Technical Analysis

USD/JPY inches up to five-week highs The dollar sits in a good spot to start the day as it continues the more solid momentum from last week, with the US jobs report on Friday providing a springboard for the greenback to push higher against the rest of the major currencies bloc. In particular, the rise

What levels are in play for the EURUSD and the GBPUSD. Are the bottoms in place The GBPUSD and the EURUSD both nearly reached some key downside targets.. For the EURUSD, the pair got within 4-5 pips of the 2021 low for the year and has bounced modestly.  For the GBPUSD the pair reached the

Buyers look to buck the trend in search for fresh upside momentum The pair is up slightly on the day to 110.45 currently, as 10-year Treasury yields hold its ground at around 1.315% to get European trading underway. With yields continuing the rebound and holding above 1.30%, that is providing an impetus for yen pairs

Dow and S&P snap 2 day win streak The US stocks are closing mixed with no records set today.  Last week on Thursday, both the S&P and NASDAQ closed at record levels. On Friday, the Dow and S&P closed at record levels.  Today although the Nasdaq rebounded higher, it fell short of its record close.  The S&P and Dow both closed lower and with

Oil down by more than 3% below $66 currently Invest in yourself. See our forex education hub. It is shaping up to be a brutal start to the new week for oil, as price sinks further by more than 3% and is taking out some key technical levels along the way. The latest drop sees

ADP payroll and ISM trump the US job gains. The NY Fed Nowcast estimate for 3Q grown slowed to 3.7% from 4.2% last week.   How can that be given the strong US jobs report? Indeed the nonfarm payroll added 0.18% to the weekly change in the NY Fed’s model. However, those gains were trumped this week, by the ADP jobs

German DAX pressures that the all-time high but backs off The German Dax move to a intraday high today of 15808.24. That was just short of the July 44 high of 15810.68. The inability to make a new high led to some rotation back to the downside.  Nevertheless, the German DAX index is closing marginally higher

Trades between 100/200 hour MAs The NZDUSD has followed the trend higher in the US dollar today (NZDUSD lower) after the stronger than expected US jobs report.  The pair moved lower, and in the process cracked below its 100 hour moving average (currently at 0.70328), and continued through an old swing ceiling at 0.7018  to 0.70203 on it’s

Swing area between 1.1751 and 1.17566 The EURUSD is keeping above the July 2021 swing lows between 1.17510 and 1.17566. The low price has so far reached 1.17537 between those swing low levels on the hourly chart.  Dip buyers are sticking a low-risk toe in the water, hoping for another bounce.  A break below will likely lead to

Yesterday the S&P and NASDAQ close record highs The stronger-than-expected US jobs report Helped send the Dow 30 stocks higher in trading today. The S&P index was mixed but also close marginally higher. The NASDAQ index fell on the back of the potential for higher rates slowing down some of the high flyers. Whereas yesterday,

Russell 2000 index rises by 1.81%. The S&P and NASDAQ index both closed at record levels with a late day surge that has the indices going out near the highs for the day.   The Dow and the Russell 2000 index also had strong days, with the small-cap index outpacing the larger cap indices with a surge higher of

High close level came in at 4423.16 The S&P index is higher by about 17 points out 4419.60. The high price for the day reached 4423.05. That level came in just short of the all-time high close from Tuesday at 4423.16. The intraday all-time high price comes in at 4429.97. With a little more than an hour left and trading, will

Dollar holds its ground ahead of European morning trade The dollar got a decent lift on Fed vice chair Clarida’s remarks yesterday and is holding gains for the time being as we look towards European morning trade. Of note, USD/JPY is posting a decent advance to 109.60 levels after the rebound off 109.00 yesterday and

Three straight days of declines The price of WTI crude oil is trading at  $68.11. That is down -$2.08 or -2.97%. The settled price today was at $68.15. The move lower is the 3rd consecutive down day. The price is trading at the lowest level since July 20.  Crude oil stockpiles rose by a surprise

NZD/USD up 0.8% to 0.7072 currently The pair is building on the more positive kiwi sentiment earlier, following a strong NZ labour market report here, with the dollar also seen mildly softer across the board as we get things going in European morning trade. The push to 0.7072 sees the pair move to its highest

AUDUSD has had an up down and back up day Today, the AUDUSD moved higher in the late Asian session after the RBA said they would stay the course with their QE plans. The fear was that they would increase the stimulus to counteract the closures from Covid.   That move higher, however, saw the price return to the 38.2% retracement of the move

Oil down in the early stages of the week but selling pressure is contained The low today hit $70.97 in the past hour but oil is seeing a light bounce back to $71.30 now as price is down 0.2% today. Sellers remain in near-term control after having breached below both key hourly moving averages yesterday.

The low last week was at 0.90384. The USDCHF traded to a low today of 0.90369. That took out the Friday low of 0.90384 but only by a pip and 1/2.   That is not what traders expect on a new low. The price has rebounded modestly over the last three hours and currently trades at 0.9052 (14-15 pips