NASDAQ index is back down testing its 200 hour MA The NASDAQ index is now down -323 points or -2.62% at 11994.30. That takes the price back down toward its 200 hour moving average at 11991.74. A move below that moving average line would increase the bearish bias from a technical perspective. Conversely stay above,
Technical Analysis
GBPUSD breaks below 1.2524 support The GBPUSD has seen down, up and now back down price action since the US jobs report. The price initially moved to the downside falling to a low of 1.25197 shortly after release of the jobs report. That took the price below a swing level at 1.2524, but only briefly
With the UK still on holiday, the other major European indices are closing lower. A look at the closing levels shows: German DAX, -25.10 points or -0.17% at 14460.08 France’s CAC -15.14 points or -0.23% at 6485.31 Spain’s Ibex -19.3 points or -0.22% at 8724.81 Italy’s FTSE MIB -259.84 points or -1.06% at 24166 Looking
AUDUSD failed on break above 200 day moving average The AUDUSD yesterday first tested – and then broke – above its 100 day moving average at 0.72296 (top blue line on the chart above). The momentum took the price up to the 200 day moving average at 0.72561 (top green line) and ultimately above that
Spot gold tests a swing area between $1863 and $1869 The price of gold is up up $23.40 or 1.27% at $1869.35. That takes the price above a swing area between $1863 and $1869. Within that range is also the 38.2% retracement of the move down from the April 18 high at $1866.93. The high
GBPUSD running into resistance against moving average levels The GBPUSD is trading to a new session high and in the process is moving above its 200 hour moving average (green line in the chart above) at 1.25768 and testing its 100 hour moving average (blue line in the chart above) at 1.25865. Moving above both
EURUSD bounces ahead of the 38.2% retracement The EURUSD move sharply lower on the back of the run into the USD after stronger data today. The price moved down to and through recent swing lows at 1.06787, 1.0661 and the swing area between 1.0633 to 1.0641. What was not reached was the 38.2% of the
EURJPY moved down to test swing area The EURJPY is working on it the 5th day higher today. The price reached the highest level since April 25. The pair on its way higher moved above a topside channel trendline, but has since rotated back lower. Looking at the hourly chart, the correction lower in the
AUDUSD ends the month higher The AUDUSD moved higher at the start of the month of May and in the process moved up to retest the 100 and 200 day MAs (blue and green lines on the chart above). The price rise found risk focused sellers against the lower 100 day MA. The next 6
Crude oil returns to its 100 hour moving average The price of WTI crude oil futures are settling at $114.67. That’s down $0.40 or -0.35%. The high price reached $119.98. The low price extended to $114.15. The move to the upside earlier today was propelled by the EU announcement that they would embargo Russian oil
EURUSD finding support against its 100 hour moving average The EURUSD this week found early buyers against its 100 hour moving average on Wednesday, and again yesterday. In trading today, the dip lower after reaching new highs going back to April 25 once again saw the 100 hour moving average stalled the fall. The 100
USDJPY confined by technical levels above and below The UDSJPY has traded down and back up and trades modestly lower vs. the close from yesterday. The current price is trading at 126.94. The price closed at 127.07 yesterday. Looking at the hourly chart above, the high price today reached 127.192. That was just short of
USDCAD trades below its 50% midpoint The USDCAD moved lower in the early Asian session and in the process broke below its 50% midpoint of the move up from the April 21 low. That level comes in at 1.27677. The price has stayed below that midpoint level since the break. Stay below the 50% retracement
GBPUSD trades above and below the 50% midpoint The GBPUSD moved up to test the 50% of the move down from the April 21 high yesterday, and broke above that level at 1.2622 early in the Asian session today. The high price also extended above the May 4 high at 1.26373 on its way to
NZDUSD breaks higher today The RBNZ raise rates by 50 basis points on Wednesday. On that day, the NZDUSD moved higher extending above the high from Monday’s trade in the process on its way to 0.65135. However buyers turned back to sellers, the price moved back below a swing area between 0.64908 and 0.6499, and
USDCHF stalled near a swing area from back in April The USDCHF moved sharply lower on Monday and lower again on Tuesday. Wednesday and Thursday saw choppy action but stayed above the Tuesday low. Today, the price action has been up and down, but the price of the USDCHF did extend to a new week
The major US indices are trading to new session highs. The gains are led by the NASDAQ index which is up by 2.72%. Technically, both the Dow Jones and S&P index have moved above their respective 200 hour moving averages. S&P index is above its 200 hour moving average Looking at the S&P hourly chart
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