The group of the Canadian, Australian and New Zealand dollar sits precariously close to the extremes of the recent ranges. There is the potential for double bottoms in all three but the price action today suggests little appetite to buy the trio as recessionary worries spread. Copper prices are the lows of the year, Australian
Technical Analysis
Oil prices are down more than $4 today but the loonie is keeping pace with the US dollar. USD/CAD is flat at 1.2919. The high last week was 1.3079, which basically matches the May high and threatens a double top. The loonie has held up well this year in large part due to oil and
The price of WTI crude oil futures are settling at $106.19. That’s down $3.33 or -3.04% The high price reached $109.76. The low reached $101.53. The settle is near the middle of that range. Looking at the daily chart, the price moved below the 100 day MA (and an upward sloping trend line) near $104.62.
The GBPUSD – like other pairs – has seen a run lower and move back higher helped by the Fed chair comments. The move back to the upside has taken the price back above the 200 and 100 hour moving averages at 1.2212 and 1.2262 respectively. The high price has reached up to retest the
The USDJPY has kept the bullish run to the upside going with a move to 136.615. As outlined in the earlier post, a topside trend line connecting recent highs cuts across now near 136.93 (and moving higher). That is the next upside target for the pair. Move to it, and there may be some leaning
The EURUSD is trying to build another upside move today. The price action in the Asian session moved back above its 200 hour moving average (green line). That is nothing new over the last few days as the price traded above that moving average on Thursday last week, and then on a number of occasions
The USDCAD is modestly lower today after peaking near the May 2022 high on Friday (highest level since November 2020). The price action today has seen a continuation of the move lower. The pair has moved below the swing high from last Wednesday and the down to a swing area between 1.29700 and 1.29798 (see
The EURUSD is higher on the day, moving off an Asian session low at 1.04733. The high price extended to 1.05454 in the European morning session. Looking at the hourly chart, the price moved to the upside was able to extend above its 200 hour moving average (green line in the chart above currently at
The USDJPY moved sharply lower yesterday, helped by a crack below the 200 hour MA (green line), a move below a swing area between 132.97 and 133.35, and a corrective swing low at 132.30. Finally the pair also fell below the 38.2% retracement of the move up from the May 24 low at132.05. The steps
The USDCHF fell sharply yesterday after the surprise SNB hike of 50 basis points. The pair smashed through a number of technical levels including the 100 hour MA (blue line), 200 hour MA (green line), 50% retracement of the move up from the May 27 low at 0.97968, The 61.8% at 0.9737. The price entered
The move to the upside for the USDCAD has continued today. The price is working on it’s 7th up day in the last 8 days. In the process, the pair has moved up to test the swing high from May 12. That high reached 1.3076. The high price just ticked up to 1.3078. So technically,
The AUDUSD rallied higher yesterday along with the other dollar selling trends in the major currency pairs. However, once the pair reached the 200 hour moving average and 50% retracement near 0.7066, sellers leaned and the price started wandering back to the downside. Today in the Asian session, the 38.2% retracement at 0.7015 was tested
The NZDUSD – like other pairs vs the USD yesterday – saw the pair shoot higher. The move extended above the 100 and 200 hour MAs, and for this pair also extended briefly above the 50% retracement at 0.63857. However, going into the close yesterday, the price rotated lower to the 200 hour MA closing
The GBPUSD rallied strongly yesterday. The BOE did raise rates by 25 basis points as expected. Weaker US data also contributed to a sharp move to the upside from a fundamental perspective. Technically yesterday, the price stepped above its 100 hour moving average (blue line, then above a ceiling level from Tuesday and Wednesdays trade
The SNB hiked rates by 50BPs earlier today. That was a surprise move that has led to a surge in the CHF as a result. Looking at the % changes of the CHF vs. the major currencies, the gains have ranged from around 1.5% vs the GBP to 3.22% vs the CAD. The EURCHF, tends
Easy come easy go. The major US indices are all sharply lower and giving up the gains from yesterday’s trade. The sellers of the market currently shows: Dow industrial average is down -666 points or -2.17% at 29995. Yesterday the Dow rose 303.7 points S&P index is down -95.36 points or -2.52% at 3694.43. Yesterday
Looking that major currency pairs, the USD higher has been the theme of late (of course). That has taken the price away from the 100 hour MA in the favor of the dollar bullish side of that MA. With the dollar moving lower today as Powell is a little less hawkish, the price’s are approaching
The EURUSD rose in the Asian session on the back of the emergency ECB meeting. The price spiked up and thorugh resistance between 1.0457 and 1.0490. However, as the price approached the falling 100 hour moving average, buyers turned to sellers. The ECB meeting news push the price down even further and the pair has