Technical Analysis

GBPUSD moves to test the Tuesday low and lowest since Nov. The GBPUSD is trading to a new session low and in the process is also looking to test the low from Tuesday’s trading at 1.30808. A move below that level would have traders trading at the lowest level since November 5, 2020. As outlined

AUDUSD moves away from 100 hour MA The  AUDUSD  tried to extend above the 100 hour MA yesterday near 0.73285 (blue line in the chart above), but could not muster much momentum and the price moved lower. That momentum picked up steam in the Asian session today with the price falling back below its 200

The US major indices snapped a 4-day losing streak that saw high to low declines for the major indices over those days showing: Nasdaq -8.44% S&P, -5.86% Dow, -4.68% Russell 2000, 5.54% hundred Today, the major indices did a good job of erasing some of those declines. The final numbers are showing: Nasdaq index closed

EURJPY runs back higher The  EURJPY  has seen a strong bounce over the last few days, that came after a stronger move to the downside last week that saw the pair move below the December 2021 low at 127.348. That level was the lowest level since February 2021. The fall below took the price all

USDCAD backs off from 1.2900 The USDCAD raced up over the previous 4 trading days moving from a low on the daily chart between the 200 and 100 day MAs at 1.2586 and moving up a high of 1.2900 yesterday. The high price yesterday tested a swing area between 1.2877 and 1.2996. The price extended

USDJPY above the 100/200 hour MAs The USDJPY has seen a run back to the upside today which comes a day after racing to the downside (on Friday). The move higher today reached 115.467. That was short of the high from Friday at 115.55, but was able to take the price back above the 100/200

GBPUSD on the daily chart The GBPUSD had moved into a support area between 1.3133 to 1.31865 area earlier today (see post here). I commented that moving below the low of the swing area would increase the bearish bias, and that is what happened. The pair has moved down to a low near the 1.3100.

The strongest to weakest of the major currencies As the North American session begins, the NZD and the AUD are the strongest of the major currencies, while the EUR is the weakest. The USD is mixed to higher ahead of its jobs report that will be released at 8:30 AM ET. Overnight, the fire at

The EURUSD’s fall has not been interrupted after the better than expected nonfarm payroll report. Jobs increased at a faster pace with higher revisions plus the unemployment rate fell to 3.8% from 4.0% last month. The wages were contained however which is good news for a change. The USD has gotten stronger since the report

EURCHF falls toward 1.0000 parity level The  EURCHF  has continued its run to the downside as investor exit the  EUR  and buy the relative safety of the CHF. The pair has reached a low 1.0019 and in the process is getting closer and closer to parity. The EURCHF has not traded below parity since January

GBPUSD on the daily chart The price of GBPUSD has moved to a new low for the day at 1.32014. Support buyers are seemingly putting a toe in the water near the natural support target. The price is trading back up at 1.3218 as I type. Looking at the daily chart, be aware that the

USDJPY on the hourly chart The USDJPY has ticked to a new week low taking out the lows from Tuesday near 114.69. The not so good news is the low price just reached 114.68. That may disappoint sellers and lead to corrective probing. A move back above 114.85 will be eyed. Move above and we

AUDUSD moves away from 200 day MA again The AUDUSD has seen up and down volatility today. At the start of the day, the price moved lower and back below the 200 day MA at 0.7322. Yesterday, the price closed just above that moving average level. However, after stalling right around natural support at 0.7300,

Dear USDJPY stalls on the upside against swing level resistance The  USDJPY  bounced higher in the Asian session and extended toward the high of a swing area between 115.68 and 115.786. The high reached 115.801- just above the high of that area – and backed off. The price is trading to a new NY session

The major indices are trading mixed with the Dow industrial average up 0.34%. The S&P index of 0.16% while the NASDAQ index is down -0.56% currently. Tests the 200 hour moving average and stalls If you were to look at the hourly chart of the NASDAQ index above, the high for the day at 13837.59

USDJPY bounces off the 100 hour moving average Meanwhile as Chair Powell testifies, the Forex markets are motion. Looking at the USDJPY, the pair did move lower on the comment from the Fed Chair of a 25 basis point March hike, but has since rebounded higher. The move of the move lower, was helped by

USDCAD bounces off the Red Box area (again) The USDCAD has moved down to test the low of the swing area between 1.2649 and 1.2656. The low price just reach 1.26475 but has since bounced back up to 1.2663. The 100 day moving average of 1.26377 is also in play as is the failed swing

The JPY is the strongest and the EUR is the weakest as European traders look to exit. A snapshot of the forex market as European traders exit Taking a quick look at some of the technicals for the major currency pairs:  USDJPY  : The USDJPY is lower on the day and in the process moved