Technical Analysis

The Fed hiked interest rates by 25 bps as expected and kept the policy statement unchanged. The market was looking for clues and hints on the next policy path, but it didn’t get anything. In fact, Fed Chair Powell just reaffirmed their data dependency. Yesterday though, the US Jobless Claims beat expectations again by a

The strongest to weakest of the major currencies The GBP is the strongest and the AUD is the weakest as the North American traders enter for the day Today will be highlighted in the North American session by the PCE data in the US. Core PCE year on year is expected to decline to 4.2%

The EURUSD has corrected higher in trading today and the softer-than-expected core PCE data helped to push the price to a new high for the day at 1.1032. That move did extend above a swing area up to 1.10267, but overhead resistance defined by the 50% midpoint of the July trading range AND the falling

The Bank of Japan met and eased their yield curve control on the 10 year effectively expanding their tolerance by a further 50 basis points to 1.0%. That news – and the other news this week – has the pair moving back toward a neutral level after up-and-down-volatility. The pair is trading near the 38.2%

It is Friday, so it is a good time to look back at the price action this week and then look forward to what the price action tells us going forward into the new trading week. Looking at the GBPUSD on the hourly char this week this weekt above, the price today moved to a

The Fed hiked interest rates by 25 bps as expected leaving the policy statement unchanged. Tha market was more focused on hints and clues on the next Fed moves but it got disappointed as Fed Chair Powell has just reaffirmed their data dependency and kept all options on the table. Yesterday, the USD strengthened across

EURUSD falls to next target area The EURUSD is trading to a new session low and in the process has reached the next target area between 1.09618 and 1.09759 (see red numbered circles on the chart above). Today, the move to the downside started against the 200-hour moving average (green line in the chart above).

Yesterday, the Fed hiked interest rates by 25 bps bringing the FFR to 5.25-5.50% as widely expected. The policy statement was left basically unchanged, so the market couldn’t get any signal for the next moves. In fact, the focus was not on the decision itself, but on the forward guidance. Fed Chair Powell in his

EURUSD: The EUSUSD remains above its 50% midpoint of the July trading range. That level comes in at 1.10539. The New York (and London session) held that midpoint level. The Asian session mostly traded below the midpoint level. On the top side, the falling 100-hour moving average comes in at 1.10895. Moving above it would

The OPEC+ production cuts and the expectations of more economic stimulus in China following the dismal inflation numbers, gave Crude Oil enough strength to break above the key resistance zone around the $75 level. After a brief rally, the price stalled and reversed as the PBoC held off from delivering more rate cuts. On Monday

The Australian CPI data for the quarter will be released in the new trading day rotations of a move down to 1.0% from 1.4% last quarter. The year-on-year CPI level still remains comfortably above the inflation targets (at 5.4%). Technically, the price of the AUDUSD has rebounded today after testing its 200-day moving average both

The miss in the US CPI report caused a big selloff in the US Dollar across the board as the market’s expectations leant on the less hawkish side. The US data though kept on surprising to the upside with the US Retail Sales Control Group beating expectations by a big margin and the US Initial

WTI crude oil settled above the 200-day moving average for the first time since August in a rare win for the bulls this year. The rally above the 200dma improves the technical picture for oil and doesn’t leave much standing in the way to a return to the April high of $83.55. That will be

The soft-landing vibes are still present in the market even if we started to see some pullbacks here and there. In fact, following the miss in the US CPI report, the economic data last week was still good with US Retail Sales beating expectations on the Control Group data and the US Jobless Claims falling

The USDCAD traded in a relatively narrow trading range this week with the price reaching the week’s high on Tuesday. That move took the price above the 200-hour moving average of 50% retracement of the July trading range. However, momentum faded quickly and the price then rotated lower over the next 2 days to the

The AUDUSD saw some up-and-down price action this week, with a ceiling near 0.6840 (there was a failed break on Thursday that was quickly reversed). In trading on today (on Friday), the price fell below the low from Wednesday’s trade and also the 50% midpoint of the move up from the July low to the

The following videos will help get you ready for the new trading week. Be sure to like them and share them if you feel worthy. All support is appreciated. If you have any comments also add them to this post or to the videos. Have a safe and great weekend. EURUSD: On Friday, the EURUSD

WTI w 200dma The chart of WTI crude oil pretty much speaks for itself. Baker Hughes reported that US drillers cut rigs by 7 this week and with the inventory of drilled but uncompleted wells nearly zeroed out, there aren’t many taps to turn on. The message from the oil market is simply that $77