Technical Analysis

GBP/USD touches its highest levels since May 2018 For bank trade ideas, check out eFX Plus The pound is the standout performer on the session as cable climbs to a high of 1.3718 on the day, its highest levels since May 2018. The move here comes as the pound strengthens amid a breakdown in key

Dow rises modestly The US major broad indices closed solidly higher on the day. The gains were led by the Nasdaq index which rose by 1.53%. A look at the closing numbers shows: S&P index rose 30.66 points or 0.81% to 3798.93 Nasdaq index rose 198.67 points or 1.53% 13197.30 The more narrowly focused Dow 30 index rose by

But finding resistance at the 50% of the move down from last week’s high The EURUSD has retraced back higher today (the EUR is the strongest), and in the process has moved to test the 50% retracement of the move down from last week’s high to the low reached yesterday.  Along the way, the pair

EUR/GBP buyers put up another defense at 0.8866-67 The pound has slumped to fresh lows on the session, with cable now dropping to 1.3533 and testing a break of the 61.8 retracement level of its recent swing higher @ 1.3547 and also a key trendline support from 21 December (seen below). But the push lower

Gold woke up on the wrong side of the bed following the weekend but is managing to hold up for the time being Precious metals are among the notable movers today with gold having witnessed a drop to near $1,804 to start the day before rebounding by $36 to $1,840 at the start of European

Support at 0.88603 to 0.8878. Low in EURUSD moved to 0.88649 today. The EURGBP bounced off key support for the 2nd consecutive day.  Looking at the daily chart, the 0.88603 to 0.8878 area is home to a number of swing levels going back to April 2020.  Yesterday, the low price reached 0.88688 and bounced.  Today the low price reached 0.88649 and

Down $1.21 or -2.26% The price of the February WTI crude oil futures is settling at $52.36. That is down -$1.21 or -2.26%. The high price reached $53.83 the low price extended to $51.83. Looking at the hourly chart, the fall today took the price back below its 100 hour moving average of $52.91, and closer

The EURUSD has traded most of the week below the close from last week The EURUSD closed last week week at 1.22159. The price initially fell on Monday to a low of 1.21315 and formed a bottom between that level and 1.21364 on Tuesday before moving higher, and retesting the close from last week. The high for the

NASDAQ down -0.87% All 3 major indices are ending the day lower. The NASDAQ led the way with a decline of -0.87. Both the S&P index and Dow industrial average never traded above unchanged on the day. The Russell 2000 which outperformed yesterday, underperform today with a decline of -1.46% The final numbers are showing: S&P index -27.29 points or -0.72%

Major indices lower on the week as well The major European indices are closing the week with sharp declines of over 1%. For the week, today’s price action has also increased the declines with the FTSE 100 and Spain’s Ibex the biggest decliners. The provisional closes are showing: German DAX, -1.4% France’s CAC, -1.2% UK’s

Dow first 2 day losing streak since December 10 The major indices are all closing lower with the S&P index losing the most ground on the day. In contrast the small-cap Russell 2000 is closing at a record. The Dow closed lower for the 2nd consecutive day. This was the 1st 2 day losing streak since December 10. The final numbers

USDJPY moves toward closing level after breaking below trend line/100 hour MA The USDJPY has made a run to the downside in the last hour of trading. The move took out the 100 hour MA (been trading above and below the MA level today) AND the rising trend line (had not broken below that trend

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AUD/USD falls back to test its key hourly moving averages For bank trade ideas, check out eFX Plus The dollar is keeping firmer on the session as we see the push and pull in the market this week continue to play out. Following the move lower yesterday, the greenback is returning back to favour amid

Major indices rebounds off the lows into the close The major indices opened modestly higher, moved lower into the midday, and rallied back higher into the close before finding some selling at the bell.   The Nasdaq led the way higher with a gain of 0.28%. The Dow was not far behind with a gain of

Remarks overnight via CS on the euro: EUR/USD extends its rejection from our long-held ‘measured base objective’ at 1.2355 and with RSI momentum holding a triple bearish divergence and with the USD rebounding from major support and our next core objective, we continue to look for a consolidation phase to emerge Below price support at

NZDUSD is the biggest gainer today The USD is higher today, but is trading off it’s highest levels of the day.  The greenback is the highest vs the NZD (+0.95%), the AUD (+0.64%) and the CAD (+0.58%).   It is up the least vs the JPY today at 0.22%. At the high today, the dollar index

The test of buyers’ appetite is just beginning for USD/JPY The pair is up to its highest levels in nearly a month above 104.00 as the dollar keeps more bid ahead of European trading today. Of note, price is running into a key resistance trendline since the middle of last year – now seen @