Technical Analysis

The AUDUSD is trading to a new high for the day and in the process is ticking closer to the falling 100 day MA at 0.67025. The last time the AUDUSD traded above its 100 day MA was back on August 15 in the midst of the summer stock rally that saw the S&P index

The dollar index (DXY) is trading to a new low for the week at 106.369. The index is currently down -440 pips this week and is down -3.97%. That is the largest decline since March 2009 when the index fell around 4.10% on the week. The weekly chart below shows the pip change in the

The GBPUSD has seen the price move up 3.71% this week at current levels, which is the largest week gain going back to March 2020 covid lockdown. Looking at the weekly chart, the pair is trading in a swing area between 1.1759 to 1.1840. The high today has reached 1.17997 (call it 1.1800). The current

As trading in the US stocks has moved into the last hour, the NASDAQ index is currently leading the way with a 6.45% gain. That came represents the highest percentage gain since April 2, 2020 when the stock market was whipping back and forth with huge changes to the upside and downside as result of

The S&P index traded to a new session high 3913.89. The current price is trading at 160 points or 4.27% at 3908.58. The move higher has now taken the price above the 100 day moving average at 3901.83. The 50% retracement of the move down from the August high comes in at 3908.43. On October

The US stocks are trading to new lows with the: Dow down -550 points -1.65% S&P -67.0 points or -1.74% NASDAQ -228 points or -2.15% While the stocks moved lower, the dollar is moving higher. There has been the pattern seen the last few days when the dollar moved lower for 3 consecutive days in

The S&P index remains lower on the day, but near the middle of the trading range. The high for the day reached 3818.20. The low was at 3783.71. The current price is at 3796.26. In between the 2 extremes sits the 100 hour moving average currently at 3805.09. The price has traded above and below

The EURUSD moved above the 100 day MA target at 1.0042 and found more buying. The next target was the high from October 27 at 1.0093. The high price reached 1.00957 just above that level. Buying stalled and the price has since moved lower. Call it a double top. The price has rotated back down

The USDCHF bottomed most recently on October 27 near its 200 bar moving average on the 4 hour chart. The following week of trading saw the price move higher , and in the process, retest the high price from October 21 at 1.01470. That completed the down and up “lap” from the October 21 high

The major indices are all in the black with the Dow leading the way to the upside. That index is leading the way with a gain of 1.30% or 422 points. The S&P is up 0.87%. The Nasdaq is lagging but still higher by 0.77%. Looking at the Dow daily chart, the pair is back

The EURUSD is taking a step to the upside after breaking above the swing area between 0.99936 and 1.00005. The London morning session high reached 1.0006. The New York morning high reached 1.0054. After a modest decline off of the New York morning high, the price has come back in traded to a new session

The AUD is the strongest and the USD is the weakest as the North American session begins. In the US, the Bureau of Labor Statistics will release their monthly jobs report (Canada will also release their monthly employment data). The expectations are for Nonfarm payroll: 205K vs. 263K last month Unemployment rate 3.5% Avg hourly

The EURUSD initially fell after the US jobs report. The price action moved from the 50% midpoint (at 0.98141), and key swing area between 0.98056 and 0.9816, down to the 61.8% retracement at 0.97483. The price has since bounce and currently trades at 0.9797 closer to the upper extreme. Recall the swing area between 0.98056

The nonfarm payroll came in better-than-expected. The unemployment rate was off low levels but still very low. Earnings were touch higher than expected with the year on year coming in as expected and lower than last month but still at 4.7% (but that is less the inflation rate). The forex market saw the dollar move

The USDCHF moved higher initially after the US jobs report, but then reversed and tumbled to the downside. The fall took the price back below the 100 hour moving average at 1.0030 and below the 50% midpoint of the range since October 21 (that high was duplicated during yesterday’s trade). That midpoint level comes in

Before the US jobs report, Greg Michalowski of Forexlive outlined the key levels in play. If you did not see that video, you can find it here. So how did the technical levels play out? Pretty well. What was surprising was the price action. If someone told me the data ahead, I would have the

The AUDUSD has ripped to the upside helped by higher stocks and hopes for a transition from CHina’s zero-Covid policy (or that is the excuse). Looking at the chart above the lower scale shows the history of the daily % changes for the pair over time. Near the highs for the day, the gain was

RTY (Russell 2000 futures) had a bear breakout down, but then an immediate reversal price action on the 4 hour timeframe, bringing the Russell back into the upward channel (redish channel) shown in the video. Due to the failed breakout, most bears thought they were in a breakout down. But this is a “fakie” or