Technical Analysis

The miss in the US CPI report caused a big selloff in the US Dollar across the board as the market’s expectations leant on the less hawkish side. The US data though kept on surprising to the upside with the US Retail Sales Control Group beating expectations by a big margin and the US Initial

WTI crude oil settled above the 200-day moving average for the first time since August in a rare win for the bulls this year. The rally above the 200dma improves the technical picture for oil and doesn’t leave much standing in the way to a return to the April high of $83.55. That will be

The soft-landing vibes are still present in the market even if we started to see some pullbacks here and there. In fact, following the miss in the US CPI report, the economic data last week was still good with US Retail Sales beating expectations on the Control Group data and the US Jobless Claims falling

The USDCAD traded in a relatively narrow trading range this week with the price reaching the week’s high on Tuesday. That move took the price above the 200-hour moving average of 50% retracement of the July trading range. However, momentum faded quickly and the price then rotated lower over the next 2 days to the

The AUDUSD saw some up-and-down price action this week, with a ceiling near 0.6840 (there was a failed break on Thursday that was quickly reversed). In trading on today (on Friday), the price fell below the low from Wednesday’s trade and also the 50% midpoint of the move up from the July low to the

The following videos will help get you ready for the new trading week. Be sure to like them and share them if you feel worthy. All support is appreciated. If you have any comments also add them to this post or to the videos. Have a safe and great weekend. EURUSD: On Friday, the EURUSD

WTI w 200dma The chart of WTI crude oil pretty much speaks for itself. Baker Hughes reported that US drillers cut rigs by 7 this week and with the inventory of drilled but uncompleted wells nearly zeroed out, there aren’t many taps to turn on. The message from the oil market is simply that $77

The EURGBP is major cross-currency pair that rose sharply this week. With the ECB meeting ahead next week, understanding the technical levels in play could open the door for trading opportunities. Technically as well, the market traders have used the technicals on the extremes to define support and resistance, and the correction off the high

The miss in the US CPI report triggered a heavy US Dollar selling across the board as the market started to see the end of the Fed tightening cycle. Moreover, the soft-landing narrative caused a strong positive risk sentiment in the markets as the labour market remains strong and the consumer sentiment keeps on rising.

The USDCAD spike higher, and in the process moved up to retest it at 200-hour moving average at 1.31917. Sellers leaned against that upper moving average level (green line in the chart below), and corrected the price modestly to the downside. If the buyers are to remain in control, getting back above both the 100

The AUDUSD is lower on the day and back below its 200-hour moving average for the 2nd time today. Earlier in the European session the price move below that moving average only to find support buyers near the high of a swing area between 0.6737 and 0.67546. The 50% midpoint of the move up from

In an early video on the GBPUSD , I spoke to the pair’s next target coming at the key 50% midpoint. More specifically, I wrote: “On the downside, the next key target comes against the 50% midpoint at 1.28658 (see chart below). The level also corresponds with a modest swing area going back to July

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

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