Technical Analysis

The NZDUSD fell to the lowest level in 2022 this week at 0.5510. That is within 44 pips of the 2020 swing low at 0.54668. The price is currently at 0.5558 about 108 pips from the 2020 low all-time low. The 2020 low is the lowest level since March 2009. Looking at the weekly chart,

As the NA session begins after the big reversal day in the markets yesterday after the US CPI report, the USD is back to being the strongest and the GBP is weakest. It is being reported in the UK that the Chancellor of the Exchequer Kwarteng will be sacked, and more recently that there are

What a day! For the day, the S&P had its fifth-largest intraday reversal from a 52 week low. The low today was down -2.39%. That was a new 52 week low. At the close it was up 2.6% For the NASDAQ index it was the 4th largest reversal from a 52 week low.. At the

The GBPUSD has raced higher ahead of the US CPI as the rumoured backtracking of the budget proposal send the pair sharply to the upside. Looking at the hourly chart, the move has taken the pric above the 200 hour MA at 1.1874 adn also above a swing area between 1.12109 and 1.12446. The high

The US CPI will be released tomorrow at 8:30 AM. Adam has put up a post outlining the fundamental expectations for that pivotal release. You can find that report HERE. In addition to know the expectations, it is important for traders to understand the bias, the potential bias shifts (i.e. from bullish to bearish or

The GBP is the strongest and the JPY is the weakest as the NA session begins. The Bailey comments late yesterday that the bond buying would cease on Friday, hurt the GBP but it has since moved back higher today. However, it did little to stop the selloff in UK debt which has seen the

The BOE Bailey comments have helped to reverse the GBPUSD lower and the USD back to the upside. Just an hour or so ago, a number of major indices were testing their 100/ 200 hour MA levels on the USD selling (see video here). Those levels stalled the moves in EURUSD, GBPUSD, USDCHF, USDCAD and

The NZD is the strongest and the AUD is the weakest as the NA session begins. The USD is mostly lower. The BOE continued its war on the UK government bond market citing risk to the UK financial stability. The central bank is set to buy index-linked Gilts (and convential equivalents) to help stabilize the

The USDJPY is moving to a new session high and in the process is working toward the swing high from September 22 at 145.90. The price moved above the earlier session high at 145.662. The Bank of Japan intervened in the market on September 22 sending the USDJPY down over 550 pips in a matter

As the North American session begins (banks are closed and so is the US bond market, but US stocks are higher), the CAD is the strongest and the AUD is the weakest. The USD is stronger with gains vs all the major currencies with the exception of the CAD. Tensions in Ukraine are intensified as

Both the US and the Canadian jobs reports will be released at 8:30 AM ET. For a technical review of the EURUSD, GBPUSD, and USDCAD ahead of the report, click on the video ABOVE. In the VIDEO, I look at the levels in play that would tip the technical bias more in the favor of

. The EURUSD move lower after the US jobs report, and in the process dipped below the lower end of a swing area at 0.9733. The underside of a broken trend line was also near that level (on the hourly chart). However the initial dip could not be sustained and the price did rebound back

The GBPUSD has moved below the 200 hour MA for the 2nd time since the US jobs report. The 200 hour MA comes in at 1.11169 currently. The initial try, took the low to 1.10903 before bouncing. That low tested the broken 38.2% of the 2 month trading range off the daily chart below at

The him USDCAD moved up to test the early European session high near 1.3761. The high price reached 1.3760 and rotated back to the downside. Higher oil prices are helping to contribute to the loonie’s strength (lower USDCAD). The current prices trading at $91.15. That’s up about $2.67 on the day. The price of crude

The major US stock indices are still up on the week… The broader S&P and Nasdaq indices are both down over 2.2% on the day. The S&P is down -2.22%. The Nasdaq is down -2.85% That’s horrible. However, both indices still remain up on the week. Yahoo! Yippee! What a great starrt to October. A

The US 10 year yield has moved up to a session high of 3.811%. Just 2 days ago the yield was down at 3.564%. Looking at the hourly chart, the price has moved above the 50% midpoint of the move down from the September 28 high at 3.792%. The yield stay below that level yesterday

The EURUSD is looking back toward the lows for the day. The US stocks are moving back down with 30 minutes left in trading. US yields remain higher with the 2 year up 8.9 basis points and the 10 year up 6.5 basis points. Looking at the hourly chart, the price is getting closer to

The ISM manufacturing index came in little better than expectations of 56.7 vs. 56.0 estimate. The prices paid did decline but employment rise ahead of the nonfarm payroll report on Friday. US stocks are continued its moved to the downside. The Dow industrial average down -1.17% the S&P index is down -1.54% point, and the