Technical Analysis

The USDJPY sellers are making a play today with the break below the 150.00 level. Not only was the level a key natural level, but also corresponded with the 100-hour moving average. That’s key. The prices also fall below its 200-hour moving average 149.898. That’s key and the 38.2% retracement of the move up from

NZDUSD sellers failed on a break below a key trend line on the daily chart this week. Does that failed break open a door for buyers going forward? Not so fast! Buyers have some control on the failed break, but they need to do more. In this video, I take a look at the NZDUSD

The USDCAD has moved up to test a real good target level. It is so important you probably want to know about it whether you are a buyers or a seller. Move above it and it opens the door for further upside potential. Stay below it and sellers may start to take some control away

US The Fed left interest rates unchanged as expected at the last meeting. The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024. Fed Chair Powell reaffirmed their data dependency but added that

The EURUSD is lower and in the process moved through a technical support level in the Asian session between 1.05617 and 1.05645. The subsequent fall took the price to another target area between 1.0522 and 1.0531. Support buyers came in against that area on 3 separate tests today. The subsequent moves to the upside found

Both the AUDUSD and NZDUSD have been trading similarly over the last two trading days. Yesterday, the AUDUSD led the way with a rise early in the Asian session after stronger-than-expected CPI data. Buyers then turn to sellers and pushed lower and lower into the close. The NZDUSD followed that lead. In trading today, the

US The Fed left interest rates unchanged as expected at the last meeting. The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024. Fed Chair Powell reaffirmed their data dependency but added that

The USDCHF is higher in the day,, near its high for the day and pushing against its 200-hour moving average (green line on the chart above). That moving average comes in at 0.8965. The current price is trading at 0.8962. The last 4 hourly bars have been banging against the moving average without much success

NASDAQ index moves closer to key technical support The NASDAQ index continues its run to the downside and it currently trades down -1.77% at 12906. The index is working toward being one of the top 10 down days for the year. The biggest move lower was back on February 21 when the index fell -2.5%.

UK The BoE kept interest rates unchanged at the last meeting. The central bank is leaning towards keeping interest rates “higher for longer”, although it kept a door open for further tightening if inflationary pressures were to be more persistent. The latest employment report showed a slowdown in wage growth and some job losses in

EURJPY extends to highest level since 2008 The EURJPY extended above the high price from August 30 at 159.756 and in the process reached a new high at 159.908 going back to August 2008. That’s a 15-year high for the pair. The problem is, the high could only reach 14 pips above the August 2023

Alphabet, the parent company of Google, is set to release its third-quarter earnings. Analysts expect Earnings of $1.45 per share Revenue of $75.97 billion. The revenue estimates mark a return to double-digit revenue growth after four quarters of single-digit expansion. Google’s core advertising had weakened due to economic softening and increased competition from TikTok. During

US: The Fed left interest rates unchanged as expected at the last meeting. The macroeconomic projections were revised higher, and the Dot Plot showed that the FOMC still expects another rate hike by the end of the year with less rate cuts projected in 2024. Fed Chair Powell reaffirmed their data dependency but added that

As the day works toward the close, the GBPUSD is one of the biggest movers of the major currencies. The lower yields are helping. So are technical breaks. In this video, I outline the technical breaks and the next targets including the falling 200-bar moving average on the 4-hour chart at 1.23703. A swing area

The EURGBP – a major cross-currency pair – has seen up-and-down price action today. The initial low found support near the low of a swing area and 0.86982. The subsequent move back to the upside took the price up to 0.8725 before rotating back down again to retest the low from earlier today. Now, the

Last week, we got some risk aversion in the market as the tensions in the Middle East intensified. In fact, going into the weekend the bearish momentum increased as ABC news reported that the Israeli military got the “green light” to move into Gaza whenever it was ready. Since we haven’t seen any ground offence

The market still fears the 150.00 level in the USDJPY. There was a run above at the start of the month and a quick 280 PIP move back to the downside. This week, there was a 100 PIP tumble in a minute of trading on another BOJ fear schism. Technically, move above the 150.00 level,

The GBPUSD tried to get above its 100-hour moving average for the 3rd day in a row. This time, the time above was quick (and the quickest of the three – see blue line on the chart below). The point is that buyers had their shot once again and the hurdle was the easiest this

The price of gold last Friday moved up to test its 100/200-day moving average (blue and green lines on the chart below). Sellers leaned against those levels and the price on Monday/Tuesday tried to keep a lid at those moving averages. However, on Wednesday, the price broke higher and it’s been trending to the upside

The EURUSD did find support bars against its 200-hour moving average 1.05665 (green line on the chart below), and remained above its rising 100-hour moving average 1.05616 as well.. That’s a short-term tilt to the upside. The not so hot news is that the high price stalled near the 1.0600 level after extending above the

The AUDUSD is in the midst of a down-and-up market today. The move to the downside did find support against the lows from yesterday near 0.62953 (and above the low from last week and 0.62858 too). The low price today reached 0.62967. The price rebound has moved up toward the high from the early Asian

NASDAQ index runs away from its 100 hour moving average The broader NASDAQ and S&P index are moving to new session lows. Investors are still concerned about geopolitical risks out of Israel going into the weekend. In the US, the US House of Representatives continues to be in flux. The declines are led by the

The USDCAD has been stepping lower in trading today, but after reaching the 100 hour MA, there has been dip buyers against that technical target at 1.36718. Going forward, if the price can move below that level, it would open the downside. Conversely, for the dip buyers, a move back above a swing area up

The USDCHF has found a stall point on the downside with a cluster of support defined by the: 100 day moving average at 0.8900 50% midpoint of the move up from the July low at 0.88994 Swing area going back to early September also near 0.8899 When technical levels all line up in confluence, that

Despite the surging Treasury yields and a stable US Dollar, Gold continues to set new highs as the focus remains on the Middle East. In fact, if we just track the most important developments in the Middle East, we can see how Gold first gapped higher following the Hamas attack against Israel back on October

The major US stock indices are trading to new session lows. The NASDAQ index is leading the way with a decline of -0.82%. The S&P is down -0.71% and the Dow Industrial Average is down -0.55%. The NASDAQ index tried to get back above its 100-hour moving average currently at 13389.92 in trading today, but

The USD/CHF pair initially rose today, testing a critical zone between 0.8982 and the psychologically significant level of 0.9000. However, sellers stepped in at the upper boundary of this zone, driving the price lower. Notably on the downside, the pair has now breached the 38.2% retracement level from the July low at 0.89808, marking an

The tensions in the Middle East have risen on late Tuesday as a rocket hit a hospital in Gaza killing hundreds of people and sparking a global outrage. As a consequence, Jordan cancelled the summit that was scheduled between the US President Biden, the Palestinian President Abbas and the Egyptian President al-Sisi in Amman. On

As anxiety in the markets rise going into the last few hours of trading, what has the move higher US yields, the decline in stocks, the rise in oil, and the concerns about Israel, leadership in Washington, and the Fed Chair Powell speech tomorrow done to the price action in the 3 major currency pairs?

NASDAQ index tests a key cluster of support The NASDAQ index is the worst performer of the major indices with a decline of now over 1%. The move to the downside has now taken the price to a key support area. That support area is defined by the: 100 hour moving average at 13379.32 (see