Technical Analysis

The USDCAD is trading to a new high, and in the process peeked above a swing area between 1.3434 and 1.3445. The swing area goes back to early January. The price of the pair has been above and below the area since then (see red numbered circles), but mostly below the area. ON Monday and

The GBP is the strongest of the major currencies while the USD is the weakest. The GBPUSD is trading up 0.37% which relatively speaking is not a whole lot of change for the “Biggest mover of the day”. All the major currencies are relatively scrunched today indicative a market that is taking a breather. The

The initial reaction was to the downside at the start/beginning of the Chair Powell Q&A. Then the dollars started to revert back higher after Powell said they may have take the terminal rate higher. Stocks reversed. US yields moved back higher. The dollar moved higher as well EURUSD: The rise in the EURUSD moved back

The Reserve Bank of Australia will announce their February decision at 10:30 PM ET with the expectations of a 25 basis point hike. That would take the cash rate to 3.35% from 3.10%. Recall that the fourth quarter CPI data came in much stronger than expected at 1.9% a few weeks back. That should keep

The major US indices are closing lower on the day. However, there is some sunshine technically as the S&P index is closing above the 4100 level. Recall that the 4100 level was the swing highs from December on two separate occasions. Stay above is more bullish. Move below would tilt the short term bias back

With the central bank rate decisions in the rearview mirror and the earnings from the “Big 3 A’s”- Amazon, Apple and Alphabet – also behind us (and they were not great for them), the next focus is the US jobs report and it’s implication. The expectations are for: nonfarm payroll plus 185K versus 223K last

The USDJPY has seen the pair move sharply higher after the much stronger than expected US jobs report followed by a stronger-than-expected nonmanufacturing ISM report. US yields are higher with the two year now up 17.2 basis points at 4.261%. The 10 year is up 14 basis points at 3.535%. Looking at the hourly chart,

The AUDUSD moved lower with the USD move up after the stronger than expected US jobs data and the stronger ISM data. The US jobs report took the price away from its 100 and 200 hour moving averages up at 0.7069 and 0.7081. In the Asian session, the price moved below that level – and

The NZDUSD is one the weakest (and biggest movers) of the major currency pairs today (The USDJPY is the biggest mover with a move of 1.92%). The NZDUSD pair is currently down -1.85% on the day (higher USD). The run higher in US yields is the chief catalyst. It isn’t necessarily a stock play as

The EURUSD has fell below the 100/200 hour MAs after the jobs report and also below a swing area that was a ceiling going back to mid- January between 1.0866 and 1.0874 (see lower “Red Box” on the chart above). The price decline continued toward the next target near 1.0799 and 1.0805. The subsequent corrective

The major US stock indices are ending lower on the day led by the NASDAQ index with a decline of about -1.6%. However, that comes after some pretty strong gains including a 3.25% gain yesterday. The final numbers are showing: Dow Industrial Average fell -127.93 points or -0.38% at 33926.00 S&P index fell -43.26 points

The NASDAQ continues its scorching rise higher. It Is currently up 396.2 or 3.35% at 12212.77. That leads the way for the major indices. The S&P is up 63.41 oiubts or 1.53% The Dow Industrial Average is still lower by -93 points are -0.27%. The small-cap Russell 2000 is also having a good day with

The USDCAD moved higher in early North American trading today, and in the process the price moved up to test it’s 200 hour moving average . The 200 hour moving average (green line in the chart above) comes in a 1.33477. The high price reached 1.33469, stalled, and rotated back to the downside. At the

This video provides a technical analysis of the Apple stock, prior to its earnings announcement on 2nd February 2023, based on the weekly time frame. The expected move for APPL earnings, to be announced on 02 Feb AMC (after market close), according to the options market, is 4.1% Within the video, you will see a

The benchmark 10 year yield in the US is moving closer to its rising 200 day moving average (see green line in the chart below). Recall from January 19, the yield moved down to a low of 3.321%. The 200 day moving average was at 3.331% on that day. Momentum could not be sustained to

The JPY is the strongest and the AUD is the weakest as the NA session begins. The Fed will start their two day meeting today and conclude with their rate decision tomorrow followed by the Fed Chair press conference at 2:30 PM ET. The BOE will next announce their rate change on Thursday at 7

The USDCHF has followed the US dollar lower after the employment cost data came in touch weaker than expectations. Yields are lower with the five-year down 6.4 basis points at 3.618%, the 10 year is down 5.2 basis points at 3.497%. Looking at the hourly chart of the USDCHF above, the price did move higher

The price of WTI crude oil is settling at $77.90. That is down -$1.78 or -2.23%. The high for the day reached $80.49. The low extended to $77.74. Looking at the daily chart above, the price highs over the last 8 or so trading days have been skimming near the 100 day MA (blue line)