The euro is down for a third consecutive day and has declined 0.9% during that time.
Eurozone inflation eased to 1.8% y/y in September, down from 2.2% in August and below the market estimate of 1.9%. This was the lowest rate since April 2021 and below...
US500 - 24h expiry
Buying pressure from 5714 resulted in all the initial daily selloff being recaptured.
Broken out of the channel formation to the upside.
Price action continues to trade around the all-time highs.
Dips continue to attract buyers.
We look to set longs in early trade for a further test of the fragile looking resistance.
Our profit targets...
NZDJPY - 24h expiry
Price action looks to be forming a bottom.
A Doji style candle has been posted from the base.
Short term bias is bullish.
Preferred trade is to buy on dips.
Further upside is expected although we prefer to buy into dips close to the 90.60 level.
We look to Buy at 90.60 (stop at 89.88)
Our profit targets will be 92.40 and 95.60...
The Japanese yen has steadied on Monday after posting huge gains on Friday. USD/JPY is trading at 142.43 in the European session, up 0.15%.
The yen soared on Friday but it was in response to political rather than economic developments. The ruling Liberal Democratic Party (LDP) unexpectedly chose Shigeru Ishiba as its new leader and he will take over as Prime...
The Japanese yen is sharply higher on Friday. USD/JPY is trading at 143.49 in the European session, down a massive 1.1%.
Tokyo Core CPI, which excludes fresh food, slowed to 2% in September, down from 2's.4% in August and matching the market estimate. The drop was largely driven by the resumption of government subsidies for utility bills.
The inflation reading...
CHN50 - 24h expiry
There is no indication that the rally is coming to an end.
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 13200 will confirm the bullish momentum.
The measured move target is 13500....
EURNZD - 24h expiry
The overnight rally has been sold into and there is scope for further bearish pressure going into this morning.
The bullish engulfing candle on the daily chart is positive for sentiment.
Yesterday's Marabuzo is located at 1.7695.
Bespoke support is located at 1.7700.
Preferred trade is to buy on dips.
We look to Buy at 1.7705 (stop at...
The Swiss franc is showing limited movement on Thursday. USD/CHF is trading at 0.8483, down 0.24% on the day. In the US, it’s a busy day with US GDP, unemployment claims and durable goods orders. As well, Federal Reserve Chair Powell and several FOMC members will deliver remarks.
The Swiss National Bank lowered its cash rate by 25 basis points to 1%, its third...
NZDUSD - 24h expiry
The trend of higher lows is located at 0.6120.
A lower correction is expected.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6300 will confirm the bullish momentum.
We look to Buy at 0.6260 (stop at 0.6220)
Our profit targets will be 0.6340 and 0.6350
Resistance:...
