NIK225 - 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.
The primary trend remains bullish.
We look to buy dips.
Weekly pivot is at 35980.
We look to Buy at 35925 (stop at 35685)
Our profit targets will be 36525 and 36655
Resistance: 37020 / 37940...
The Canadian dollar is showing limited movement on Wednesday. In the North American session, USD/CAD is trading at 1.3436, down 0.19%.
The Bank of Canada will announce its first rate decision of 2024 later today. The BoC has maintained the cash rate at 5.0% for three straight times and barring further acceleration in inflation, the rate-tightening cycle is over....
NZDUSD - 24h expiry
There is no clear indication that the downward move is coming to an end.
Although we remain bearish overall, a correction is possible without impacting the trend lower.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6075 will confirm the bearish momentum.
The measured move target is 0.6025.
We look to Sell...
GBPUSD - 24h expiry
The primary trend remains bullish.
The selloff has posted a correction count on the daily chart.
A move lower faces tough support and we remain cautious on downside potential.
Risk/Reward would be poor to call a buy from current levels.
The preferred trade is to buy on dips.
We look to Buy at 1.2725 (stop at 1.2693)
Our profit targets...
NZDUSD - 24h expiry
Mixed but negative price action has resulted in consecutive, narrow-ranged, sideways trading days.
Further downside is expected.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6100 will confirm the bearish momentum.
The measured move target is 0.6050.
We look to Sell at 0.6125 (stop at 0.6149)
Our profit...
The Japanese yen is in a holding pattern on Monday as the Bank of Japan holds a two-day meeting today and Tuesday. In the European session, EUR/USD is trading at 148.05, down 0.08%.
The yen has been on a rollercoaster in recent weeks. In December, the yen took advantage of a slumping US dollar and surged 4.85%. Those gains have been squandered as the dollar has...
Gold - 24h expiry
A Doji style candle has been posted from the high.
Price action looks to be forming a top.
The 200 day moving average should provide resistance at 2034.94.
This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower.
We look for a temporary move higher.
Preferred trade is to...
NAS100USD - Intraday
The 261.8% Fibonacci extension is located at 17117 from 16568 to 16773.
A Fibonacci confluence area is located at 17184.
There is scope for mild selling at the open but losses should be limited.
Previous resistance, now becomes support at 17000.
The medium term bias is neutral.
We look to Buy at 17000 (stop at 16900)
Our profit targets...
The British pound has weakened slightly on Friday. In the European session, GBP/USD is trading at 1.2682, down 0.18%.
The markets were expecting a letdown from December retail sales after a strong November reading, but nobody was expecting a multi-year drop. Yet that's what happened, as retail sales plunged 3.2% m/m, the lowest level since January 2021....
NZDUSD - 24h expiry
There is no clear indication that the downward move is coming to an end.
Although we remain bearish overall, a correction is possible without impacting the trend lower.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6100 will confirm the bearish momentum.
The measured move target is 0.6025.
We look to...
The British pound has edged lower on Thursday. In the European session, GBP/USD is trading at 1.2655, down 0.20%.
What goes up must come down. That has the markets fretting ahead of the UK retail sales report on Friday. Retail sales growth was brisk in November, with an impressive gain of 1.3% m/m. This followed zero growth in October and marked the strongest...
USDCHF - 24h expiry
Levels close to the 38.2% pullback level of 0.8682 found sellers.
Rallies should be capped by yesterday's high.
Daily signals are mildly bearish.
Short term MACD is moving lower.
A higher correction is expected.
We look to Sell at 0.8685 (stop at 0.8715)
Our profit targets will be 0.8610 and 0.8580
Resistance: 0.8650 / 0.8685 /...
Gold - 24h expiry
Selling pressure dominated price action yesterday and we expect this to continue today.
We are trading at oversold extremes.
A higher correction is expected.
We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Further downside is expected although we prefer to sell into rallies close to the...
HK33HKD - 24h expiry
Previous support level of 16014 broken.
This is negative for sentiment and the downtrend has potential to return.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
Further downside is expected although we prefer to sell into rallies close to the 16015 level.
We look to Sell at 16015 (stop at 16195)
Our...
US2000 - 24h expiry
Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.
We are trading at oversold extremes.
This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher.
Previous support located at 1924. Preferred trade is to buy on dips.
We...
NZDUSD - 24h expiry
Afternoon gains were sold into and follow through bearish momentum resulted in the market moving lower.
Further downside is expected.
Although we remain bearish overall, a correction is possible without impacting the trend lower.
Risk/Reward would be poor to call a sell from current levels.
A move through 0.6175 will confirm the bearish...
AUDJPY - 24h expiry
Reverse trend line support comes in at 97.00.
Further upside is expected.
RSI (relative strength indicator) is flat and reading close to 50 (mid-point) highlighting the fact that we are non- trending.
A move through 97.25 will confirm the bullish momentum.
The measured move target is 98.00.
We look to Buy at 97.00 (stop at 96.60)
Our...
The British pound has started the week with slight losses. In the European session, GBP/USD is trading at 1.2725, down 0.21%.
The UK will release employment data on Tuesday and the spotlight will be on wage growth. Over the past few months, wages have been falling and the Bank of England would like to see that trend continue as wages have been driving inflation....
