Technical Analysis

Major indices little changed  The US stocks gave up most of their earlier gains but still found some buying near the close and are closing higher on the day.   The Dow industrial average has extended its winning streak to 5 trading days.  The Dow is 2% from its all-time high The S&P is up 4 of the last 5 trading days.  The S&P

Swing area in the 1.2040 to 1.2046 The USDCAD is trading near the lows for the day and in the process is testing a swing area in the 1.20407 to 1.20461 area.  Yesterday and on Friday, the pair stalled near that area before moving to the downside and trading to the lowest level since May

Nasdaq modestly lower. Dow higher It is a mixed market in the US equities today. The Dow close higher for the fourth consecutive day The S&P index snapped its three day winning streak and closes near session lows. The index got within four points of its all-time intraday high The Nasdaq close lower energy sector closes 4% higher Russell 2000 up three

Up and down activity but above 100/200 hour MA The RBA Rates unchanged and kept a more dovish stance as Governor Lowe said “inflation and wage pressures are subdued” and that a pickup in prices is expected to only be “gradual and modest”.   Despite the less hawkish comments the dips in the AUDUSD have been bought.  The pair did dipped below its

Narrow trading range for the week of 128 pips Yesterday at this time the GBPUSD had a 119 pip trading range for the week. The price was trading just above its 100 and 200 hour moving averages near 1.4154.  I speculated that the range would be extended before the end of the week.  Well it was, but only by

WTI up 1% just above $67 currently Oil is trading close to its best levels for the year and from a technical perspective, may be set for a surge of gains if it can hold a daily close above $67 with a firm break above the $68 level preferable for buyers to extend the upside

WTI up 1% on the day Oil has climbed above the May highs and yesterday closed at the highest since 2018. The March high of $67.98 is now in range. The was a report yesterday that OPEC+ would stick to the script through July at Tuesday’s meeting but there’s a big question mark about what

Its month end too The US the stock market is opening with relatively modest and similar gains across the major indices. Remember, it is month end today (the stock market will be closed on Monday for Memorial Day). That could lead to flow data and increased volatility.  A snapshot of the market currently shows: S&P index up 12.18 points or

Dollar selling takes the pair back to the downside The USDCAD and retraced all its gains from the day. The low from the first hour of trading in the Asian session reach 1.20635. The price just dipped to a new session low for the day at 1.20629. All the declines have occurred in the last 2+

Major indices higher for the week/higher for the month The major European indices have moved higher on the day and the week. With most European it’s open on Monday, there is still one more day of trading for the month. However, the major indices are all trading higher for the month as well. A look at the provisional closes

A look at FX monthly performance and the chart The pound was easily the best performer this month gaining 2.68% against the US dollar, followed by CAD and CHF. The yen was the laggard, down 0.45% and AUD was the only other G10 currency down against the dollar. A big move in GBP/JPY came yesterday

Lows stalled at 61.8% retracement of last move higher The NZDUSD has snapped up to retest the 100 hour MA at 0.72587. The pair has found sellers on the test, but be warned, the London fixing is approaching at the top of the hour.  Anything can happen. For the week, the low was reached on Monday. That low

GBPJPY up over 1% on the day The USDJPY is trending higher and is now trading at the highest levels since April 9 – moving above the May high at 109.78 in the process. The GBPJPY is outpacing that trend move gain, with a run higher of over 1% for the GBPJPY pair. The GBP is the strongest of the majors

Finds support buyers… The USDCHF in the Asian session found resistance sellers against its 200 hour moving average (green line). The subsequent fall saw the price move below the 100 hour moving average before finding support against a lower swing area between 0.8953 and 0.89599. The upper end of that range stalled the fall, and the

Nvidia releases earnings after the close the major US indices are ending the session with mixed results. The Dow 30 is closing lower. The Russell 2000 index up small-cap stocks is closing up around 2%.  The Dow and S&P are on track for a monthly gain the NASDAQ remains on track for a down month.

Falling 100 hour MA but traders still have trouble breaking The USDCHF moved back above its 100 hour moving average for the 2nd time this week.  Recall from Monday’s trading, the price moved above that moving average line at 0.8990 (at the time), but quickly reversed and buyers turned sellers. The low price yesterday reached 0.89299. That was the lowest level

The sellers could not get below the downside targets, leading to a bounce back Earlier today, the GBPUSD sellers made a play against the 200 hour MA (green line – see earlier post HERE). Sellers were leaning. The price did go down, but the price could not extend below the next target area at 1.4100

Range at the start of the day was only 27 pips The USDCAD started the North American session with only a 27 Pippa trading range. That range is being extended to the upside and is up to 37 pips. That is still off the average of around 76 pips.  There is room to roam. Looking at the