EURUSD
Bias: Bearish
We look to Sell at 1.1192 with target prices of 1.1050 and 1.1000, and a stop price of 1.1248
Confidence: 80%
Technical Analysis
- The medium term bias remains bearish
- The continuation lower in prices through support has been impressive with strong momentum and shows no signs of slowing
- Negative overnight flows lead to an expectation of a weaker open this morning
- Bespoke resistance is located at 1.1192
- Preferred trade is to sell into rallies
GBPUSD
Bias: Bullish
We look to Buy at 1.3215 with target prices of 1.3380 and 1.3455, and a stop price of 1.3150
Confidence: 20%
Technical Analysis
- Selling pressure from 1.3339 resulted in all the initial daily gains being overturned
- 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
- Although the anticipated move higher is corrective, it does offer ample risk/reward today
- Preferred trade is to buy on dips
USDJPY
Bias: Bearish
We look to Sell at 115.45 with target prices of 114.41 and 114.00, and a stop price of 115.80
Confidence: 20%
Technical Analysis
- Price action continued to range between key support & resistance (115.76 – 114.41) although we expect a break of this range soon
- Bespoke resistance is located at 115.45
- There is scope for mild buying at the open but gains should be limited
- Preferred trade is to sell into rallies
- Expect trading to remain mixed and volatile
GOLD
Bias: Bearish
We look to Sell at 1965 with target prices of 1926 and 1913, and a stop price of 1979
Confidence: 20%
Technical Analysis
- Bespoke resistance is located at 1970
- We look for a temporary move lower
- Although the anticipated move lower is corrective, it does offer ample risk/reward today
- Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1970, resulting in improved risk/reward
GER40
Bias: Bearish
We look to Sell at 14297 with target prices of 14044 and 13984, and a stop price of 14401
Confidence: 60%
Technical Analysis
- Daily signals are bearish
- There is no clear indication that the downward move is coming to an end
- Trend line resistance is located at 14370
- Previous support at 14300 now becomes resistance
- Our overall sentiment remains bearish looking for lower levels
AUDUSD
Bias: Bearish
We look to Sell a break of 0.7236 with target prices of 0.7160 and 0.7137, and a stop price of 0.7266
Confidence: 80%
Technical Analysis
- A bearish Head and Shoulders is forming
- Short term momentum is bullish
- Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible
- Posted a Double Top formation
- A break of 0.7236 is needed to confirm follow through negative momentum
- Further downside is expected, however, due to the strong support below we prefer to sell a break of 0.7236, which will confirm the bearish sentiment
WTI
Bias: Bearish
We look to Sell at 110.12 with target prices of 100.93 and 98.20, and a stop price of 113.50
Confidence: 20%
Technical Analysis
- Bespoke resistance is located at 110.000
- Although the anticipated move lower is corrective, it does offer ample risk/reward today
- We are trading at overbought extremes
- We look for a temporary move lower