Technical Analysis

Gold threatens a triple top If you keep on knocking, eventually they let you in. Gold ran into a wall at $1830 last month and then crumbled as low as $1680 but it impressively got off the mat there and is now back to where it started. That resilience is a sign of strength but

200 day MA at 1.25326 The USDCAD yesterday moved up to test its falling 200 hour moving average (green line). Sellers leaned against that level and in doing so kept the sellers in control. The price ultimately fell below the recent swing lows down to 1.2568.   Today, the pair took a another step with a fall below its 200 day

100 hour MA and swing level at 130.169 The EURJPY has been marching higher since bottoming on August 20. The price had been up for 9 of the last 10 trading days coming into today. The price is currently lower after a double top near 130.736. The subsequent fall took the price below a swing area defined from highs on Wednesday, a few lows

Retraced the entire August move to the downside now The AUDUSD has risen 48 Alaska trading days. Over that time period, the move down in the month of August from 0.74259 to 0.71059 has been completely retraced (and then some).  The price action today has taken the price above the August 5 high at 0.74259. Once broken, the price has

USD falls the most vs the NZD The USD fell versus all the major currencies is weeks with the exception of one…the CHF. The US dollar fell the most versus the NZD and AUD as those currencies benefited from risk on sentiment, somewhat improving China and expectations that as Covid spread slows, central banks would start to look toward reversing some of

Trades below its 100/200 hour moving averages The USDJPY initially tumbled lower on the headlines from the US jobs report. That move took the price below its 100 day moving average at 109.688, but stalled ahead of a swing low area between 109.56 and 109.58. The low price reached 109.62 and bounced higher. The subsequent  move back to the

Modest gains/changes for most of the major indices The major European indices are closing moderately higher.  Provisional closes are showing: German DAX, +0.1% France’s CAC, +0.1% UK’s FTSE 100, +0.2% Spain’s Ibex, unchanged Italy’s FTSE MIB, +0.2% In other markets as London/European traders look to exit: Spot gold is down $-2.40 or -0.13% at $1810.81.

New lows for the greenback vs the EUR, GBP, AUD and NZD The USD has made a break to the downside with the dollar moving to new lows verse the EUR, GBP, AUD and the NZD. EURUSD: The EURUSD has broken above the 1.18507 to 1.18568 swing area (see earlier post). The pair has entered into the upper extreme area going

S&P fails on attempt to close at record Selling into the close today pushed the S&P index into the red after trading higher for most of the day. However it is still ending the day with a small gain. The NASDAQ index is also closing near it’s session lows but had a more solid gain

NASDAQ hits an all time high The major indices are opening higher with the NASDAQ index reaching an all time high. The Dow is trading above and below the unchanged level. We snapshot of the market currently shows: Dow, -10 points or -0.02% at 35349.47 S&P up 7.6 points or 0.17% at 4530.49 NASDAQ up

USD rises in August So how did the USD do in August? The US dollar rose against all the major currencies with the one exception being the NZD. Recall that in August the RBNZ was expected to raise rates by 0.25%, but put the rate hike on hold after the decision of the Government to impose Level 4 COVID

Doubt down for the third time in four trading days The US stocks have open lower. The Dow is down for the third time in four trading days The S&P and NASDAQ open lower after closing at a record levels yesterday The stock market gave up earlier premarket gains The S&P closed at a new record

53rd record close level for the S&P in 2021 The S&P and NASDAQ closed higher and at record levels again. The Dow industrial average fell modestly. Highlights include: S&P and NASDAQ up for the seventh day in the last eight S&P closes at a record level for the 53rd day NASDAQ in 2021 NASDAQ index

S&P and NASDAQ up six the last seven trading days The major US indices are opening higher with the S&P and NASDAQ making new all-time intraday highs.  The S&P closed at a record level for the 52nd time in 2021 on Friday. The NASDAQ index closed at a record high level for the 31st time

No explicit taper timeline The dollars move lower on the headlines from Fed chair Powell’s speech.  No explicit taper timeline has sellers pushing the greenback lower.  Yields are moving lower as well.  The comments run counter to what most Fed officials have been saying which will make for an interesting September meeting. Of of course the jobs report in September will be a key talking

Swing area between 1.2577 and 1.2596 is the next downside target The CAD has followed the other currencies in moving higher versus a weakening dollar after Chair Powell did not satisfy the taper hawks.  Looking at the hourly chart, the price has moved back below its 100 hour moving average at 1.36372. Stay below that moving average keeps the bears

…and overall dollar selling The AUDUSD is racing higher encouraged by the overall dollars selling after Fed chair Powell’s Jackson Hole speech and overall risk on sentiment help by rising stock prices. The NASDAQ index is currently at 148 points or 1%. The Dow industrial average is up 231 points or 0.65% and the S&P is up

Gains of 0.30% to 0.60% for the major indices The European major indices are ending the session higher after earlier declines. The indices have been dried higher by solid gains in the US after Fed Powell’s Jackson Hole speech.   The provisional closes are showing: German DAX, +0.3%. The index was down -0.3% at session lows France’s CAC +0.2%. It was down -0.32%