Technical Analysis

The price of WTI crude oil futures is settling at $67.70 today. That is down $-1.67 or -2.41%. The low price reached $67.55. The high price was at $70.15. Current economic projections lean toward the potential for recessions in the US (and other global economies) and that has traders worried about the demand-side. That view

The USDCAD reached a new low going back to September today, and in the process fell below the 50% midpoint of the move up from October 2021 low to the October 2022 high. That midpoint level comes in at 1.31320. The low price reached 1.31157. However, the price snapped back higher. The sellers had their

The USDCHF is moving to new US session highs (still down on the day), and in the process is moving closer to its falling 100 and 200 hour moving average is near 0.89585. The price is currently trading at 0.8955. Earlier today, the price tested the higher 200-hour moving average only to reverse and go

The GBPUSD today moved higher in the Asian session, and pounded against the 100/200 hour movie averages. There was a brief break in the early European session, that failed in the price moved lower into the morning London session. The low price for the day reached down toward the low of the swing area between

The AUDUSD started to show cracks in its bullish bias last Friday, and that crack led to a bigger and bigger move as technical levels were taken out one by one. First, it was the 100-hour moving average (higher blue line) and channel trendline. That led to a break of the 200-hour moving average. The

The EURUSD corrected higher off a swing area between 1.0842 and 1.08485. The corrected move higher in the early New York session moved back into the lower swing area of a “Red Box” that confined the pair in April and May (between 1.08955 to 1.1095), and which was broken last week. The price moved back

The major US stock indices remain in the red and are moving back toward the lows for the day. For the S&P index, its low price today came in at 4343.64. Its current price is at 4346.30 down -35.24 points on the day or -0.80%. The low price is approaching the rising 100-hour moving average

The German Dax trended lower this week after reaching an all-time high last week at 16427.42. The move lower this week reached a low (today) at 15733.12. That low is getting closer to the rising 100 day MA at 15665.44. The low was still 68 points away, but be aware, be prepared. As a guide,

The USDJPY has moved higher (lower JPY) despite higher inflation data out of Japan today. The move higher this week was kickstarted yesterday after the pair broke above a swing area between 142.24 and 142.49. The price also moved above the 61.8% retracement level of the move down from the 2022 high to the 2023

Here we go again. The USDCAD has been trending more to the downside. This week a new low was made going back to September 2022. On the move to the downside, there have been corrective moves higher which have seen the price of the pair move above its 100-hour moving average (blue line in the

The NZDUSD has seen a number of ups and down in recent trading. That pattern continued in trading today with up-and-down price volatility. The most recent “run” has been to the downside (see hourly chart below), and that move has taken the price back below the 100/200 hour MAs. The 100-hour MA is at 0.61924.

The BOE surprised with a 50 basis point hike (25 basis points expected), and the GBPUSD spiked higher on the news. However, the move above the 100 hour moving average could not extend to the high price from last week. The move higher failed. The rotation to the downside retraced the full trading range for

The USD was mixed at the start of the trading day. Below are was the dollar changes vs the major currencies near the start of the US session. Looking at the snapshot of the strongest to the weakest now shows the USD is lower against all the major currencies with the exception of the JPY.

The GBPUSD moved lower despite stronger CPI data in the UK today. That move to the downside took the price near the 200 hour moving average at 1.26844. The price has bounced off of that level, keeping the buyers in play in the pair (watch video above). On the top side, the rising 100-hour moving

The NZDUSD stepped lower and is trading down for the 3rd consecutive day after a run above the 100-day moving average last week failed. (100-day moving averages at 0.62129). In trading today, the Asian session saw the price test its 100-hour moving average (currently at 0.62046). Sellers leaned against that level and it opened the

The USDJPY story is about 2 charts. The daily chart defined the topside where sellers showed up. The hourly chart is defining short term support. Looking at the daily chart, it stalled the rise when resistance against the November 21 high at 142.246 was reached. The high prices today reached 142.247 just above that level.

The EURUSD has extended to a new high and entered further into what was the trading range going back to April and early May (above 1.0900 area). Yesterday, the pair moved sharply higher and away from the 50% midpoint of the move down from the April 26 high to the May 31 low. That level

The AUDUSD has been up 10 of the last 11 trading days. The move from the low reached 0.6457 on May 31, and reached a high of 0.6899 today. That is a move of 442 pips. Technically looking at the daily chart, the price today moved above the 61.8% retracement of the move down from