Technical Analysis

The US 2-year yield is up about 30 basis points on the week trading at 4.296%. The high-yield today reached 4.349% the highest level since March 15, 2023. The move to the upside this week is the largest gain since the week of September 19, 2022, when yields moved up nearly 34 basis points. Ironically,

The EURUSD is rotating back lower in the US afternoon. The pair moved higher as Fed Powell (may not have to tighten as much due to banks slow lending), and the debt ceiling talk stall sent rates lower and the USD lower with it. Technically, the price for the EURUSD moved above its 100-day MA

The price of gold this week has seen a decline of -1.4% or $-28.42 at current levels of $1982.58. Although lower, it was even lower this week. Today’s price is up $25 or 1.28%. A lower dollar and interest rates in the US have helped to spur a short-covering rebound. Looking at the hourly chart,

The USDCHF ran to the upside with the broader dollar buying and the pair moved up to a high price of 0.9062. That took the price just above the 38.2% retracement of the move down from 2023 high. That retracement level comes in at 0.90582. The current price trades at 0.9051 just below the retracement

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The USDJPY is stretching to new session highs and in the process is working toward the May 2 high of 137.767. Above that level and the high price from March 8 would be targeted at 137.91. That is the high price for the year. The high price today reached 137.566 – so far. Earlier today,

The NZDUSD moved to a new high for the weekend in the process extend above the 38.2% retracement of the move down from last week’s high to last week’s low. That level comes in at 00.6258. That high price stalled against the high of a swing area going back to early May between 0.6259 and

The AUDUSD moved higher during Monday’s trade stepping toward the 38.2% retracement of the move down from last week’s high to last week’s low. That level came in at 0.67047. The high price yesterday reached 0.67083 before stalling and moving sideways into the close. The closing price yesterday was at 0.6699. In trading today, the

The NASDAQ index is moving to a new session high. The price reached 12398.85. The current price is up 32 points or 0.26% at 12397.19. The move to the upside has the pair moving closer to a key retracement target at 12427.97. That level represents the 38.2% retracement of the move down from the all-time

In an earlier post, I commented how the USDCAD fell below a key swing area (old floor) between 1.3517 and 1.35266, and the 100-day moving average . I commented: Technically if the price can stay below the 100-day moving average, that is the best-case scenario for the downside potential. Alternatively staying below 1.35266 (high of

The AUDUSD – like the NZDUSD – fell sharply from last week’s high. The move lower started to gain momentum after: Breaking to a new high going back to February failed Breaking above the 100-day MA failed (there were multiple fails Momentum below the 100-hour MA increased (on Thursday last week). The momentum continued on

The GBP is the strongest and the NZD is the weakest as the North American session. The data from New Zealand presented a mixed picture, with some results better than expected and others worse, but overall sentiment negative to the NZD. The BusinessNZ Manufacturing Index came in at 49.1, which was higher than the previous

The USDCAD is extended to a new session high and in the process testing/moving above the 100-day moving average at 1.35116. Just above that level is a key swing area floor that stalled the market between April 21 and May 5. That area comes between 1.3517 and 1.35266 (see red numbered circles). The floor area

The USD has pushed to new highs as the market reacts negatively to the five-year inflation expectations from the Michigan sentiment index which rose to 3.2% from 3.0% last month. The level is the highest since 2011. That has spooked the market. Yields are moving higher: 2 year 3.980% +7.5 basis points 10 year 3.442%

WTI crude all features are settling the day and the week at $70.04. The price is down -$0.83 or -1.17%. The low price reached $69.93. The high price reached $71.78. For the trading week crude oil prices are down $1.28 or -1.79%. That is the 4th down week in a row. From the swing high

The DXY is making a break for it today. Looking at the DXY hourly chart above, the price has moved above the swing high from May 2 at 102.40 and is breaking outside of an up-and-down trading range mostly between 101.00 to 102.40 (see red box on the chart above). On the top side, the

The major stock indices are creeping lower with the Dow leading the way to the downside. A snapshot of the market currently shows Dow industrial average -332 points or -1.0% at 33198 S&P index -20 points or -0.48% at 4117.10 NASDAQ index -7 points or -0.06% at 12299.50 Looking at the Dow industrial average, it

The Bank of England raise rates by 25 basis points to 4.5% which was as expected. The price initially moved to the upside with the high price reaching 1.2614. That was about 6 pips short of the following 100 are moving average 1.2620 at the time (the current 100 are moving averages at 1.26189 –