Technical Analysis

Big earnings week next week The major indices are closing at record levels. Dow 238.34 points or 0.68% at 35,061.69.  The previous record close was at 34987 S&P rose 44.33 points or 1.02% at 4411.81. The previous record close was at 4384.64 Nasdaq rose 152.39 points or 1.04% at 14,836.99. The previous record close was at 14733 Russell

The 200 hour MA was broken earlier in the NZDUSD but the break failed. The NZDUSD – like some other pairs today – are experiencing up and down price action. The price did run higher early in the NY session to new session highs. However, the move above the 200 hour MA could not be

The market is expecting Intel will report earnings after the close. The chip manufacturer has been under pressure as AMD and Nvidia “chip” away at their business. They have also been besieged with manufacturing problems.  The new CEO Gelsinger is looking to turn the manufacturer around via a large infrastructure investment, but that takes time and the market

GBP/USD is up slightly to 1.3730 to start European trading Invest in yourself. See our forex education hub. Things were looking ugly for cable at the start of the week but they are turning around now, after support near the 4 February low @ 1.3566 held. The low yesterday touched 1.3572 but it was enough

Price of AUDUSD moved above swing area between 0.7333 and 0.73383 The AUDUSD traded to the lowest level since November 24, 2020 in trading today, and in the process continued the trend of lower lows. The pair has traded to new lows for five consecutive days.  The pair had closed lower for 4 consecutive days coming into today.  However, the price has now

NASDAQ and S&P declines from yesterday Highlights for the day include: NASDAQ has its best day in more than two months NASDAQ snapped a five day decline Nasdaq 67 new highs but 76 new lows which is diverging. S&P higher for the first time in four sessions S&P has its best day in four months

Move below 1.2730 should see more selling The USDCAD moved sharply higher yesterday on the back of tumbling oil prices.  Today, the price of WTI crude oil has turn back to positive territory after trading to a new cycle low near $65.20. That move lower, took the price below its 100 day moving average at $66.24 (see blue

Dow falls 946 points at the low The major indices are all closing lower but off their lowest levels Russell 2000, Dow transports down 10+ percent from the highs NASDAQ down for the fifth consecutive day. Longest losing streak since October 2020 Energy sector sags as oil prices tumble. Crude oil has its worst day

The 100 day MA is now risk for the sellers. The USDJPY has broken below its 100 day moving average at 109.403. That is the first move below the moving average since January 29, 2021. Bearish technically.  It will now take a move back above that level to tilt the technical bias back to the upside.   The price low traded

GBP/USD falls to 1.3805, keeps more sluggish to start the day The pair hit a high of 1.3898 yesterday after more hawkish remarks by BOE policymaker, Michael Saunders. In case you missed it, you can check them out here. Invest in yourself. See our forex education hub. There was a bit of a pullback after

NZD/USD holds above 0.7000, trades near the highs at 0.7025 Growing expectations of a RBNZ rate hike next month is fueling a move higher in the kiwi, with NZD/USD up 0.6% today to 0.7025 currently. The pair is once again looking to try and hold a break above 0.7000 but after the failure to hold

Only one thing can explain the broad market moves this month If you start with the assumption that the pandemic doesn’t matter to markets — and it hasn’t for a year — then the broad price action and macro picture doesn’t make sense. Talk of a Fed policy error or bottleneck problems or anything else

BOE Saunders says ending QE is a possibility in the forthcoming meetings and that rate hikes could follow next year That has seen cable come to life in a move from 1.3840 to a session high of 1.3884 as buyers also push for a move above the 100-hour moving average (red line): BOE policymakers have

The dollar is picking up some momentum ahead of North American trading Fresh lows for commodity currencies, in particular the antipodeans as the dollar is seeing a bid going into US trading today. AUD/USD is down to a low of 0.7447 as price continues to back away from a test of the 200-hour moving average

NZD/USD falls back below 0.7000 Invest in yourself. See our forex education hub. The RBNZ produced a more hawkish tilt earlier in the day, signaling an end to QE and setting the platform to raising rates perhaps at next month’s policy meeting. That sent the kiwi soaring with NZD/USD jumping to as high as 0.7030

The 200 hour MA stalls the fall. BOC decision at 10 AM The USDCAD has moved down (with the overall dollar selling) and has reached the 200 hour MA at 1.24512. The 50% of the move up from the July 6 low comes in at 1.24458 just below that level.   Traders have stuck a toe

The dollar is slightly higher going into European trading The ranges for the day are still relatively narrow, but they are beginning to stretch a little with EUR/USD easing from 1.1870 to 1.1857 (still sitting in a 22 pips range though). The greenback is also seeing mild gains against the pound and franc, while holding

EUR/USD a little lower to 1.1845-50 but holds above key near-term levels Invest in yourself. See our forex education hub. The range for the day is stretching a little but the overall move is still relatively light, all things considered. The pair is seen on the retreat from 1.1875 to a low of 1.1842, testing