Technical Analysis

The major US indices are closing with mixed results. The Dow industrial average was the biggest winner with a gain of 0.71%. The NASDAQ index fell and the S&P index rose by equal 0.19% amounts. Home Depot and Walmart announced earnings before the opening and they both rose sharply. Home Depot is closing up $12.95

USDCAD moves back toward its 200 hour moving average The USDCAD is trading to a new session low for the day as corrective price declines after the sharp run higher continues today. Looking at the hourly chart, the pair yesterday shot above the 100 and 200 hour MAs (blue and green lines) currently at 1.2813

The major stock indices are closing higher on the day with the Nasdaq leading the way. The major indices are off to a positive start for the week after 4 straight weeks of gains 9 or 11 sectors in the S&P moved higher with Energy (-1.9%) and materials (-0.1%) the only sectors to decline. Crude

EURUSD falls below its 200 hour moving average The EURUSD moved below its 100 hour moving average on Friday. In the process, the pair moved back into the up and down trading range that confined the pair from around July 18 to August 10 when the pair broke higher (see red box in the chart

USDCAD retests the 100 day MA and finds sellers on the test The USDCAD has to a new session high and in the process is retesting its broken at 100 day moving average near 1.27968. The high price just reached 1.27986, just above the moving average level Recall on Wednesday, the price fell below that

EURUSD falls below upper swing area and 100 hour MA now. The EURUSD is trading to a new session low at 1.02515. That takes the price further away from the broken 100 hour moving average 1.02622. The price is also falling below a swing area between 1.0254 and 1.0257. Earlier today, the price fell back

Today’s daily candle, while closing only in apx 4 hours, is now showing a sign that bulls are failing to break the presented channel to the upside, following this 4th attempt to do so, on the daily timeframe. Even if we had a coin flip (50% chance to win, 50% chance to lose) for this

The EURGBP used the 100 day MA as a ceiling on Wednesday and Thursday. EURGBP following the technical levels. On the downside, the 200 day MA and 100 hour MA was broken on Wednesday and tried to stay below into trading yesterday. However, after breaking back above, resistance became support again. The price moved up

The USDJPY continued it’s move higher today after reaching a low of 132.419 yesterday. That move took the price below a swing area between 132.24 and 132.479. However, when the price move back above the swing area during the US session yesterday, sellers turned buyers and that momentum has continued into today. In the morning

Crude oil falls to a swing low from yesterday on the hourly The price of crude oil has seen follow through selling with the price moving down to a low of $92.23. That took the pair down close to $2 on the day the current prices bounce back to $92.55. Looking at the hourly chart,

EURUSD falls to a new NY session low The EURUSD continues to leak oil and wander to the downside. The pair is trading at its lowest level in the US session. Stocks are trading to new session lows. The S&P is moving back toward unchanged. The NASDAQ index is down -53 points at -0.42% at

The strongest to weakest of the major currencies As the NA session begins, the NZD is the strongest and the GBP is the weakest. Yesterday, the USD fell sharply after the weaker than expected CPI report. The USD is following that move lower with another modest decline today ahead of the PPI data and the

Nasdaq moves to new high going back to May 4 The NASDAQ index traded above the Monday high of 12855.15. The high price just reached 12860.30 but has backed off to 12847 currently. The index is still up 353.63 points or 2.83% on the day. The next target area on further upside momentum comes in

USDCHF falls below technical targets on weaker CPI The USDCHF has moved sharply lower after the US CPI data surprised to the downside. The price action has seen the pair move below a swing area between 0.9453 and 0.9469. Also within that area is the 61.8% retracement of the 2022 trading range that comes in

The USD is seeing a tick to the upside as the NY session moves toward the close. Tomorrow the traders will be dealing with the CPI data at 8:30 AM where the MoM is expected to rise by 0.2% and the YoY to dip to 8.7% from 9.1%. The Core however, is expected to rise

EURUSD basis against the 100/200 hour moving averages Traders were rewarded today with the basing of the pair near its 100 hour moving average (blue line in the chart above) at 1.01949 currently. Admittedly, the Asian session did trade mostly below its 200 hour moving average above (at 1.0203) and it’s 100 hour moving average

USDCHF rebounds toward 200 hour MA In the morning video report, the USDCHF was trading between the 100 and 200 hour MAs (blue and green lines – see VIDEO here). The USD moved lower and so did the USDCHF. That took the price below the lower 200 hour MA and that momentum fell below a

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