Technical Analysis

The US dollars sharply lower against all major currencies The USD is moving to new session lows against all the major currencies. The dollars declines are the greatest versus the CHF and the GBP (see chart above). The USDCHF is now down close to -1.55%. The greenback is lower by -1.52% against the GBP. The

AUDUSD runs into topside resistance The AUDUSD moved higher in reaction to the overall dollar selling after the US jobs report. That report report showed a stronger nonfarm payroll jobs (311K versus 205K estimate), but hourly earnings were lower and the unemployment rate was higher than expected levels. Also in play (and probably more important

S&P financial index is down sharply The Silicon Valley Bank issues are spilling over into other financials. The S&P financial index is currently down -2.15% at 544.07. The low-price rate 540.13. Technically, at the low the price, the index tested the 61.8% retracement of the move up from the October 14 low to the February

As the stock market moves toward the close at the top of the hour, the three major indices are below their 200 day moving averages: Dow Industrial Average fell below its 200 day moving average of 32392.57. It currently trades at 32321.35. The Dow Industrial Average is now well below its closing level from 2022

USDCAD bounces above the 100/200 bar MA The price of the USDCAD has moved to new session highs after the dip in trading today fell short of the next key downside target on the downside at 1.37439 (see red number circles on the 5 minute chart above). The move back above the 1.3771 level –

One more day until the US jobs report. In the meantime, the USD is weaker in trading today vs the EUR, JPY and the GBP. In this morning forex technical report, I take a quick look at each of those currency pairs and outline the levels in play for each as the clock ticks closer

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The major US indices are closing with mixed results: Dow Industrial Average was the weakest of the three major indices. It fell -57.95 points or -0.18% at 32798.54 S&P index rose 5.71 points or 0.14% at 3992.07 NASDAQ index rose 45.68 points or 0.40% at 11576.01 Russell 2000 rose 0.75 points or +0.04% at 1879.48

The strongest to weakest of the major currencies The day after the Fed Chair testimony where the Fed Chair upped the expectations with his comments that the Fed would look to tighten by 50 bps at the next meeting, the USD is mixed. The AUD is the strongest of the majors, and the CHF is

EURUSD continues to trend lower The EURUSD has a 148 pip trading range now. That is well above the 22 day average of 80 pips (about a month of trading). Technically, the price cracked below both the 200 hour MA and trend line support at 1.0613 soon after the Fed Chair prepared remarks. There was

WTI crude futures are settling the day at $77.58. That’s down $2.88 or -3.58%. The high price reached $80.94. The low price extended to $77.47. Yesterday the price closed above its 100 day moving average for the first time since November 4. However, after extending to a new high going back to January 27, the

EURUSD trades above its 100 hour moving average As the market awaits the potential release of the Fed chairs prepared text for his testimony on Capitol Hill, the EURUSD is trading between technical levels. On the topside today, the high prices stalled against/near the high price from last week and yesterday. The high price reached

The US stocks opened higher, went even higher, but then gave up all/most of the gains into the close. The S&P and Dow did close higher for the 3rd day in a row. The Nasdaq 2-day win streak was snapped. The final numbers are showing: Dow Industrial Average was 40.45 points or 0.12% at 33431.43

AUDUSD below the 100/100 day MA The AUDUSD is trading below the 100 day /100 hour MA going into the rate decision by the Reserve Bank of New Zealand later tonight (10:30 PM ET). The 100 day MA is at 0.6748. The 100 hour MA is at 0.6744.. Above those MAs are the 200 hour

The strongest to the weakest of the major currencies The CHF is the strongest and the NZD and AUD are the weakest. The NZD and AUD lead the declines helped by the China government setting a growth target of 5%.That level was the lowest in 30 years. That pushed both the NZDUSD and AUDUSD lower,

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An effective bitcoin trading method based on volume profile (AKA market profile) Combining volume profile with technical analysis may be an effective trading approach, especially for Bitcoin . When we examine the daily time frame over the span of around 260 days starting in June 2022, please observe that the BTCUSD price rejection at 25,770

The USDCHF is down testing the 200 hour MA The USDCHF has extended to a new session low and in the process is dipping below the rising 200 hour moving average at 0.93619. The low-priced has just reached 0.93584. The last time the USDCHF price traded below its 200 day moving average was back on

The price of WTI crude futures is settling at $71.68 That is up $1.52 or 1.94%. The high for the day reached $79.73. The low reached down to $75.83. The price action today was influenced by a report earlier in the day that the UAE was contemplating leaving OPEC. That sent the price sharply lower.

Stocks are looking good (jinx). Just when you thought the major indices were setting up for a tumble lower, a regional Fed president (Bostic) comes in and says something less hawkish than the rest (Waller, Mester, Kashkari), and its risk-on all the sudden. Technically, the major indices have also dug themselves out of bearish holes.

NZDUSD at a neutral area. The NZDUSD low this week was on Monday at 0.61299. That represents the low cycle extreme (lowest since November, 2022). The high this week was on Wednesday at 0.62748. The midpoint is at 0.6203. The current price is just above that at 0.6206 just above the midpoint level. Technically, on

USDJPY bounces near 200 hour MA again The 200 hour MA has been a magnet for the USDJPY over the last 6 trading days, but once reached, the price has seen a push away. That MA (green line in the chart above), was tested last Friday and bounced. It was tested on Wednesday this week

AUDUSD tilts back below the 100 hour and 100 day MAs The AUDUSD has dipped (higher dollar) after the better-than-expected ISM nonmanufacturing data. Recall Fed’s Waller put a disclaimer on his view for interest rates saying that if the economic data remains hot, he would favor higher rates. This nonmanufacturing index remains hot. The prices

On the daily chart below, we can see that the price started to lose momentum falling into the neckline support at the 1.1839 price level. The moving averages are acting as resistance and the sellers keep leaning on them. This suggests a bearish bias as the economic data keeps coming in hot like the ISM

The major US stock indices are closing higher on the day. Both the S&P and NASDAQ index averted closing below a key 200 day moving average. The NASDAQ index already closed below the 200 day moving average yesterday. However the rise higher today push the index back above that bullish/bearish barometer. A look at the

The broader US stock indices are trying to dodge a bearish bullet on the rebound back to the upside help by Fed’s Bostics comments. The EURUSD, USDJPY and GBPUSD are also trying to dodge it’s own bullets. EURUSD: EURUSD moves back toward 100 hour moving average Looking at the EURUSD, the low price reached 1.0576.

USD vs the Israeli shekel during demonstrations Several rallies and demonstrations have occurred in Israel in recent years, and the latest disturbances look to be lowering the shekel. While it is difficult to measure the impact of social unrest on currency exchange rates, there are several elements that influence the value of a currency. In

S&P index bounces off its 200 day moving average The S&P index and NASDAQ index are both closing lower in the day. It’s the second consecutive day to the downside for each of those broader indices. The Dow Industrial Average squeaked out a small gain on the day. The S&P index tested its 200 day

WTI crude futures are settling the day at $77.69. That’s up $0.64 or 0.83%. Looking at the daily chart, the price is trading in a wedge or triangle.. The upper extreme is near $78.64. The lower extreme is at $73.27. With the price at $77.69 it’s closer to the higher extreme. Breaking above would have

On the daily chart below, we can see that the market has switched to a downtrend as depicted by the cross to the downside of the moving averages. The sellers are in control, but the buyers have been fighting quite hard lately as the momentum to the downside has been fading due to the market