Technical Analysis

NASDAQ index tests its 100 hour moving average The  NASDAQ  index is up 413 points or 3.27% at 12978. Looking at the hourly chart, that takes price above its 100 hour moving average at 12946 for the 1st time since April 5. Stay above that moving average is the best case scenario for the buyers.

The strongest to weakest of the major currencies The USD dollar is marginally lower on the day with gains only vs the CHF and declines of 0.20% or more vs the EUR, CAD, AUD (down -0.73%) and NZD. The AUD is the strongest as it has follow through buying after the larger than expected increase

USDCHF completed the down and up lap today The  USDCHF  just traded up to 0.9799. In the process, the pair completed the down and up “lap” that saw the price move from a high of 0.97936 to a low of 0.97197, and all the way back up to the 0.9799 level – above the previous

USDJPY seems to be stuck in a range now The  USDJPY  is taking a breather today with a 60 pip trading range. That is about half of the oversized 122 average over the last 22 trading days (about a month of trading days). The price action has been down, up, down and back up again.

USDCHF has been up 14 the last 15 days The USDCHF is up again. The pair has been up 14 of the last 15 trading days. Over that time period, the price has moved up from the April 12 low at 0.9286 to a high today of 0.9784. That is nearly 500 pips. The current

GBPJPY tests its 100 hour moving average/swing area The  GBPJPY  is trading to a new session low and in the process is looking to test its 100 hour MA at 162.29. The low price just reached 162.312. The MA is joined by a swing area between 162.196 to 162.379. A move below the 100 hour

USDJPY has been up nine of the last 10 trading weeks The  USDJPY  continued it’s run to the upside this week and in the process continued to make new 20 year+ highs. The pair moved up to 131.253 yesterday. The USDJPY pair is now up for 8 consecutive weeks and 9 of the last 10.

USDCAD cracks lower after stallng near swing area resistance The USDCAD ran to the highest level since March 9 yesterday/this week, and in the process entered into a swing area on the daily chart between 1.28709 and 1.29001. However, sellers entered within that swing area (the high price reached 1.2879) and pushed the price down

NASDAQ is trading down to the swing low from 2021 The  Nasdaq  index is trading to a new session low and in the process is now down 3% on the day. The low price . The price reached 12481.76. The price is currently trading just above that 12490.00. That’s down 381 points or -2.96% on

WTI crude oil moved up to $108 and backed off The price of WTI  crude oil  futures rose to near 8% on the day at session highs. Those highs moved into a swing area ahead of the recent April high (at $109.05). That swing area came between $107.86 and $108.14 (see red numbered circles and

NZDUSD is trading below its 50% midpoint The  NZDUSD  is ending the week near the lows for the week/year and lowest level since July 2020. Looking at the daily chart, the pair is also trading just below the 50% currently at 0.64655. Stay below and move lower next week and the pair will start to

AUDUSD retraces the gains today The  AUDUSD  squeezed higher in the Asian session, and at the start of the North American session, the AUD was the strongest of the major currencies (see post earlier today) The move to the upside saw the pair move above a topside channel trendline, the 100 hour moving average (blue

USDJPY holds onto most of the near 300 pips today The  USDJPY  moved nearly 300 pips today with most of that move being to the upside. Looking at the five minute chart, the pair closed at 128.42. The low price was just nine pips lower than that at 128.33. At the lows in the Asian

AUDUSD trades to the lowest level since February 2022 The  AUDUSD  has seen the price back below a swing area between 0.7079 and 0.71038 on the daily chart in trading today. The low price reached 0.70543. Going back in time, the February 4 low reached 0.70512. That was the next target, but buyers leaned against

AUDUSD toward a swing area The AUDUSD is looking to close lower for the fifth consecutive day although today’s decline would be modest. The current price is just four pips off it’s closing level yesterday at 0.7122. The price is traded mostly above that level today but has rotated back to the downside going into

NZDUSD bounces off the bottom for 2022 The  NZDUSD  fell below a old trendline yesterday near 0.6582 during yesterday’s trade. That move also took the price below the swing lows going back to February 2022 near 0.6589 and 0.65918. The subsequent momentum to the downside was continued today with the target being the January 28

USDCAD bases against the 100 day moving average The USDCAD moved higher yesterday and away from it’s 100 day MA. The high yesterday stalled ahead of a lower swing area that is ahead of the extremes from 2021 in 2022. That swing area in the USDCAD comes between 1.27857 and 1.28132. In trading today, the

USDCHF is up 15 of 18 trading days The USDCHF is trading to a new session high with the USD buying. The price is up 420 pips in the last 18 days of trading. Over those 18 days, the price is up 15 of the 18 days. The move has now taken the price up