Technical Analysis

Little change among major currencies for the most part Besides the euro, other dollar pairs are sitting within 10 pips change of one another to start the session – exemplifying a more tepid mood currently. After a retreat in the past two days, the greenback is keeping steadier as the gains from the past week

The price of the AUDUSD trades mid range in the up and down day The AUDUSD traded to a new low yesterday for the month of November, closing at the lowest level since October 1 (the close yesterday came in at 0.7264).  Today, the low price extended down to a new low going back to early October at 0.72488.

Pushing away from the 200 hour MA after earlier apprehension The GBPUSD buyers are making a play in the GBPUSD.   The price for the pair moved higher on the higher UK inflation data today, but failed on the first break above its 200 hour moving average (the break above the 200 hour moving average was the first since October

Down sharply on the day The price of WTI crude oil futures have fallen around three dollars a barrel or 3.6%. The price currently trades at $77.85 (December contract). The January contract is down $-2.65 or -3.32% at $77.09. Looking at the hourly chart, the price has now moved below the swing low from November

EUR/GBP drops below 0.8400 for the first time since February 2020 The pivotal level to watch on the day will be the 26 October low @ 0.8403 as the key support level, in which a break below that will solidify added downside momentum. The pair saw its recent bounce capped by key trendline resistance and

A swing area between 0.93049 and 0.93125 is been tested The USDCHF is trading at its highest level since October 12. In the process has moved into a swing area between 0.93049 and 0.93125. That area was developed between September 29 and October 12 (see red numbered circles). This week, the initial move was to the downside

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50% midpoint at 0.9224 in the USDCHF The USDCHF move lower earlier in the Asian session and in the process tested the 100 day moving average at 0.9188. The low price reached 0.91866, and quickly rebounded. Sellers turned the buyers, and with the dollar buying in the US session, has sent the price higher. The pair’s run to

100 day MA at 1.25404. The USDCAD closed last week right at its 100 day MA. That MA is at 1.2540. The pair closed at 1.2551 (blue line on the daily chart below). Looking at the week’s price action, of significance technically, was the Bbreak above the 200 day MA (green line) at 1.24711 on

Makes new 2021 highs The US dollar index (DXY) raced above 2021 highs and extended to the highest level since July 22, 2021. The high price reached 95.26 on Friday.   In the process, the index took out the  High for the year reached last week at 94.62 as well as the September high at 94.56.  

Price is down for the 3rd week in a row The GBPUSD traded to the lowest level since December 2020 this week.  The move lower took the price down for the 3rd week in a row and take the price closer to its 100 week MA at 1.3277.   The 200 week MA is at 1.3164

Three day up streak to end the week The USDCHF closed the week on a more bullish note.  The price closed higher for the third day in a row.  On Wednesday, the low for the week stalled at the lower trend line and bounced higher (bullish bounce)  Also on Wednesday, the price moved back above

NASDAQ index leads the way The major US indices are rebounding today and closing near session highs. The solid gains also cut into the losses for the week. However major indices still closed lower for the first time in six trading weeks. The Dow industrial snapped a three day losing streak S&P and NASDAQ closed

The price closed at $1862.22 yesterday The price of gold has erased its earlier declines and now trades higher on the day.  The closing level came in at $1862.22 yesterday. The current price is trading at $1865.34 up $3.41 or 0.19%.  Looking at the hourly chart below, the price has been up for eight consecutive hours. The next

Dow industrial average down for the third consecutive day The US major indices are ending with mixed results. The Dow industrial average was the worst performer thanks to a sharp decline in Disney shares. The S&P is closing modestly higher while the NASDAQ index had decent gains, but is closing well off the highs: S&P

Back below the 100 day moving average The NZDUSD quickly dip to a new low after breaking below the earlier session low of 0.7012. The low price reached 0.70058 but quickly bounced higher.  The pair currently trades at 0.7014. Despite the bounce, looking  at the five minute chart above, the sellers still remain in firm control.   The corrective high off

Price falls below the 1.3411 The price of the GBPUSD has fallen today below the November low of 1.34236 and the September low 1.3411. That takes pair to the lowest level since December 23, 2020. The low just reached 1.34056. The move below the old lows opens the door for further downside momentum. A lower trendline on

The price action remains choppy, but the pair is following the USD. As London/European traders head for the exits, the USD is just behind the CAD as the strongest of the major currencies. The JPY is the weakest.   Versus the GBP, the pair is reaching a new session low at 1.34548 after a volatile NY