The price of WTI crude oil recovered to the upside today. The price of the futures settled at $75.75, up $1.60 or 2.16%. Technicals are playing a role in the price action. Crude oil trade between the 100 and 200 day moving averages Recall from last week, the price action was pushing against the 200-day
Technical Analysis
The Dow industrial average is working on a six-day winning streak. The NASDAQ and S&P have been up 5 of the last 6 days coming into today. All 3 indices are higher today with the Dell industrial average and the NASDAQ index now both up over 1%. The S&P is up 0.83%. Looking at the
The miss in the US CPI report last week has led to a broad US Dollar weakness as the market anticipated one last hike at the July FOMC meeting. The falling inflation, strong labour market and rising consumer sentiment have also strengthened the soft-landing narrative and caused a positive risk sentiment in the markets. Conversely,
The AUDUSD has a unique symmetry that has retracement levels of the sharp move lower in June equal to the retracement levels of the sharp move higher in July in the pair (you have to see it on the video to believe it). The AUDUSD pair did move up last week and tested the swing
The GBPUSD has moved sharply higher this week and in the process extended above a swing area near the 1.2950 to 1.3000 this week. The price also moved above a topside trendline near that area (see green number circles on the chart below). The run to the upside yesterday and today stalled right near the
The USDJPY moved to a new low going back to May 17 today, and in the process dipped below the 50% midpoint of the move up from the March 23 low at 137.355, and sniffed the 200-day moving average at 137.150. The low price reached 137.23 between those 2 key technical levels. The subsequent move
The USDCAD has bounced higher in trading today after reaching a new low going back to September 13. That low today tested a swing area between 1.3074 and 1.3083. The low price reached 1.3092 before bouncing higher. The rebound to the upside moved back above the 50% midpoint of the move down from the October
The AUDUSD is coming off of the boil that saw the price move sharply to the upside over the last few trading days. That move to the upside saw the pair test the 61.8% retracement of the 2023 trading range at 0.68899. The price also moved up to test the high price from June 2023
The The price of WTI crude futures is settling at $75.42. That’s it down $-1.47 or -1.91%. Although down nearly 2% today, the price this week is still up 2.09% helped by a more positive technical view. Crude oil stalled at the 200 day MA this week Looking at the daily chart, the price moved
The USDCHF broke sharply to the downside this week following the dollar’s move lower on the back of lower CPI and PPI. The prices of imports also came in lower with the YoY now down -6.1%. That sent yields lower and it pressured the USDCHF as well. Technically, the price fell below January 2021 at
EURUSD putting some room between price and 200W MA The EURUSD is running to the upside, making another new high for the year and high going back to March 2022. The high just reached 1.12085. In the process, the pair is running further away from its 200-week MA at 1.1180. There was another swing level
The USDCAD broke below the 50% midpoint of the move up from the October 21 low at 1.3132, and the June 2023 low at 1.31157. The break led to a move to a new low for the year and low going back to September 2022 at 1.3106. USDCAD falls below 50% However, the price has
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The AUDUSD had a volatile up-and-down price action in the Asian/Pacific session. The price action initially saw the pair extend above its 100 and 200-day moving averages, the top of an up-and-down “red box”, and the 38.2% retracement of the move down from the June 16 high. The initial move to the upside stalled the
In the earlier post and video on the EURUSD at the start of the NY session, I expected buyers near what was resistance until broken yesterday That area came between 1.09618 and 1.09759. The price of the EURUSD moved to the high of that swing area, stalled and restarted a run to the upside. What
The AUDUSD current price is near the same level as it was 24 hours ago. And guess what, the technical levels are the same. The price is above the 100 and 200-hour MAs. Bullish. However, the 100-day MA (today at 0.66824), the 200-day MA (today at 0.66971), the high price from last week at 0.6705),
GBPUSD trades to new 2023 high The momentum has continued for the GBPUSD. It has now broken above the June and July highs near 1.2848. The price is currently trading at 1.28655. That takes the price to the highest level since April 22, 2022 Looking at the hourly chart above, the next Topside target comes
The AUDUSD is trading within a range over the last two weeks between 0.6594 to 0.67057. That’s not a big range. The ups and downs have allowed for the 100/200 hour MAs to center near the middle of that range between 0.6651 and 0.6661. Earlier today, the price fell below both those moving averages but
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