Technical Analysis

Bears have the ball for S&P 500 emini futures: A technical analysis for the last day of February 2023 The S&P 500 Mini Futures experienced a potential bull flag at a price junction, but unfortunately, it did not break out. Instead, it broke down and got rejected in a bearish close for the day. The

AUDUSD has work to do on the topside The AUDUSD has moved down and back up again. That is the same price action seen during trading yesterday. That up and down movement has seen the AUDUSD also trade above and below the 100 day MA at 0.6729. Typically, traders move away from that MA on

On the daily chart below, we can see that the sellers eventually managed to break the key support level in the 0.6850 area. This breakout led to a deeper selloff and the sellers are now eyeing the 0.6629 level. If the sellers manage to break that level as well, then we may see the price

On the daily chart below, we can see that the range between the 33538 support and the 34477 resistance got finally broken and led to a selloff to the 32684 key support level. The current bias is bearish as economic data in February beat expectations and led the market to price in a higher terminal

On the daily chart below, we can see that the resistance at the 12274 level held as the strong NFP report sent the market lower. Buyers had a hard time in February as pretty much all economic data beat expectations and made the market to revise higher future interest rates expectations and price out interest

On the daily chart below, we can see the big selloff that started as the market got rejected from the strong 4175 resistance and the strong NFP report changed the outlook of future interest rates. February was a bad month for risk assets as many key economic indicators signalled a reacceleration in activity and inflation

What exactly is meant by the term “technical analysis,” and how exactly does it have an impact on Meta Stock? Let’s begin by defining “technical analysis” and discussing how it relates to this discussion before moving on to particular methods for assessing and trading Meta sock. Technical analysis is the process of forecasting future price

Forex Trading Strategies for the USD/ILS Pair: Tips and Analysis If you trade foreign exchange, you’re probably constantly on the lookout for possibilities to make a profit from your trades. In this post, we will walk you through the process of doing a technical analysis of the currency pair USD/ILS, as well as provide some

USDCHF tests the swing high from January The USDCHF is stretching to the January and 2023 high at 0.94069. The price just reached 0.94058. There is some symmetry in the daily chart for the year. The move to the downside from the high took 19 days. The move back to the upside in February is

S&P index hold support against its 200 day moving average The major US stock indices are seeing a bounce higher. The comments from that Bullard were less hawkish. As Adam points out if there’s a Fed official who would push towards 6%, it would be Bullard. However, he is not. Also helping is that the

EURUSD moves toward lower channel trend line The EURUSD moved above a channel trend line in the Asian session – helped by sideways and modest corrective price action. However, the break was short-lived, and the topside trendline started to see sellers leaning against it as the price wandered lower. That wander, transitioned to a run

The GBPUSD has the rare instance where the price, and 100/200 day MA have converged (Threes company). The first test has seen a modest bounce off the moving average levels (see post here and here). That is not the only major pair with the “Threes Company” dynamic. The NZDUSD breaks below the 100/200 day MAs

The US major indices are stretching to the new session lows. NASDAQ index below its 200 day moving average The NASDAQ index is down around -241.2 or -2.09% at 11348.99. The chart moved to the downside takes the price back below its 200 day moving average 11406.16. Back on January 31 the price moved back

GBPUSD corrects up to resistance target The dip buyers against the 100/200 day moving averages in the GBPUSD near 1.1930, have seen a bounce up to 1.1966. That took the price just above the top of a swing area between 1.19579 and 1.1964. Sellers are trying to stall the corrective bounce near that area. If

On the daily chart below, we can see that the price has clearly broken the 1.07 support zone and it’s now approaching the 1.05 handle. The whole move up from 1.02 to 1.10 in the past few months was diverging with the MACD. Generally, when the price breaks the trendline that was supporting a rising

AUDUSD bounces off the 38.2% and back above 200 day MA In an earlier post on the AUDUSD (and in the video for the day), I spoke to the breaking of the 200 day MA and the next target at the 38.2% at 0.67798. Unfortunately for the sellers, the 38.2% stalled the fall. The low

The USD is moving to the upside. Rates are not necessarily helping, but stocks are moving lower and there is some technical breaks in the major indices: EURUSD: The EURUSD is moving to a new session low and looks toward the low of a swing area between 1.0573 to 1.0615. The low has reached 1.0576.

On the daily chart below, we can see that the price has fallen back to the bottom of the range that’s been going on for 3 months now. The market is divided between those that see demand outstripping supply with China reopening and supply disruptions from geopolitical conflicts, and those that see demand falling as

The major US stocks indices are closing the day mixed (the Nasdaq closed modestly higher) The S&P is down for the 4th consecutive day and is closing below the 4000 level. The Nasdaq snapped a 3 day decline The Dow was the worst performer with a decline of -0.25% The final numbers are showing: Dow

GBPUSD falls back below the 200 hour MA. The GBPUSD has dipped back below the 200 hour MA at 1.20662, tilting the short term bias back to the downside. . Recall that the price yesterday moved above that MA and extended higher. The high price reached 1.2147 before starting a series of lower highs into

On the daily chart below, we can see that the price is now clearly in an uptrend after breaking out of the falling channel. The ultimate target should be the 142.17 level, but it’s still too early to know if that’s going to be reached. As of now, the price broke another resistance at 134.50

Dollar index rebounds With US growth seemingly not abating, inflation still a concern, and the US dollar coming off a more than 50% correction adding to potential inflationary forces, does the US dollar have to continue the move back higher to get things back in balance? It makes sense and indeed the dollar has been

USDCHF backs off after testing old ceiling area The USDCHF has had its shares of ups and downs today, but: The 200 hour moving average based the pair on one of the downs (green line) and the price extended higher. On the topside, The pair moved above the broken 38.2% and recent swing area between

On the daily chart below, we can see that the price is getting near the neckline of the possible double top formation at 1.2444. The divergence between the two tops and the MACD increases the odds of the pattern working out. The neckline at 1.1839 for now is the natural target and a clear break

The RBNZ will be meeting and announcing their rate decision on Wednesday in New Zealand (8 PM ET/0100 GMT). The expectations are mixed (from 0 bps to 50 bps) as the RBNZ ponders putting off an expected hike after the devastating cyclone last week. Eamonn posted that KiwiBank has weighed-in saying the expected hike of

USDCAD falls to the 38.2% retracement The USDCAD failed on the break above the 100 day MA last week (on Friday – currently at 1.35133). The move to the upside on Friday reached 1.35367 before rotating back lower. On the break, the pair also moved above a swing area between 1.3512 and 1.3526. That too

CNBCs Steve Leesman, commenting on the markets said on Friday, “If you are not confused, you’re not paying attention”. There is a lot of confusion in the market, and even at the Fed. The CPI inflation released this week, added some added confusion as it was a little more hefty than recent months. There still

USDCHF failed on the break higher today The USDCHF broke to the upside today extending above the topside swing area between 0.9278 and 0.9290. The break increased the buying momentum with the price extending to a higher 0.93308 before rotating back to the downside. After trying to hold support against the previous high from February

EURUSD tests the 100 hour MA The EURUSD has continued the grind higher and has now reached the 100 hour MA at 1.0699 target (see earlier post). The high price just reached 1.06977 – just a pip or so short of that target. You can expect some profit taking into the weekend in this area.

Crude oil moved down to the 61.8% retracement The price of WTI crude futures is settling at $76.34. That’s down $2.15 or -2.74%. The low price reached $75.32. High price was at $70.50. For the trading week the price is down about -3.9%. At the week high of $80.60, the price was up $0.90 versus