The price of WTI crude oil futures are settling at $78.90. That’s down -$0.56 or 0.7%. The high price reached $80.47. The low price extended to $78.52. For the week, the price moved up for the first four trading days, but is trading down today after reaching the highest level since November 16. The price
Technical Analysis
The USDCHF is testing the 100 hour MA and the 38.2% of the move up from the December 31 low at 0.9182 area. The low price just reached 0.9183. A move below the 100 hour moving average and the 38.2% retracement, would increase the bearish bias. The upward sloping trendline cuts across at 0.9176. Other
The major European indices are closing the day mostly lower. The exception is the UK FTSE 100 which is closing up around 0.35%. The provisional closes are showing: German DAX, -0.65% France’s CAC, -0.4% UK’s FTSE 100, +0.45% Spain’s Ibex, -0.45% Italy’s FTSE MIB, -0.13% For the trading week, the major indices are mostly higher
The NZDUSD move down early in the Asian session yesterday on it’s way to a low at 0.6733 . That was just below a swing area between 0.6734 and 0.6740. The subsequent rise to the upside moved up to test the Tuesday low at 0.6764. After moving just above that level not once but twice,
When I look at a chart, I focus on who is in control. To determine control, you need clues that give a bias. I like to technical clues like moving averages (100/200 bar MAs), trend lines, swing areas where support and resistance floors and ceilings are established and retracement levels. In the EURGBP, looking at
The major US indices closed the new near session lows. The declines were across the board today as the overall market reacted to the idea that the Fed would look to run down its balance sheet in addition to increasing the taper, and starting to tighten. The Dow industrial average closed at record levels on
The GBPUSD cracked above its 100 day moving average at 1.3554 earlier today, and has more recently broken above the 38.2% retracement of the move down from the June 1 high at 1.35754. The next targets in the progression off the daily chart (see earlier post) come in against the swing high from November 9
The US major stock indices are closing mixed: The Dow industrial average is closing up 214.57 points or 0.59% at 36799.64. That is a new record close. Intraday, the price it reached a new all-time record high 36934.84. The index has 2 record closes in 2022. The S&P index closed down -3.04 points or -0.06%
The AUDUSD moved higher as the pair trades with the dollars decline that took the greenback higher into the London close. The move to the upside is somewhat confusing in that yields in the US continue to move higher, and the stock market has given up gains especially in the NASDAQ index which lags dramatically.
Amid thinner market conditions last week, the pair managed to hold a weekly close above 115.00 and is running with that so far to start the new year. The latest jump is largely helped by the surge higher in Treasury yields yesterday, which saw 10-year yields climbing by over 10 bps to 1.63%. A stronger
The start of the calendar year has been met with selling in the bond market which has increased yields markedly. The 10 year yield is now up 11.8 basis points. The 30 year yield is up 11.6 basis points and back above the 2.00% level. Looking at the 10 year daily chart, the run to
The NZDUSD stepped lower in 2021 in choppy up and down trading. The moves to the downside came despite rate hikes by the Reserve Bank of New Zealand toward the later half of the year. The expectations are the central bank will look to continue that trend in 2022. Overall, the high for the year
The AUDUSD in 2021, reached its high for the year on February 25th at 0.8006 which was near a nice natural resistance of 0.8000. The price low was not reached until the December 3rd at 0.6992 (also near a natural support level at 0.7000). The range of 1014 pips compares unfavorably to 2020s range of
The USDCAD had a down, and up, and down, and up year with the pair reaching the year high in the 2nd to last week of the calendar year. However, the new high in December was only by a few pips and it stalled near a key technical level (more on that below). A summary
The Dow industrial is the only major indice to close higher today. However, it fell just short of closing at a record level of 36432.23. The S&P index, which closed at a record level yesterday, moved to a new intraday high, but closed lower on the day. Dow has been up for 5 consecutive days
The USDCHF has seen a recovery to the upside in 2021 (flow out of the safety of the CHF and rise of the USD), but the gains have been somewhat limited, and the year is looking to end with a more bearish bias technically on the longer term weekly chart. For the year, like the
The year 2021 for the USDJPY can be characterized as a trend like move higher. The USDJPY pair had it’s low for the year on January 6th (the first week of the trading year) at 102.586. The high for the year (with a few days left to go) peaked at 115.513 on November 24. The
The EURGBP’s tail is wagging the dog (the EURUSD and the GBPUSD) in trading today as it falls sharply. The selling started in the Asian session after a run to the upside stalled, and the price started to crack below swing levels going back to last week’s trading at 0.8485, and 0.84765. The price also