Technical Analysis

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

It looks like the more hawkish than expected FOMC Dot Plot last week was kind of a wakeup call for the market as it’s been selling off with almost no pullback ever since. The resilience in the economy is keeping the Fed on the hawkish camp as it wants to see more weakness in the

The USDJPY momentum to the upside has continued with the pair making a new high in the current hourly bar. The high price has now reached 149.69. Earlier today, the price moved above a topside trend line on the daily chart (see chart below) at 149.29. Recall from yesterday, the price traded up that trendline,

UK: The BoE kept interest rates unchanged. The central bank is leaning more towards keeping interest rates “higher for longer” but it kept a door open for further tightening if inflationary pressures were to be more persistent. Key economic data like the latest employment report showed a very high wage growth despite the rising unemployment

NZDUSD moves toward the 200 bar moving average The NZDUSD is pushing back toward the lows for the day and in the process it is moving back toward the 200 bar MA on the 4-hour chart at 0.5933. Earlier in the European session, the price tested that moving average line only to bounce back higher,

US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed

Both the US 10 and 30-year yields are stretching to new highs. The 10-year yield has just reached 4.535%. The low for the day was 4.45%. The new high represents the highest level since October 2007. The 30 year yield just reached 4.653%, which is the highest level since January 2011 As the market transitions

Last week the Fed kept interest rates unchanged as expected while striking a hawkish tone via the Dot Plot. In fact, the Fed not only sees another rate hike by the end of the year, but also much less rate cuts by the end of 2024. Fed Chair Powell has also admitted that the soft-landing

The Bank of Japan kept rates unchanged overnight. That led to a rebound higher in the USDJPY and for a retest of the high prices from yesterday at 148.453. The high price fell 4 pips short of that and has rotated back to the downside maintaining most the gains. The EURUSD took out the low

EURUSD stalls at the 100 hour MA for the 2nd consecutive day As the clock ticks to the close for the EURUSD in London/Europ, the pair moved to new session highs, and for the 2nd day in a row, banged against the 100-hour moving average at 1.06715 and found sellers. In the kickstart video from

The USDCHF traded sideways and then moved lower on Wednesday before finding support near 0.89347, basing and moving to the upside. The Swiss National Bank kept rates unchanged on Thursday helping to propel the price even higher, with the price moving above its 200-day moving average of 0.90334. The surge on Thursday did find willing

WTI crude oil futures settle at $90.03, up $0.40 or 0.43%. The high for the day reached $91.33. The low was at $89.31. WTI crude oil trades between retracement levels Brent crude prices settled at $93.27 down $0.03 or -0.03% For the trading week, the price of crude oil is down marginally by -0.58%. Looking

The USDCAD traded down and up and down and up and back down and up this week (see hourly chart below). The high price on Monday was retested on Thursday. The low on Tuesday saw the pair, move to and through the 100-day MA (lower blue overlay line on the chart below at 1.3398) but

US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed

Crude oil trade between 100/200 hour moving averages The price of WTI crude futures are settling at $89.63. That’s down $0.03 or -0.03%. Technically looking at the hourly chart above, the price settlement is just above its 200-hour moving average at $89.57, and below its 100-hour moving average at $90.30. That puts the price in

US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed

EURUSD moves below the 100 hour MA The EURUSD has moved to a new low for the day, and in the process, the price has moved below the 100-hour moving average 1.06748. Breaking below the 100-hour moving average will now set that level as a resistance level. The bias is now tilted more to the

US: The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting. Fed Chair Powell reaffirmed their data dependency and kept all the options on the table. The US CPI last week came in line with expectations, so the market’s pricing remained roughly the same. The labour market displayed signs