Technical Analysis

This is my extracted commentary from this mornings technical video. If you want to learn about analyzing the market price action, I think it has some lessons. I will explain more below. Take a look at the video first. Lesson 1. Know what the bias is. Yes.. the price moved higher today, but overall, the

The AUDUSD is testing the lows from yesterday at 0.64377. Looking at the weekly chart below, that low took the pair below the 61.8% of the move up from the 2020 low to the high reached in 2021 at 0.64615. After a move higher today took the pair back above that retracement level, the sellers

The major US indices are opening lower, but off the pre-market lows as yields in the US come off after reaching 3.829% in the 10 year (now at 3.703%), and 4.268% in the 2 year (now at 4.137%). The Fed is targeting 4.4% for the end of year level. The stocks have seen some rebound

USDCAD tests 2019 high. The USDCAD is trading to a new cycle high and that takes the pair to the highest level since July 2020. The price high is trading at a new high of 1.3572. That level has taken the price above the high for 2018 at 1.35637 (a hurdle). The 61.85 of the

EURUSD looks toward the next target on the weekly The EURUSD is is trading to a new cycle low at 0.9726. That is the lowest level since October 2002. The price is also getting closer to the high of a swing area going back to 2002 between 0.9662 and 0.9708. Those levels defined a floor

In the morning video, I discussed the trend move to the downside and earmarked the 38.2-50% of the “last trend leg lower” as the minimum target to get and stay above to tilt the intraday bias a little more to the upside. That was the minimum. GBPUSD trends lower The corrective move higher at the

The dollar is king with the EURUSD trading to the lowest level since 2002. The GBPUSD traded to the lowet level since 1985. The AUDUSD, NZDUSD and the NZDUSD traded to the lowest level since the 2020 pandemic plunge. Even the USDCHF rallied despite the 75 basis point hike. The USDJPY rebounded Friday and is

USDJPY stalling near the 100/200 hour MAs The Bank of Japan kept rates unchanged yesterday which diverges from other central banks. But at the same time they intervened in the forex market vs the USD which sent the USDJPY pair sharply lower. The price low yesterday moved close to the 38.2% retracement of the move

GBPUSD below the key swing area up to 0.6680 As stocks continue to run lower, with the Nasdaq down -220 points or near 2% and the S&P donw -76 points or -2.04%, the AUDUSD is continueing to take it on the chin. The pair is down -1.52% on the day which is only eclipsed by

NZDUSD falls to lowest level since March 2020 The NZDUSD closed the week ago at 0.5990, just below the important 0.6000 level. The price has moved lower this week. The high a Monday reached 0.60007 – call it 0.6000. The price just reached a new low of 0.57498. From the high, that’s a decline of

NASDAQ index The Nasdaq index traded to an intraday lows at 11024.64. That took the price below the 200 week MA at 11096.17. However, since bottoming the price has moved back above the key 200 week moving average. The current price is trading at 11109. That is still down -109 points or -0.97%, but at

The USDJPY trades target a trading range of 140.00-145.00 Adam discussed the intervention from the Bank of Japan today in his post here. The action sent the pair down from a high of 145.89 to a low of 140.338. That is a good 556 pips. Certainly nothing to sneeze about in a few hours of

The US dollars higher. Stocks are lower, and interest rates have increased especially in the shorter end: Forex: The EURUSD move from 0.98742 the current level of 0.9835. The low reached 0.98118. The old low from September 6 at 0.9863 is now risk. Stay below keeps the sellers firmly in control. Another risk defining level

EURUSD corrects back to swing area. The EURUSD has moved back above the swing low from September 6 at 0.98633. Also moved above the swing area between 0.9874 and 0.9877. Those levels represented the swing lows from September 5 and September 7 book ending the September 6 old low. That area is now reestablished as

GBPUSD prevents back toward the recent lows near 1.1350 – 56 The GBPUSD moved to a new low going back to 1985 on the Fed hike, with the low reaching 1.12349. The price then snapped back higher and raced back to the swing lows from Friday, Monday and yesterday between 1.1350 – 1.13568. The high

The Bank of Japan September Monetary Policy Statement is due today, Thursday, 22 September 2022. There is no firmly scheduled time for the BOJ statement, its reasonable to expect it some time in the 0230 to 0330 GMT time window Yesterday the Bank heavily intervened in the Japanese Government Bond market: More on the aggressive,

GBPUSD reaches its 1st upside target area The stocks in the US have a erased their declines and are trading in positive territory. US yields remain higher especially in the shorter end but the 30 year bond is now at near unchanged on the day. The higher stocks have led to a move lower in

The EURUSD has seen more buying on the break back above the 100 hour MA at 0.9990 level (blue line in the chart above). The price tried to extend above in the European session but stalled and rotated lower. The current break, finally have found some additional buying interest. EURUSD moves toward a key resistance