Technical Analysis

The EURUSD is back testing the high from earlier today and in doing is completing another up and down (or down and up) session for the pair. Each day this week, the price moved higher or lower and reverserd lower or higher. Today, the price moved higher initially, fell down, and returned back to the

For the second consecutive week, the crude oil inventory data showed a larger than expected build. Last week, the build was 18.962M barrels. This week, another 8.408M were added (well above the -0.593M drawdown expected). And for the 2nd consecutive week, the price of crude oil initially dipped, only to rebound back higher. The price

The EURGBP took a turn to the downside earlier this week after an ECB “sources” story saying that the pace of the hike for the ECB was to slow. That gave the sellers the go-ahead to push lower. Helping technically, was that earlier in the day, the price tried to move back above what was

It’s not a great day for the US major stock indices. The declines are being led by the Dow Industrial Average which is down around -450.3 or -1.33% at 33460. That is a large decline since December 15 when the index fell -2.84%. Yesterday the Dow also fell over 1% (-1.14%). The biggest decliner is

The USDCAD has continued it’s run to the upside after an early move above the 200 hour MA, ultimately led to the breaking above the confined range between 1.3344 and 1.3454 (110 pips – see red box in the chart below). The momentum higher has now taken the price to a high in the current

The Bank of Japan will meet in the new day, and coming a month after the increase in the ceiling rate for the 10 year from 0.25% to 0.50%, the thought is that the dam has a crack, and it will be broken in 2023 as the BOJ starts to address the threat of inflation

The price of WTI crude oil futures settled above $80 at $80.18 the price last close above that level on December 30. The price has seen additional momentum after the settlement and is currently trading at $80.86. The earlier high for the day reached $81.23 before rotating back down to a afternoon low of $79.25

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In our previous video – A happy new year (2023) with this Bitcoin analysis from ForexLive.com – when BTC was at $16700, I called Bitcoin’s upcoming rise and now we are over 27% above that in less than 2 weeks, a staggering rise. Now BTC is dancing around $21,000 and I lay out a triple

The AUDUSD moved above its highs from Monday near a 0.6949 yesterday and found support near that area in the Asian-Pacific session today before moving to a new high for the week at 0.69937. The move down in stocks and up in yields sent the price lower in the late London morning session, in the

The USDJPY has dipped to a new low after the better inflation readings from the University of Michigan. Looking at the daily chart, the price has moved below the 61.8% retracement of the move up from the 2022 low and trades at the lowest level going back to early June 2022. That level comes in

The USDCHF has moved down as yields backed off from earlier highs and stocks retraced some of their gains. The Dow is up. The S&P are still down marginally, but the declines are less. For the USDCHF, looking at the hourly chart, the price has seen up and down trading today. The high just an

The S&P index on the daily chart moved to and through the 200 day MA on Thursday. It moved above the same MA today too. The MA comes in at 3967.17. The high today reached 3980.98. The high yesterday reached 3997.76. The price closed just below the MA yesterday. It is currently trading below that

The US 10 year yield moved to a new year low at 3.417%. That took the yield just below the 50% of the move up from the August 2022 low at 3.426%, but remained above the December low yield of 3.404%. The combination is forming a nice floor for the 10 year yield at the

The gold bulls are certainly having a moment. At the start of December, as I always do, I highlighted the seasonal trend towards higher gold. Once again, it worked and remains the single-best seasonal trade I know of. It’s been a ticket to start the year off with a solid gain forever. This year has

The US major indices are closing higher. For the NASDAQ, it is the fifth consecutive up day. For the S&P and the Dow each have gained over the last three trading days and are up four of five days. Both the Dow Industrial Average and the NASDAQ index rose by 0.64% today. The S&P was

The EURCHF is up for the 5th day in a row, after bottoming at 0.98327 last Thursday. The high price today has reached 1.00746. Technically, the price moved above the 200 day MA yesterday at 0.99383 and raced higher. Today, the gain is more modest but the pair is still up 0.6% on the day.

As the clock ticks to the close, the S&P index is trading near the high for the day. The index is up 40.71 points or 1.05% at 3960.17. Looking at the daily chart, recall from last Friday, the price closed back above its 100 day MA for the first time since December 14. ON Monday