The euro has posted slight losses on Friday. EUR/USD is down 0.28%, trading at 1.0837 in the North American session at the time of writing.
The April inflation report showed that headline inflation remained steady at 2.4% y/y, holding at its lowest level in almost three years. Services inflation and energy prices declined, while food, alcohol and tobacco prices...
CN50USD - 24h expiry
Price action has stalled at good support levels and currently trades just above here (12550).
Price action looks to be forming a bottom.
Risk/Reward would be poor to call a buy from current levels.
A move through 12650 will confirm the bullish momentum.
The measured move target is 12800.
We look to Buy at 12550 (stop at 12450)
Our...
The Japanese yen climbed as much as 0.85% earlier on Thursday but has pared most of those gains. USD/JPY is trading at 155.38, up 0.31% in the European session.
Japan’s economy contracted in the first quarter. GDP declined by 2% y/y in the first quarter, following a revised 0% reading in Q4 2023. This was weaker than the market estimate of -15.%. On a quarterly...
XAUUSD - 24h expiry
Price action continues to trade around the all-time highs.
Buying continued from the 61.8% pullback level of 2372.7.
Previous resistance at 2370 now becomes support.
The primary trend remains bullish.
Preferred trade is to buy on dips.
20 4hour EMA is at 2366.4.
We look to Buy at 2370.2 (stop at 2356.2)
Our profit targets will be...
EURAUD - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
Price action looks to be forming a bottom.
Intraday signals are mixed.
Preferred trade is to buy on dips.
Bespoke support is located at 1.6250.
We look to Buy at 1.6250 (stop at 1.6210)
Our profit targets will be 1.6350 and 1.6400...
The Japanese yen has posted gains on Wednesday. The yen gained as much as 1% but has given up about half of those losses on the day. At the time of writing in the North American session, USD/JPY is trading at 155.73, up 0.45%.
US headline inflation didn’t drop by much, but it was enough to send the US dollar down against the major currencies. Headline inflation...
USDCHF - 24h expiry
Our short term bias remains negative.
The lack of interest is a concern for bulls.
A break of the recent low at 0.9045 should result in a further move lower.
Preferred trade is to sell into rallies.
50 4hour EMA is at 0.9079.
We look to Sell at 0.9078 (stop at 0.9102)
Our profit targets will be 0.9018 and 0.9008
Resistance: 0.9070 /...
NZDUSD - 24h expiry
Price action has stalled at good resistance levels and currently trades just below here (0.6050).
Price action looks to be forming a top.
We expect a reversal in this move.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6025 will confirm the bearish momentum.
We look to Sell at 0.6050 (stop at 0.6070)
Our...
The Australian dollar has posted gains on Tuesday. AUD/USD is up 0.19%, trading at 0.6620 in the North American session at the time of writing.
Australia’s wage growth for the first quarter is expected to remain unchanged. Wages rose 4.2% in the fourth quarter of 2023, the highest since 2009, with most categories showing increases. On a quarterly basis, wage...
EURNZD - 24h expiry
Daily signals are mildly bullish.
Dips continue to attract buyers.
1.7966 has been pivotal. A break of the recent high at 1.7966 should result in a further move higher. We are trading at overbought extremes.
We look to Buy a break of 1.7971 (stop at 1.7931)
Our profit targets will be 1.8071 and 1.8091
Resistance: 1.7947 / 1.7966 /...
The British pound is slightly higher on Monday. GBP/USD is up 0.20%, trading at 1.2549 in the European session at the time of writing.
The UK labor market has held up well despite high interest rates but cracks have appeared and Tuesday’s job report is expected to be soft. Employment change is expected to slide by 215,000 in the three months to March, after...
The British pound is drifting on Friday. GBP/USD is up 0.05%, trading at 1.2531 in the European session at the time of writing.
The British economy grew by 0.6% q/q in the first quarter, higher than the market estimate of 0.4% and above the Q4 2023 decline of 0.3%. This marks a rebound after a mild recession in the second half of 2023. GDP posted its best...
CN50USD - 24h expiry
The trend of higher lows is located at 11800.
Further upside is expected.
Risk/Reward would be poor to call a buy from current levels.
A move through 12800 will confirm the bullish momentum.
The measured move target is 12900.
We look to Buy at 12650 (stop at 12550)
Our profit targets will be 12900 and 12950
Resistance: 12800 / 12850...
The British pound is showing limited movement on Thursday. GBP/USD is up 0.15%, trading at 1.2515 in the North American session at the time of writing.
The Bank of England kept the cash rate unchanged at 5.25% for a sixth straight time in a widely expected move. The British pound dropped slightly after the announcement but then recovered.
The breakdown of the...
EURNZD - 24h expiry
Price action is forming a bearish flag which has a bias to break to the downside.
Trend line resistance is located at 1.7960.
Rallies should be capped by yesterday's high.
We look for a temporary move higher.
Risk/Reward would be poor to call a sell from current levels.
We look to Sell at 1.7950 (stop at 1.8000)
Our profit targets will...
AU200AUD - 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.
A lower correction is expected.
Risk/Reward would be poor to call a buy from current levels.
A move through 7800 will confirm the...
EURJPY - 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.
Preferred trade is to sell into...
The Japanese yen is down for a third straight day and has declined 1.5% this week. USD/JPY has risen 0.43% on the day and is trading at 155.35 at the time of writing. Early Thursday, the BoJ will release the Summary of Opinions from the April meeting.
Japanese officials remain mum about suspected interventions on the currency markets last week. The yen broke...
