Technical Analysis

Greg Michalowski of Forexlive.com takes a deep into the technicals defining the bias, risk and key targets for the USDJPY heading into the new trading week starting June 5, 2023. In the report, he looks at the daily chart and then drills into the hourly chart. Get your week started on the right foot by

The USDCHF sellers had their shot on Friday on the break of the 200-hour MA, but could not sustain momentum. The better US jobs report started the wheels in motion for a move back to the upside. That took the price back above the 200 and 100-hour MAs in the process (at 0.90564 and 0.90718

The EURGBP fell to the lowest level since December 2022 this week. The run lower moved into a swing area on the daily chart which has done a good job of defining resistance and support going back in time (to as far as 2021). The holding of that level has given buyers some support to

The major US stock indices are moving higher at the open after the stronger jobs report from the nonfarm payroll perspective. The unemployment rate rose however, which helps to put a Goldilocks spin on the numbers. A snapshot of the market shows: Dow industrial average of 330.63 points or 1.0% at 33392.21 S&P index of

Looking at the daily chart of bitcoin , the price moved lower yesterday and tested its rising 100-day moving average. Support buyers came in against that level. Today the price was able to move below the 100-day moving average but found support buyers near the 38.2% retracement of the move up from the March low

S&P index back above the 100 week moving average With the S&P index trading near session highs at 4220.84 up 41 points or 0.98%, the index is also back above its 100-week moving average of 4198.93. The high price reached 4231.10 today. That was the highest level going back to the week of August 15,

The buyers in the GBPUSD are making a play to the upside from a technical perspective in trading today. The pair has been able to get above the 38.2% retracement of the May trading range at 1.24493. There was a dip after the ADP jobs report that took the price back toward that level but

USDCAD moved lower and tested the 200-hour MA target on the downside (see earlier post here). Buyers stalled the fall. The price moved back higher. That move to the upside took the price back to the 100-hour MA (blue line) where sellers are now leaning. So buyers are leaning against the 200-hour MA on the

USDCHF moved above the 100 day MA and the 50% of 2023 range The USDCHF is up sharply today extending above a swing area on the daily chart between 0.9081 and 0.91015. The break above that area then targeted a dual technical level on the daily chart defined by the 50% midpoint of the 2023

USDCAD below the 100 hour moving average The better-than-expected Canada GDP brings the Bank of Canada back in play after their conditional pause in rate hike’s. That has the USDCAD moving lower. Technically, the price just broke below its 100 hour moving average at 1.3612. The current price trades at 1.3608. On the downside a

The price of crude oil settled at $69.46, down -$3.21 or -4.42%. The high reached $73.55. The low extended to $69.02. The 50% of the move up from the low from May 4th came in at $69.19. The price lows for the day also moved below the swing low from mid-June near $69.42, but the

NASDAQ index got within 17 points of 50% midpoint target The NASDAQ index traded as high as 178.60 points to 13154.29. The price just reached a new session low at 12968.12. The current price trades at 12980 up 4.59 points or 0.04%. At session laws, the price was down -7.57 points. At the session high

USDJPY below 100 hour MA The USDJPY has fallen below its 100-hour moving average at 139.949 and close below that level over the last 2 hourly bars. The price of the pair last close below that moving average on May 12. The last cycle low was on May 3 at 133.492. The high price today

Dollar index with the 50 day and 200 day moving averages Bank of America (BofA) has shared insights into 8technical strategies based on historical performance data, revealing a variety of potential investment patterns. Key findings include: Golden Cross: This event, when the 50-day moving average (MA) crosses above the 200-day MA, tends to precede rises

Are you ready to delve into the world of Bitcoin trading? In this Bitcoin technical analysis and trade idea for May 29, 2023, I will provide you with valuable insights into the current market conditions. By exploring the upward channel and volume profile, we will help you identify potential entry and exit points for your

NZDUSD tumble lower this week The NZDUSD has tumbled 3.6% this week with the last 4 trading days to the downside. That is the biggest move lower since September 19, 2022. This week, the RBNZ raise rates by 25 basis points, but the hike was considered dovish as signals of a pause surprised the market.

