Technical Analysis

The NZDUSD moved to a new session low, and in the process moved down to test the high of a swing area near 0.58699. It also tested the 100 bar moving average on the 4-hour chart at 0.5871. Support buyers came in against the dual technical levels and pushed the price back toward the 50%

The USDCAD is extending higher on the day (see hourly chart below), and in the process is trading to new highs for the week as well. The high price in the USDCAD just reached 1.38292. Looking at the hourly chart below, the pair is also extending away from a swing level near 1.3813. Looking at

The AUDUSD is down for the 5th consecutive day. Recall on Friday last week, and then on Monday, the price of the AUDUSD was testing/moving above it’s key 100-day MA near 0.6515. The high price reached 0.65224, but ultimately stalled and started a run to the downside, leading to a move from 06522 to the

The USDCHF is higher on the week, but the price action has been up and down, especially over the last 4 trading days. Technically, the price has been moving above and below technical levels like the: 200-day moving average currently at 0.8999, 100-hour moving average currently at 0.9044, and the 50% midpoint of the move

The EURUSD on Monday of this week reached up to test the 38.2% retracement of the move down from the July high to the October low near 1.07642. A high price on Monday reached 1.0756 just 8 pips short of that key target. EURUSD stalled the rally this week at the 38.2% retracement After a

S&P indexes moving above its 100 day moving average The S&P index is currently trading near session highs, up 60.44 points or 1.39% at 4407.92, and in the process has broken above its 100-day moving average of 4402.47 (see the blue line in the chart above). The last time it traded above this moving average

US crude futures settle at $77.17. That’s up $1.43 or 1.89% on the day. For the trading week, oil prices are trading up around 2.07% The high for the day reached $77.69. The low price reached $75.36. Catalysts include: Concerns over global growth took precedence in the market, overshadowing geopolitical risks in the Middle East.

US The Fed left interest rates unchanged as expected with basically no change to the statement. Fed Chair Powell stressed once again that they are proceeding carefully as the full effects of policy tightening have yet to be felt. The recent US Core PCE came in line with expectations. The labour market is starting to

NASDAQ index is a back below its 100 day moving average The NASDAQ index has moved back below its 100-day moving average at 13615.60. That index moved above its 100-day moving average on Tuesday and closed above it for 2 consecutive days. Those 2 days were one day longer than the October break which had

USDJPY moves above 151.00 In an earlier post, I spoke to the sellers near the 151.00 level. That level corresponded with the price just prior to the FOMC rate decision last Wednesday. The price trended down reaching a low on Friday at 149.180. The inability to get above the 151.00 level opened the door for

The price of WTI crude futures are selling sharply lower. The price closed at $75.33. That is down $2.04 or -2.64%. Since Friday’s high at $83.56, the price has fallen -10.29%. Crude oil is below its 200 day moving average Technically, the price fell and closed below its 200-day moving average yesterday at $78.13. Today

The day started with the Dow industrial average and S&P index lower on the day. At session lows, the S&P was down -10.58 points and the Dow industrial average always down -69.15 point). That lower open threatened the 7-day consecutive up day streak. However, at the close, the losses have been reversed and each of

The USDCAD raced lower last week and continued that fall yesterday to a low of 1.36284. However, the move lower stalled, and the price moved back above a swing area between 1.3659 and 1.3668 (and held support on a dip). Sellers turn the buyers and that momentum has continued in trading here today. The price

US The Fed left interest rates unchanged as expected with basically no change to the statement. Fed Chair Powell stressed once again that they are proceeding carefully as the full effects of policy tightening have yet to be felt. The recent US Core PCE came in line with expectations. The labour market is starting to

Crude oil trades between swing area The price of crude oil is trading within a range. The low for the day came in at $80.71. The high is at $82.20. The current price is trading at $81.98 Looking at the daily chart, there is a swing area between $80.90 and $83.40 (see yellow area and

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Yesteday, the NZD, CAD and AUD were the strongest of the major currencies as “risk on” flows dominated with the giddy stock markets. The USD and the CHF were the weakest as the flow of funds exited the “safe-havens”. Today, so far, the price action is very limited. Looking at the changes of the major

The USDCAD is moving higher as sellers over the last few days cover some short against a support target defined by the 50% midpoint of the move up from the October low to the October high. That midpoint comes in at 1.3733. Also near the midpoint is a swing area between 1.3735 and 1.3743. The