Technical Analysis

The USDCAD price has seen upside momentum in the North American session after the US/Canada job combination this morning. Canada unemployment rate reached its lowest level on record although job growth was a bit modest. US job statistics were marginally weaker as well but still advancing. Technically, the low price today stalled near the 100/200

The USDCHF is working on its 2nd down day in 3 days. That comes after 9 straight days to the upside. The pair moved sharply lower on Wednesday on dollar selling after the FOMC rate decision and Powell’s comments that a 75 basis point hike was off the table.. Yesterday, all that was reversed and

The US 10 year  yield  is trading just off the high for the day and week at 3.134%. The current yield is at 3.126%. Looking at the weekly chart, the yield is at the highest level since November 2018. The high yield in 2018 reached 3.248%. That is the next upside target. Move above that

Both the  AUDUSD  and NZDUSD has seen up and down price action today, as the trading week works toward the close. However, both pairs have found sellers near their hourly MAs at the session highs. Staying below keeps the sellers more in control today and going into next week. Looking at the hourly chart of

The  Nasdaq  index is trading to a new year low at 12194.60 . That took out the low from Monday at 12202.41. The price now trades at the lowest level since November 30, 2021. The NASDAQ closed 2021 at 12888.28. It is below that level It closed 2022 at 15644. The Nasdaq is down -24.75%

The  USDCAD  has moved back above the 200 and 100 hour MA (joining the party seen in other currency pairs) and has now moved up to test the swing area between 1.2846 to 1.2957 (see red numbered circles). Getting above that area would open the door to the next swing areas including the high from

The  NASDAQ  index is up 413 points or 3.27% at 12978. Looking at the hourly chart, that takes price above its 100 hour moving average at 12946 for the 1st time since April 5. Stay above that moving average is the best case scenario for the buyers. The next upside target would be the 38.2%

The  USDCAD  has seen down and up price action today in a narrow trading range (around 49 pips). The high price reached during the last hourly bar, extended up into a swing area between 1.28467 to 1.2857. The price extended to 1.28526. The current price has moved back down to 1.2826 and in the process

The  USDJPY  is taking a breather today with a 60 pip trading range. That is about half of the oversized 122 average over the last 22 trading days (about a month of trading days). The price action has been down, up, down and back up again. Looking at the hourly chart above, the lowest low

As European traders head for the exits, the  EURUSD  is moving back below its 100 hour moving average at 1.05263. Adam pointed out that natural gas prices have spiked above $8.00 as additional Russians sanctions include energy threaten the global supply. That certainly is more impactful in Europe. Nevertheless, earlier today the EURUSD price moved

The price of WTI  crude oil  futures retraced the earlier losses and is settling at $105.17. That’s up $0.48 or 0.46%. The low price was down at $100.28. While the high price extended to $105.71. In the Asian/European session, the price moved sharply lower, falling below its 100 and 200 hour moving averages in the

The  EURJPY  on Friday the moves to the upside or able to extend above the 200 hour moving average (green line in the chart above), but stalled against the swing highs from Thursday and also from intraday swing levels on Monday (see red numbered circles). That swing area came near 137.966. On the downside, the

The EURJPY has traded support and resistance levels in trading today. The high for the day reached near the highs from yesterday. That level comes in at 137.966. The 200 hour MA in in that area as is the 38.2% of the move up from the April low. The price high was also comfortably below

The  AUDUSD  squeezed higher in the Asian session, and at the start of the North American session, the AUD was the strongest of the major currencies (see post earlier today) The move to the upside saw the pair move above a topside channel trendline, the 100 hour moving average (blue line) currently at 0.7142. The

The  Nasdaq  index is trading to a new session low and in the process is now down 3% on the day. The low price . The price reached 12481.76. The price is currently trading just above that 12490.00. That’s down 381 points or -2.96% on the day. Technically, the price is also now below the

The price of WTI  crude oil  futures rose to near 8% on the day at session highs. Those highs moved into a swing area ahead of the recent April high (at $109.05). That swing area came between $107.86 and $108.14 (see red numbered circles and yellow area in the chart above). Sellers leaned in last

The  NZDUSD  is ending the week near the lows for the week/year and lowest level since July 2020. Looking at the daily chart, the pair is also trading just below the 50% currently at 0.64655. Stay below and move lower next week and the pair will start to target the 0.6377 area which is near

The USDCAD ran to the highest level since March 9 yesterday/this week, and in the process entered into a swing area on the daily chart between 1.28709 and 1.29001. However, sellers entered within that swing area (the high price reached 1.2879) and pushed the price down away from that resistance swing area (see red numbered