Technical Analysis

100 and 200 hour MA are converged The EURJPY has been mired in a range of about 100 pips (104 actually) since breaking higher on December 1. That is a narrow trading range.  The “market” is saying “I don’t know what is next, but am waiting for the next shove”.   Non-trending transitions to trending. The

Dow lags. S&P up marginally. Nasdaq closes at record highs The major US indices are ending the session with mixed results. The Dow was the laggard and declined. The S&P is closing more or less near unchanged. The NASDAQ index is closing higher.  In fact the NASDAQ close at a record high today. The final numbers are showing: S&P index

One last pain trade before the year comes to a close? For bank trade ideas, check out eFX Plus That could very well be the case for USD/JPY as it starts to near the support region from the early November lows at 103.18-19, with the pair continuing to keep in a downwards trajectory since the

The moved above and stayed above the 200 hour MA The price of gold has moved up strongly today with the price currently trading up $26.21 or 1.43% at $1853.56.  The move to the upside was started yesterday after the price low stalled ahead of a swing area near $1817.78.  The rise today has seen the price extend above the 100

NASDAQ/S&P indices leads the way Yesterday was a mix day for US stocks with the S&P index and the Dow industrial average falling, while the NASDAQ index rose. Levels also closed near lows for the day. The Dow industrial average it and all time high earlier in the session yesterday only to fail and close

Nasdaq up but S&P and Dow lower The US stocks are ending the day with mixed results. The Nasdaq is higher. The S&P and Dow is lower.  The small cap Russell 2000 rose too. The final numbers are showing: S&P fell -16.13 points or -0.44% at 3647.33 Nasdaq rose 62.167 points or 0.5% at 12440.03

USDCAD falls from 100 hour moving average and trend line at 1.2784 The USDCAD is higher in the day and in the process moved up to test some resistance defined by the falling 100 hour moving average and a downward sloping trendline connecting highs from December 1 and December 9 and 10th. That level came in at 1.27848. The my

100 hour MA in the USDCHF comes in at 0.8887  The USDCHF has been toying with a corrective move above its 100 hour moving average over the last 3 trading days.  On Wednesday, the price traded above the MA for 5 hourly bars. I was the 1st breach since December 1.  Yesterday,the price briefly moved above during 1 hourly bar, but quickly reversed lower on

Yesterday, the price stepped higher but stalled today The AUDUSD “stepped” higher in a trend move yesterday.   Trend moves tend to step with corrections being shallow. I like to see corrections of ‘trend legs” stalling in the 38.2 to 50% retracement ranges. Note the corrections are of the trend legs. Looking at the 5 minutes chart, the legs are

UK FTSE 100 near unchanged for the week. Other indices lower The European shares are ending the week on a sour note with all the major indices lower. For the week, apart from the UK FTSE 100 which is near unchanged, the major indices all fell. The provisional closes are showing: German DAX, -1.37%.  This was

Major indices decline for the week The shares of Disney rose by over 13% and boosted the Dow up by over hundred points alone. That was enough to lift the down to a near 50 point gain on the day. However, all the major indices had declines for the week with the S&P leading the

EUR/GBP trades to its highest levels since 23 September The pair is posting fresh highs in over two months as the pound slides on the session on the back of more Brexit angst and jitters in trading this week. Cable is posting fresh lows for the week, nearing 1.3200 and EUR/GBP is seen gaining towards

Trendline support at 0.8849 stalls the fall The USDCHF fell to another new low going back to January 2015 today, cracking below the low from yesterday at 0.88704 in the process.   The low price extended to 0.88513. That low, however, found dip buyers ahead of a lower trend line on the hourly chart at 0.8849,

The pound keeps lower on the day amid the ongoing Brexit angst For bank trade ideas, check out eFX Plus The pound is trading to fresh lows for the day, with cable touching 1.3312 and EUR/GBP pushing higher back targeting 0.9100 once again to kick start European trading. The nudge lower in cable sees the

More selling in US stocks with the NASDAQ leading the way NASDAQ index falls below its 50 hour moving average for the 1st time since November 23. That moving average comes in at 12423.45. The current price is trading at 12364.723.  The current price is testing the low from Friday’s trade at 12356.90. The low price

All 3 major indices reach intraday all-time highs The NASDAQ and S&P are each closing at record highs. All 3 major indices (NASDAQ, S&P, Dow) traded intraday to record highs. The Dow however, could not close at a record high.  PS the Russell 2000 closed at a record level as well. The final numbers are showing S&P index rose

Inching higher but still has work to do While most other pairs remain off extremes, the USDCAD is ticking to a new session high.   Having said that, don’t get too excited. The range for the day is still 58 pips.  That is below the 22-day average of 71 pips, but it is still a continuation

Gold breaks the New York highs Gold has continued to find a bid in Asia-Pacific trading, rising another $5 to $1868 to top the high in New York. There has been a non-stop bid since the start of the month. That’s almost wiped out the late-November slump. A return to the Nov 23 high of