Technical Analysis

EURUSD approaches channel trend line and the 1.1900 level. The retail sales came in weaker, and that has helped to weaken the dollar. The EURUSD is trading at new session highs. The dollar is at lows vs the JPY, CHF as well. In the commodity currencies the dollar is moving the opposite way as traders exit those pairs

Dow approaches 30 K The Dow and S&P index both closed at record levels. The NASDAQ index is still off its record high level as investors move into the more beaten-down stocks of 2020. Dow post 1st record close since February Russell 2000 also closed at a record high level Dow closes 48 points from

GBP/USD falls back to 1.3200 and tests the 100-hour moving average For bank trade ideas, check out eFX Plus As the dollar eased earlier, cable hit a session high of 1.3243 but is quickly seeing that reverse towards 1.3200 and a test of its 100-hour MA (red line) at the figure level now. Despite the

Not going very far but staying above the moving average level The EURUSD traded between the 50% retracement near 1.17606 and its 100 hour MA (blue line) in trading yesterday.   Today after sleepwalking through the Asian session, the pair was able to extend above its 100 hour moving average and has stayed above that level (on a closing basis) since breaking. The

The tries below the 200 hour MA failed. The sellers turned to buyers. The GBPUSD trades between the 100 and 200 hour MAs with the 100 hour MA above at 1.31931 and the rising 200 hour MA below at 1.31351 (green line).    Recall from yesterday, after moving below the 100 hour MA (blue line),

200 hour MA stalled the fall in the current hour The AUDUSD fell below a floor in the 0.7238 to 0.7245 area.  Yesterday, afternoon, the pair fell below that area and stayed below in the Asian session. The price was also able to get below the 200 hour MA (green line).   However, sellers could not

4 of 5 days are higher for the major indices The European shares recovered modestly from the declines seen yesterday. For the week, the major indices all closed higher.  The major indices enjoyed gains in 4 of 5 days. That was the same win percentage from last week.  The provisional closes for the day show:

Tests the high at 1.3170 level The USDCAD has completed the down and up lap in trading today. The Asian session high reached just short of 1.3170. The rotation lower stalled near a swing area betweein 1.3108 to 1.3115 and bounced back higher. The high just reached 1.3172 completing the lap (with a few pips

This is re coronavirus developments in the Australian state of Victora (Australia’s second-most populous).  The state has now gone 14 days of zero new cases And 14 days of deaths from COVID-19 . Breathless media reports now that with 14 days of zero cases the 14-day average has also fallen to zero. Um, yep.  For

Up and down day in the USDJPY, but with a negative bias The USDJPY price action has seen downs, ups and downs today, but with a negative bias. The close from yesterday was at 105.414. The high price for the day in the Asian session reached 105.47 before rotating to the downside.   The Asian session low

Dow industrial average closes lower for the 1st time this week The NASDAQ index led the charge today the gain over 2%.  As it closes near session highs NASDAQ snapped today slide Dow industrial average snaps 2-day rise NASDAQ closes higher for the 1st time in 3 days. The pair fell -1.53% on Monday, and

Dow working on its 7th gain in 8 days The rotation out of the NASDAQ stocks into the Dow has slowed today. All the major indices are higher on hopes that a Covid solution will ultimately lead to stronger growth than 2021.  The NASDAQ leads the way in early trading. The NASDAQ is looking to snap a

S&P index falls marginally For the 2nd consecutive day, there has been a rotation out of NASDAQ stocks into the Dow 30. The S&P is caught in between and little changed on the day. NASDAQ down for the 2nd straight day Dow closes near session highs S&P closes near unchanged Dow transports post record close

Down 150 points or -1.25% The NASDAQ index has continued its decline. It now trades down around 150 points or -1.26% at 11562. The high for the day reach 11665.86 the low has extended to 11559.19 so far. Looking at the daily chart, the pair still remains above its 50 day moving average at 11304.622,

Dows best day since June 5 The major indices opened sharply higher on the back of the Pfizer news on a vaccine. The gains were led by the Dow industrial average the S&P index. The NASDAQ index went along for the ride early on. However, a late day selling pushed the NASDAQ into negative territory. The

GBPUSD trades to highest level since September 7th The GBPUSD has chopped down and back up and near the highs, the pair has moved into a swing area on the daily chart between 1.3176-1.32116 (see red circles on the daily chart below).  The current price is at 1.3190. If the pair can stay in the

Choppy session in the GBPUSD The GBPUSD pushed above the choppy highs at 1.3156 and ran up to 1.3176 in the process. That tested the October 21 high at the same level, and the price has rotated back to the downside. The pair still remains above the 1.3156 level. A move below that level (and stay below) should see the buyers turning to

S&P index near unchanged the NASDAQ index has turned back positive for the day. It is currently up 4 points or 0.03% 11894.92. The high price reached 11899.18. A gain today would be the 5th consecutive day with a higher close. The S&P index is trading unchanged at 3510.46. It too is on a 4