Markets are firmly in wait-and-see mode ahead of US CPI later today. Stocks were struggling to advance and the dollar was firm on Wednesday ahead of U.S. consumer price data that could damage hopes for interest rate cuts later this year if inflation fails to show much of a decline.
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Key events today.
US CPI (Change in the price of goods and services ) 1:30pm GMT
“Intraday forex trading signals". Our top forex trades for today, we look at the technicals and fundamentals to generate profits daily on the most traded correlated assets in the world.
Dollar Index (ICE)‎ intraday: Bearish. Choppy
Pivot: 101.60
Our preference:
Short positions below 101.60 with targets at 101.37 & 101.13 & 100.90 in extension.
Alternative scenario:
Above 101.60 look for further upside with 101.84 & 102.07 & 102.31 as targets.
Comment:
Looking at the H4 chart, our overall bias for Dollar Index is bearish as the current price is heading into the Ichimoku cloud, in a downtrend. The RSI indicates further downward momentum.
Gold Intraday: Choppy price action with a bearish bias ( CPI relies pivotal)
Pivot: 2030.44
Our preference:
Below 2030.44 look for further downside with 2023.32 & 2012.33 & 2005.21 as targets.
Alternative scenario:
Long positions above 2030.44 with targets at 2041.43 & 2048.55 & 2059.54 in extension.
Comment:
Looking at the H4 chart, our overall bias for XAU/USD is slightly bearish as the current price is now in the Ichimoku cloud indicating a potential downtrend. The RSI is in a neutral area. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
USD/JPY Intraday: Bullish
Pivot: 135.10
Our preference:
Long above 135.10 with targets at 135.49 & 135.73 & 136.12 in extension.
Alternative scenario:
Short positions below 135.10 look for further downside with 134.86 & 134.47 & 134.23 as targets.
Comment:
Looking at the H4 chart, our overall bias for USDJPY is bullish as the current price is in the Ichimoku cloud in an uptrend. RSI has further upward momentum.
AUD/USD Intraday: Choppy, key resistance at 0.6787
Pivot: 0.6766
Our preference:
Long positions above 0.6766 with targets at 0.6787 & 0.6812 & 0.6833 in extension.
Alternative scenario:
Short below 0.6766 look for further downside with 0.6741 & 0.6720 & 0.6695 as targets.
Comment:
Looking at the H4 chart, our overall bias for AUDUSD is bullish as the price is above the Ichimoku cloud in an uptrend. The RSI is heading for neutral, caution.
Crude Oil (WTI)‎ West Texas Intermediate: : Bullish
Pivot: 72.94
Our preference:
Long positions above 72.94 with targets at 74.54 & 75.37 & 76.97 in extension.
targets.
Alternative scenario:
Short positions below 72.94 look for further downside with 72.11 & 70.51 & 69.68 as targets.
Comment:
Looking at the H4 chart, our overall bias for WTI is a bullish bias as the price is above the Ichimoku cloud. The RSI shows upside momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
USD/CAD Intraday: Bearish
Pivot: 1.3386
Our preference:
Short positions below 1.3386 look for downside with 1.3363 & 1.3343 & 1.3320 as targets.
Alternative scenario:
Long positions above 1.3386 with targets at 1.3406 & 1.3429 & 1.3449 in extension.
Comment:
Looking at the H4 chart, our overall bias for USDCAD remains bearish, as the current price is below the Ichimoku cloud. The RSI shows is heading for neutral. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
EUR/USD Intraday: Bearish
Pivot: 1.097
Our preference:
Short positions below 1.097 look for downside with 1.093 & 1.090 & 1.086 as targets.
Alternative scenario:
Long positions above 1.097 with targets at 1.100 & 1.104 & 1.107 in extension.
Comment:
Looking at the H4 chart, our overall bias for EUR/USD is bearish as the current price is now below the Ichimoku cloud signifying a downtrend. The RSI is bearish with downward momentum.
GBP/USD Intraday: Bullish/ Consolidation
Pivot: 1.261
Our preference:
Long positions above 1.261 look for further upside with 1.265 & 1.268 & 1.271 as targets.
Alternative scenario:
Short positions below 1.261 with targets at 1.259 & 1.255 & 1.252 in extension.
Comment:
Looking at the H4 chart, our overall bias for GBPUSD remains bullish as the current price is above the Ichimoku cloud. The RSI is neutral. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Nasdaq 100 Intraday: Bullish
Pivot:
13,216
Our preference:
Long positions above 13,216 with targets at 13,239 & 13,277 & 13,300 in extension.
Alternative scenario:
Below 13,216 look for further downside with 13,178 & 13,155 & 13,117 as targets.
Comment:
Looking at the H4 chart, our overall bias for Nasdaq 100 is bullish as the current price is above the Ichimoku cloud. The RSI is neutral. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
“Intraday forex trading signals". Our top forex trades for today, we look at the technicals and fundamentals to generate profits daily on the most traded correlated assets in the world.
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