EURGBP highlighted in our market outlook will be one to watch this week as the
weekly candle closed bearish at the key resistance. The 4hr timeframe is starting
to form lower lows and lower highs with the 20 and 50 ema also crossing. We
will be looking for shorting opportunities on a retracement into the red sell zone.
The USD is likely to be the big mover this week as we see the release of the latest
FOMC meeting minutes as well as the news stories appearing from the Jackson Hole
Symposium. These events will likely drive the USD this week and we may see some dovish
tones out of the fed in order to dampen down recession risks. If the price remains below
the current resistance we...
GBPJPY COULD RETRACE BACK INTO THE LOWS, THE GBP IS GAINING STRENGTH ACROSS THE BOARD
HOWEVER, WE ARE NOT AT A KEY DEMAND ZONE JUST YET. IDEALLY WHEN LOOKING FOR PRICE TO RETRACE WE
WANT TO SEE PRICE INTERACT WITH A KEY DEMAND ZONE. IF PRICE TESTED 125.50 WE WOULD BE EXPECTING A REACTION.
HOWEVER, IF PRICE WAS TO RE-TRACE WE WOULD EXPECT PRICE TO TEST THE 130.70.
AUDCHF IS CURRENTLY RE-TESTING THE 2015 LOWS WHERE WE COULD SEE A REVERSAL IN THE CURRENT TREND.
THE AUSTRALIAN DOLLAR IS CONTINUING TO FALL DUE TO THE CHINA TRADE WAR WITH THE US HOWEVER ANY RISK ON
SENTIMENT HAS BOOSTED THE CURRENCY SIGNIFICANTLY. IF WE DO SEE THIS AGAIN OUR 1ST TARGETS WILL BE HIT.
The stock markets have turned red again as the risk-off sentiment has returned.
The global risk is affecting the stock markets across the board with the DAX here looking bearish on the daily timeframe.
If price breaks through the trendline support we could anticipate a further decline.
EURNZD is on our watchlist as the euro gains in strength and the NZD loses strength. The daily timeframe is
holding above the previous highs and looks likely to continue higher. The 4hr timeframe has re-tested the
key moving averages giving us an opportunity to trade long into the next resistance zone.
BRENT CRUDE is likely to continue lower as the price continues to form lower lows and lower highs.
The daily timeframe is currently showing price retracing back towards the key resistance of 60.30.
If price forms bearish price action we can look for a swing trading opportunity from these lows.
EURJPY is re-testing the key demand zone where we could see a reversal in current price.
The Euro has been gaining strength recently and with the CoT report suggesting a possible reversal in JPY strength.
The 4hr timeframe could be forming a 3 drive pattern. A break of last weeks highs will be ideal in confirming our
USDJPY could be ready to reverse if price can test the key lows. The CoT reports show that the short contracts
have reached all-time highs across an 18 and 6 month lookback period suggesting we could see a reversal in the current
Yen strength. If the price tests the lows and forms a bullish candle we could expect a reversal of the current downtrend.
Last week we spoke of the potential for EURUSD to bounce from the previous structure highs.
Now the price has done this we could expect the bullish breakout pattern to complete. A break
of the highs at 1.1250 will be needed in order to sustain mid-term long opportunities. The EURO has gained
on the strength scales and with the USD likely to weaken this chart looks...
USDCAD is on our radar this week due to the bearish rejection candle on the weekly timeframe.
This rejection could signal the start of another move lower; the 4hr timeframe is forming a head and
shoulders pattern at the key resistance offering us different options to short the market.
BRENT CRUDE OIL is continuing to form lower lows and lower highs on the daily timeframe. Oil
prices look bearish here with the monthly lows of 52.00 likely to be targeted for long term swing positions.
The daily chart suggests we could see a retracement back into the lows of 60.32 where we could see sellers
continue the downtrend.
GBPUSD has broken through trendline support suggesting we could see further downside
here. The daily trend is down and the 4hr looks to keep on that path with the 20, 50 and 200 EMA
in line also. Now the price has broken through the trendline support we could look to short this market
with targets of the key lows.
EURUSD has recently formed a new higher high on the daily timeframe. This could suggest a move higher to come
for this currency pair. With the USD expected to be weaker and the Chinese potentially looking to buy EURO to get
rid of their USD holdings we could expect this market to move higher. We expect a re-test of the blue support zone
where we will be watching...
EURAUD is at a critical level where we could see sellers re-enter the market.
This level is 2019s high which could react as resistance as seen before. It is important
for the price to close below the level in order to look for short opportunities.
The RBNZ cut interest rates by 50bps as they weigh up global risks. This did come as a slight
shock to the market as we were forecast to see just a 25bps rate cut. The market saw this
as a negative and pushed NZDUSD prices through the key lows. We expect to see further
downside here in this market and will look for short opportunities on retracements.