S&P index tests its 100 week moving average The S&P index is trading up 45.11 points or 1.08% at 4196.40. Its high price reached 4202.92. That took the price back above its 100-week moving average at 4200.13. Last week, the price also moved above that moving average level, but closed just below it at 4191.99.

GBPUSD falls back toward lows for the week The GBPUSD moved higher in trading today held by better-than-expected retail sales. The price extended up to and through the falling 100-hour moving average currently at 1.23839 (blue line in the chart above). The price also entered into a swing area that has a number of different

The USDJPY dipped to the 50% midpoint of the range since the 2022 high after breaking above that level yesterday. The corrective move dipped just below that level but found buyers ahead of the better-than-expected US data. That data sent the USDJPY back to the upside. The buyers remain in full control. Stay above the

The EURUSD was moving higher in pre-data trading with the price moving toward resistance levels on the hourly chart. The US data was largely stronger than expected, turning the USD back to the upside (the EURUSD lower). That move kept the bias pointing to the downside for the pair. Resistance comes between 1.07509 and 1.0764

The strongest of the weakest of the major currencies The AUD is the strongest and the USD is the weakest as the North American session begins.. The currencies are seeing a rebound versus the greenback after the declines this week despite concerns about the US debt ceiling all week. As the deadline for the U.S.

The US major indices are closing mixed with the Dow down for the 5th consecutive day in what was an up-and-down trading day for it. However, the S&P closed higher. The Nasdaq index surged 1.71% as Nvidia led to the flow of funds into it and other AI type stocks. Nvidia rose 24.37% Microsoft rose

The Dow Industrial Average has moved into modest positive territory. The Dow 30 is now up 23 points or 0.08% at 32822. The high price reached 32870. Below are the laggards in the Dow, led by Intel which is down -5.52% Intel (INTC) – The stock opened at 28.25, reached a high of 28.27, and

On the daily chart below for Gold, we can see that gold is pulling back all the way down to our projected target at the 1934 level where we can also find the 50% Fibonacci retracement level and the trendline. The correction started once Gold reached the record high at 2076 and we got a

USDJPY moves closer to the 50% midpoint The USDJPY has continued its move to the upside and in the process is moving closer to the 50% midpoint of the move down from the 2022 hide to the 2023 low. That level comes in at 139.574. The high price has reached 139.381 so far. The current

EURUSD trades the swing area today on the daily chart On the daily chart, EURUSD has been oscillating within a significant range that dates back to March 2022, marked by 1.07509 and 1.0805. The pair’s highest and lowest prices today were 1.08007 and 1.07474, respectively, meaning it fell just 5 pips shy of the range’s

The AUDUSD is looking to end the day near lows. Stocks moved lower. The USD moved higher. Risk off flows? Maybe a little. In this video, I talk about the technicals that are dominating the price action in the pair. The 100-hour MA has seen price action above and below over the last 3 trading

NZDUSD trades around 100/200 hour MA The NZDUSD pair has been trading at lower rates today, slipping beneath its 100-day moving average at 0.62734 and 100-hour moving average of 0.6259. However, it’s been fluctuating around its 200-hour moving average of 0.62505 and is currently positioned at 0.6247, indicating a slight downward bias. As we approach

As the debt talks continue to muddle along, and traders getting wary of overbought conditions, the broader S&P and NASDAQ index has been moved to new session lows for the day. S&P is back below the 4200 level For the S&P, it reached a recent high of 4212.91. That took the price above the key

On the daily chart below for USDCAD, we can see that after bouncing again near the 1.33 handle and rallying back to the 1.3553 resistance, the price action became a bit choppy between the 1.34 handle and the 1.3553 resistance. The market is waiting for further economic data to decide where to go next. The