CHN50 - 24h expiry
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
The hourly chart technicals suggests further upside before the downtrend returns.
The bias is still for lower...
USDCAD - 24h expiry
Previous support located at 1.3570.
Previous resistance located at 1.3600.
Indecisive price action has resulted in sideways congestion on the intraday chart.
Momentum is flat, highlighting the lack of clear direction.
We have a 61.8% Fibonacci pullback level of 1.3525 from 1.3640 to 1.3570.
Risk/Reward would be poor to call a buy from...
EUR/USD is trading quietly on Thursday, ahead of the ECB decision later today.
All eyes are the ECB, which is expected to raise rates at today's meeting. The burning question remains will the central bank increase rates by 25 or 50 basis points? The eurozone April inflation report, published Tuesday, didn't provide any insights as both the headline and core...
USDCHF - 24h expiry
Our bespoke support of 0.8860 has been clearly broken.
Previous support at 0.8860 now becomes resistance.
Trades at the lowest level in 27 months. We are trading at oversold extremes.
A lower correction is expected.
There is no clear indication that the downward move is ending.
We look to Sell at 0.8874 (stop at 0.8904)
Our profit...
NZDJPY - 24h expiry
Previous support located at 84.25.
Previous resistance located at 84.50.
We have a 38.2% Fibonacci pullback level of 81.50 from 85.50 to 84.00.
We expect a reversal in this move.
Risk/Reward would be poor to call a buy from current levels.
A move through 84.50 will confirm the bullish momentum.
We look to Buy at 84.00 (stop at 83.60)...
The Japanese yen continues to show strong volatility, which started on Friday. In the North American session, USD/JPY is trading at 135.14, down 1.04% on the day.
The Federal Reserve will announce its rate decision later today, and the markets are confident that the Fed will raise rates by 25 basis points, which would bring the benchmark rate to 5.25%. The...
EURJPY - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
This is positive for sentiment and the uptrend has the potential to return.
The hourly chart technicals suggest further downside before the uptrend returns.
The bias is still for higher levels and we look for any dips to be limited.
We...
GER40 - 24h expiry
We are trading at overbought extremes.
Short-term momentum is bearish.
Bearish divergence is expected to cap gains.
15750 continues to hold back the bears.
15729 has been pivotal.
A break of the recent low at 15729 should result in a further move lower.
We look to Sell a break of 15719 (stop at 15801)
Our profit targets will be 15519...
NZD/USD is considerably higher on Tuesday, trading at 0.6203, up 0.57%. Earlier, NZD/USD rose as high as 0.6218, its highest level since April 19th.
New Zealand's labour market has remained robust, despite relentless tightening from the Reserve Bank of New Zealand, which has raised rates to 5.25%. We'll get a look at first-quarter employment numbers later today,...
USDCHF - 24h expiry
Daily signals are bearish.
Preferred trade is to sell into rallies.
20 1day EMA is at 0.8982.
0.8996 has been pivotal.
We look for a temporary move higher.
We look to Sell at 0.8989 (stop at 0.9019)
Our profit targets will be 0.8919 and 0.8909
Resistance: 0.8960 / 0.8976 / 0.8995
Support: 0.8930 / 0.8910 / 0.8900
Risk...
USDCAD - 24h expiry -
Previous support located at 1.3525.
Previous resistance located at 1.3600.
The corrective move lower has stalled overnight and reacted higher from in front of the 61.80% Fibonacci retracement of 1.3525.
We expect a reversal in this move.
A move through 1.3560 will confirm the bullish momentum.
We look to Buy at 1.3530 (stop at 1.3490)...
NZDUSD - 24h expiry -
Previous support located at 0.6150.
Previous resistance located at 0.6175.
Price action looks to be forming a bottom.
Short term momentum is bullish.
Risk/Reward would be poor to call a buy from current levels.
A move through 0.6175 will confirm the bullish momentum.
We look to Buy at 0.6145 (stop at 0.6105)
Our profit targets will...
The Australian dollar has started the week with gains. In the North American session, AUD/USD is trading at 0.6636, up 0.25%.
The Reserve Bank of Australia is widely expected to pause rates for a second straight month at Tuesday's policy meeting. The latest inflation numbers indicated that inflation fell from 7.8% to 7.0% in the first quarter. This is much too...
AUDJPY - 24h expiry -
Previous support located at 90.50.
Previous resistance located at 91.00.
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....
USDCHF - 24h expiry -
We look for a temporary move higher.
Daily signals are bearish.
Preferred trade is to sell into rallies.
20 1day EMA is at 0.8988.
0.8996 has been pivotal.
We look to Sell at 0.8986 (stop at 0.9016)
Our profit targets will be 0.8916 and 0.8906
Resistance: 0.8960 / 0.8976 / 0.8995
Support: 0.8930 / 0.8910 / 0.8900
Risk...
USD/JPY is trading quietly at 133.84, up 0.13% on the day. The yen's lack of movement could change today with a host of key releases. Japan will release Tokyo Core CPI, while the US publishes Preliminary GDP for the first quarter and unemployment claims. Japan releases Tokyo Core CPI for April early on Friday, which is expected to remain steady at 3.2%.
Will BoJ...
FRA40 - 24h expiry -
Previous support at 7500 now becomes resistance.
We are trading at overbought extremes.
We look for a temporary move higher.
A higher correction is expected.
Short term bias has turned negative.
We look to Sell at 7509 (stop at 7569)
Our profit targets will be 7361 and 7331
Resistance: 7470 / 7500 / 7535
Support: 7420 / 7400 /...
UK100 - 24h expiry -
We are trading at overbought extremes.
Short term MACD has turned negative.
A break of 7800 is needed to confirm follow through negative momentum.
Short term bias has turned negative.
We look for losses to be extended today.
We look to Sell a break of 7799 (stop at 7838)
Our profit targets will be 7701 and 7681
Resistance: 7835 /...
