Technical Analysis

Gold spins its wheels again The $1834 resistance level and some moderate US dollar buying today spelled trouble for gold today, even with yields dipping another 3 bps today. Technically, that’s a simple setup but it’s not necessarily bearish so long as last week’s low of $1790 holds. On the fundamental side, Powell’s comments this

Stocks close near session lows Highlights for the day: Dow S&P close lower for the third day in four sessions Major averages post weekly losses S&P has six straight monthly gain NASDAQ snaps two day win streak Dow S&P, NASDAQ post gains for July Hurting the indices and market today was Amazon which fell -7.5%

The swing area come to between 1.24227 and 1.24490 The USDCAD has traded to a new week low of 1.24215. That took out a earlier low for the day at 1.24255, and also the low from July 14 at 1.24227. The price traded at the lowest level since July 6.  There is a swing area between 1.24227 and 1.24490 (see yellow

Price trades above and below the 100 bar MA on the 5-minute chart.   The GBPUSD has seen steady upside momentum today. The range is still a little low at 84 pips vs the 22-day average of 96 pips. So the price action is not racing higher, but more steady. The price did move briefly below

200 day moving average at 0.90734 The USDCHF has dipped below the 200 day MA at 0.90734. The pair move above that moving average line back on June 16 and stayed above.  Traders will now look for the price to stay below and increase downside momentum on the break.  Drilling down to the five minute chart below, earlier today, the

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Converged moving averages stall the fall on the first look The EURUSD move down to a new session lows in the early New York session and in the process tested the converged 100 and 200 hour moving averages at 1.17915. The low just reached 1.1791 and bounced modestly. The convergence of the two hourly moving averages (100 and

No record closes for major indices The major US indices have snapped their five day winning streak ahead of the key earnings including Alphabet, Apple, Microsoft, AMD, Starbucks.   Microsoft is trading down $3.11 at $285.94 Apple is trading down $2.42 at $146.57 Google is trading down $-48.99 at $2631.71 AMD is trading down $-0.92 at

A topside trendline tested and held on the first look The EURUSD has completed the down and up “lap” which as seen the price first move lower in the late Asian and early European session, only to retrace all the declines and some over the last four trading hours.  Looking at the hourly chart, the

Up for the fifth consecutive day The major US stock indices close higher for the fifth consecutive day, and in the process closed at record highs. A look at the provisional closes shows: Dow industrial average rose 82.76 points or 0.24% at 35,144.31 S&P rose 10.51 points or 0.24% at 4422.30 NASDAQ index rose 3.72

The USD is weaker.  Bitcoin surges. Covid fears increase The GBP is the strongest and the AUD is the weakest as NA session begins.   The USD is weaker on concerns on the Covid Delta variant. Cases in the US rose to the highest levels since April. The White House is saying they will maintain existing

200 day MA just also in play above The USDCAD is up retesting its 200 hour moving average at 1.2602. Key technical level for both buyers and sellers. Looking at the hourly chart, the price moved below that moving average on Wednesday, and retested it yesterday on two separate occasions. Each test found sellers near the level.  The price is

Buyers come in against the 100 hour moving average in the North American session The USDCHF support/resistance levels have now been defined in what has been an up and down trading session today. The pair is higher on the day, but there has been a number of up and down swings.  The last moves first saw the price move to

Ups and downs continue in the pair. Well, I could continue to use the same title in the afternoon update for the pair.  In the North American session, the price moved higher but continue to stall ahead of its 100 hour moving average at 1.17821 currently (blue line in the chart above).   The move back to the downside reached just

The pair finishes higher on the week I love a dragon fly doji like the one on the AUD/JPY chart this week. It’s a classic sign of uncertainty and a potentially violent reversal. The week started with lockdowns in Australia and broad risk aversion but it’s ending with the S&P 500 at all time highs.

Big earnings week next week The major indices are closing at record levels. Dow 238.34 points or 0.68% at 35,061.69.  The previous record close was at 34987 S&P rose 44.33 points or 1.02% at 4411.81. The previous record close was at 4384.64 Nasdaq rose 152.39 points or 1.04% at 14,836.99. The previous record close was at 14733 Russell

The market is sticking with calmer tones so far on the day USD/JPY is trading up to a session high of 110.49, its highest level in over a week, as Treasury yields are also nudging higher and putting behind the brief drop yesterday. 10-year yields are up 2.6 bps to 1.293% now and that is

The market is expecting Intel will report earnings after the close. The chip manufacturer has been under pressure as AMD and Nvidia “chip” away at their business. They have also been besieged with manufacturing problems.  The new CEO Gelsinger is looking to turn the manufacturer around via a large infrastructure investment, but that takes time and the market