The Japanese yen is taking a breather after posting huge gains on Thursday. In the European session, USD/JPY is trading at 140.30, down 0.45%.
The week wrapped up with a key inflation release. Japan's Producer Price Index slowed to 9.1% in October, down from 10.2% in September. Still, this was above the consensus of 8.8%. Consumer inflation is running around 3%,...
The British pound has soared today, following the US inflation report. GBP/USD is trading at 1.1661, up a massive 2.7%.
The October inflation report was lower than what everyone had expected, which has triggered strong volatility in the currency markets. The US dollar is sharply lower against the majors, as the markets are expecting the Fed to ease up on interest...
UK100 - 10h expiry- We look to Buy at 7201 (stop at 7139)
Previous support located at 7250.
Previous resistance located at 7300.
A lower correction is expected.
Risk/Reward would be poor to call a buy from current levels.
A move through 7300 will confirm the bullish momentum.
Our profit targets will be 7349 and 7399
Resistance: 7300 / 7350 /...
USDCHF - 10h expiry - We look to Sell at 0.9919 (stop at 0.9946)
Short term bias has turned negative.
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
We look for a temporary move higher.
50 4hour EMA is at 0.9928.
Our profit targets will be 0.9851 and 0.9841
Resistance: 0.9900 / 0.9920 / 0.9950
Support: 0.9880 / 0.9850 /...
NZDUSD - 22h expiry - We look to Buy at 0.5850 (stop at 0.5779)
Previous support located at 0.5850.
Previous resistance located at 0.5950.
Further upside is expected although we prefer to set longs at our bespoke support levels at 0.5850, resulting in improved risk/reward.
A move through 0.5950 will confirm the bullish momentum.
Our profit targets will be...
EUR/USD has reversed course today and is in negative territory. In the North American session, the euro is trading at 1.0043, down 0.30%.
The US dollar has rebounded after a 3-day slide against the major currencies. The dollar downswing started on Friday after a lukewarm employment report raised expectations that the Fed will deliver a "modest" 50-basis point,...
GBPJPY - 11h expiry - We look to Sell at 168.70 (stop at 169.90)
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.
With the Ichimoku cloud resistance above we expect gains to be...
USDCHF - 13h expiry - We look to Sell a break of 0.9835 (stop at 0.9861)
Our short term bias remains negative.
There is no clear indication that the downward move is coming to an end.
A break of yesterdays low would confirm bearish momentum.
We look for losses to be extended today.
Our profit targets will be 0.9771 and 0.9761
Resistance: 0.9880 / 0.9920 /...
The Australian dollar has posted sharp gains, as the US dollar is lower against the majors in the North American session. AUD/USD is trading at 0.6542, up 0.97%.
Australia's NAB Business Confidence for October slipped to zero, down from 5 points in September. The significant decline is reflective of a drop in orders, higher rates at home and a gloomy global...
US500 - Intraday - We look to Buy at 3785 (stop at 3770)
Broken out of the triangle formation to the upside.
The measured move target is 3898.
Intraday, and we are between bespoke support and resistance 3785-3835.
Preferred trade is to buy on dips.
Our profit targets will be 3835 and 3898
Resistance: 3835 / 3865 / 3898
Support: 3785 / 3700 / 3484
Risk...
AUDUSD - Intraday - We look to Sell at 0.6478 (stop at 0.6527)
There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 0.6492.
We are trading at overbought extremes.
Price action looks to be forming a top.
Further downside is expected although we prefer to sell into rallies close to the 0.6470 level....
Palladium - 11h expiry - We look to Buy at 1822.3 (stop at 1798.9)
A bullish reverse Head and Shoulders is forming.
Bespoke support is located at 1820.
We look to buy dips.
The bullish engulfing candle on the daily chart is positive for sentiment.
We look for a temporary move lower.
Our profit targets will be 1879.8 and 1884.8
Resistance: 1880 / 1900 /...
The New Zealand dollar is steady today, after ending the week with huge gains. NZD/USD is trading at 0.5934 in the North American session.
The US dollar was broadly lower on Friday, after the nonfarm payroll report sent mixed signals about the strength of the labor market. The October reading of 261,000 was stronger than the consensus of 200,000, but it marked...
NASDAQ - 9h expiry - We look to Buy at 10650 (stop at 10550)
Broke the sequence of 4 negative daily performances.
A Fibonacci confluence area is located at 10650.
Bespoke support is located at 10640.
Preferred trade is to buy on dips.
Our profit targets will be 11130 and 11640
Resistance: 11130 / 11620 / 12825
Support: 10650 / 10640 / 10600
Risk...
USDCHF - Intraday expiry in 12h - We look to Buy at 0.9921 (stop at 0.9894)
We are trading at oversold extremes.
Daily signals are mildly bullish.
Levels below 0.9930 continue to attract buyers.
We look to buy dips.
Our profit targets will be 0.9988 and 0.9998
Resistance: 0.9970 / 0.9985 / 1.0020
Support: 0.9950 / 0.9930 / 0.9915
Risk Disclaimer
The...
EUR/USD has rebounded and is in positive territory. In the European session, the euro is trading at 0.9794, up 0.45%. The upswing has ended a 3-day slide, in which the euro fell as much as 270 points.
The manufacturing sector in the eurozone continues to struggle. German and eurozone manufacturing PMIs are mired in contraction territory and German Factory Orders...
GBPUSD - Intraday - We look to Sell at 1.1335 (stop at 1.1440)
Buying pressure from 1.1149 resulted in prices rejecting the dip.
We are trading at oversold extremes.
The current move higher is expected to continue.
Ichimoku cloud resistance comes in at 1.1353.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for...
USDCHF - Intraday - We look to Buy at 1.0051 (stop at 1.0024)
Previous resistance at 1.0050 now becomes support.
We look to buy dips.
50 4hour EMA is at 1.0051.
The primary trend remains bullish.
Our profit targets will be 1.0118 and 1.0128
Resistance: 1.0100 / 1.0130 / 1.0145
Support: 1.0083 / 1.0050 / 1.0020
Risk Disclaimer
The trade ideas beyond this...
