Technical Analysis

USD The Fed left interest rates unchanged as expected at the last meeting with basically no change to the statement. Fed Chair Powell stressed once again that they are proceeding carefully as the full effects of policy tightening have yet to be felt. The US Core PCE yesterday came in line with forecasts with the

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

The AUDUSD fell yesterday but bounced off a key floor support near 0.6522. The move higher today has come off highs but is so far holding the rising 100 hour MA support. Staying above keeps the buyers more in control and will have traders looking toward the 50% midpoint of the move down from the

As the week comes to an end, the USDJPY fell sharply and in the process tested the low from early November at 149.175. The low reached 149.192 before bouncing. The price is trading at 149.74. The double bottom mirrors the double top from the high this week (on Monday). That high was reached on Monday

The GBPUSD is back below its 200 day moving average The GBPUSD ran higher yesterday, and in the process extended toward its 100-day moving average near 1.2512. The high price got within 7 pips of that level at 1.2505 before rotating back to the downside. In trading today, lower-than-expected CPI data out of the UK

S&P indexes moving above its 100 day moving average The S&P index is currently trading near session highs, up 60.44 points or 1.39% at 4407.92, and in the process has broken above its 100-day moving average of 4402.47 (see the blue line in the chart above). The last time it traded above this moving average

The day started with the Dow industrial average and S&P index lower on the day. At session lows, the S&P was down -10.58 points and the Dow industrial average always down -69.15 point). That lower open threatened the 7-day consecutive up day streak. However, at the close, the losses have been reversed and each of

The Nasdaq Composite opened higher yesterday following the less hawkish than expected Fed decision where the central bank left interest rates unchanged once again and Fed Chair Powell said that they “have not yet made any decision on future meetings” suggesting that they may not hike at all anymore. On the data front, yesterday the

Last week, the risk sentiment started on a positive note at the beginning of the week due to the lack of a ground offensive in Gaza. Unfortunately, things went south from Wednesday onwards as Israeli PM Netanyahu delivered a speech where he said that they were preparing for a ground invasion. Moreover, the US Jobless

Both the AUDUSD and NZDUSD have been trading similarly over the last two trading days. Yesterday, the AUDUSD led the way with a rise early in the Asian session after stronger-than-expected CPI data. Buyers then turn to sellers and pushed lower and lower into the close. The NZDUSD followed that lead. In trading today, the

The market still fears the 150.00 level in the USDJPY. There was a run above at the start of the month and a quick 280 PIP move back to the downside. This week, there was a 100 PIP tumble in a minute of trading on another BOJ fear schism. Technically, move above the 150.00 level,

NASDAQ index tests a key cluster of support The NASDAQ index is the worst performer of the major indices with a decline of now over 1%. The move to the downside has now taken the price to a key support area. That support area is defined by the: 100 hour moving average at 13379.32 (see

Crude oil prices surge today The price of WTI crude oil is extending above the $87 level to a high of $87.37. Oil prices have surged today following the U.S.’s enhancement of sanctions against Russian crude exports, amplifying supply anxieties in an already constrained market. The U.S. targeted tankers carrying Russian oil priced above the

USDJPY trades back below the 100 hour MA. Bearish. The USDJPY moved higher into the US session today, and in the process moved between the 100-hour MA (blue line at 148.83) and the 200-hour MA (green line at 149.129). The high price reached 149.09 which was just above the broken 38.2% at 149.069. The inability

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

The GBPUSD is trading to a new session low as the clock ticks toward the end of day. in the process, the price is ticking down toward the 38.2% retracement of the move up from the September 26, 2022 low. That retracement level comes in at 1.20763. After a trend move higher as we saw

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

The USDCAD traded down and up and down and up and back down and up this week (see hourly chart below). The high price on Monday was retested on Thursday. The low on Tuesday saw the pair, move to and through the 100-day MA (lower blue overlay line on the chart below at 1.3398) but