Technical Analysis

The USDCAD is trading to a new cycle high and that takes the pair to the highest level since July 2020. The price high is trading at a new high of 1.3572. That level has taken the price above the high for 2018 at 1.35637 (a hurdle). The 61.85 of the move down from 2020

The EURUSD is is trading to a new cycle low at 0.9726. That is the lowest level since October 2002. The price is also getting closer to the high of a swing area going back to 2002 between 0.9662 and 0.9708. Those levels defined a floor between the weeks of June 16, 2002 and October

In the morning video, I discussed the trend move to the downside and earmarked the 38.2-50% of the “last trend leg lower” as the minimum target to get and stay above to tilt the intraday bias a little more to the upside. That was the minimum. The corrective move higher at the start of the

The dollar is king with the EURUSD trading to the lowest level since 2002. The GBPUSD traded to the lowet level since 1985. The AUDUSD, NZDUSD and the NZDUSD traded to the lowest level since the 2020 pandemic plunge. Even the USDCHF rallied despite the 75 basis point hike. The USDJPY rebounded Friday and is

The Bank of Japan kept rates unchanged yesterday which diverges from other central banks. But at the same time they intervened in the forex market vs the USD which sent the USDJPY pair sharply lower. The price low yesterday moved close to the 38.2% retracement of the move up from the August 1 low. That

As stocks continue to run lower, with the Nasdaq down -220 points or near 2% and the S&P donw -76 points or -2.04%, the AUDUSD is continueing to take it on the chin. The pair is down -1.52% on the day which is only eclipsed by the GBPs 3% tumble vs the USD. Looking at

The NZDUSD closed the week ago at 0.5990, just below the important 0.6000 level. The price has moved lower this week. The high a Monday reached 0.60007 – call it 0.6000. The price just reached a new low of 0.57498. From the high, that’s a decline of 251 pips or 4.18%. That’s pretty big move

While the USDJPY was trading to new highs going back to 1998, the EURJPY overnight was falling short of the highs from June at 144.35, and from September 12 at 145.628. The EURJPY high reached 143.69 today before running to the downside on the intervention. Looking at the weekly chart, the September high and high

The Nasdaq index traded to an intraday lows at 11024.64. That took the price below the 200 week MA at 11096.17. However, since bottoming the price has moved back above the key 200 week moving average. The current price is trading at 11109. That is still down -109 points or -0.97%, but at least it

The Bank of Japan September Monetary Policy Statement is due today, Thursday, 22 September 2022. There is no firmly scheduled time for the BOJ statement, its reasonable to expect it some time in the 0230 to 0330 GMT time window Yesterday the Bank heavily intervened in the Japanese Government Bond market: More on the aggressive,

The GBPUSD moved to a new low going back to 1985 on the Fed hike, with the low reaching 1.12349. The price then snapped back higher and raced back to the swing lows from Friday, Monday and yesterday between 1.1350 – 1.13568. The high price reached 1.13564 on the rebound between that swing area (see

The GBPUSD has been waffling above and below the 2020 low at 1.1408 and the old 2022 low from September 7 at 1.1404. The price is trying to move further away from those lows in the current hourly bar with the price at 1.1388 currently. The sellers are making a play with the low for

In an earlier post I pointed out the break into a swing area between 1.3327 to 1.33839. The price also moved above the 50% retracement. IN the post I said: “A move back below the 1.3327 level would probably not be welcomed in the short-term.” The market was seeing the same thing and buyers indeed

The USDCAD moved up today and in the process moved briefly above the next key upside target at the 50% retracement of the move down from teh 2020 high. That level came in at 1.33364. The high reached 1.3343 before rotating back to the downside. The 50% remains a key upside target to get to

The EURGBP moved above the 50% of the move down from the September 2020 high to the March 2022 low. The 50% level comes in at 0.87465. The low today reached 0.87465 right at that level. Traders look at the 50% as a barometer for buyers winning or sellers winning. The buyers are so far

Not long ago, bad news was good news for stocks as traders thought the Fed would be able to engineer a soft landing, bring inflation down while growth maintained steady. Now bad news is bad news as the Fed is intent on raising rates to slow growth and kick up unemployment, threatening to push into

The AUDUSD has traded to a new 2022 low of 0.6669 and in the process has moved to the lowest level since end of May/early June 2020. The move took the price into a swing area going back to before the pandemic in 2019 and after the pandemic plunge in March 2020. That area comes

The EURUSD is extending to the upside and looks toward the 200 hour MA at 1.00091 level. Helping is a dip in US yields. The 2 year is off yet another high at 3.924% at 3.89%. The 10 year is now lower on the day by 3.3 bps at 3.42%. The 100 hour MA is