Technical Analysis

USDCAD takes a breather The USDCAD has raced higher in trading today and in the process really had limited corrective price action. There was a brief consolidation after the better-than-expected GDP, but it has been racing back to the upside over the last few hours. However, the last 20 minutes have seen a rotation to

The GBPUSD has moved down to retest the 100 hour MA, the high price from November 15 and the Asian session low. All those levels come in between 1.20247 and 1.2036. A move below that area would tilt the short term bias to the downside from a technical perspective, with more work to do for

You hate to see something rally to a five week high and then turnaround and close solidly negative. That’s what has happened in EUR/USD and it may be the trigger the bears are looking for. It marks an outside day out the daily chart and a sharp reversal. That’s an ugly pattern. The only caveat

Nasdaq futures technical analysis video (2 and half minutes): I like to look for a ‘story’ that a chart tells me (in my opinion) and also follow charts in hindsight to learn where those stories developed, where there were hints on the way, etc. For example, if there was a failed breakout up, bulls are

The strongest to weakest of the major currencies The USD is the strongest and the JPY is the weakest as traders (some traders) in the US return from the Thanksgiving holiday with a drinking and/or eating hangover. Oh the pain. Today the US stock market will close early at 1 PM ET. The bond market

NZDUSD cracks lower in trading today The NZDUSD is correcting lower helped by the rising US dollar in trading today. The low price reached 0.62177. During yesterday’s trade, the high price extended to 0.6288. That got within sniffing distance of the falling 200 day moving average (see green overlay line on the chart above at

The forex week ahead. A look a the risk and bias defining levels for the week starting November. The week ahead has as catalysts the US jobs report on Friday where the NFP is expected to add a less than trend 200K jobs. Before that the Fed Chair Powell will be speaking at the Brookings

AUDUSD rotates lower toward swing area support The AUDUSD to a high yesterday of 0.67729. The high price today edged just above that level of 0.6774. Both those levels fell short of the mid-November high peaked at 0.6797. Today, the dollar has been more bid, and that has led to a move back to the

EURUSD on the daily chart The EURUSD fell back below the 200 day moving average at 1.03875 and extended down to a low price of 1.0354. That low entered into a swing area going back to May June and July. The lows in May and June stalled within that area. On July 1, the price

USDCAD falls to a new low The USDCAD has moved to a new session low, and in the process is moving further away from its 200 hour moving average at 1.33502. The price has traded above and below that moving average in trading today. However the 50% of the move up from the cycle low

USDJPY steps lower over the last 3 days The USDJPY is working on its 3rd day down since peaking and closing near the corrective highs on Monday. That high stalled near the 50% of the move down from the last test of the 100 hour MA on November 9. The low on Tuesday held support

USDCAD moves back between 100/200 hour MA The USDCAD has seen moves up and down today. The price started the day below the 100 hour moving average (blue line in the chart above), but failed as support buyers leaned near the 50% midpoint of the range over the last few weeks. Since that initial dip

The major US stock indices are closing the day with gains across the board. The NASDAQ index is a leading the way with a rise of near 1% Dow industrial average is the laggard as it tested the August high and backed off in trading today. The down and up lap is complete (see chart

Watch the following 60 second video to see a quick technical analysis snapshot of Nasdaq futures, based on simple daily candles, volume and one of the most watched technical indicators. In short, Nasdaq is looking bullish as buying volume dominates the double bottom pattern and the daily candles are above the 20 EMA (exponential moving

USDCAD falls to the 100 hour MA The USDCAD moved to a new session low and in the process, sniffed the rising 100 hour MA at 1.33759. The low price got with 7 pips of the MA level at 1.3382 and bounced. The price is trading at 1.33972. The price of the USDCAD moved sharply

S&P trades lower today. The S&P index has trading to a new session low, after a move into positive territory failed. The low reached 3940.99. The price is rebounding modestly to 3943 currently. The index is down -0.57%. Looking at the daily chart, the low last week in the S&P index reached 3906.54. At the

WTI crude oil is settling at $79.73. That’s down $0.35 or -0.44% on the day. The price low reached reached $75.27 which was $0.08 below the closing level from 2021 at $75.35. The fall lower was helped by a newswire headline that OPEC+ was mulling a 500K production increase at their next December 4 meeting.

In the morning forex technical report from Greg Michalowski, the markets are seeing some consolidation in most of the pairs into the US session. The EURUSD is battling around its 100 hour MA with the 38.2% holding support earlier this week on the downside and the 200 day MA looming above as a key resistance