The major US stock indices have hit the skids with the NASDAQ down 100 points now or -0.68%. The S&P index is also down by around the same amount. Nasdaq falls below 100 and 200 bar MAs Looking at the short-term five-minute chart of the Nasdaq index, the fall below the 100 bar MA started
Technical Analysis
USDCAD bounces in the swing area on the daily chart The USDCAD fell to a new cycle low and moved into a swing area between 1.3298 to 1.3320. The low price has reached 1.33146. The price has bounced back as traders leaned in the swing area on the first test. The price is back above
USDCAD runs to swing area between 1.3298 to 1.33203 USDCAD is moving to a new low going back to early August. The fall takes the pair toward the swing area that was in play earlier this year. That area on the daily chart comes in between 1.3298 to 1.33203. In April and May swing lows
GBPUSD is sharply higher today The GBPUSD is extending back toward its earlier highs at 1.2750 as European traders look to exit for the day. The GBPUSD moved higher in the European session. The UK CBI Trends Orders for December showed a significant improvement, with the orders figure reaching -23.0, a notable increase from the
USD The Fed left interest rates unchanged as expected with a shift in the statement that indicated the end of the tightening cycle. The Summary of Economic Projections showed a downward revision to Growth and Core PCE in 2024 while the Unemployment Rate was left unchanged. Moreover, the Dot Plot was revised to show three
TGIF. The JPY is the strongest and the EUR is the weakest as the North American session begins. The USD is mostly but moderately lower. The greenback is only higher vs the EUR and GBP. Yesterday, the EURUSD moved higher on follow through buying after the FOMC rate decision. The ECB did not thrill to
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The AUDUSD moved sharply higher the last two days and in the process moved above the 50% of the 2023 range at 0.67134 on both trading days. Both days also stalled at 0.6728. Buyers of the shot on a number of attempts above the 50% midpoint, and each time they missed. On the downside, the
The USDCAD bottomed near a key swing area target at 1.3370 – 1.33776 (see red numbered circles on the chart below). The low prices reached 1.33725 and bounced. The move to the upside has reached 1.3402. That level is near the broken 61.8% retracement of the move up from the July low at 1.33999 (call
The GBPUSD ran higher today spurred on by follow-through USD selling (GBPUSD buying) after the more dovish Fed, and follow through buying of the GBPUSD pair on the back of a more hawkish BOE today. The move to the upside worked its way toward the 1.2800 where old swing high area between 1.2789 and 1.27994
Like many other currency pairs, the USDCAD is moving in the direction of a lower dollar and in the process is stretching toward a key technical target. The pair is moving closer to its 61.8% retracement of the 2023 trading year. That level comes in at 1.33999. The low price today has reached 1.34192. A
US 2 year yield is trading at lowest level since June The US 2-year yield is now down -29 basis points at 4.439%. That is the lowest level since June and the largest one-day decline since March. Looking at the daily chart the prices approaching its 50% midpoint of the move up from the March
The USDCAD is trading to a new session low and in the process is testing a key floor that has been developed over the last seven or so trading days. That floor comes in around the 1.35478 level. A move below that level is needed to increase the bearish bias. If broken, traders would next
The EURGBP made a break higher today and in the process extended above the high of a swing area between 0.8583 and 0.85877 (SEE video from yesterday here). The price of the EURGBP has been confined to a range over the last six or so trading days between 0.8546 and 0.8587. The break to the
The USDCAD experienced a decline following the release of the US CPI data, briefly dropping below a key support level near 1.35478. However, it quickly rebounded, surpassing several important technical indicators: the 200-hour moving average at 1.3567, the 100-hour moving average at 1.3583, and the 100-day moving average at 1.3590. The 100-day moving average now
The ECB and the Bank of England both meet and announce rate decisions on Thursday and like the EURUSD (see post here), the price of the EURGBP seems to be waiting for the next shove from the fundamental news. EURGBP awaits the next shove. Looking at the hourly chart above, the price has been trading
The week is off and running. What are the technicals saying for the 3 major currency pairs – the EURUSD, USDJPY and GBPUSD? EURUSD: The EURUSD is trading in a narrow up-and-down range. The pair moved up to test this 100 hour moving average at 1.0779 and found willing sellers. The price is also trading
Indicators: NQ technical analysis for 11 Dec 2023 Nasdaq technical analysis for the short term, 11 Dec 2023: The NASDAQ 100 E-mini Futures hourly chart shows a rising wedge pattern, which is a bearish reversal pattern. The price is making higher highs and lower lows, but the RSI is not confirming the upward move. This
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