S&P looking to close over the 4500 level Both the S&P and NASDAQ are on track for record closes again. For the S&P it would be record close number 51 for the year. A higher closes will be the fifth day higher in a row. For the Dow it would be its fourth day higher
Technical Analysis
Support at the 200 hour MA has held so far The EURUSD has a trading range within the trading range from yesterday with an up and down price action (or down, up and down). On the downside, the 200 hour moving average held support on a few attempts to the downside. That moving averages comes in at
Head and shoulders patterns don’t always work out Beware of textbook chart patterns. Charts that are nearly ‘perfect’ have a habit of not working out. Last week I highlighted a potential head and shoudlers top in CAD/JPY, which had been one of the best trades in FX this year. I even warned in the post
There is only in a 24 pip trading range The good news for the buyers is that the EURUSD is trading to a new session high in early North American trading. Also positive in a negative way sort of, is that the range is extended to 26 pips. That is well below the 51 pips average over the
S&P and NASDAQ close at record levels The US major indices had a solid gains today led by the NASDAQ index which increased 1.54%. The Russell 2000 also had a solid gain of near 1.9%. The gains were help by the FDA’s full approval of the Pfizer Covid vaccination. The hope is that those who
Held resistance against the 61.8% retracement/ahead of the high from last week The USDJPY has seen a move higher today help by better risk on sentiment. Recall from Friday, the price came down and tested its 100 hour moving average (lower blue line) and found support buyers. Today in the early Asian session, the price retested that moving
The low was at $1770.60 and the high was at $1795.37 The price of gold has consolidated in a up and down trading range this week. The low was reached on Monday at $1770.60. The high was on Tuesday at $1795.37. The close last Friday was around $1778. The current price is trading around $1785. That is in
Trades down to $62 and finds natural support buyers on the first test The price of WTI crude oil futures are making new lows for the day, and in the process testing the $62 level. The low just reached $62 and is seeing a modest bounce back up toward $62.18 A break below the $62 level will
Down $1.37 or 2.15% The price of WTI crude oil futures are selling at $62.32. That’s down $1.37 or 2.15%. The price has since moved down to test the $62 level. The move lower was the seventh consecutive day with lower levels. Over that time, the price has moved -10.87%. The next target comes in
Stall at the key MA level The GBPUSD trended sharply to the downside yesterday and is modestly lower today. The EURUSD had an up and down day yesterday – closing lower – and is higher today. That price action has been helped by a bid in the EURGBP over the last two days. Looking at the hourly chart,
All 11 sectors higher The major indices all closed higher for the day led by the NASDAQ index which rose 1.17%. All 11 sectors of the S&P are higher indices close near the session highs Dow snaps a three-day losing streak S&P and NASDAQ close up for the second consecutive day major averages post weekly losses Dow
Crude oil is down for the 7th consecutive day The CHF is the strongest and the CAD is the weakest as flows are once again out of the commodity currencies with help from China regulation, concerns about slowing from Covid delta variant (at least now), lower stocks, and all that dynamic continues to hurt commodities.
What an ugly fall this week The final tell for an Australian dollar capitulation should have been yesterday’s jobs report. The numbers for July were surprisingly good and yet AUD/USD could only muster a 10 pip rally on the headlines. To be fair, it landed at a time of incredible USD/JPY buying and it’s a
AUD/JPY slides by 1.4% on the day to 78.25, lowest since December last year AUD/JPY is one of the key barometers for risk sentiment and it isn’t painting a pretty picture since the start of the week, after slipping below the 20 July low @ 79.84. The drop today also takes out the 28 January low
A rundown of some of the sore spots The charts aren’t always right but they should never be ignored, especially when so many dominoes are falling together — and just six weeks after the bottom began falling out of Treasury yields. There are still many risk-positive charts out there and many more that are hanging
NZD/USD falls by 0.5% to 0.6890 in European trading The kiwi has put up much resilience after the RBNZ policy decision earlier but the currency is starting to wobble a little now as it slips under 0.6900 against the dollar. While the figure level is key, there is still daily support from the 20 July
Big support level broken EUR/USD is a handful of pips away from the March low of 1.1704 and the key 1.1700 level. That’s a level that’s been defended twice before and is the lowest since just before Biden was elected. The FX market is throwing up red flags all over the place this week as
GBP/USD down 0.4% to below 1.3800 on the day The dollar may be keeping more resilient amid more dour risk tones in the market but it is tough to really pinpoint any reason for the pound’s underperformance today, in which the currency is even lagging the loonie in European morning trade. The only thing I