Technical Analysis

The strongest to the weakest of the major currencies The GBP is the strongest and the NZD is the weakest as the North American session. The data from New Zealand presented a mixed picture, with some results better than expected and others worse, but overall sentiment negative to the NZD. The BusinessNZ Manufacturing Index came

The AUDUSD fell sharply today after an initial move higher found will sellers vs the 100 day MA. The subsequent fall has now taken the price below the 200 day MA at 0.6725. That MA along with the 200 hour MA is now risk for sellers. Stay below is more bearish. The price is currently

Dow back below 100 day MA The major stock indices are creeping lower with the Dow leading the way to the downside. A snapshot of the market currently shows Dow industrial average -332 points or -1.0% at 33198 S&P index -20 points or -0.48% at 4117.10 NASDAQ index -7 points or -0.06% at 12299.50 Looking

EURUSD breaks lower The EURUSD is breaking lower and in the process is trading to the lowest level since April 11. The price is testing the 1.0900 level. Looking at the 4 hour chart, the price today fell below a swing area between 1.0933 and 1.0941 (see red numbered circles) and then below the swing

NASDAQ breaks above the ceiling The NASDAQ index is trading to a new session high. The new high comes in at 12337.69. The current price is trading at 12326.78 up 147.6 points or 1.21%. Looking at the hourly chart, the move to the upside today is moving away from a ceiling area between 12245.43 and

USDCAD stalls near the 100 hour MA/swing area The USDCAD has seen down and up price action today. The low for the pair was reached soon after the CPI data this morning. That low dipped below the swing low from April 18 and April 17, but quickly rebounded with the dollars rebound back to the

The GBPUSD rose and broke above the high price from yesterday and the high price going back to April 2022 near 1.2665. The high price reach 1.2679, but could not sustain momentum. The move back below the break area turn buyers to sellers and the price retraced most of the CPI gains. However the fall

Gold moves back above its 100 hour moving average The price of gold reached a new session high in the US afternoon session. The high price reached $2037.52. The current price trades at $2034.50 up $14.27 or 0.72%. Looking at the hourly chart, the price has been skimming near the 100 hour moving average on

Crude oil runs back above the 200 hour moving average The price of WTI crude oil futures have reversed course and then back above its 200 hour moving average at $72.62. A report saying Russia said its oil output cuts almost hit its pledged goal in April, turned sellers into buyers. The high price is

USDJPY trade between 100/200 hour moving averages The USDJPY remains between its 100 and 200 hour moving averages (blue and green lines in chart above) with the buyers looking to make a play as it moves toward the high for the day and key topside resistance target. Looking at the hourly chart, the correction low

The major US stock indices are ending the session with mixed results in what has been a quiet Monday. The Dow industrial average fell modestly. The S&P was near unchanged, and the NASDAQ index rose modestly. The final numbers are showing: Dow industrial average fell -55.71 points or -0.17% at 33618.68 S&P index rose 1.87

USDJPY mired in a narrow trading range The USDJPY remains mired in a very narrow trading range for the day. The low to high range is only 66 pips. The average of the last 22 trading days is 128 pips (range is 52% of what is normal over the last month). Looking at the hourly

AUDUSD stretches above its 100 day moving average The AUDUSD is stretching above its 100 day moving average near 0.67886. The price is now moving toward the swing high going back to April 14 at 0.6805. The high price just reaches 0.67994. Getting above 0.6805 would open the door for further upside probing. On the

S&P 500 E-mini Futures Weekly Technical Analysis: A Simplified View In this technical analysis of the S&P 500 E-mini futures , we focus on the weekly timeframe to provide a clear and simplified picture without using numerous indicators. The aim is to decrypt the story the S&P 500 is telling and identify potential entry points

GBPUSD tests swing area high from April to June 2022. The GBPUSD has reached the high today of 1.2652. The current price is trading at 1.2642. At the high, the price got closer to its swing high going back to May 8, 2022 near 1.2665. A move above that level would have traders targeting this

