Technical Analysis

EUR/JPY is up 70 pips today but Citi thinks it’s time to fade the pair. “We are going short EURJPY at 142.55 with a minimum target of 137.85-138.20 and a possible extension towards the 200-day MA at 132.54,” analysts at Citi said. If they liked it at 142.55, they’ll like it even better at the

Bank of America Global Research discusses USD/JPY technical outlook and warns of a scope for a correction lower in July. “A triangle breakout targeted 131.50 (reached), the trailing high from 2002 is in the 135s (reached), the interior trend line is approximately 140/141, the 38.2% head and shoulders target is 145.18, the peak in 1999

Oil came into the day on a three-day winning streak and looked to be extending that to four as gains stretched to $114.01 at the highs. But a sharp turnaround started four hours ago and it finished just below $110. One of the reasons was a comment from a US OPEC envoy who said he

I’m skeptical of price action around quarter-end so I don’t want to pile on here but if I were to pile on I’d say: Europe is an uninvestible sinkhole of economic growth that’s more concerned with consolidating political power around a United States of Europe and social/green investment than in winning any kind of race.

Me and Eamonn both highlighted the bearish outside day in oil yesterday and it’s coming to pass. There was a bearish outside day yesterday and it came after a test of the 50-61.8% fibonacci retracement level of the June swoon. OPEC+ today was a non-factor as it endorsed the August production hike that was already

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Today, China cut the time inbound visitors have to stay in quarantine from 3 weeks to 10 days. This sign of easing is positive for the Chinese stock market The CSI 300 index is one of China’s most watched stock market indices. It follows 300 large and medium-sized stocks in Shanghai and Shenzhen The chinese

June 28th S&P 500 E-mini futures (ES) 4-hour candles. We’re looking at a top of a current range at 3,950 S&P bulls attempted to break through the resistance, but created a double top and failed We outline in the technical analysis video below a volume profile for the current price range. It seems that the

Visitors to Macau casinos are expected to rise and Las Vegas Sands (stock ticker: LVS) presents a very interesting reward vs risk opportunity for the long term buyer LVS stock seems to be rising from the bottom of a range going back to 2015 This stock buying opportunity is worth a consideration, especially in light

USD/CAD fell 21 pips to 1.2875 as the rebound in oil prices continued. The US dollar was mixed as high yields and good economic data competed with end-of-month flows into some beaten-down currencies. The main feature on the USD/CAD chat is the double top at 1.3077/79. The declines in the past two days emphasize that

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EURUSD was back above its 100 hour MA in up/down trading The EURUSD is mired in another rangy trading day. The price action yesterday was up and back down. Today it was down and now back up. On Monday, the price action was up and down. So the pattern is showing apprehension toward a directional

USDJPY retraces gains Yesterday, the USDJPY rallied once again and in the process broke above the June 14 high of 135.579. That move took the price to the highest level going back to September 1998 – nearly 24 years ago. The high price closed the day near the high for the day at 136.70. A

The yields in the US have taken another step to the downside as Powell speaks to demand destruction. The 2 year yield is now down about -12 basis points. The 10 year is also lower by about the same -12 basis points. Looking at the chart of the 2 year yield, the yield has now

GBPUSD moves up to test its 50% retracement The  GBPUSD  – like other pairs – has seen a run lower and move back higher helped by the Fed chair comments. The move back to the upside has taken the price back above the 200 and 100 hour moving averages at 1.2212 and 1.2262 respectively. The

EURUSD extends above the 50% midpoint. Now close risk. The  EURUSD  moved above the swing area new 1.0545 and approached the 50% midpoint of the move down from the May 30 high. Sellers initially leaned against that level, but after backing off on the 1st test of the retracement level, the price based and moved

Oil prices are down more than $4 today but the loonie is keeping pace with the US dollar. USD/CAD is flat at 1.2919. The high last week was 1.3079, which basically matches the May high and threatens a double top. The loonie has held up well this year in large part due to oil and

The group of the Canadian, Australian and New Zealand dollar sits precariously close to the extremes of the recent ranges. There is the potential for double bottoms in all three but the price action today suggests little appetite to buy the trio as recessionary worries spread. Copper prices are the lows of the year, Australian