Technical Analysis

The Australian CPI data for the quarter will be released in the new trading day rotations of a move down to 1.0% from 1.4% last quarter. The year-on-year CPI level still remains comfortably above the inflation targets (at 5.4%). Technically, the price of the AUDUSD has rebounded today after testing its 200-day moving average both

The ups and downs in the USDCAD continue in trading today, with the price of the pair are (I think I don’t know moving back above the converged 100 and 200-hour moving averages at 1.3175, the shift is back to the upside today. Looking at the hourly chart below, the pair has seen higher lows

The big USD selloff following the miss in the US CPI report has been recently completely erased as the US data continued to surprise to the upside and keep the chances of a rate hike after the July increase alive. In fact, the US Initial Claims last week beat expectations and fell to record lows

EURUSD trades to a new session low. The EURUSD is trading to a new set as low as the day comes toward a close. In the process, the price has dipped below the swing area between 1.1062 and 1.1075 bread see red numbered circles on the chart above. The next target on the downside comes

The USDJPY moved higher on Friday and in doing so extended above the 50% midpoint of the move down from the June 28 high to the July 14 low. That level comes in at 141.149. The price has traded above and below that level in trading here today. The US PMI data came out weaker

Following the big rally after the miss in the US CPI report, the market started to get exhausted near a key swing high level. The data is still supporting the soft-landing narrative as the US Retail Sales and Jobless Claims last week surprised to the upside. The market may just be pulling back as we

The following videos will help get you ready for the new trading week. Be sure to like them and share them if you feel worthy. All support is appreciated. If you have any comments also add them to this post or to the videos. Have a safe and great weekend. EURUSD: On Friday, the EURUSD

The EURGBP is major cross-currency pair that rose sharply this week. With the ECB meeting ahead next week, understanding the technical levels in play could open the door for trading opportunities. Technically as well, the market traders have used the technicals on the extremes to define support and resistance, and the correction off the high

The price of WTI crude oil futures is settling near the high for the day at $77.07. That’s up $1.42 or 1.88%. The low for the day was at $75.69. The closing level is just below the 200-day moving average at $77.18. Recall from last week the price tested that level and rotated back down

WTI w 200dma The chart of WTI crude oil pretty much speaks for itself. Baker Hughes reported that US drillers cut rigs by 7 this week and with the inventory of drilled but uncompleted wells nearly zeroed out, there aren’t many taps to turn on. The message from the oil market is simply that $77

The AUDUSD saw some up-and-down price action this week, with a ceiling near 0.6840 (there was a failed break on Thursday that was quickly reversed). In trading on today (on Friday), the price fell below the low from Wednesday’s trade and also the 50% midpoint of the move up from the July low to the

The USDCAD traded in a relatively narrow trading range this week with the price reaching the week’s high on Tuesday. That move took the price above the 200-hour moving average of 50% retracement of the July trading range. However, momentum faded quickly and the price then rotated lower over the next 2 days to the

The USDCHF this week traded to the lowest level since January 2015. That is a long time ago. However, the price hasn’t bounced higher. Yesterday saw the USDCHF move back above its 100-hour moving average (blue line in the chart below currently add 0.86047, and by the close back above the 200-hour moving average (green

The USDJPY has moved sharply higher in trading today helped by Japan’s CPI data and expectations that the Bank of Japan will keep their yield curve control unchanged next week and the Federal Reserve will raise rates by the expected 25 basis points. This week the USDJPY is up around 2%. Technically, the price raced

WTI crude futures are selling at $75.63. That’s up to $0.28 or 0.37%. The high price today reached $76.15. The low price was at $74.52. Technically the price is settling near the middle of the 100 day moving average below at $73.67, and the 200 day moving average above it $77.22. The price has closed

The USD is continuing its move into the upside and trading to new highs versus a number of the major currencies including the: EUR GBP JPY CHF and NZD (I also look at the USDCAD which is running into resistance). I look at each of those currency pair and outline the bias, risk and targets

The EURUSD chart (at this point at least), looks like the chart (and video) from yesterday. The price has moved below the 1.1184 level after testing its 100-hour moving average earlier today. The close risk is now at 1.1195. On the downside, the next target comes against the 200-hour moving average which is higher from

In an early video on the GBPUSD , I spoke to the pair’s next target coming at the key 50% midpoint. More specifically, I wrote: “On the downside, the next key target comes against the 50% midpoint at 1.28658 (see chart below). The level also corresponds with a modest swing area going back to July

The AUDUSD is lower on the day and back below its 200-hour moving average for the 2nd time today. Earlier in the European session the price move below that moving average only to find support buyers near the high of a swing area between 0.6737 and 0.67546. The 50% midpoint of the move up from

The strongest to weakest of the major currencies The USD is the strongest and the GBP is the weakest as the North American session begins. The UK CPI came in weaker and was a key driver for the pound overnight. BOJs Ueda continues to support YCC measures which softened the JPY as well. The UK’s

The Dow industrial average is working on a six-day winning streak. The NASDAQ and S&P have been up 5 of the last 6 days coming into today. All 3 indices are higher today with the Dell industrial average and the NASDAQ index now both up over 1%. The S&P is up 0.83%. Looking at the

The price of WTI crude oil recovered to the upside today. The price of the futures settled at $75.75, up $1.60 or 2.16%. Technicals are playing a role in the price action. Crude oil trade between the 100 and 200 day moving averages Recall from last week, the price action was pushing against the 200-day

The strongest to the weakest of the major currencies The CHF is the strongest currency while the NZD is the weakest as the North American session begins. In the European session, ECB policymaker Klaas Knot stated that while rate hikes beyond July are possible, they are not certain. He believes that core inflation has reached

The AUDUSD has a unique symmetry that has retracement levels of the sharp move lower in June equal to the retracement levels of the sharp move higher in July in the pair (you have to see it on the video to believe it). The AUDUSD pair did move up last week and tested the swing

The GBPUSD continues to probe to the downside after testing a key target on the daily chart near 1.31465 on Friday. The high price reached 1.3142 and backed off. The modest corrective move to the downside on Friday and again today has allowed for the 100-hour moving average to catch up to the price. That

The strongest to the weakest of the major currencies The JPY is the strongest and the NZD is the weakest as the NA session begins. The USD is in the middle of the “league table” with gains vs the AUD and NZD, declines vs the JPY and the CHF and near unchanged vs the GBP

> Technical Analysis > The US dollar fell sharply last week before consolidating on Friday.What next technically? Technical Analysis What levels are in play in the new trading week EURUSD: USDJPY: GBPUSD: USDCHF USDCAD: AUDUSD: ADVERTISEMENT – CONTINUE READING BELOW Tags ADVERTISEMENT – CONTINUE READING BELOW Most Popular ADVERTISEMENT – CONTINUE READING BELOW ADVERTISEMENT –

The The price of WTI crude futures is settling at $75.42. That’s it down $-1.47 or -1.91%. Although down nearly 2% today, the price this week is still up 2.09% helped by a more positive technical view. Crude oil stalled at the 200 day MA this week Looking at the daily chart, the price moved

The USDCHF broke sharply to the downside this week following the dollar’s move lower on the back of lower CPI and PPI. The prices of imports also came in lower with the YoY now down -6.1%. That sent yields lower and it pressured the USDCHF as well. Technically, the price fell below January 2021 at

The AUDUSD is coming off of the boil that saw the price move sharply to the upside over the last few trading days. That move to the upside saw the pair test the 61.8% retracement of the 2023 trading range at 0.68899. The price also moved up to test the high price from June 2023