The price of WTI crude oil futures are settling at $107.82. That is up $3.58 or 3.43%. The high price reached $108.75. The low price extended to $104.55 Looking at the hourly chart, the price high today stalled near the 100 and 200 hour moving averages. The 100 hour moving averages at $108.23. The 200
Technical Analysis
NASDAQ index moves toward its session lows The Nasdaq index is trading down over 220 points on the day or -1.52% at 14395. The index is off the low for the day but moving back to the downside as the day works toward the close. The low for the day reached 14383.45. Looking at the
NASDAQ index approaches its 100 day moving average The Nasdaq index is currently trading up 234 points or 1.63% at 14500. The high price reached 14591 so far. The index is working on its eight day higher in 11 trading days. Since bottoming on March 14, the index is up over 16%. The index is
It did not take long to reach the key target outlined in an earlier post, but the NASDAQ index has reached its 100 day moving average at 14648.86. The high price just reached 14646.90. Above the 100 day moving averages the 200 day moving average at 14726.96. It would take a move above both to
It’s tough to chase an 8% move but the bitcoin chart is a good looking one. There are a series of higher lows and consolidation since January. Now it’s broken a double top and doesn’t have much in the way of resistance up to $52,000, which is another 10% higher. Bitcoin has a history of
AUDUSD has moved back below its 100 hour moving average The AUDUSD broke below the 100 hour MA for the first time since March 16, and the break sent the pair from 0.7491 to the session low at 0.7466. That will was just above the swing lows from Thursday’s trade at 0.74656. There are now
The USDJPY continues to run to the upside. The pair is now approaching the 122.00 level. The high prices reach 121.965 so far. Moving above the 122.00 level and staying above would push the price toward the higher extremes on the weekly chart (see earlier post HERE). There may be some sellers against that 122.00
The USDJPY has moved up 13 the last 14 trading days and in the process has seen a move higher of 740 pips. Yield differentials between the US and the Japan rate has been a big contributor to the move higher (see post here). Euro 10 year yield – Japan 10 year yield spread widens
USDCAD runs away from its 200 day moving average The USDCAD is working on its eight straight day to the downside (stronger CAD). Adam Button talks to the fundamentals that are underlying the move into the loonie in his interview here. Technically, the move to the downside has been seen a bias shift to the
The JPY continues to get hit with the USDJPY, and the JPY crosses all pushing higher The USDJPY is now trading above the 122.00 level and has reached a high at 122.12. The price is now moving into the upper extreme area (see post here) The EURJPY has now moved above its 2021 high at
At the end of last week, I made the case for Canadian dollar gains, and I spoke about that on BNNBloomberg on Monday as well. It’s been a great week for that trade, with the loonie up every day. I would be cautious here. A close below 1.2500 would be the lowest this year but
AUD/JPY is modestly lower today in what would be the first daily decline after eight straight days of gains but it’s the weekly chart where I want to focus. It’s gone parabolic, adding 4% this week in the eighth consecutive week of gains. The rally this week blew through the 2017 high and is one
EURUSD solidifies support and resistance Guess what? The 200 hour MA held resistance in the EURUSD . Surprise. Surprise. The 200 hour MA (green line) has acted as a barometer for bullish and bearish going back to last week. There have been a number of moves above and below the moving average, but the price
The 50 basis point rate hike by the Bank of Mexico was as expected especially after the Mexican President inadvertently leaked it this morning. Nevertheless, the USDMXN is trading to new lows for the day. So at least the market saved a little reaction it seems. Looking at the daily chart, the USDMXN is, moving
The USDJPY has been up 11 of the last 12 days. The close yesterday was at 120.81. With the current price at 121.06, it looks like 12 of the last 13 days is the odds on favorite now. US 10 year to Japan 10 year yield spread If you were look at the run higher,
NZDUSD on the daily chart The NZDUSD has stretched to a new high. The price reached 0.69879. That move got the pair’s price within 8-9 pips of the 50% midpoint of the move down from the 2021 high and also within 13 pips of the natural resistance target at the 0.7000 level. The high today
AUDUSD held the swing area support and moved higher The Nasdaq and S&P are trading near highs for the day, and that is helping the “risk-on” flows in pairs like the AUDUSD . Technically, as posted earlier, the price did take out the 2022 high at 0.7440, rising to 0.74474 in the process, but the
On March 14, the Nasdaq closed below the February swing low at 12587.88 and reached a new low for 2022 at 12555.35. Since then, the price has moved up 12.41%. The S&P index is up 8.35% over that time. The moves to the upside comes amidst a rise in 10 year yields from 2.02% to