Technical Analysis

Mixing things up, in this video I take a look at Nvidia. The stock is well off its 2023 high at $502.16, and currently trades at $417 and change. However, the last 5 trading days has seen the price skim the 100 day MA (blue line in the chart below). Buyers are leaning as risk

UK: The BoE kept interest rates unchanged. The central bank is leaning more towards keeping interest rates “higher for longer” but it kept a door open for further tightening if inflationary pressures were to be more persistent. Key economic data like the latest employment report showed a very high wage growth despite the rising unemployment

NZDUSD moves toward the 200 bar moving average The NZDUSD is pushing back toward the lows for the day and in the process it is moving back toward the 200 bar MA on the 4-hour chart at 0.5933. Earlier in the European session, the price tested that moving average line only to bounce back higher,

In this video, I take a look at the technicals that are driving the major US stocks indices. Each are threatening to break and close below a key technical target. For the Dow Industrial Average, it is on pace to close below its 200-day moving average for the 1st time since May Dow industrial average

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

Both the US 10 and 30-year yields are stretching to new highs. The 10-year yield has just reached 4.535%. The low for the day was 4.45%. The new high represents the highest level since October 2007. The 30 year yield just reached 4.653%, which is the highest level since January 2011 As the market transitions

The USDCAD has not followed the USD higher like the EURUSD, GBPUSD, and USDJPY pairs today. There are ups and downs, and most of the ups and downs have been between the 200-hour moving average above at 1.34878, and the 100-hour moving average and 200-day moving average on the downside at 1.3464 and 1.3459 respectively.

Last week the Fed kept interest rates unchanged as expected while striking a hawkish tone via the Dot Plot. In fact, the Fed not only sees another rate hike by the end of the year, but also much less rate cuts by the end of 2024. Fed Chair Powell has also admitted that the soft-landing

USD/JPY weekly USD/JPY is up just 5 pips to start the new week at 148.41 but it’s in focus after the BOJ decision on Friday. Governor Kazuo Ueda said they have yet to foresee inflation stably and sustainably at target. He urged patience despite signs of companies hiking prices more than expected. That boosted USD/JPY

The USDCAD traded down and up and down and up and back down and up this week (see hourly chart below). The high price on Monday was retested on Thursday. The low on Tuesday saw the pair, move to and through the 100-day MA (lower blue overlay line on the chart below at 1.3398) but

WTI crude oil futures settle at $90.03, up $0.40 or 0.43%. The high for the day reached $91.33. The low was at $89.31. WTI crude oil trades between retracement levels Brent crude prices settled at $93.27 down $0.03 or -0.03% For the trading week, the price of crude oil is down marginally by -0.58%. Looking

The USDCHF traded sideways and then moved lower on Wednesday before finding support near 0.89347, basing and moving to the upside. The Swiss National Bank kept rates unchanged on Thursday helping to propel the price even higher, with the price moving above its 200-day moving average of 0.90334. The surge on Thursday did find willing

EURUSD stalls at the 100 hour MA for the 2nd consecutive day As the clock ticks to the close for the EURUSD in London/Europ, the pair moved to new session highs, and for the 2nd day in a row, banged against the 100-hour moving average at 1.06715 and found sellers. In the kickstart video from

The AUDUSD and the NZDUSD have similar technical stories to tell. Each has seen up-and-down price action over the last 5-6 trading weeks. Each has its 100 and 200 bar moving averages on their 4 hour charts near the middle of the trading ranges. In trading today, each are moving above the moving average levels,

The Bank of Japan kept rates unchanged overnight. That led to a rebound higher in the USDJPY and for a retest of the high prices from yesterday at 148.453. The high price fell 4 pips short of that and has rotated back to the downside maintaining most the gains. The EURUSD took out the low

The strongest to weakest of the major currencies The NZD is the strongest and the JPY is the weakest as the North American session begins. The Bank of Japan (BOJ) got its shot today when it announced its interest rate decision. They decided to keep its short-term benchmark interest in the negative and affirmed its

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

Crude oil trade between 100/200 hour moving averages The price of WTI crude futures are settling at $89.63. That’s down $0.03 or -0.03%. Technically looking at the hourly chart above, the price settlement is just above its 200-hour moving average at $89.57, and below its 100-hour moving average at $90.30. That puts the price in

The USDCAD fell yesterday and in the process tested its 100-day moving average at 1.33975. On Tuesday the price fell below that moving average only to bounce back higher. The break below the 100 day moving average failed. Buyers leaned and pushed the price higher yesterday. In trading today, the price was able to extend

Yesterday, the Fed left interest rates unchanged at 5.25-5.50% as expected but revised its outlook on the more hawkish side. In fact, the Fed not only sees another rate hike by the end of the year but also much less rate cuts in 2024 as they revised it from 4.6% seen in June to 5.1%

EURUSD moves below the 100 hour MA The EURUSD has moved to a new low for the day, and in the process, the price has moved below the 100-hour moving average 1.06748. Breaking below the 100-hour moving average will now set that level as a resistance level. The bias is now tilted more to the

Deutsche Bank now sees the Bank of England keeping rates unchanged at 5.25% on Thursday. They previously saw an increase of 25 basis points. The UK’s inflation rate unexpectedly slowed, leading to speculation that the Bank of England (BoE) might pause its interest rate hikes when they meet on Thursday. August’s consumer price index dropped

Crude Oil surged to new highs as the supply side got squeezed even more by resilient demand and more production cuts. In fact, the OPEC continues to forecast robust growth for oil demand in 2023 and 2024 while keeping supplies tight as Saudi Arabia and Russia extended their voluntary production cuts. Moreover, we got some

The FOMC is expected to keep rates unchanged tomorrow when they meet. As such, traders will be looking for clues for a more hawkish unchanged policy or a more dovish unchanged policy. There are a lot of balls in the air including sticky inflation, but core inflation is starting to calm down. Strikes are popping

The NASDAQ index is falling to new session lows. The index is currently down -101 points or -0.73% at 13609. In doing so the price is trading at its lowest level since August 25. NASDAQ index is trading lower Technically looking at the hourly chart above, the price yesterday rallied to and through its 200-hour

US: The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting. Fed Chair Powell reaffirmed their data dependency and kept all the options on the table. The US CPI last week came in line with expectations, so the market’s pricing remained roughly the same. The labour market displayed signs

AUDUSD retests 100 hour moving average In a earlier post/video, I spoke to the 200 hour moving average and the 50% midpoint of the September trading range near the 0.6415 level as a key downside target that would need to be broken to increase the bearish bias. It was not broken. In fact they price

Traders in the NZDUSD are extending the price to new session lows for the new trading week. In the process, the price has moved back below its 100 hour moving average at 0.5910, and it’s a 200 hour moving averages 0.59029. Earlier today, the high prices in the Asian/early European session stalled against the 38.2%

Last week, we got another set of good economic data for the US with signs of further disinflation in the core inflation measures. The soft-landing narrative should be in full swing with resilient labour market, lower inflation, and lower inflation expectations. Nonetheless, the S&P 500 price action remains rangebound, and at this point it might

The price of WTI crude futures are settling at $90.77. That’s up $0.61 or 0.66%. The low for the day reach $89.22. The high extend up to $91.15. For the week, the prices up around 4% on the week. This is the 3rd consecutive up week for crude oil. Technically, the price is closing above