Daily trading ideas - page 10
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY
EUR/USD: Neutral: In a 1.1100/1.1270 range.
We turned neutral yesterday and there is no change to the view. We continue to expect EUR to trade sideways, likely between 1.1100 and 1.1270 in the next one week or so. Looking further ahead, the downside appears be more vulnerable but even if EUR were to break below 1.1100, there are solid supports at 1.1070 and 1.1055.
GBP/USD: Neutral: Scope to extend lower to 1.4330/35. [No change in view]
The expected pull-back in GBP has been more rapid than expected. Immediate pressure is still on the downside and the current decline could extend further to last month’s low near 1.4330/35. This level is a major support and may not be easy to break. Overall, GBP would likely stay on the defensive in the coming days unless it can move and stay above 1.4550 (1.4505 is already a strong short-term resistance).
AUD/USD: Neutral: In a broad 0.7180/0.7365 range.
As indicated in recent updates, AUD is expected to stay underpinned with 0.7180 acting as a solid support. In other words, while we hold a neutral view from a 1 to 3 weeks perspective, the short-term bias is for the recent rebound to extend higher to 0.7300 and possibly 0.7365. In fact, 0.7300 was tested two days ago and another attempt to move above this level would not be surprising.
NZD/USD: Neutral: Bullish only if daily close above 0.6840.
The key 0.6840 resistance indicated in recent update is still capping the short-term NZD strength. We continue to hold the view that only a clear break above this level would indicate that the current neutral phase has shifted to bullish (with an immediate target of 0.6900). This appears to be a likely scenario unless there is a move back below 0.6735 in within this 1 to 2 days.
USD/JPY: Neutral: Pull-back has scope to extend lower to 108.20.
We turned USD neutral yesterday and were of the view that the short-term decline has room to extend lower to 108.20. At this stage, a sustained move below this level is not expected. Overall, this pair is expected to remain under pressure in the coming days unless it can move back above 110.50.
GBP/USD: Breakout Risk; EUR/USD: Where To Sell?
Brexit uncertainties risking GBPUSD breaking below the 1.4335 chart mark does support our USD bullishness. An ITV poll shows Brexit ahead at 45%, relative to 41% for Remain, and TNS has the leave vote leading by 43% to 41%.
EURGBP should remain supported, but the higher EURGBP moves, the bigger the resistance becomes as the market looks for alternative ways to hedge the Brexit risk.
Against the 1.1420 resistance, EURUSD remains a sell.
This week’s UK data releases starting with May BRC like-for-like sales (overnight), industrial production (Wed) and May trade data (Thurs) should all show weakness due to Brexit-related uncertainties.
Tech Targets: EUR/USD, AUD/USD, NZD/USD
EUR/USD: Bullish: Target 1.1400, 1.1450.
We turned bullish EUR yesterday and there is no change to our view. The immediate target remains at 1.1400 where a break would shift the focus to 1.1450. Stop-loss is unchanged at 1.1250.
AUD/USD: Neutral: Bullish only if close above 0.7400.
As highlighted yesterday, while the undertone for AUD is still positive, shorter-term indicators are overbought and in order for the current neutral outlook to shift to bullish, AUD has to close above the key 0.7400 resistance (next resistance at 0.7480). Support is at 0.7315 but only a break below 0.7260 would indicate that a short-term top is in place.
NZD/USD: Bullish: Target 0.7000.
There is no change to our bullish view as we continue to expect a move to 0.7000. Only a break below 0.6830 would indicate that our bullish expectation is wrong.
Germany April trade balance report 9 June 2016
Better headlines (fresh monthly record) but euro unimpressed as EURUSD retreats back below 1.1400.
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY
EUR/USD: Shift from neutral to bearish: Immediate target at 1.1110.
As highlighted yesterday, EUR is expected to remain under pressure and the decline to test the strong 1.1200 support was not surprising. While the daily closing is above 1.1200 (albeit by just a few pips), it is enough to indicate that the current neutral phase has shifted to bearish. However, downward momentum is only beginning to improve and any weakness could be slow and grinding. Overall, in order to maintain the current downward pressure, any rebound should not move above 1.1290. The immediate target is for a move to 1.1110 (rising trend-line) followed closely by last month’s low of 1.1095. A clear break below these strong supports could potentially lead to a sharp and rapid drop as the next significant level is only at the 1.0990
GBP/USD: Bearish: Target 1.4090.
We turned bearish two days ago and the overnight decline in GBP quickly approaches the immediate target at 1.4090 (low of 1.4091). With no signs of stabilization just yet, a breach of 1.4090 would open up the way for further weakness towards 1.4005 (low in April).
AUD/USD: Neutral: In a 0.7260/0.7460 range.
While shorter-term downward momentum has improved somewhat, it is premature to expect a sustained down-move in AUD. The neutral phase that started 2 days ago is still clearly intact and we continue to expect AUD to trade within a broad 0.7260/0.7460 range for now.
NZD/USD: Shift from bullish to neutral: Pull-back has scope to extend lower to 0.6915.
The breach of 0.7030 yesterday has shifted the bullish outlook for NZD to neutral. The current pull-back appears to have scope to extend lower to 0.6915 but at this stage, a sustained move below this level is not expected. The downward pressure would be alleviated only if NZD can reclaim 0.7060 in the next few days.
USD/JPY: Bearish: Focus on 105.50/55 now.
There is not much to add to the update yesterday. As highlighted, while downward momentum is not as impulsive as preferred, the outlook in the coming days is still clearly bearish and the next level to focus on is at the year-to-date low of 105.50/55 seen in early May (followed by the 105.00/20 support zone).
source