Technical Analysis

Crude oil is on pace to break it seven day win streak Crude oil prices today marked a new high for February, reaching $78.74, which exceeded the 38.2% Fibonacci retracement level of the downward move from the September peak at $78.15 (see chart above). This surge represented a significant bullish momentum for the commodity and

WTI crude oil futures are settling at $77.87. That’s up $0.95 or 1.24%.The high price today reached $78.47. The low price was at the $76.87. Crude oil is back between the 200 and 100 day MAs now Looking at the daily chart of crude oil, at session highs, the price did extend above its 100-day

The NASDAQ index is down over 1.5% on the day after the higher-than-expected CPI data.The higher CPI has pushed off the expectations for the first rate cut. The market is now pricing in the most likely chance for cut in June or July with a 79% chance for cut in June and a 92% chance

The NZDUSD moved higher on Friday on the back of a report from ANZ that they now saw 2 additional findings in 2024 (to 6%). That price the market and pushed the NZDUSD to a swing area between 0.61487 and 0.6159. The price rise stalled and rotated back to the downside. In trading today, the

The AUDUSD is trading higher and lower in trading today in a narrow range. The high prices, however, have been able to stay below its 100-day moving average at 0.65317. The high price for the day came in at 0.65306. Also in play is a swing area at 0.65229. That level goes back to November

The USDCHF moved higher this week and in the process was able to extend above the January high at 0.87277. Yesterday the high reached 0.87614 before rotating to the downside into the Asian session open. The low price stalled against the old high from January at 0.87277, before moving to the upside and retesting the

The NZDUSD moved higher today, helped by a report from ANZ that they now expect the RBNZ to hike rates not once but two times: THey said: We now expect the RBNZ to hike the OCR 25bp in Feb and April, taking it to 6%. No one piece of data is to blame but a

NASDAQ index is within 0.76% of all-time high closing level The NASDAQ index is moving closer to its all-time high closing level reached on November 19, 2021 at 16057.44. The intraday all-time high price was reached at 16212.23 on November 22, 2021. From that high level, the price of the index tumbled 37.77% to its

The EURUSD has neutralized the price action from a technical perspective by holding support and resistance against comment technical levels. More specifically, on the downside today, the 100-hour moving average stalled the fall. That moving average currently comes in at 1.0762. On the topside, the 200-hour moving average (and the 50% of the move up

The price of oil is settling at $76.84. That is up $0.62 or 0.81% on the day. The high price reached $77.29. The low price was at $75.93. For the trading week, the prices soared 6.27% which comes after a -7.35% decline last week, and a 6.5% rise the week before. So price action has

The USDCAD fell initially at the start of the North American session after the Canada jobs report, in the revisions to the CPI which was originally thought to be more than what it ended up being. The price moved to the high of a swing area between 1.3398 and 1.3414 before bouncing higher. Since then,

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

The USDCAD fell in early trading today and tested and held support against its 200-hour moving average at 1.34488. The subsequent rise of the price above the 100-bar moving average on 4-hour chart 1.3462, the 200-day moving average at 1.3477, and the 100-hour moving average 1.34865. The buyers made a play. However, over the last

The USDJPY moved lower earlier in the day as yields dipped into negative territory. However, after falling below its 100-hour moving average, buyers did show up between the 100-day moving average at 147.597 and the 200-hour movie area at 147.675. The inability to move below those levels gave the buyers the go-ahead to move back

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

In New Zealand today, the key quarterly employment statistics will be released expectations at the unemployment rate is expected to rise to 4.3% from 3.9%. The labor cost index is expected to rise also by 0.8% versus 0.8% last month. Technically, the price of the NZDUSD is “hanging around” some key/important technical levels. On the

Both the S&P and NASDAQ habit dipped into negative territory. S&P index tested the all-time high closing level For the S&P, the high price reached 4957.77. That was it just short of the all-time high closing level at 4958.62. Staying below that level is a modest negative. Buyers had their shot. The ran into willing

AUDUSD daily The RBA decision is about five hours away and Australian dollar bulls could certainly use a lifeline. Unfortunately, I don’t see many paths today that. No change in the 4.35% cash target is coming today and I can’t imagine some kind of shift back to rate hikes. The market is pricing in fractional