EURUSD
Bias: Bearish
We look to Sell at 1.1093 with target prices of 1.0905 and 1.0875, and a stop price of 1.1180
Confidence: 80%
Technical Analysis
- Selling pressure has confirmed an initial rejection from the approach towards the key psychological level of 1.1100
- Further downside is expected
- Preferred trade is to sell into rallies
- Risk/Reward would be poor to call a sell from current levels
GBPUSD
Bias: Bullish
We look to Buy at 1.3000 with target prices of 1.3190 and 1.3300, and a stop price of 1.2930
Confidence: 20%
Technical Analysis
- Selling pressure from 1.3174 resulted in all the initial daily gains being overturned
- The current move lower is expected to continue
- Previous support located at 1.2999
- Preferred trade is to buy on dips
- Although the anticipated move higher is corrective, it does offer ample risk/reward today
USDJPY
Bias: Bullish
We look to Buy at 119.03 with target prices of 120.99 and 121.25, and a stop price of 118.11
Confidence: 80%
Technical Analysis
- The continuation higher in prices through resistance has been impressive with strong momentum and shows no signs of slowing
- We can see no technical reason for a change of trend
- Dip buying offers good risk/reward
- Further upside is expected although we prefer to buy into dips close to the 119.00 level
GOLD
Bias: Bearish
We look to Sell at 1957 with target prices of 1902 and 1875, and a stop price of 1982
Confidence: 60%
Technical Analysis
- Price action remained pressured last week resulting in further losses, recording a 3.50% fall from the recent highs
- Further downside is expected
- We look for a temporary move higher
- Resistance is located at 1960 and should cap gains to this area
- We look to sell rallies
GER40
Bias: Bullish
We look to Buy a break of 14561 with target prices of 14788 and 14848, and a stop price of 14469
Confidence: 60%
Technical Analysis
- Short term bias is bullish
- 14556 has been pivotal
- A break of the recent high at 14556 should result in a further move higher
- There is no clear indication that the upward move is coming to an end
AUDUSD
Bias: Bullish
We look to Buy at 0.7325 with target prices of 0.7420 and 0.7555, and a stop price of 0.7290
Confidence: 20%
Technical Analysis
- Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible
- A lower correction is expected
- The bias is still for higher levels and we look for any dips to be limited
- We look to buy dips
WTI
Bias: Bullish
We look to Buy at 104.59 with target prices of 115.87 and 116.50, and a stop price of 99.44
Confidence: 60%
Technical Analysis
- Posted a Bullish Hammer Bottom on the Weekly chart
- This is positive for sentiment and the uptrend has potential to return
- A weaker opening is expected to challenge bullish resolve
- Further upside is expected although we prefer to buy into dips close to the 104.00 level
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