UK inflation remains hot and stubbornly high. In March, headline CPI dropped to 10.1%, down from 10.4% but above the consensus estimate of 9.8%. Inflation is still stuck in double digits, but the silver lining is that inflation has resumed its downswing after unexpectedly rising in February from 10.4% to 10.1%. The core rate remained unchanged at 6.2%, above the...
Gold - 24h expiry -
We have posted an inside Harami candle on the daily chart.
A clear sign of investor indecision.
A bullish reverse Head and Shoulders is forming.
Bespoke support is located at 1995.
The formation has a measured move target of 2041.
Dip buying offers good risk/reward.
We look to Buy at 1991 (stop at 1976)
Our profit targets will be...
ASX200 - 24h expiry - We look to Buy at 7316 (stop at 7266)
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
A lower correction is expected.
Short term bias has turned positive.
We look to buy dips.
Further upside is expected although we prefer to buy into dips close to the 7310 level.
Our profit targets...
The UK employment report for March was a mixed bag. The number of unemployed persons jumped by 28,200, after a decline of 18,000 in February and higher than the estimate of -11,800. The unemployment rate nudged higher from 3.7% to 3.8%. These numbers, which point to a slight weakening in the labour market, were overshadowed by a jump in wage growth. Average...
GBPJPY - 24h expiry - We look to Buy at 165.90 (stop at 165.30)
There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 166.84.
We look for a temporary move lower.
Short-term bias is bullish.
The preferred trade is to buy on dips.
Further upside is expected although we prefer to buy into dips close...
FRA40 - 24h expiry -
Doji-style candle has been posted at the high.
Previous support is located at 7475.
Previous resistance is located at 7525.
Price action looks to be forming a top.
Short-term momentum is bearish.
A move through 7475 will confirm the bearish momentum.
We look to Sell a break of 7479 (stop at 7545)
Our profit targets will be 7325 and...
NZDJPY - 24h expiry - We look to Buy at 82.25 (stop at 81.75)
Previous support located at 82.50.
Previous resistance located at 83.25.
Indecisive price action has resulted in sideways congestion on the daily chart.
Risk/Reward would be poor to call a buy from current levels.
A move through 83.25 will confirm the bullish momentum.
Our profit targets will be...
The Australian dollar has steadied on Monday, trading just above the 0.67 level. We could see further movement from the Aussie early on Tuesday, as China releases GDP.
The markets received another clear sign on Friday that the US economy is slowing, after a disappointing March retail sales report. Headline retail sales fell by 1% and the core rate by 0.8%, worse...
USDCHF - 24h expiry -
The previous support level of 0.9030 was broken.
Previous support at 0.9030 now becomes resistance.
We are trading at oversold extremes.
We look for a temporary move higher.
The primary trend remains bearish.
We look to Sell at 0.9034 (stop at 0.9064)
Our profit targets will be 0.8959 and 0.8949
Resistance: 0.8960 / 0.8975 /...
US500 - Intraday - We look to Buy at 4096 (stop at 4066)
Posted a Bullish Outside candle on the Daily chart.
There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 4153.
The bias remains mildly bullish but there is scope for a move in either direction at the open.
Trading within a Bullish Channel...
The British pound is poised to post its fifth successive winning week. During this time, the GBP/USD has sparkled, rallying almost 500 points.
This week's UK releases have not been as positive as the pound's upswing. GDP was flat in February on a monthly basis, down from 0.4% in January and unable to hit the estimate of 0.1%. Manufacturing Production was also...
EURCHF - 24h expiry - We look to Sell at 0.9856 (stop at 0.9886)
Broken out of the channel formation to the downside.
Previous support at 0.9860 now becomes resistance.
Our short term bias remains negative.
Daily signals are mildly bearish.
Preferred trade is to sell into rallies.
Our profit targets will be 0.9786 and 0.9776
Resistance: 0.9830 / 0.9845 /...
USDCHF - 24h expiry -
There is no clear indication that the downward move is coming to an end.
A Morning Doji Star formation has been posted at the low.
We look for a temporary move higher.
Previous support at 0.8950 now becomes resistance.
20 4-hour EMA is at 0.8950.
We look to Sell at 0.8952 (stop at 0.8982)
Our profit targets will be 0.8877 and...
NZDUSD - 24h expiry - We look to Sell a break of 0.6269 (stop at 0.6297)
Previous support located at 0.6270.
Previous resistance located at 0.6300.
The move higher is mixed and volatile, common in corrective sequences.
We expect a reversal in this move.
A move through 0.6270 will confirm the bearish momentum.
Our profit targets will be 0.6201 and...
Australia posted a blowout employment report today, giving the Australian dollar a strong boost. The economy created 53,000 new jobs in March, after a downwardly revised 63,600 a month earlier. This crushed the estimate of 20,000 and especially impressed as full-time employment increased by 72,000 (part-time decreased by 19,200). Unemployment was unchanged at...
USDCHF - 24h expiry -
Trades at the lowest level in 21 months.
Our short-term bias remains negative.
There is no clear indication that the downward move is coming to an end.
Previous support at 0.9040 now becomes resistance.
The preferred trade is to sell into rallies.
We look to Sell at 0.9038 (stop at 0.9068)
Our profit targets will be 0.8963 and...
GBPAUD - 24h expiry - We look to Buy at 1.8510 (stop at 1.8455)
Previous support located at 1.8550.
Previous resistance located at 1.8700.
Trading within a Bullish Channel formation.
Our expectation now is for this swing lower to continue towards the bottom of the trend channel, to complete a correction before buyers return.
Risk/Reward would be poor to call...
EURNZD - 24h expiry - We look to Sell a break of 1.7598 (stop at 1.7648)
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.
A break of the recent low at 1.7606 should result in a further move lower.
Bearish divergence is expected to cap...
