Technical Analysis

WTI crude oil is settling at $79.73. That’s down $0.35 or -0.44% on the day. The price low reached reached $75.27 which was $0.08 below the closing level from 2021 at $75.35. The fall lower was helped by a newswire headline that OPEC+ was mulling a 500K production increase at their next December 4 meeting.

In the morning forex technical report from Greg Michalowski, the markets are seeing some consolidation in most of the pairs into the US session. The EURUSD is battling around its 100 hour MA with the 38.2% holding support earlier this week on the downside and the 200 day MA looming above as a key resistance

The USDCAD is making a break above the 200 hour MA and 38.2% of the move down from the high from last week (start of the last trend leg down that bottomed near the 100 day MA this week). The break has been met with more momentum. The next target is at the 50% of

The AUDUSD has been trading above and below the 100 day MA over this week (see blue arrows). The week started with the pair consolidating the gains from last week and just hung around that MA level. On Tuesday, the price moved higher, reaching the high for the week at 0.6797. On Wednesday when that

The USDCHF lost value over the last 4 weeks and that momentum continued in the early part of the week. The price moved below the August low at 0.9370, completing an up and down lap that saw the price move up to an October high at 1.0148 and a retest of that high just two

The S&P index is trading nearer the low for the day and currently near unchanged on the day. The high for the day took the index up 33.34 points. The low took the index down -10.57 points. The current price is at 3945.85 that is down -0.70 points or -0.02%. Looking at the daily chart,

The EURUSD fell to a new low for the day taking out the early NY session low at 1.03255.The low just reached 1.03229. The US session high extended back toward the 100 hour MA. There were a couple of briefs look above the MA level but not by much. The next downside targets come in

In an earlier post, the price of the AUDUSD was on a downward move, but as outlined in the post, the range for the day had reached the 22-day average and the potential for a slowing of momentum was a possibility. That is what happened, and the bounce saw the pair move all the back

The NZDUSD moved to the highest level since August 26th and in the process moved briefly above a topside swing area between 0.6184 to 0.6195. The high price reached 0.62017 and backed off. The high was on Tuesday The move back to the downside in trading today saw the price correction move below a topside

In the new trading day, the Austrian employment statistics will be released with expectations for an employment change of 15.0K vs. 0.9K last month. The unemployment rate is expected to remain steady in at historically low levels of 3.5%. The data can be a market mover. So understanding the levels in play is key. BTW…The

Bank of America Global Research discusses EUR/USD technical outlook and looks for hints of and H&S top. “A technical bottom pattern would go a long way in supporting the potential for further gains in the euro spot rate next year. One pattern to be on watch for is a head-and-shoulders bottom. If we assume the

The EURUSD dipped into the swing area between 1.0348 to 1.0365. The low did dip to 1.0346, just a couple pips below the lower extreme, but has bounced. The price trades at 1.0369 just above the higher extreme. Can the buyers push prices higher after a successful test? That is what the dip buyers are

The price of crude oil moved higher on the back of the Russian missile that landed in Poland killing 2 people. The price of crude oil raced higher reaching $88.65. That was just above the 200 hour moving average at $88.63. The price has since rotated back to the downside currently trading at $87.52 up

The crude oil contract settled the day at $85.87, down -$3.09 from the Friday settled level at $88.96. The selling has continued in after hours trading the price trading to a new low at $85.26. The current price is at $85.33. Looking at the hourly chart, the price remains above the low from last week

The AUDUSD ran higher last week congruent with the run lower in the USD. The move to the upside saw the pair run up to test the 100 day MA (blue line in the chart above) and that gave traders some cause for pause. The price consolidated above and below the MA into the weekend.

RISK Or lack thereof, led to the demise of the FTX currency exchange last week. That story led to sharply lower digital currencies, including a 92% decline in the FTX token FTT. From an economic perspective, the US CPI proved to be the binary release that many thought it would be. The subsequent wave sent

The EURUSD is trading back above the 1.0300 level for the 1st time since August 12. On the topside, there is any upside swing area between 1.0339 and 1.03657 on the daily chart above. That area is the next upside target on further momentum (see green numbered circles). Above that and the falling 200 day

The EURUSD is consolidating the gains in the late London/early US session with the price moving above and below the 38.2% of the move down from the January 2022 high. That level comes in at 1.02841. The retracement level is bookended by a swing area between 1.0273 and 1.0293. The low price in the New