The Nasdaq and S&P are trading near highs for the day, and that is helping the “risk-on” flows in pairs like the AUDUSD . Technically, as posted earlier, the price did take out the 2022 high at 0.7440, rising to 0.74474 in the process, but the price did fail on that first break. HOwever, the
Technical Analysis
On March 14, the Nasdaq closed below the February swing low at 12587.88 and reached a new low for 2022 at 12555.35. Since then, the price has moved up 12.41%. The S&P index is up 8.35% over that time. The moves to the upside comes amidst a rise in 10 year yields from 2.02% to
The USD is getting a boost higher against all the major currencies. The USD is the strongest of the majors. The USDJPY is trading to a new 6 year high and is the biggest mover with a 0.33% gain so far today. USDJPY. The USDJPY is trading to a new 6 year high (going back
The AUDUSD is moving higher as commodities move higher and so do benchmark yields. The price of crude oil is continuing to step higher with the April contract up at $107.70. Gold is up around $6.50. Silver is up $0.17 on the day. In the Australian debt market the benchmark 10 year yield has moved
The US 2 vs 10 year spread ended the week near 21 basis points last week, and near the lowest levels since the start of the pandemic in March 2020. During that pandemic time period, the spread moved to a low of 8 basis points. The spread in 2022 has seen a high of around
The USDCAD moved sharply lower yesterday and fell for the 3rd day in a row. The pairs move to the downside, was able to extend back below the low from last Friday after the stronger than expected jobs report validated the BOC decision to raise rates at it’s most recent meeting. Technically, the pair moved
The USDCHF peaked this week on Wednesday at 0.94594, but stalled ahead of the swing high from 2021 (from April) at 0.9472. The price closed lower on that day and again yesterday. Today the price is also lower with more up and down trading. Looking at the daily chart, the price yesterday – and for
The AUDUSD is retesting the high for the day at 0.74085. That high was made in the late Asian/early European session. The subsequent fall saw the pair move below a swing area between 0.73675 and 0.73799. The last dip came on the back of the Fed’s Waller hawkish comments and a spate of dollar buying.
The NZDUSD has moved up to retest its 200 day moving average today. That level comes in at 0.69099. The high price reached 0.69089 and backed off. The current price is trading at 0.6895. Traders tested that 200 hour moving average earlier this month and found sellers against that level at that time too. The
The EURUSD moved lower at the start of the US session. The move came on the back of the Fed Waller hawkish comments on CNBC. The move lower saw the price move below the 100 hour MA (blue line currently at 1.10133), but could not muster momentum to move below the 200 hour MA (green
The price of WTI crude oil futures are settling sharply higher and back above the $100 level. The price is settling at $102.98. That’s up $7.94 or 8.35%. Looking at the hourly chart, the price rise today took the price of the contract back above its 100 hour moving average at $100.23 (see blue line
The EURGBP fell lower ahead of the Bank of England decision, but after falling to its 200 hour moving average, the pair quickly reversed higher help by the more hesitant tightening from the central bank. The sharp move to the upside took the price back above its 100 hour moving average and 100 day moving
The major US stock indices are moving back to the upside with the NASDAQ index back near up 2.0%. The Dow and S&P are also well off session lows. Are markets applauding the more hawkish of Fed? The reactions are just that reactions. There is a full story ahead which also includes Russia/Ukraine and its
The GBPUSD is trading to a new high and in the process to has moved above a swing area between 1.3138 to 1.31438. The high price just reached 1.3148. The pair is also moving away from its 200 hour moving average at 1.31035. Going into the Fed decision the price was trading above and below
The USDJPY corrected lower earlier today and in the process retested the broken trend line on the daily chart above. Buyers leaned and pushed the price back up. They are not giving up on the run higher (or so it seems). Looking at the 5 minute chart the price correction lower today took the price
The dip buyers in the GBPUSD today bounced the price off /near a nice round natural support level at 1.3000 (the low reached 1.29993). The price moved higher into the North American session and approach the falling 100 hour moving average, and also a swing area between 1.3080 and 1.30878. The price was able to
The NASDAQ index had another tumble with the index falling -2.04% and closing below the February low at 12587. The price closed the day at 12581.23. Looking at the major indices, the Dow industrial average squeaked out a small gain of 1.05 point (at least it was a gain). The S&P index was lower. The
The AUDUSD moved lower into the North American session but found support buyers against its 100 day moving average (and 61.8% retracement of the move up from the February 24 low). After spending six or so hours with buyers leaning against that key moving average, it was eventually broken (see earlier post). That break, led