Technical Analysis

The USDCAD has bounced higher in trading today after reaching a new low going back to September 13. That low today tested a swing area between 1.3074 and 1.3083. The low price reached 1.3092 before bouncing higher. The rebound to the upside moved back above the 50% midpoint of the move down from the October

The USDJPY moved to a new low going back to May 17 today, and in the process dipped below the 50% midpoint of the move up from the March 23 low at 137.355, and sniffed the 200-day moving average at 137.150. The low price reached 137.23 between those 2 key technical levels. The subsequent move

The EURUSD is up 2.3% this week which is the largest gain since November 2022. That has taken the price well above its 100 hour moving average. The market is a bit overbought and today we are seeing some consolidation which is taken the price off the boil a bit, but even so the price

The GBPUSD has moved sharply higher this week and in the process extended above a swing area near the 1.2950 to 1.3000 this week. The price also moved above a topside trendline near that area (see green number circles on the chart below). The run to the upside yesterday and today stalled right near the

The miss in the US CPI report led to a sizeable depreciation in the US Dollar as the market cheered the lower core inflation readings and expected the Fed to be done soon with its tightening cycle. In fact, the market priced out the chances of more than one rate hike but kept the July

Nasdaq up over 1.5% on the day The NASDAQ index continues to march higher. It is currently trading up 217.29 points or 1.56% at 14136.28. For the trading week, the index is up close to 3.5%. That represents the largest gain since March 13, 2013 trading week. Looking at the weekly chart, there were a

The AUDUSD is racing higher this week with a gain in the pair of 2.96% . The run to the upside now has the pair testing some key levels including the 61.8% of the 2023 range, and the June 2023 high at 0.68899 to 0.68989. If the price is able to get above – and

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 trades to new highs The EURUSD has continued its move to the upside and trades to yet another new high at 1.11377. That has taken the price above the high of a swing area between 1.1094 and 1.11346. The next upside target comes against swing lows and highs from November and March near 1.1184.

The RBNZ kept rates unchanged when they made their interest-rate decision in the Asian Pacific session. The price of the NZDUSD initially moved to the downside briefly before bouncing back higher. That move was short-lived however as the price and rotated lower into the US morning session. At the lows, the price tested its 200

After the news of BlackRock filing a Bitcoin ETF on June 15th, we saw the cryptocurrency surging in value going briefly from the 25K level to the 31K one. Bitcoin resilience has been remarkable given the recent hawkish repricing in interest rates expectations and the regulatory crackdowns. The struggle to break above the 31K level

The AUDUSD current price is near the same level as it was 24 hours ago. And guess what, the technical levels are the same. The price is above the 100 and 200-hour MAs. Bullish. However, the 100-day MA (today at 0.66824), the 200-day MA (today at 0.66971), the high price from last week at 0.6705),

In the earlier post and video on the EURUSD at the start of the NY session, I expected buyers near what was resistance until broken yesterday That area came between 1.09618 and 1.09759. The price of the EURUSD moved to the high of that swing area, stalled and restarted a run to the upside. What

The NFP report last Friday missed expectations for the first time after 14 consecutive beats. The other data though were still all solid with the average hourly earnings ticking higher, which is not what the Fed would like to see. In fact, the market expectations for a 25 bps hike at the July meeting remained

GBPUSD trades to new 2023 high The momentum has continued for the GBPUSD. It has now broken above the June and July highs near 1.2848. The price is currently trading at 1.28655. That takes the price to the highest level since April 22, 2022 Looking at the hourly chart above, the next Topside target comes

US crude futures settle at $72.99. That’s down $0.87 or -1.18%. The high for the day reached $74.15. The low was at $72.67. Looking at the daily chart, the price high did extend above its 100-day moving average at $73.78, but could not sustain momentum. Closing back below the 100 day moving average tilts the

Crude oil moves up to test its 100 day moving average The price of WTI crude oil futures settled at $73.86. That’s up $2.06 or 2.87%. The gain equaled the gain from July 5 which is the largest gain since June 15. The low price reached $71.19. The high price was at $73.91. The lower

EURUSD targets the swing area The EURUSD continued its run to the upside and in the process has now reached the next key swing area between 1.09618 and 1.09759. The high price reached 1.09725. The current price trades at 1.0966. The move to the upside took the steps outlined in the pre-employment video. IN that

AUDUSD tests 100/200 day MAs The AUDUSD is pushing to a new session high and in the process is testing its 200-day moving average of 0.66949. The price has already moved above its 100-day moving average of 0.66866. Staying above the 100-day moving average keeps the buyers firmly in control. On Tuesday and again on

GBPUSD based at swing area and raced higher…. The GBPUSD is extended to a new high for the day and in the process is pushing to the high from June 22 at 1.28349 (breaking above that level now). The high from June 16 at 1.28478 is the next target. Move above that and the GBPUSD

The USDJPY is extending the declines with the pair now trading to the lowest level since June 22. The move today has now seen a high-to-low trading range of 210 pips. That is well above the 109 average over the last 22 trading days. So there may be some oversold component, but technicals will play

EURUSD moves to new week high The EURUSD has extended to a new session high and high for the week at 1.09329. The current price is trading at 1.0949. The high price in the EURUSD reached after the US jobs report extended to 1.0931 before rotating back to the downside. That move to the downside

The USDCHF held resistance near the 100/200 hour MAs today near 0.8966 (both of those MAs are converged – see chart below), but still remains confined by the 116 pip trading range since June 15. In addition to staying below the MAs (bearish),, the price also moved below a swing area between 0.89347 and 0.8947.

The USD moved lower after the headline nonfarm payroll came in weaker than expected, but the average hourly earnings were a bit higher and the unemployment rate dipped as well which has limited the declines in the greenback. EURUSD: The EURUSD moved up to test the swing high from Monday and last Friday at 1.09329.

The US data has been consistently surprising to the upside since the last FOMC meeting, and this has led to a more hawkish pricing in interest rates expectations. Fed Chair Powell and other Fed members have also reiterated that two or more rate hikes can be appropriate if the data remains strong. On the other

The EURUSD started the trading date near highs for the day and also testing its falling 200 hour moving average and downward sloping trendline on the hourly chart below). The level came near 1.09000 level. The ADP report showed a eye opening 497K new jobs with leisure and hospitality adding 232K, education and health services

The USD started the day as the weakest of the major currencies. That is no longer the case as stronger data has set the yield racing to the upside. The 2 year yield is now up 14 basis points while the 10 year is up 12.6 basis points. The USD is making new highs for

AUDUSD falls below the 100/200 hour MAs The AUDUSD has moved below its 100 and 200-hour moving averages at 0.6660. The current price trades just below the level of 0.66577. The low for the day reached 0.66532. Trading below those levels and staying below those levels would keep the bias more in favor of the

WTI crude oil futures are settling at $71.79. That’s up an even $2 on the day or 2.87%. The high price today reached $72.17. The low price was at $69.90. The high price from June 21 reached $72.72. That is the next upside target. Above that the high price from June 8 reached $73.28, and

In the earlier video (see below), on the EURUSD I spoke to the 200-hour MA above and the 38.2% below. The price needed to get above the 200-hour MA or below the 38.2% retracement below. You can watch the video below. The high for the US session stayed below the 200-hour MA keeping the sellers