Technical Analysis

The key bias and technical levels for some of the major currency pairs The trading day is coming to an end with stocks moving sharply higher. That dynamic has the flow of funds into the “risk on” currencies including the NZD, CAD and AUD. Those three currencies are the strongest of the majors.  The biggest loser is the JPY followed

Price trades at the highest level since September 7th The AUDUSD has moved higher today despite a slightly weaker than expected jobs report in Australia.  The price of the pair drifted lower after the report, but did find support within a swing area between 0.73685 and 0.7375. The low price reached 0.73727 before starting its move back to

The 1.2422 area was swing lows from July 7, July 14 and July 30. Have not been there since. Back on July 6th, the USDCAD broke higher only to retrace to 1.24215 on July 7th.That level was later retested on July 14 and again on July 30th and each time the price bounced.  That was

First break since September 14 The EURUSD has made a break above the 200 hour MA at 1.1573 for the first time since September 14 (nearly a month ago). The price high reached 1.1578 so far on the break.   The question now is can the buyers keep control? Can they push the price higher?  The

Stocks struggle to move higher The US stocks could not sustain positive levels and drifted lower into US afternoon. The major indices are closing lower for the third consecutive day.   At the close, Apple announced that they would have to cut production of the iPhone due to chip crunch.  Apple shares are down -1.1% after the close.

The price is below the 200 hour MA and tests swing lows near 1.3567 The GBPUSD has seen volatile up and down trading action today. The early European session swing low came down to 1.3567. That was near the swing low from last Thursday’s trade at 1.3569. The bounce off that level took the price back

Stocks still off into the close The US stock indices sold off into the close and are closing near the low levels for the day. The Dow and S&P are lower for the 2nd consecutive day Utilities and Communications lag Materials and Real Estate lead A look at the indices at the close show: Dow -249.40

Yields not influenced by jobs data The US yields have not been influenced in a negative way by the lower nonfarm payroll data.  Nuances in the number and higher wages may be the counterbalance, along with expectations for a rebound next month.  The 10 year yield is up 3.6 basis points at 1.607%.  The five year yield is comfortably above

10 year up to 1.614%. The nUS 10 year yields continue to move higher with the 10 year now up to 1.614%. That’s up 4.3 basis points on the day.  The move higher is starting to hurt the NASDAQ index which is currently down -53 points or -0.37% at 14600.26. The USDJPY is also being impacted as

What’s next for the euro? Bank of America Global Research discusses EUR/USD technical outlook and sees a scope for a move towards 1.1495, ahead of 1.13s. “Euro has declined and broken below 4Q20 supports at 1.1603. Our modest bear case scenario estimates downside euro levels of 1.1495, 1.13s and possibly 1.1290. Should the decline accelerate

Up $1.05 or 1.34% The price of WTI crude oil futures are settling the day at $79.35. That’s up $1.05 or 1.34%.  The high for the day reached $80.11. The low for the day extended to $78.63. A week ago, the price settled at $75.88. With the price settling at $79.35 that’s a gain of 4.57% for

What to know from a technical perspective. EURUSD: The EURUSD is looking to close the week right around the 200 week moving average at 1.1570  after trading above and below that MA, and the 100 week MA at 1.1603. The current price is at 1.1570.   In the new week, those MAs will continue to be

NASDAQ index falls -0.5%. S&P and Dow marginally lower on the day The major US indices are closing the day lower. The declines snapped a three day win streak for the indices. Dow has best week since June Major indices all closed higher for the week S&P post the best week since August Energy and

Highest level since June 4 The 10 year yield has moved above the 1.600% level for the first time since June 4. The move higher pushed above the June 17 high of 1.594%. It also moved above a Topside channel trendline near 1.584%. The high yield for the year came in on March 30 at 1.774%. From that

Up for the third straight day The US major indices are closing higher on the day with the NASDAQ index and the Dow industrial average leading the way with gains near 1%. That’s good news. The not so good news is that the gains were much higher. The Dow industrial average was up 1.62% at

Technical levels for the major indices The NASDAQ index is up 1.55% at 14728.30. In the process the price has moved back above its 100 day moving average at 14699.74 (blue line in the chart below.  Stay above would have traders targeting the 50% midpoint of the move down from the September high which comes in

Dow industrial average now up too The broader S&P and NASDAQ index have turned positive on the day. The Dow has just moved positive as well.  In Republicans have offered the Democrats a path to pass a debt limit extension into December (and not filibuster).  A snapshot of the markets currently shows The NASDAQ leads the way with a gain of 46 points

WTI falls to $77.50 There’s the risk of a bearish outside reversal on the oil chart today as crude falls $1.40 to $77.54. The drop today is a mirror image of yesterday’s gain and threatens yesterday’s opening level of $77.59. A close below that would be a bearish engulfing candle. Even if that’s the case,