Technical Analysis

The USDCHF rose earlier in the session, but cannot extend above the high of a swing area between 0.8805 and 0.88273. The high price today reached between that area at 0.88163 before rotating back to the downside. The weaker US PMI data sent a price to new session lows, and looking at the 4-hour chart

A snippet commentary from Bank of America technical analyst in the benchmark US S&P500 index: “The SPX broke first support at 4450 and closed below its rising 13-week MA at 4410 for the first time since late March. The August 2022 peak and late June low provides the next key support at 4325 (4300), which

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 AUDUSD has seen up-and-down price action in trading today. The earlier session high stalled against its 100-hour moving average. Sellers leaned against the moving average level (it’s currently at 0.64185). The subsequent price low in the US session reached a 0.6386. That low was still short of the low from Friday’s trade at 0.6379.

The price of crude oil last week, came down to test a key target at $79.00. For 3 straight days (W-F), the price of the crude oil set lows within $0.05 of that $79.00 target and stalled the fall. The price rebounded into the close on Friday and closed higher on the day. Today, the

GBPUSD back above the 100/200 hour MAs The GBPUSD is snapping back higher. In the kickstart technical video from earlier, the pair had moved back below the 100/200 hour MAs which are converged at 1.2719. That tilt of the bias more to the downside but a swing area between 1.2678 and 1.26988 stalled the fall

USDJPY back down testing the lows The early buying of the USD in the North American session, took the price above its 100-hour moving average near 145.70. The high price reached 145.755 and 145.733 consecutive hourly bars. However, momentum could not be sustained (with the next key target at 145.90), and short-term buyers were forced

The USDCAD has found sellers near the 61.8% retracement of the 2023 trading range. With the USDCAD up each of the trading days today, will the sellers look to lean against the retracement level and start a corrective move to the downside? The 61.8% retracement comes in at 1.35674. The high price stalled at 1.3573

The USDCHF has chopped parsley higher this week. On the downside, a swing area support held near 0.8742. On the top side, there were some modest moves above a swing area high near 0.88193 that failed. However, as we head closer to the close for that week, the price is retesting that swing area between

Crude oil sets the support and resistance going into next wk A week or so ago, the price of crude oil moved above a key swing ceiling between $82.43 and $83.44 (see yellow area and read numbered circles on the chart above). The price moved above that ceiling on Wednesday of last week, closing at

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

USDJPY tumbles into the US close As stocks started to slide and US rates also came off of it’s highs, the USDJPY started a reversal to the downside. The current hourly bar has seen the price of the pair move from 146.16 to a low of 145.63. That move to the downside, took the price

Both the AUDUSD and the NZDUSD found support buyers on their earlier day breaks to the new 2023 low and bounced higher. Each pair is approaching/testing falling 100-hour moving averages. Getting above the 100-hour moving average is the minimum target to get to and through if buyers are to start to be taken seriously after

AUDUSD making new lows In an earlier video on the AUDUSD, I talked to the possibility of a bounce in the AUDUSD. The pair is oversold. The RSI was diverging on the hourly chart the price needed to get back above the end-of-May low near 0.64587. Looking at the hourly chart, the price could not

The USDCAD has been trading above and below its 200-day moving average over the last few trading days. Yesterday it broke to the upside and also extended above the 50% midpoint of the 2023 trading range. Both those developments tilts the bias of further in favor of the buyers. Stay above the 50% midpoint at

USDJPY trades near unchanged The USDJPY traded lower in the US session (see 4-hour chart above), but did find support near the high of a swing area between 144.898 and 145.07. The low price for the day reached 145.10. The price has rebounded back toward the close from yesterday at 145.54. Of significance is that

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

Nvidia saves the day If you are looking for a savior in the stock market today, it is back to Nvidia whose shares are up $25.73 or 6.3% at $434.21. The low price for the day toyed with the $400 level at $403.11 before jumping to the upside. The catalyst was Morgan Stanley’s reiteration of