Technical Analysis

Even the world’s least-technical traders need to know this chart right now and the importance of the 4050 level today. In August, the S&P 500 rallied to almost-precisely the 200-day moving average, which was then at 4326 before crumbling. The high that day was 4326.18 with the DMA at 4326.16. Now we’re having the first

Yesterday, the dollar index (DXY) moved to a low of 105.321. The 200 day moving average was at 105.374. The brief dipped below that moving average level was quickly bought. Also near the level is the 38.2% retracement of the move up from the May 25, 2021 low. That level comes in at 105.135. Finally

The USDCAD has raced higher in trading today and in the process really had limited corrective price action. There was a brief consolidation after the better-than-expected GDP, but it has been racing back to the upside over the last few hours. However, the last 20 minutes have seen a rotation to the downside. The buyers

The GBPUSD has moved down to retest the 100 hour MA, the high price from November 15 and the Asian session low. All those levels come in between 1.20247 and 1.2036. A move below that area would tilt the short term bias to the downside from a technical perspective, with more work to do for

You hate to see something rally to a five week high and then turnaround and close solidly negative. That’s what has happened in EUR/USD and it may be the trigger the bears are looking for. It marks an outside day out the daily chart and a sharp reversal. That’s an ugly pattern. The only caveat

Nasdaq futures technical analysis video (2 and half minutes): I like to look for a ‘story’ that a chart tells me (in my opinion) and also follow charts in hindsight to learn where those stories developed, where there were hints on the way, etc. For example, if there was a failed breakout up, bulls are

The GBPUSD is moving higher in trading at the highest level since August 12 in the process. The high price has reached 1.20428 so far. Looking at the daily chart, recall from yesterday the price extended up to and above the 50% of the 2022 trading range. That level comes in at 1.20499 (call 1.2050).

The NZDUSD is correcting lower helped by the rising US dollar in trading today. The low price reached 0.62177. During yesterday’s trade, the high price extended to 0.6288. That got within sniffing distance of the falling 200 day moving average (see green overlay line on the chart above at 0.62979). Sellers leaned ahead of that

The forex week ahead. A look a the risk and bias defining levels for the week starting November. The week ahead has as catalysts the US jobs report on Friday where the NFP is expected to add a less than trend 200K jobs. Before that the Fed Chair Powell will be speaking at the Brookings

The AUDUSD to a high yesterday of 0.67729. The high price today edged just above that level of 0.6774. Both those levels fell short of the mid-November high peaked at 0.6797. Today, the dollar has been more bid, and that has led to a move back to the downside for the AUDUSD. The move lower

The EURUSD fell back below the 200 day moving average at 1.03875 and extended down to a low price of 1.0354. That low entered into a swing area going back to May June and July. The lows in May and June stalled within that area. On July 1, the price also stalled within that area

The USDCAD has moved to a new session low, and in the process is moving further away from its 200 hour moving average at 1.33502. The price has traded above and below that moving average in trading today. However the 50% of the move up from the cycle low from November 14 at 1.33598 has

The USDJPY is working on its 3rd day down since peaking and closing near the corrective highs on Monday. That high stalled near the 50% of the move down from the last test of the 100 hour MA on November 9. The low on Tuesday held support near the broken 100 day MA (blue overlay

The USDCAD has seen moves up and down today. The price started the day below the 100 hour moving average (blue line in the chart above), but failed as support buyers leaned near the 50% midpoint of the range over the last few weeks. Since that initial dip the price has traveled above and below

The major US stock indices are closing the day with gains across the board. The NASDAQ index is a leading the way with a rise of near 1% Dow industrial average is the laggard as it tested the August high and backed off in trading today. The down and up lap is complete (see chart

Watch the following 60 second video to see a quick technical analysis snapshot of Nasdaq futures, based on simple daily candles, volume and one of the most watched technical indicators. In short, Nasdaq is looking bullish as buying volume dominates the double bottom pattern and the daily candles are above the 20 EMA (exponential moving

The USDCAD moved to a new session low and in the process, sniffed the rising 100 hour MA at 1.33759. The low price got with 7 pips of the MA level at 1.3382 and bounced. The price is trading at 1.33972. The price of the USDCAD moved sharply higher on Friday and Monday, helped by

The S&P index has trading to a new session low, after a move into positive territory failed. The low reached 3940.99. The price is rebounding modestly to 3943 currently. The index is down -0.57%. Looking at the daily chart, the low last week in the S&P index reached 3906.54. At the low, the index moved