Technical Analysis

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

100 day MA at 0.90733 The USDJPY has move back up toward its high for the day and in the process is testing its 100 day moving average at 0.90733.  The fall below the 200 day moving average yesterday was the first fall below the level since June 16 when the price closed back above the moving average

Disappoint showing up in the price action today. The price of AUDUSD has fallen back below its 100/200 hour MAs at 0.73726 and 0.7362 respectively. IN the process, the bias has shifted more to the downside for the pair.  The move lower today is showing the disappointment in the price action this week.  After trading

Down day for most indices today Today, the major European indices are ending the week in the red.  Looking at the provisional closes: German DAX, -0.5% France’s CAC -0.2% UK’s FTSE 100 -0.6% Spain’s Ibex, -1.25% Italy’s FTSE MIB, -0.6% For the week, German DAX, -0.75% France’s CAC, +0.7% UK’s FTSE 100, +0.1% Spain’s Ibex, -0.5% Italy’s FTSE MIB,

Trades between 100 hour MA below and 100 day MA above The GBPUSD fell to the low for the day as London traders exited for the day/week (and month for that matter). The low reached 1.3889. The 100 hour MA (at the time) was at 1.3891.  The price has since bounced and trades at 1.3909. 

Stocks close near session lows Highlights for the day: Dow S&P close lower for the third day in four sessions Major averages post weekly losses S&P has six straight monthly gain NASDAQ snaps two day win streak Dow S&P, NASDAQ post gains for July Hurting the indices and market today was Amazon which fell -7.5%

Gold spins its wheels again The $1834 resistance level and some moderate US dollar buying today spelled trouble for gold today, even with yields dipping another 3 bps today. Technically, that’s a simple setup but it’s not necessarily bearish so long as last week’s low of $1790 holds. On the fundamental side, Powell’s comments this

Indices close off the highs for the day The major indices closed higher on the day.  The S&P and Dow industrial average traded to new all-time intraday highs.   The S&P close just below record close levels  The NASDAQ close higher for the 7th day in 8 trading days.  The Dow and S&P snapped a two day

Wonders of wonders. It opens at the IPO price The price of Robinhood, the retail online trading platform, has opened at $38 a share. That was the proposed IPO price.  The stock is currently trading in volatile price action above and below the $38 level.   Relatively speaking, trading near the IPO price is not a great signal.  Meanwhile the Dow and S&P have

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What break levels are in play? What levels will be in play for some of the major currency pairs through the FOMC decision?   As a reminder there is no central tendencies or dot plots. Only the statement and the press conference which will take place at 2:30 PM ET and typically lasts an hour.   Understand,

No record closes for major indices The major US indices have snapped their five day winning streak ahead of the key earnings including Alphabet, Apple, Microsoft, AMD, Starbucks.   Microsoft is trading down $3.11 at $285.94 Apple is trading down $2.42 at $146.57 Google is trading down $-48.99 at $2631.71 AMD is trading down $-0.92 at

USD/CNH breaches the 6.50 barrier The high today hit just over 6.52 as the offshore yuan falls to a low last seen since April against the dollar, hurt by the equities selloff in Hong Kong and China to start the week. The sharp move in the yuan is likely the cause for some extended moves

Up for the fifth consecutive day The major US stock indices close higher for the fifth consecutive day, and in the process closed at record highs. A look at the provisional closes shows: Dow industrial average rose 82.76 points or 0.24% at 35,144.31 S&P rose 10.51 points or 0.24% at 4422.30 NASDAQ index rose 3.72