Here are our signal directions and price ranges for your consideration. These are your guides for your own research to help you identify opportunities. We recommend including fundamentals into your research and to keep up to date with breaking news that may impact the direction of your trades. Good luck and have a great day.
Oil poised for second weekly decline as concerns over China's Covid cases and aggressive monetary tightening from major banks weigh on the demand outlook.
UK faces weak growth and rising taxes, yet consumer confidence ticks up
Japan inflation hits four-decade high, weighing on bank of Japan for position on interest rates as still no change to monetary policy
The DXY is fluctuating between the 106 and 107 price level after comments from the Fed Reserve indicate interest rates could be higher for longer beyond 5% level
Major currencies could gain some ground against the dollar if the DXY continues to weaken. Its looking mixed and choppy out there today as we come to the close of the week.
UK retail sales month on month at 07:00am GMT
ECB President Lagarde speaks at 08:30am GMT
US existing home sales at 15:00pm GMT
USD/JPY: Intraday Bearish
On the 4-hour chart the price is continuing its bearish long-term trend and is below the Ichimoku cloud.
The asset has been ranging for most of the week between a high of 142.48 and a low of 137.79.
In Asian trading the price has dropped from 140.63 to 139.94.
The price is boxed in; however, a breakout could be on the cards in either direction.
If bearish momentum continues wait for a breakout to the downside below 138.13 support level with a price target to 138.07 and 137.26
Alternatively, look for a breakout above 139.94 with price targets 141.00 and 141.81.
Price is currently at 139.90 at time of writing.
Short positions below 139.94 with targets 139.13, 138.07, 137.26
Above 139.94 long positions with targets 141.00, 141.81, 142.87
EUR/USD: Intraday Under Pressure
On the 4-hour chart the price is bullish and is above the Ichimoku cloud however, the price is seesawing around the 1.0360 ascending support line and is failing to head higher even after multiple attempts this week.
There may be a slight pullback to the second support at 1.0259. Look for the price to drop below the 103.00 support for clearer signs of a pullback.
Alternatively, if it continues its bullish long-term trend, look for the price to break the 1.0390 for clearer upward direction and a new price target at 1.0413
The price is at 1.0382 at time of writing.
Short positions below 1.0360 with targets 1.0312, 1.0259, 1.0211
Above 1.0360 long positions with targets 1.0413, 1.0461, 1.0514
GBP/USD: Intraday Bullish
On the 4-hour the price is bullish and is above the Ichimoku cloud. If bullish momentum continues, the price may break the first resistance at 1.1961 and retest the second resistance at 1.2057 before a possible retracement back to the first support level at 1.1767
The price is currently at 1.1908 at time of writing
Be prudent of the UK retail sales data release at 07:00am GMT.
Long positions above 1.1863 with targets, 1.1961, 1.2057, 1.2155
Below 1.1863 short positions with targets 1.1767, 1.1669, 1.1573
USD/CHF Intraday Consolidation
On the 4-hour chart the price is still bearish and below the Ichimoku cloud. However, price is consolidating during the Asian trading session. There could be a breakout in either direction
A breakout to the upside could see the price retest the first resistance at 0.9571 Alternatively, a breakout to the downside could see the price retest the first support at 0.9456
The price is currently at 0.9516 at time of writing.
Long positions above 0.9507 with targets 0.9571, 0.9622, 0.9686
Short positions below 0.9507 with targets 0.9456, 0.9392, 0.9341
XAU/USD: Intraday Consolidation
On the 4-hour chart price is bullish and above the Ichimoku cloud. However, over the last 48 hours, there has been a continuation of a price drop. During the Asian session the price has bounced off a 1756.50 support
If the price continues to drop, we expect it to retest the second support at 1747.54
Alternatively, if the long-term bullish trend continues, the price may retest the 1780.93 resistance
Look for the DXY to weaken to give a stronger bullish signal
Price is currently at 1762.50 at time of writing.
Short positions below 1767.76 with targets 1760.71, 1747.54, 1740.49
Long positions above 1767.76, with targets 1780.93, 1787.98, 1801.15
AUD/USD: Intraday Bullish
On the 4-hour chart, the price is bullish and above the Ichimoku cloud. there has been some bullish momentum during Asian trading.
We are slightly bullish that the price will continue to rise and test the first resistance at 0.6749, however we expect choppy price action. Look for the price to reject the 0.6700 level, which could lead to a reversal and the price retracing to the first support at 0.6631
Price is currently at 0.6705 at time of writing.
Long positions above 0.6691 with targets 0.6749, 0.6809, 0.6867
Below 0.6691 short positions with targets 0.6631, 0.6573, 0.6513
NZD/USD: Intraday Bullish
On the 4-hour chart the price is bullish and is above the Ichimoku cloud. It has rebounded during the Asian session.
If bullish momentum continues it may retest the first resistance at 0.6177, if it fails to break the price may fall back to the first support at 0.6072
The price is at 0.6153 at time of writing.
Long positions above 0.6120 with targets 0.6177, 0.6225, 0.6282
Below 0.6120 short positions with targets 0.6072, 0.6015, 0.5967
USD/CAD: Intraday Bearish
On the 4-hour chart the price is bearish and below the Ichimoku cloud, if the bearish trend continues, the price may drop back to the first support at 1.3287
Price is currently at 1.3324 at time of writing
Below 1.3344 short positions with targets 1.3287, 1.3247, 1.3190