Technical Analysis

EURUSD bounces ahead of the 38.2% retracement The  EURUSD  move sharply lower on the back of the run into the USD after stronger data today. The price moved down to and through recent swing lows at 1.06787, 1.0661 and the swing area between 1.0633 to 1.0641. What was not reached was the 38.2% of the

GBPUSD falls away from its 200 hour moving average The GBPUSD has pushed back below its 200 hour moving average 1.25765. Earlier today, the price found support buyers against that level (the moving average also stalled the fall during yesterday’s trade). However, toward the end of the London morning session the price fell below the

AUDUSD ends the month higher The  AUDUSD  moved higher at the start of the month of May and in the process moved up to retest the 100 and 200 day MAs (blue and green lines on the chart above). The price rise found risk focused sellers against the lower 100 day MA. The next 6

EURSUD him trades between its 100/200 hour moving averages The  EURUSD  has dipped below the 100 hour MA for the first time (with momentum at least) since May 17. The 100 hour MA is at 1.07242 currently. The move lower comes after trading to a new cycle high on Monday up to 1.07857. The price

USDJPY confined by technical levels above and below The UDSJPY has traded down and back up and trades modestly lower vs. the close from yesterday. The current price is trading at 126.94. The price closed at 127.07 yesterday. Looking at the hourly chart above, the high price today reached 127.192. That was just short of

USDCAD trades below its 50% midpoint The USDCAD moved lower in the early Asian session and in the process broke below its 50% midpoint of the move up from the April 21 low. That level comes in at 1.27677. The price has stayed below that midpoint level since the break. Stay below the 50% retracement

GBPUSD trades above and below the 50% midpoint The GBPUSD moved up to test the 50% of the move down from the April 21 high yesterday, and broke above that level at 1.2622 early in the Asian session today. The high price also extended above the May 4 high at 1.26373 on its way to

NZDUSD breaks higher today The RBNZ raise rates by 50 basis points on Wednesday. On that day, the  NZDUSD  moved higher extending above the high from Monday’s trade in the process on its way to 0.65135. However buyers turned back to sellers, the price moved back below a swing area between 0.64908 and 0.6499, and

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USDCHF stalled near a swing area from back in April The USDCHF moved sharply lower on Monday and lower again on Tuesday. Wednesday and Thursday saw choppy action but stayed above the Tuesday low. Today, the price action has been up and down, but the price of the USDCHF did extend to a new week

The major US  indices  are trading to new session highs. The gains are led by the NASDAQ index which is up by 2.72%. Technically, both the Dow Jones and S&P index have moved above their respective 200 hour moving averages. S&P index is above its 200 hour moving average Looking at the S&P hourly chart

The strongest to weakest of the major currencies The  NZD  is the strongest and the EUR is the weakest as the North American session begins. Today in the US, the week will end with the core and headline PCE  inflation  measure (along with personal income and personal spending) being released. The Core PCE is expected

AUDUSD traders await the next shove The  AUDUSD  is trading up and down as traders await the next shove. Looking at the hourly chart above, the consolidation has seen the price trade above and below the 100 hour MA (blue line) currently at 0.70909. The high price today reached 0.7109 in the Asian session, and

The strongest to weakest of the major currencies The EUR is the strongest and the NZD is the weakest as the NA session begins. The USD is mixed to lower with modest gains vs the AUD and NZD and bigger declines vs the EUR, GBP and JPY (although the changes are still relatively modest and

USDCAD moves below the 100 hour moving average at 1.28109 The  USDCAD  has moved below the 100 hour MA at 1.28109. That moving average had a stalled the fall on a number of dips throughout the day. The break tilts the technical bias more to the downside . The high price today – reached near

USDCAD trades between the 100/200 hour moving averages The  USDCAD  moved higher earlier in the North American session helped by flows out of the riskier “commodity currencies” and into the USD (on the US stock declines). The pair was also influenced by the break above the 100 hour moving average (blue line in the chart

The  NZDUSD  is trading marginally lower ahead of the RBNZ decision that will be announced at 10 PM ET. The expectations are for a 50 basis point hike to 2.00%. The hike will be the 5th in a series of hikes that started on October 6, 2021 with a 0.25% hike to 0.50%. They added

USDCAD trades above lower trend line/50% retracement The  USDCAD  is lower on the day with the price opening at its high and trading down to its low in the North American session. The last 13 or so hours have seen the price trade up and down with a high near 1.2807 and a low at