Technical Analysis

USD The Fed left interest rates unchanged as expected at the last meeting with a shift in the statement that indicated the end of the tightening cycle. The Summary of Economic Projections showed a downward revision to Growth and Core PCE in 2024 while the Unemployment Rate was left unchanged. Moreover, the Dot Plot was

The AUDUSD moved lower with the dollar buying today and in the process, fell below a floor at 0.66767 that defined the low of what has been a narrow trading week (from low to high only about 60 pips). The extension lower saw the price extend to a new low for the week to 0.6646

In an earlier video today on the USDCAD, I spoke to the pair getting above the 1.3398 level where the 50% midpoint was found and also above the high of a swing area up to 1.3414. The buyers were indeed able to do that, and have subsequently run the price up to another target. This

The comments from NY Fed President were a bit more hawkish: Federal Reserve’s Monetary Policy Stance: Stresses the need for a restrictive policy stance for some time. Suggests the Fed can cut rates when confident that inflation is moving back to 2%. Reiterates that the Fed’s work to bring inflation back to 2% is not

The price of crude oil futures is settling at $71.37. That is day $0.87 or -1.20%. The low price for the day reached $71.01. The high price was at $73.59. The weekly EIA inventory data showed larger-than-expected builds in crude, gasoline, and distillates. That helped to push the price lower and in doing so, the

EURUSD is pushing higher The EURUSD has run to the upside in the US in session and in the process is looking to test its falling 200 hour moving average. That moving average comes in at 1.09702 (green line in the chart above). The price moved below that moving average on January 2 and has

The USDJPY has seen up-and-down price action today, and in the process, traded above and below its 100-hour MA at 144.26. The most recent run has been to the upside and with that move, the price has moved back above the 100-hour MA. So going into the new trading day, the buyers are holding a

The price of crude oil futures are settling at $72.24. That is up $1.47 or 2.08%. The high price reached $72.93. The low price was down at $70.47. Yesterday, the price tumbled -4.12%. The gains today erased some of those declines. Looking at the hourly chart above, the price traded above and below its 100

The last three trading days have seen the AUDUSD trade below its 50% midpoint of the December trading range at 0.66975. On Friday the price spike below the level after the US jobs report and quickly rebounded off of lows on closer inspection of the jobs data. Yesterday the price also fell below the level

The major US stock indices rebounded after its first declining week last week in over 2 months (9 week win streak). The Nasdaq index surged over 319 points or 2.20%. The Dow Industrial Average which was dragged down by Boeing shares (down $-20.26 or -18.1%) still closed higher by 0.58%. A snapshot of the final

The USDCAD has had an up-and-down trading day. The initial move was to the upside. The price extended above the hide from Friday and also the 50% midpoint of the December trading range at 1.33971. However momentum quickly faded and the buyers turned to sellers help by the move lower in yields, higher stocks and

The USDCHF has moved lower in the early US trading session and has moved below its 100-hour moving average at 0.8503 and it 200-hour moving average 0.8479. Getting below those moving averages is a more bearish play. The next targets, come at the low from Friday and the high from December 28 between 0.8450 and

The USDCAD has seen volatile up-and-down price action today. However, if there is a tilt, the tilt is to the upside as the price is above the 100-hour MA at 1.33214. Staying above that level going forward would keep the buyers more in control. Having said that, there is work to do for the buyers.

The 10-year yield has moved back to the upside with the yield back above 4.0% and up to 4.05%. The high reached 4.10% soon after the jobs report, and then fell sharply to 3.955% at session lows, before starting it’s move back to the upside. Below 4% being rejected. Now with the yield moving back

The major stock indices are giving up their gains. Dow is now down -82 points or -0.22% at 37357. The high saw the indes up 183.27 points S&P is up 1.29 points or 0.03% at 4689.80. At session high, the index was up 32.80 points Nasdaq is up 13.6 points or 0.09% at 14524.44. At

The AUDUSD has reversed back higher with the overall USD selling after the weaker ISM services data and the ambiguous US jobs report. The move higher has now taken the price back above the close from yesterday at 0.6706. A close above would snap a 5-day losing streak in the pair which saw the price

Like all the other major currency pairs, the USD moved higher vs the CHF soon after the US jobs reports, then reevaluated the data. The ISM services data pointed to a less positive jobs picture and growth prospects, and the price action in the USDCHF was back to the downside. On the move higher, the

The US jobs data was initially interpreted as strong. However, after reevaluation things like the revisions, a quirky tumble in the participation rate and data from the household survey painted a more sanguined vision and the USD moved back lower. Later the ISM services data came in much weaker than expectations and the “fast break

The initial reaction in the US dollar was to the upside after non-farm payroll rose by 216 K versus 170K expected. However, looking at previous two months of revisions, the number may not be as strong. Those revisions showed a decline of -71K. The October number was revised down -45K from 150K to 105K. November

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The strongest to weakest of the major currencies As the North American session begins, the USD is the strongest and the JPY is the weakest. The market awaits the dual jobs reports. Both the US and Canada jobs reports will be released at 8:30 AM ET. The following is estimated for the US major components

The major US stock indices are closing mixed once again. The Dow Industrial Average eked out a small gain. The S&P index and the Nasdaq index fell and closed near the lows for the day. A snapshot of the closing levels shows: Dow Industrial Average Rosa 10.13 points or 0.03% at 37440.33 S&P index fell

The clock is ticking toward the close of the day, and the start of the new trading panel day. Tomorrow, is US non-farm payroll day and the EURUSD traders, are setting up for that event. More specifically, the pair is trading near its 50% retracement level on both the daily and hourly charts. Technically speaking

The major US stock indices are trading mixed with the Dow Industrial Average trading higher. The S&P near unchanged and the NASDAQ index down once again. Major indices are tracking for their worst weeks since October. That’s not hard given the nine week win streak coming into the new trading year. A snapshot of the

It’s been a rough start for the tech-heavy Nasdaq index as it fell -1.18% today. That comes after a -1.63% decline on the first trading day of the year (yesterday). Today, the declines were broad-based with the Dow Industrial Average, the S&P index, the Russell 2000, and the NASDAQ all declining by at least -0.77%.

The AUDUSD moved lower for the 4th consecutive day. In the process, the price will down toward its 50% midpoint of the move up from the December low. A level comes at 0.66975. Low price for the day reached just above the 0.6700 level at 0.6701 and bounced. That bounce moved back up to retest

The USDCAD is moving higher in trading today, and in the process has been able to extend above the 38.2% retracement of the move down from the December high to the December low. That level comes in at 1.33451, and represents a close risk level for traders looking for more upside in this pair. On

The USDs move higher today, has also included a downward run in the NZDUSD. As we head into the Asian-Pacific session, the pair is trading near session lows. It has also broken below the 38.2% retracement of the move up from the December low to the December high. That level comes in at 0.62595. Getting

The Nasdaq index is trading back down toward its lows for the day. The index is down -274 points or -1.80% at 14740.31. The low for the day reached 14723.75 today. The fall is the largest decline since October 25. Since that fall, the index had been up for 9-consecutive weeks. Nasdaq index is sharply

The USD is stronger versus the three major currencies – the EURUSD, USDJPY and GBPUSD. In this video take a look at both the daily and hourly charts to get our feet under us as we start the new trading year. What is the bias? What is the risk and the targets going forward in