Technical Analysis

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

The AUDUSD fell sharply yesterday, and that selling continued in the Asian session today. However after reaching into a key swing area between 0.6445 and 0.6455, momentum slowed, the price bottomed and a rebound was started. That move has now taken the price of 0.64913. Just ahead is a broken 61.8% retracement of the move-up

Traders in the EURUSD are seeing another break. This one is below a swing level near 1.0723. The price today has also moved from the 50% of the move up from the September 2023 low at 1.09936, to – and through – the 61.8% at 1.0712. The price is now testing the 1.0700 level. The

WTI crude oil futures are settling at $77.87. That’s up $0.95 or 1.24%.The high price today reached $78.47. The low price was at the $76.87. Crude oil is back between the 200 and 100 day MAs now Looking at the daily chart of crude oil, at session highs, the price did extend above its 100-day

The major indices are trading to/near lows for the day as the intraday correction higher fizzles. The move lower is testing a key MA for the Nasdaq. It is breaking below the 100-hour MA on the S&P. NASDAQ: The Nasdaq index is down retesting its rising 100-hour MA at 15607.25. A move below would have

USD The Fed left interest rates unchanged as expected while dropping the tightening bias in the statement but adding a slight pushback against a March rate cut. Fed Chair Powell stressed that they want to see more evidence of inflation falling back to target and that a rate cut in March is not their base

The price of WTI crude oil handed up-and-down session with the price settling at $76.92, up eight cents or 0.10%. The high price reached $77.09. The low price was at $75.54. Crude oil Looking at the daily chart, the 200-day moving averages about $77.36 (greenlining the chart above. That moving average was tested during Friday’s

The NZDUSD moved higher on Friday on the back of a report from ANZ that they now saw 2 additional findings in 2024 (to 6%). That price the market and pushed the NZDUSD to a swing area between 0.61487 and 0.6159. The price rise stalled and rotated back to the downside. In trading today, the

The price of oil is settling at $76.84. That is up $0.62 or 0.81% on the day. The high price reached $77.29. The low price was at $75.93. For the trading week, the prices soared 6.27% which comes after a -7.35% decline last week, and a 6.5% rise the week before. So price action has

The EURUSD has neutralized the price action from a technical perspective by holding support and resistance against comment technical levels. More specifically, on the downside today, the 100-hour moving average stalled the fall. That moving average currently comes in at 1.0762. On the topside, the 200-hour moving average (and the 50% of the move up

The USDCAD fell initially at the start of the North American session after the Canada jobs report, in the revisions to the CPI which was originally thought to be more than what it ended up being. The price moved to the high of a swing area between 1.3398 and 1.3414 before bouncing higher. Since then,

NASDAQ index is within 0.76% of all-time high closing level The NASDAQ index is moving closer to its all-time high closing level reached on November 19, 2021 at 16057.44. The intraday all-time high price was reached at 16212.23 on November 22, 2021. From that high level, the price of the index tumbled 37.77% to its

The NZDUSD moved higher today, helped by a report from ANZ that they now expect the RBNZ to hike rates not once but two times: THey said: We now expect the RBNZ to hike the OCR 25bp in Feb and April, taking it to 6%. No one piece of data is to blame but a

The USDCHF moved higher this week and in the process was able to extend above the January high at 0.87277. Yesterday the high reached 0.87614 before rotating to the downside into the Asian session open. The low price stalled against the old high from January at 0.87277, before moving to the upside and retesting the

The morning forex kickstart video for February 9, 2024, takes a detailed look at three of the major currency pairs – the EURUSD, USDJPY and GBPUSD. The USD are moved to lower after the CPI revisions, but hasn’t since recovered. Technically, the USD selling took the EURUSD to the 50% midpoint of the move up

USD The Fed left interest rates unchanged as expected while dropping the tightening bias in the statement but adding a slight pushback against a March rate cut. Fed Chair Powell stressed that they want to see more evidence of inflation falling back to target and that a rate cut in March is not their base

The AUDUSD has traded down and up and is back down this week. On the run higher, the buyers had their shot to run higher with the move back above a key swing level at 0.65229, and the 100-day MA at 0.65298. However, that move failed, and the buyers have turned to sellers once again.

The USDCAD fell in early trading today and tested and held support against its 200-hour moving average at 1.34488. The subsequent rise of the price above the 100-bar moving average on 4-hour chart 1.3462, the 200-day moving average at 1.3477, and the 100-hour moving average 1.34865. The buyers made a play. However, over the last

The USDJPY moved lower earlier in the day as yields dipped into negative territory. However, after falling below its 100-hour moving average, buyers did show up between the 100-day moving average at 147.597 and the 200-hour movie area at 147.675. The inability to move below those levels gave the buyers the go-ahead to move back

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

In New Zealand today, the key quarterly employment statistics will be released expectations at the unemployment rate is expected to rise to 4.3% from 3.9%. The labor cost index is expected to rise also by 0.8% versus 0.8% last month. Technically, the price of the NZDUSD is “hanging around” some key/important technical levels. On the

As London/European traders look for the exit, the USD is ready to new lows versus the GBP, JPY and CAD (the dollar is also moving lower vs other pairs). Helping is the fall in yields. The 2 year is down -5.6 basis points. The 10 year is down -6.0 basis points. In this video I

The AUDUSD moved higher after the RBA kept the door open for tightening. Inflation remains a concern (4.1% CPI). The RBA would like to see the inflation rate to move to between 2-3%, and would then like to be confident that the rate will stay near that level before cutting rates. The move higher took

USD The Fed left interest rates unchanged as expected while dropping the tightening bias in the statement but adding a slight pushback against a March rate cut. Fed Chair Powell stressed that they want to see more evidence of inflation falling back to target and that a rate cut in March is not their base

AUDUSD daily The RBA decision is about five hours away and Australian dollar bulls could certainly use a lifeline. Unfortunately, I don’t see many paths today that. No change in the 4.35% cash target is coming today and I can’t imagine some kind of shift back to rate hikes. The market is pricing in fractional

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

For those who have seen my daily posts/videos on the GBPUSD (any of them), the pair has been trading in an up-and-down trading range going back to December 14. That range is between 1.2600 and 1.2800. Today, the price moved sharply lower after the stronger US jobs report, and the price move to a lower

The price of crude oil isn’t selling at $72.28. That’s down $-1.54 or -2.09%. The low for the day was at $71.79. The high for the day was at $74.52. The price decline comes despite the stronger-than-expected US jobs report and other reports that Biden has decided on a counterattack plan in retaliation for the

The USDJPY has raced higher on the back of the stronger US jobs report this morning, and in the process took out technical levels including a downslope trendline at 147.837, and swing highs for the week including the Monday high at 148.32. The price rise has moved to another swing area between 148.449 and 148.59