The euro has extended its losses on Wednesday and has declined close to 1% this week. In the European session, EUR/USD is trading at 1.0552, down 0.18%.
Germany has traditionally been the powerhouse of Europe but finds itself lagging in the rear, with a struggling economy and high inflation. The GfK Consumer Climate index fell to -26.5 for October, down from a...
AUDJPY - 24h expiry
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 95.25 will confirm the bullish momentum.
The measured move target is 96.00.
We look to Buy at 94.75 (stop at 94.35)
Our profit targets will be 95.75 and 96.00
Resistance: 95.25 / 95.75 /...
The Australian dollar is in negative territory on Tuesday. In the North American session, AUD/USD is trading at 0.6405, down 0.28%.
Australia releases the CPI report on Wednesday. In July, CPI eased to 4.9%, beating expectations and dropping to the lowest inflation rate since February 2022. CPI is expected to rise to 5.2% in August.
Inflation remains more than...
NZDJPY - 24h expiry
There is no clear indication that the upward move is coming to an end.
Further upside is expected.
Risk/Reward would be poor to call a buy from current levels.
A move through 89.00 will confirm the bullish momentum.
Short term RSI has turned positive.
We look to Buy at 88.25 (stop at 87.85)
Our profit targets will be 89.25 and 89.50...
GER40 - 24h expiry
The lack of interest is a concern for bulls.
Previous support at 15600 now becomes resistance.
There is no clear indication that the downward move is coming to an end.
Rallies should be capped by yesterday's high.
Current prices have reacted from a low of 15327, however, we expect further losses to follow.
We look to Sell at 15578 (stop...
NZDUSD - 24h expiry - We look to Buy at 0.5930 (stop at 0.5899)
Indecisive price action has resulted in sideways congestion on the intraday chart.
Momentum is flat, highlighting the lack of clear direction.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.5975 will confirm the bullish momentum.
The measured move target is 0.6025....
Palladium - 24h expiry
The primary trend remains bearish.
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
Trading has been mixed and volatile.
Expect trading to remain mixed and volatile.
Rallies should be capped by yesterday's high.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is...
US100 - Intraday
We are trading at oversold extremes.
Previous support located at 14670.
Prices have reacted from 14668.
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
The bias is to break to the upside.
We look to Buy a break of 14852 (stop at 14752)
Our profit targets will be 15102 and 15152...
The British pound is in negative territory after two days of losses. In the European session, GBP/USD is trading at 1.2245, down 0.40%. The struggling pound is down 1.1% this week and is trading at its lowest levels since late March.
It is a busy day on the data calendar for UK releases. Retail sales rose in August by 0.4% m/m, following a 1.1% decline in July...
EURUSD - Intraday
Price action looks to be forming a bottom.
Price action has continued to trend strongly lower and has stalled at the previous support near 1.0625.
A move through 1.0675 will confirm the bullish momentum.
RSI (relative strength indicator) is flat and reading close to 50 (mid-point) highlighting the fact that we are non- trending.
The measured...
HS50 - 24h expiry
There is no indication that the selloff is coming to an end.
Previous support level of 17809 broken.
We are trading at oversold extremes.
A higher correction is expected.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
We look to Sell at 17820 (stop at 17980)
Our profit targets will be...
The Canadian dollar is showing limited movement on Thursday. In the North American session, USD/CAD is trading at 1.3474, up 0.09%.
Canada wraps up the week with the retail sales report on Friday. July's retail sales were weak, with a gain of 0.1% m/m and a decline of 0.6% y/y. August is expected to show improvement, with consensus estimates of 0.4% m/m and 0.5%...
EURJPY - 24h expiry
Buying pressure from 157.37 resulted in prices rejecting the dip.
A Doji style candle has been posted from the base.
Indecisive price action has resulted in sideways congestion on the intraday chart.
This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher.
Further...
NZDUSD - 24h expiry
Indecisive price action has resulted in sideways congestion on the intraday chart.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.5975 will confirm the bullish momentum.
The RSI is trending higher.
The measured move target is 0.6010.
We look to Buy at 0.5925 (stop at 0.5895)
Our profit targets will be...
The Japanese yen continues to have a quiet week. In Wednesday's North American session, USD/JPY is trading at 147.66, down 0.15%.
If the Federal Reserve does not pause rate hikes at today's meeting, it would be a massive surprise. Still, that doesn't mean that investors aren't paying close attention. There is particular interest as to whether the dot plot...
AUDJPY - 24h expiry
There is no clear indication that the upward move 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.
The RSI is trending higher.
A move through 95.75 will confirm the bullish...
EURAUD - 24h expiry - We look to Sell at 1.6665 (stop at 1.6715)
Trading within a Bearish Channel formation.
We look for price action to stay within the channel formation today.
Our expectation now is for this swing higher to continue towards the top of the trend channel, to complete a correction before sellers return.
Risk/Reward would be poor to call a sell...
The Canadian dollar has extended its gains on Tuesday. In the European session, USD/CAD is trading at 1.3441, down 0.33%. Earlier in the day, the Canadian dollar strengthened and touched a low of 1.3436, its best showing since September 15th.
The Bank of Canada will be keeping close tabs on today's inflation report. CPI for August is expected to fall to 0.3% m/m,...