The major US stock indices are continuing their run to the upside with the NASDAQ index leading the way with again over 2%. The Dow industrial average is up 1.4%. The additional gains come after Fed’s Bullard said that policy changes don’t have to end with a recession (he does not have a recession as

EURUSD was back to converts 100/200 hour moving averages The EURUSD was a trading near the converts 100/200 hour moving averages before the US jobs report. The data push the price down to support near the 50% retracement at 1.09632 (and a swing area we would between 1.0961 and 1.09653). The fall stalled. The price

The USDCHF moved to the lowest level since January 2021 this week, but found support buyers against state support area from the end of 2020/early 2021. In trading today, the pair got a boost from lower Swiss CPI inflation. That took the price above the 200 hour moving average or support buyers leaned. The US

The USDCAD is moving closer to its 200 day moving average at 1.3440 after a couple days of steady selling in the pair. Higher oil prices have contributed to the Canadian dollars strength. The price of oil intraday yesterday reached a low of $63.70 yesterday. It is trading above $71 today. Will buyers come in

EURUSD trade between the 50% and the 100/200 hour MA The US jobs report remains strong..kind of. The nonfarm payroll added 253,000 jobs but there were revisions to the prior month of -149K. Nevertheless the unemployment rate at 3.4% is still at record low levels. Gotta think that the baby boomers retiring just will keep

EURUSD targets ahead of jobs report The EURUSD is trading at a neutral level head of the US jobs report. That level comes at the converts 100 and 200 hour moving averages at 1.10179. The current price is trading at 1.1015 just below that level. Traders are setting up for the next shove off of

Gold traded to a new all-time high today Gold prices reached a new record high today. Spot gold rose to a record high of $2,081.82 per ounce. That move took out the 2022 and 2020 highs between $2070.59 and $2075.14.. The current price trades back below those levels that $2049.87. That’s still up $7.07 or

WTI crude oil stalled within a key swing area The price of WTI crude oil futures tumbled lower to $63.64 before rebounding back higher to close today little changed. The settlement price is coming in at $68.56. That’s down just $0.04 or -0.06%. The high price reached $69.84. Looking at the daily chart, the price

The strongest to weakest of the major currencies The NZD is the strongest and the CHF is the weakest as the NA session begins. The USD is modestly lower a day after the Federal Reserve , after a year of raising interest rates, hints at a possible end to its tightening cycle as economic growth

USDCAD falls to moving average and a swing level target. The USDCAD has seen the price move down to test key support near the convert 100 and 200 hour moving average at 1.3587. Below that is a swing level near 1.35825. The low price reached 1.3581 just below those levels, but has bounced back higher.

The Fed hiked rates by 25 basis points bringing the benchmark federal-funds rate to a range between 5% and 5.25%, a 16-year high. This decision is the tenth consecutive rate increase aimed at combating inflation. The Fed removed a phrase from its previous policy statement that suggested additional policy increases might be necessary. Instead, they

On the daily chart below for USDCAD, we can see that after a huge rally back towards the key support now turned resistance at 1.3664, the price has stalled and it’s now consolidating between the resistance and the support at 1.3553. The moving averages have crossed to the upside as the trend changed from bearish

GBPJPY failed on the break to new highs going to 2016 The GBPJPY has moved lower today, after the high today took out the high from October 2022, and traded to the highest level since 2016, but quickly failed. The high from 2022 reached 172.118. The high from today reached 172.314. However, momentum stalled and

NASDAQ index bounces near its 200 hour moving average The NASDAQ index is recovering after touching a crucial moving average technical level. Today’s low reached 12015.23, briefly testing the 200-hour moving average (green line in the chart above) currently at 12016.39 (and increasing). This moving average will be vital for both buyers and sellers, as

AUDUSD falls back toward the 100 hour MA The AUDUSD moved higher in trading today. In the Asian session, the price extended above its 100 hour moving average (blue line in the chart above), and that ignited more buying interest early on. The momentum picked up as the US session began. That momentum took the