Technical Analysis

EURUSD moves toward 200 bar moving average on 4 hour chart The EURUSD has moved to a new session high and in the process is moving toward the 200 bar MA on the 4-hour chart at 0.98515. Early this week, the price tried to extend above that moving average level on 4 separate bars on

Let’s face it…. the markets are really sensitive and that leads to weak hands on the upside and the downside. Fed’s Harker brought the markets back to reality saying that inflation will be around 4% next year and 2024 at 2.5%. Both are probably above the bulls expectations who see inflation moving down. Josh Brown,

The strongest and the weakest of the major currencies The NZD is the strongest and the USD is the weakest as the NA session begins. The UK political turmoil continues with Truss now meeting with 1922 committee chair Brady (and is being reported that “It is over” for the PM). The GBPUSD is back higher

The USDJPY continues to inch higher after breaking above a topside trend line earlier in the day. The pair is also up for the 11th consecutive day 149.228. The current underside of the topside trend line comes in at 149.61. At a minimum, getting below that trend line and staying below is a requirement if

EURGBP on the daily chart Yesterday I posted of the EURGBP moving to a key support at the 100 day MA at 0.85805 (see: EURGBP tests 100 day MA. Key support). Risk can be defined and limited against the key moving average. Risk focuses traders leaned and the price did indeed bounce higher off of

The S&P index moved above its 100 hour moving average yesterday. That moving average (blue line in the chart above) comes in at 3666.77. The index moved above the moving average in the first hour of trading and stayed above it for the rest of the day. S&P index trades between hourly moving averages Today,

USDJPY buyers remain in control The USDJPY is not letting up. The pair is trading to a new high going back to 1990. The high just reached 148.95. The tries to the downside today could not get very far. Looking at the 5 minute chart, the pair moved below the intraday 100/200 bar MAs on

The major US indices are ending the day with sharp gains. The moves to the upside in the major indices erased the sharp declines from Friday. A lower dollar, and steady to lower yields helped the tone. A shift in some of the technicals are also a help. S&P is back above the 200 week

The major US indices are trading higher in early trading, continuing the advance seen yesterday which saw initially a sharp move lower that saw the S&P test the 50% of the range since the pandemic low at 3505. The price bounced higher and retook the 200 week MA at 3600. The S&P is now close

USDJPY moves to the highest level since 1990 The USDJPY has continued its move to the upside with the pair reaching a high of 147.99 (bid side). The move to the upside today has taken the price above the August 1998 high of 147.67. The pair is trading at the highest level since August 1990.

USDCAD moves above swing area The USDCAD is trading to a new session high that took the price to 1.3881. In the process, the pair moved above the September 28, September 30, and October 11 highs between 1.3837 and 1.38548. On Wednesday and pre-CPI on Thursday, the price approached those levels before breaking higher after

S&P is back below the 200 week moving average The major US stock indices are rushing to the downside and trading to new lows for the day. The NASDAQ is leading the way with a decline of over 2.00%. Coming into the day, the NASDAQ was near unchanged for the week. For the S&P index

The AUDUSD reached it’s high for the week on Monday when the pair rallied but stalled against a downward sloping channel trendline. AUDUSD falls below floor from earlier in the week That channel followed the price down to a low on Tuesday before the market started to consolidate into the CPI data on Thursday. The

NZDUSD on the weekly chart The NZDUSD fell to the lowest level in 2022 this week at 0.5510. That is within 44 pips of the 2020 swing low at 0.54668. The price is currently at 0.5558 about 108 pips from the 2020 low all-time low. The 2020 low is the lowest level since March 2009.

The USDCHF raced higher after the better than expected CPI data. That took the pair to a new 2022 high and to the highest level going back to May 2010 (see daily chart below). The high price today took the price above the swing highs from 2022 at 1.00493 and 1.00637 (from May and June

What a day! For the day, the S&P had its fifth-largest intraday reversal from a 52 week low. The low today was down -2.39%. That was a new 52 week low. At the close it was up 2.6% For the NASDAQ index it was the 4th largest reversal from a 52 week low.. At the

NZDUSD stays below 100 hour MA Like many pair’s yesterday, the NZDUSD tested/moved above the 100 hour MA (blue line) but could not keep upside momentum going, fell short of the next targets (for it the 200 hour MA) and rotated lower. Today, looking at the hourly chart, the price action has continued to move

The US CPI will be released tomorrow at 8:30 AM. Adam has put up a post outlining the fundamental expectations for that pivotal release. You can find that report HERE. In addition to know the expectations, it is important for traders to understand the bias, the potential bias shifts (i.e. from bullish to bearish or