Technical Analysis

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Whether you like the price action or not, the technicals in the EURUSD told the story for the price action. Initially, the price moved sharply lower after the stronger-than-expected nonfarm payroll add. That move took the price to a key support level at 1.0483. I’ve outlined that level as a key downside target to get

US stocks are lower with the NASDAQ and S&P index each down about -0.67%. US yields are higher with the 30 year yield at 5.0%. The 10 year yield moved up to a new high for the year at 4.887% before rotating modestly to the downside of 4.834% currently. The US dollar moved higher versus

The stronger US jobs data has US yields moving sharply to the upside once again: 2 year yield 5.110%, +8.6 basis points 5 year yield 4.808% +12.5 basis points 10 year yield 4.86% +14.5 basis points 30 year yield 5.03% +14.4 basis points. Above the 5% level. Recall that earlier this week, the yield tagged

The strongest to weakest of the major currencies The GBP is the strongest and the JPY is the weakest as the NA session begins. The USD is mixed to higher ahead of the key US jobs report to be released at 8:30 AM ET. The pundits are looking for: Consensus estimate +170K (range +90-+256K) Private

In the earlier video (see above), I spoke of the key swing area in the crude oil at a swing area between $82.35 and $83.32. Since then the price moved up but only to $83.37 – just above the high of the swing area. Since then, the price has rotated back down over the last

Tomorrow the key US jobs report will be released at 8:30 AM. For a preview, see Adam’s post HERE. Depending on how that report comes out will likely lead to a move in rates. A stronger report will send US rates higher, while a weaker report will send the US rates lower. The USDJPY traditionally

The strongest to the weakest of the major currencies As the North American session begins, the NZD is the strongest and the CAD is the weakest. The USD is lower as yields dip modestly in early US trading. It is one more sleep until the BLS releases their latest US jobs report for September with

The AUDUSD tested the low from yesterday at 0.62849. The low came up a pip short of that low and bounced. The high for the day was able to extend above the low from last week at 0.6331 on two separate 4-hour bars. However, momentum could not be sustained above the level and the price

The RBNZ kept rates overnight. On the decision, the price of the NZDUSD moved lower and below a lower swing area between 0.5879 and 0.58945. The low price reached 0.58695 before bouncing higher. Subsequent lows held support against the low of the swing area at 0.5879 giving the buyers hope for a rebound. Admittedly, the

The breakout of the triangle is a signal that the global economy might be headed for a downturn as the central banks keep monetary conditions tight. The fast rise in energy prices might have also accelerated such an outcome as consumption should have suffered from it. We have also other markets heading towards a negative

Major stock indices fell sharply today as yields continued their march higher. The 10 year yield rose 11.7 basis points to 4.799%. The 30-year is approaching 5% at 4.927%. Much stronger JOLTs job openings data was the catalyst for higher rates: Dow industrial average had its worst trading day since March 22 NASDAQ index equaled

In the minutes after the crash in the USDJPY earlier today, the low reached 148.51 not once but twice (see green numbered circles one in 2 in the chart below). USDJPY low after crash reached 148.51. However, when you look at the hourly chart, you don’t see those lows because they were part of the

US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed

The GBPUSD is trading to a new session low as the clock ticks toward the end of day. in the process, the price is ticking down toward the 38.2% retracement of the move up from the September 26, 2022 low. That retracement level comes in at 1.20763. After a trend move higher as we saw

The NZDUSD is trading within a value area with a high value area between 0.5985 – 96 on the top side, and 0.5879 – 94 on the downside. Yes, there have been extensions to the upside and downside over the last 7 weeks of trading, but most of the price action is between the aforementioned

Last week, the market remained under pressure as the more hawkish than expected FOMC dot plot was still fresh in everyone’s mind. The economic data continues to support the soft-landing narrative with Jobless Claims showing a solid labour market and Core PCE trending downwards. The last day of the week, we got a small bounce

> Technical Analysis > What technical levels are in play for major currency pairs going into the new trading week Technical Analysis Technical levels in play for the week starting October 2, 2023 EURUSD: USDJPY: GBPUSD: USDCAD: AUDUSD: NZDUSD: ADVERTISEMENT – CONTINUE READING BELOW Tags ADVERTISEMENT – CONTINUE READING BELOW Most Popular ADVERTISEMENT – CONTINUE

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

Weekly WTI Oil is near the lows of the day, down 96-cents but still has some breathing room in what looks like it will be another weekly close above $90. Still, it feels like something of a loss for the bulls, or at least a loss of momentum. We touched $95 early on Thursday before

The USDJPY had a volatile down and up trading day with the full 100 pip move to the downside in the first half of the day, nearly fully retracted in the 2nd half of the day. The low price today moved to the 200-hour moving average and the picture set midpoint of the move up

The EURUSD is looking to close the trading week below the 200-hour MA and a cluster of resistance near 1.0610, but above the 100-hour MA at 1.05614. Those levels will be the barometers for buyers and sellers in the new trading week. In the video, I break down the levels and explain why they are

The USDCAD made new lows for the week earlier today and in the process tested a swing area between 1.3401 and 1.34214. The low price reached 1.34154 bouncing higher. The last 4 or so hours have seen a sharp move back to the upside helped by declining oil prices. The move higher has taken the

The GBPUSD moved above its 100-hour moving average yesterday after trending lower for the 1st half of the trading week. The move back above the 100-hour moving average give the buyers the go-ahead to push higher toward the 200-hour moving average. In trading today after testing that moving average on the first test in the

The AUDUSD sellers had their shot this week with a move outside of the “Red Box” that has confined the pair between 0.6356 and 0.65214 for 7 trading weeks now. The failure to break – and move lower this week – has given the buyers a go-ahead to push higher midweek. Yesterday the price returned

US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed

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

EURUSD stalls at the 100 hour MA. Sellers push lower. The EURUSD moved higher into the late US morning and in the process approached the falling 100-hour moving average (blue line), and the 38.2% retracement of the move down from the September 20 high (at 1.05823). See earlier video: The pair moved up to test

It looks like the more hawkish than expected FOMC Dot Plot last week was kind of a wakeup call for the market as it’s been selling off with almost no pullback ever since. The resilience in the economy is keeping the Fed on the hawkish camp as it wants to see more weakness in the

Earlier I wrote on the EURUSD as sellers pushed lower: The momentum has continued today with a break into a swing area between 1.04846 and 1.05335. In between sits the natural support at 1.0500. I added: This swing area should attract some dip buyers. If the 1.04846 level is broken, I would look for buyers