Technical Analysis

The WTI crude oil futures to settle at $75.66. Down $-1.12 or -1.46%. The high price reached $76.69. The low price was down to $74.53. Crude oil stays below the 100 day moving average Looking at the daily chart, the price last week moved back below the 100 day moving average (blue line in the

EURUSD skims the lows from last week The EURUSD has reached to new lows and in the process is skimming the lows from last week between 1.0961 and 1.0965. The low reached 1.09636 and is modestly bouncing. To start the US trading day, the EURUSD was mired in a low 30 pip trading range. The

Nasdaq Futures Technical Analysis Overview Recent pivot point at 10,735 on 10th October, marking the low of last year Gradual rally, picking up pace over time Weekly timeframe showing a break above the yellow channel, signaling a bullish trend Last week’s low did not reach the 20 EMA, suggesting continued strength Key Levels and Price

Crude oil rotate toward the 100 hour moving average The price of WTI crude oil futures are extended to the upside and in the process breaking up back above its 100 hour moving at $76.43 (blue line in the chart above). Stay above would have traders looking toward the 200 hour moving average currently at

USDCAD trade between swing areas today The USDCAD has experienced a sharp decline and is currently testing a swing area between 1.3553 and 1.35638. The 200-bar moving average on the 4-hour chart is located within this range at 1.35594. The price dipped to 1.3550, just below the low of the swing area, but only saw

AUDUSD rebounds after break to new low fails. The AUDUSD experienced a decline during the Asian and early European trading sessions, following a successful test of the 100-hour Moving Average (MA) during the initial upward movement (refer to the blue line on the hourly chart above). This prompted traders to lean against the risk-defining level,

GBPUSD holds above 1.2500 The GBPUSD is stretching to the upside and in the process is taken closer to the high price from April 14 at 1.25462. That high is the highest level going back to June 2022. A break above would increase the bullish bias. Looking at the hourly chart above, a swing area

GBPJPY racing to the upside The GBPJPY is surging in trading today after the Bank of Japan kept rates and policy unchanged. Looking at the hourly chart, the price broke above a topside swing area near 167.96, and after breaking and then retesting the level, the price has stepped higher and higher and higher. The

EUR/JPY is without a doubt the chart of the day. With the Bank of Japan keeping YCC in place today the pair jumped and now it has just taken out both the 2015 high and the 150.00 psychological level. This high now stretches all the way back to 2008 and all the agony that Europe

NZDUSD can’t stay above 200 hour/200 day MAs The NZDUSD saw a dip as the US data was released today. The price moved below the 100 hour MA at 0.6143 (blue line) to a low of 0.6129 before snapping back higher. That move to the upside saw the price move back above the 100 hour

The USDJPY soared in trading today as new BOJ head Ueda signaled no change in policy. That has the USDJPY moving toward its 200 day MA at 137.00 area. The EURUSD moved below the 200 hour MA and trend line, but stalled near the week lows (Tuesday’s low). Stay below 200 hour MA keeps the

NZDUSD consolidates an up-and-down trading between levels The NZDUSD has experienced a rollercoaster of price action today, with values initially staying above yesterday’s low of 0.61107 before climbing higher. This upward momentum managed to surpass a critical swing area between 0.6119 and 0.61266, as sellers became buyers. During the Asian and early European sessions, the

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The major US stock indices are trading near the highs for the day. The gains are led by the NASDAQ index which is now up over 200 points or 1.84%. The SP index is up 1.25% and the Dow industrial average is up 0.95%. Looking at the hourly chart of the NASDAQ index, the price

On the daily chart below, we can see that the gap that was caused by the surprise OPEC+ production cut was filled yesterday as the price of oil kept falling hard since the rejection from the top of the range at $83. The market is increasingly bearish on the black gold as the global economy

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USDCHF snaps back higher The USDCHF broke below the double bottom at 0.88591 from the April 13 and low from yesterday’s trade. The low price reach 0.8851 but could not go any further. When the price started to trade more comfortably above 0.88662, the shorts got scared, and the price snapped back to the upside.

WTI crude oil The price of WTI crude futures settled at $77.07. That is down $1.69 or -2.15%. The low price today reached $76.50. That move took the price below the 100 day moving average at $76.85 (blue line in the chart above). However, the price momentum could not be sustained and the price rotated

The JPY is the strongest and the AUD is the weakest The JPY is surging against all the major currencies as flight to safety flows push funds in that direction. Concerns about First Republic/banking crisis is a catalyst although the USD is also higher (for the same reason). The biggest mover is the AUDJPY which

The major US stock indices are trading at new session lows. The declines are led by the NASDAQ index which is down around 1.10%. Dow industrial average is down -150 points or -0.45% at 33725.55 S&P index is down minus 34.82 or -0.84% at 4102 NASDAQ index is down -135.34 or -1.13% at 11901.58 Looking

On the daily chart below for GBPUSD, we can see that the market is struggling to keep the upside momentum every time it breaks above the top of the range. The last breakout failed as US Retail Sales missed expectations across the board and sent the market lower on fears of an earlier than expected

GBPUSD moves above swing area The GBPUSD has successfully risen above last week’s high of 1.24736. This recent peak aligns with a notable swing area dating back to April 12th (as indicated by the red numbered circles). In today’s trading session, the currency pair surpassed the swing area, fluctuating between 1.2471 and 1.24763, and eventually

The major US indices are trading to new session lows. The NASDAQ index is leading the way with a decline of over 100 points or -0.85% at 11969.17 currently. Nasdaq index falls to a new low Looking at the hourly chart for that index, the price rise today corrected up toward its100 hour moving average

A number of major currency pairs vs the USD had very low ranges in trading last week. The non-trending nature of the price action will have traders anticipating something more in trading this week. That would involve breaks of key technical levels. In this weekend technical report, Greg Michalowski of Forexlive.com discusses this dynamic and

GBPUSD trades in the most narrow range since November 2021 The GBPUSD is back higher, erasing all of day’s declines and trades back at/near unchanged. The move back higher has taken the price back to the 200 hour MA at 1.2440. The high just reached 1.24418 and the current price is at 1.2435. For the

USDCAD has moved up 5 of 6 days Whereas, currency pairs like the EURUSD and the GBPUSD has had its share of of ups and downs this week, the USDCAD has been trending more to the upside. The pairs is up 5 of the last 6 trading days after bottoming on Friday at 1.32996 (call

GBPJPY snaps back higher The GBPJPY rotated to the downside yesterday, and in the process moved down toward the rising 100 hour moving average along with a upward sloping trendline (see post from yesterday). The price stalled near those levels into the close. In the early Asian session, the pair broke below the level and

Just when you think the data might be to tipping lower, the S&P/Global flash PMI indices , come in higher than expectations. The 2 year yield moved from down about 5 or so basis points to up 1.8 basis points currently at 4.183%. The 10 year yield is now up 2.1 basis points at 3.566%.

USDCHF keeps lower bias below 100/200 hour MA. The USDCHF moved to a new low for the week ahead of the US flash PMI data. The prior low was a 0.8920. The new low extended to 0.8907. However, that break was short-lived and the data release led to a bounce higher and to a new

WTI crude oil futures tested 100 day moving average The price of WTI crude oil futures dipped to a new post OPEC+ production cut low reaching $76.72. That took the price briefly below its 100 day moving average at $76.85, but momentum cannot be sustained in the price has since rebounded higher. We are currently