Technical Analysis

Falls below 1.2800 The USDCAD has will below the 1.2800 level and in the process is moving closer to the October 1, 2018 low price of 1.27818. A move below that level would take the price to the lowest level since May 2018.   Drilling to the hourly chart,  the USDCAD is run lower after the better-than-expected employment report out

Cable bounces back after small dip Even the 20-pip dips are being bough in cable today. That’s a great sign for the bulls but 1.35 is putting a ceiling on the pair for the moment. I remain a bull but I think the short-term trade is to go with a break of the range from

The buyers running the price up into the fixing The GBPUSD is moving higher into the fixing (just passed at 11 AM ET/1600 GMT).  The run to the upside takes the pair up to 1.3500 and to the highest level since December 2019 when the price reach 1.35139 (that was the high for 2019).  Earlier today, the price

The buyers try to push through the ceiling The AUDUSD has tested the 200 hour MA on three straight days. Each got close to the line (see green line), with buyers leaning ahead of the level.   The run up today, first cracked above the 100 hour MA (0.73716), and then ran above the topside trend

Oil up nearly 2% Oil went back and tested the August high earlier today and now it’s surging. Crude prices are up $78-cents to $45.34 in a sharp turnaround. To me this looks like a classic breakout, retest and continuation pattern. The OPEC+ meeting is tomorrow and there are often smokescreens at this time but

S&P and NASDAQ index is still close at record highs The major indices close higher but come off the highs and last hour so trading. Nevertheless both the NASDAQ and S&P closed at record high levels. The NASDAQ closed at record highs for the 46th time this year. A snapshot of the close shows: S&P index up

Low reached 0.90049 on the run lower. The USDCHF has tumbled lower and in the process is testing a lower trendline on the hourly chart around 0.90073.  That is also near old swing area going back to November 5 November 6 as the pair was bottoming at 0.89782 during that time period. The low price just reached 0.90049 . Needless

Major indices lower on the day. The US major indices close lower in last trading day of the month, but that did not subtract from the month’s solid performance: the Dow industrial average had its best monthly performance since January 1987 the S&P 500 and NASDAQ had their best months since April the S&P, NASDAQ, and Dow industrial

USDJPY higher on the day. Trades above and below MAs in choppy trading The USDJPY is choppy around a bit ahead of the London fix (month end). The pair is higher on the day, and has been trading above and below the 100/200 hour MAs. The highs for the day have been able to stay

Flows into back into EUR today.   The EURGBP has moved back above its 200 day MA at 0.89547 (green line in the chart below).  The pair has been wandering higher over the last 4 days after bottoming in the 0.8860 to 0.88798 swing area and the 50% of the range since December 2018 low at

UK FTSE recovers earlier declines. The European shares are closing higher on the day. The UK FTSE is closing higher after trading sharply lower earlier in the day (-0.95%).  It is closing up 0.07%.  A look at the closes shows: German Dax, 0.37% France CAC, 0.56% UK FTSE, up 0.07% Spain’s Ibex, +1.06% Italy’s FTSE

Corrective run higher, runs out of steam and tumbles back down The GBPUSD has fallen back below it’s 200 hour MA at 1.3311. The pair also fell below a swing area between 1.3309 and 1.33116. The pair moved down to test Tuesday’s low at 1.32912.   The run back to the downside erased the early New York session gains which is

200 hour MA at 104.11 The USDJPY is lower on the day and trades below the 200 hour MA at 104.114.  Admittedly, the price has traded above and below that MA level.  Early in the Asian session, the price fell below the moving average line and continue to the low for the day at 103.90. The subsequent rise

Down $0.18 on the day The price of WTI crude oil futures settle that $45.53. That’s down $0.18 or -0.34%. The high for the day reached $46.09. The low extended to $45.55. Technically, the price found support buyers against the swing high from August at $44.59. That was the highest level going back to March.

NZDUSD trades at highest level since June 2018 The price of AUDUSD and NZDUSD are moving to new session highs. The currencies seem to be cheering on a slowdown in Covid and hopes for vaccines solving the global problem. The NZD is also been helped after comments early this week that the RBNZ may look to house prices more in monetary policy

Let’s find out who has the upper hand Wild price moves are no stranger to crypto traders and it looks like the volatility is back. After a one-way move from $1200 to just shy of the 2017, crypto has tumbled today. The alts have been particularly hard hit but bitcoin is also down 12% to

Nasdaq index higher The US remain mixed after record closes in S&P and Dow yesterday. Both those indices are lower. The Nasdaq index is higher.  The snapshot of the major indices currently shows:  S&P index down 8.91 points or -0.25% at 3626.24 NASDAQ index up 32.27 points or 0.27% at 12068 Dow down -172.72 points or -0.57% at 29876.  

Oil up 37% from the election-night lows What a turnaround in oil from a month ago. It’s up 37% since election night and 12% in a week as it breaks out to the highest since March. Today’s price action though looks like a bit of a short-term blow off. It spiked to $46.26 into the