Technical Analysis

The strongest to weakest of the major as London traders exit As the London/European traders look to exit for the weekend, the snapshot of the market currently shows the CAD and GBP as the strongest of the majors, while the EUR is the weakest. The EURGBP is one of the weakest pairs with a decline

WTI crude oil settles at $89.88 The price of WTI    crude oil     futures  are settling at $89.88 . That is up $0.22 or 0.25%. The high price reached $91.74. The low price came in at $89.03. The price action today reacted to the CPI initially to the downside, and then followed the other

BOE’s Bailey is speaking but his comments are not focused on economy or monetary policy. GBPUSD on the daily chart is trading to a new month high Meanwhile the    GBPUSD  is trading near highs for the day and in the process has now taken out the February high price of 1.3627. Looking at the

The major US    indices  are all closing higher on the day and near session highs. The Dow is up for the third consecutive day The Russell 2000 is up for the fourth consecutive day the Dow is closing 2.8% from its record high close S&P is closing 4.4% from its record high close(4.8% from

Crude oil rises to 100 hour MA and finds sellers The price of    crude oil  fell to the lowest level since February 3, breaking below the low price from yesterday at $88.49, and an earlier low today at $88.60. That move fell below a swing area between $88.52 and $88.84 (see green numbered circles).

The major US stock indices are trading near their highs for the day. A snapshot of the market currently shows: Dow industrial average up 352.54 points or 1.01% at 35447.29 S&P index up 34 points or 0.75% at 4518.00 NASDAQ index up 158.18 points or 1.13% at 14174 point Dow Jones industrial average traded above

USDCAD on the hourly chart moves back higher today The USDCAD fell below its 100 and 200 hour moving averages yesterday, and moved down to test a lower swing area and 38.2% retracement between 1.26496 and 1.26628. The low price reached 1.26566. That was also near the swing low from last Thursday’s trade. Today, the

USDCAD tests the next key downside target area Earlier today I posted on the USDCAD (see “The USDCAD retraces back to the 100/200 hour MA. This is the place to buy if you like the upside“), that the 100 and 200 hour MA were being tested at 1.2702 and that: “If it is time to

The USDCHF has moved lower today and in the process have moved below its 200 hour moving average, and down to test the 100 hour and 100 day MAs which are converged near 0.92159. Those lows are also near the low just ahead of the jobs report on Friday at 0.92144. The low price just

The US jobs report expectations was tilted to the downside pre-report as a result of omicron and all the premarket data. However it came in much stronger than expected at 467K versus 150K estimate. The two month revision was a whopping +700K. What? What has been the fallout from the surprise gains? US stocks in

USDJPY bounced off 100/200H MAs The USDJPY spiked higher with the USD after the better than expected jobs report. The pair moved up to a high price of 105.387, but has backed off to 115.13. The current price trades at 115.245 between those extremes. Looking at the hourly chart, the 115.03 to 115.113 has been

AUDUSD falls away from its 100/200 hour moving averages The AUDUSD moved lower in the late Asian session and continued the run to the downside in the European session. The pair stalled near the 50% midpoint of the 2022 trading range near 0.71403 (the high reached 0.7150) yesterday, the price spiked up to 0.71677. On

EURUSD on the hourly chart The EURUSD moved lower after the US jobs report. The price extended back below its 100 day moving average at 1.14281 the low price reached 1.1411 before bouncing back higher over the last few hours (see hourly chart above). That rebound back to the upside has now moved the price

USDCHF extends higher but stalls at the 50% of the wks range The USDCHF this week moved down on Monday, Tuesday, and Wednesday (3 straight down), consolidated up and down on Thursday, and corrected higher today. The move to the upside today extended above the 100 day MA in the early European session, and corrected

EURGBP traded above its 100 day moving average The EURGBP continued its move to the upside today, a day after the ECB hinted of potential tightenings in 2022. Yesterday the pair swung from a new low going back to February 2020 – taking out the January lows at 0.83048. Looking at the daily chart, the

EURGBP races to topside resistance The BOE raised rates by 25 basis points with dissenters in the 5-4 vote leaning to 50 bp rise. That initially sent the EURGBP to the downside. However, after Lagarde started to switch course for the ECB, it was “fast break the other way” for the EURGBP with the price

USDJPY tests a dual resistance area While the EURUSD continues to move higher and trades to its highest level since January 18 and looked toward its 100 day moving average at 1.1430 (it traded up to 1.1397), the USDJPY is also been moving to the upside. Looking at the hourly chart above, the price moved

AUDJPY retests the 200 hour MA and bounces. The AUDJPY saw the price move higher yesterday after an initial move lower after the RBA decision, but then rebounded higher The move back to the upside was able to get above its 200 hour moving average (green line currently at 81.379) and also above a downward