Technical Analysis

200 hour moving average at 0.7500 (nice round number) The AUDUSD as work to a new session low of 0.75046. The move has now taken the price below its 100 hour moving average at 0.75144. Traders will line that level for bias clues. Stay below keeps the intraday sellers in control. Move above and the buyers hold the better

Amazon and Apple are still lower but the NASDAQ index has turned positive The NASDAQ index has erased its declined on the day and has turned positive. The index is currently trading up 8.37 points or 0.58% at 15456.89. The index at the lows traded to 15323.30. That took the price down 124.8 points or -0.81%. Yesterday the

Move higher today erases the decline after the BOC decision this week The USDCAD remains mired in the trading range that has the pair moving up and down since October 14. The high of the range over that time comes in at 1.24334. The low reached 1.2287. This week the high reached 1.24308 - just a few pips from the 1.24334 range high.

First close below MA since July 2020. With the EURUSD trading at 1.1554, the pair is on track to close the week below the 200 week MA. That MA comes in at 1.16657.   Three weeks ago, the pair closed just above the MA level.  Since then, the closing price for the week has been comfortably

Dow industrial average closed at a record level as well taking out the October 26 high close the major indices all closed at record levels to and the month of October. S&P and NASDAQ post their best month since November 2020 Dow and S&P higher for the fourth straight week All 11 S&P sectors higher

Dollar buying kicks and above its 200 day moving average and swing lows from last week and Monday The USDCHF is also seeing strong dollar buying over the last hour as London/European traders look to exit.   The push the upside got a shove on the break back above its 200 day moving average at 0.9148 and the swing lows

NASDAQ first record close since September 7 The major indices are closing higher with the NASDAQ leading the way to the upside ahead of Apple and Amazon’s earnings after the close. The major indices are closing near their highs in contrast to the the close yesterday that saw the indices closing at the lows. NASDAQ up for

New lows for the greenback versus majors The USD is making new lows versus nearly all the major currencies in the current hour of trading. The one exception is the USDCAD which remained just above it’s low from the previous hourly bar.  EURUSD.  The EURUSD is trading at its highest level since September 29 and in the process has broken

Price remains below topside cluster of MAs The GBPUSD moved down to test the swing low from October 18 at 1.37085 in the late London morning session and found buyers as US traders entered for the day.  The corrective high reached 1.37537. There was a rotation back to the downside near the London fixing, but

Also expects rate rises to begin in the middle quarters of 2022 The Bank of Canada policy announcement was more hawkish as they announced they would stop the bond buying and expects a rate rises to begin in the middle quarters of 2022 (vs the second half of 2022).   The USDCAD push back below its 100 and 200 hour moving averages

100 hour MA at 0.74923 The AUDUSD  successfully tested its 100 hour moving average in the European morning session and bounced. The bounce took the price up to test a swing area between 0.7511 and 0.7522 ahead of the high from last week at 0.75457. That high was the highest level since July 6. The move back to

The price is above the 100/200 hour MA The USDJPY has pushed to the upside in trading today helped by buoyant stock trading. The move has inched above the 100/200 hour MAs at 113.90 to 114.017.  The last 7 or so hours have been able to hold above the low of that area. The current

Oil at the highs of the day Headline are pointing out that WTI hit $85 today for the first time since 2014 but the chart to watch at the moment is brent, which is having a look at the October 2018 high of $86.74. The high so far is $86.51, so we’re less than a

USD strength and oil giving back gains are factors Watching the oil market in the past week weeks, there’s been a clear pattern of selling early in US trading only for the buyers to return late in the day. That pattern fits with specs selling at the most-liquid time and refiners buying dips but you

European indices close mixed for the week The European major indices are closing mostly higher with the Spanish Ibex the exception. The provisional closes are showing: German DAX, +0.5% France’s CAC, +0.8% UK’s FTSE 100, +0.34% Spain’s Ibex, -0.4% Italy’s FTSE MIB +0.2% For the week, the indices were mixed with the UK’s FTSE, German

200 hour MA and 38.2% tested The GBPUSD fell on the back of the tough talk from the EU on Brexit. Adam is not too concerned about it (see post here), but its Friday. European traders are either out the door or near gone which decreases the liquidity. Finally, there was some technical reasons to

What are the charts saying for the EURUSD  in the new trading week.  The EURUSD traded below the 200 week moving average over the prior 3 trading weeks.  Each of those weeks could not close below that MA level. In fact, the last 3 weeks closed between the 100 week MA above (blue line in

The USDJPY stalled near the swing high from November 2017 and rotated lower The USDJPY is closing the trading week at/near the week lows. That breaks a string of 5 straight higher weeks for the pair which saw the price move from 109.10 to the high this week at 114.69 (559 pips).  The high price