Technical Analysis

USDCAD moved up to test the 200 day moving average The  USDCAD  has reversed some of the declines seen yesterday and into today. Recall from yesterday, the Bank of Canada raised rates by 50 basis points and that coupled with hopes that the US inflation was peaking, sent the USD lower and the  CAD  higher.

The strongest weakest of the major currencies US and European markets (for the most part) are closed, but the forex market still trades. The  GBP  is the strongest and the JPY is the weakest. The major currencies are all clustered really close together with the JPY being the biggest outlier as it continued its move

USDJPY trades to the highest level since 2002 The USDJPY is trading higher once again today and in the process has blown back through the June 2015 high at 125.86 and the high from Wednesday t 126.31. That move puts the price at the highest level since May 2002 nearly 20 years ago (see weekly

NZDUSD stays below the 100 hour moving average Yesterday, the RBNZ hiked rates by a greater than expected 50 basis points (est 25 bps) and the price for the NZDUSD initially spiked higher. However, after the NZDUSD price reached the 200 hour MA and the 200 day MA (green lines in the chart above), sellers

EURUSD falls toward the swing lows from yesterday The EURUSD continues to move lower as ECBs Lagarde’s press conference continues. She is holding the line as far as policy with APP purchases likely to and sometime in the third quarter, but is not pinpointing whether it’s at the beginning or the end. She has added

NASDAQ index is up nearly 2% Recall from yesterday, the  Nasdaq  index moved higher ahead of the open on the back of what is perceived as a peaking of inflation (after the higher than expected CPI data). However, as the day went on, the pair gave up those gains and then sold off into the

NZDUSD trends to the downside The  NZDUSD  has moved sharply lower after the RBNZ hiked rates by 50 basis points. The expectations was for a 25 basis point hike. Helping the run to the downside was the initial resistance against the 200 hour and 200 day moving averages. The price spiked higher to those moving

USDCAD moves back above its 200 day moving average The USDCAD tumbles below the 200 day MA after the CPI data in the US today. The fall earlier in the North American session took the price to the 100 hour MA (blue line), however, buyers slowed the fall and bounced the pair higher. The retracement

USDJPY moved back below the old March high The  USDJPY  has moved below the old high from March 28 at 125.093. Recall from yesterday, the price moved above that level, and on the hourly chart peaked against the underside of a old broken trendline (see chart above). Sellers leaned against that level and consolidated over

The major US indices all closed lower as worries about higher rates, higher inflation, slower global growth, recession, you name it. S&P and NASDAQ closed lower for the second consecutive day S&P closed below its 200 hour moving average at 4420.58 NASDAQ gapped below its 200 hour moving average up at 13707 and closed near

EURUSD retest its high from Friday and 100 hour MA The  EURUSD  moved today ay above its 100 hour moving average in the early Asian session, but backed off on the first break. The move to the downside tested the lower swing area between 1.0863 and 1.0872 (see yellow area and red numbered circles in

EURUSD is lower for 7 consecutive days The  EURUSD  is working on its 7th down day in a row. Now there has been ups and downs – especially on Wednesday and Thursday – but the highs have seen limits. Yesterday and on Wednesday, the highs for the day stalled near the swing lows from March

USDCAD moves up to test the 200 day MA The  USDCAD  has moved higher following the USDs move higher in the North American session. The Canada jobs report came in around expectations and had limited impact after the release. However, the USD buying has given the pair a push to the upside over the last

EURUSD moves above swing lows from Wednesday/Thursday The EURUSD has bounced and in the process, moved back above the swing lows from Wednesday and Thursday between 1.0863 and 1.0873. The price is currently trading at 1.0873 which is just below the close from yesterday at 1.0878. The high price reached 1.0879 so far. As outlined

AUDUSD bounced off an old ceiling today. The  AUDUSD  moved lower with the USD buying and “risk off” sentiment. The move lower saw the pair move to a swing area between 0.7420 to 0.7429. That area was a ceiling going back to March 7 to March 21 (see green numbered circles). The push higher in

USDCHF moved up to the swing area and reversed The USDCHF moved up on the daily chart extending to a new high for the week in the process. However, that high moved into a swing area (see green numbered circles) between 0.93658 and 0.93822. The high reached 0.9373 and rotated back down. The last 5

GBPUSD looks toward the 1.2999 swing low for 2022 The GBPUSD is trading to a new swing low and new week low at 1.3018. The move takes price to the lowest level since March 15. The swing low for the year reached 1.29987 on March 14, and a near identical level of 1.2999 on March

Crude oil moved to test the swing low from March 15 The price of  crude oil  moved down to test the swing low from March 15 at $93.53. The low price just reached $93.81 and is seeing a bounce back higher. The current price is trading around $95.20 that still down around one dollar on