Technical Analysis

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The USD is modestly stronger ahead of the FOMC decision today The CAD is the strongest and the JPY is the weakest. Canada CPI will be released at the bottom of the hour. The USD is marginally higher and working through the earnings from Microsoft, Apple and Alphabet which each beat expectations (combined they had app. $57B

No record closes for major indices The major US indices have snapped their five day winning streak ahead of the key earnings including Alphabet, Apple, Microsoft, AMD, Starbucks.   Microsoft is trading down $3.11 at $285.94 Apple is trading down $2.42 at $146.57 Google is trading down $-48.99 at $2631.71 AMD is trading down $-0.92 at

USD/CNH breaches the 6.50 barrier The high today hit just over 6.52 as the offshore yuan falls to a low last seen since April against the dollar, hurt by the equities selloff in Hong Kong and China to start the week. The sharp move in the yuan is likely the cause for some extended moves

Up for the fifth consecutive day The major US stock indices close higher for the fifth consecutive day, and in the process closed at record highs. A look at the provisional closes shows: Dow industrial average rose 82.76 points or 0.24% at 35,144.31 S&P rose 10.51 points or 0.24% at 4422.30 NASDAQ index rose 3.72

GBP/USD sees upside move stall a little so far on the day The pair has made some good progress as price continues its rebound close to the 4 February low @ 1.3566. The low last week touched 1.3572 and since then, cable has regained solid ground despite a nudge lower on Friday. The dollar is

200 hour moving average at 0.73909. 100 hour moving average at 0.73470 The AUDUSD moved above its 100 hour moving average yesterday (blue line) and moved toward the 200 hour MA (green line). The high price both yesterday and today, stalled just ahead of that 200 hour MA at a 0.73909.  The 100 hour moving average is currently at

Ups and downs continue in the pair. Well, I could continue to use the same title in the afternoon update for the pair.  In the North American session, the price moved higher but continue to stall ahead of its 100 hour moving average at 1.17821 currently (blue line in the chart above).   The move back to the downside reached just

The pair finishes higher on the week I love a dragon fly doji like the one on the AUD/JPY chart this week. It’s a classic sign of uncertainty and a potentially violent reversal. The week started with lockdowns in Australia and broad risk aversion but it’s ending with the S&P 500 at all time highs.

Dow is above its all-time high close but below its all time intraday high The NASDAQ and S&P are on track for record closes today.  The Dow is also above its all time high close and also just above the 35000 level.   The NASDAQ is currently up 156 points or 1.06% at 14884. The high price reached 14845.40.  Its

Big earnings week next week The major indices are closing at record levels. Dow 238.34 points or 0.68% at 35,061.69.  The previous record close was at 34987 S&P rose 44.33 points or 1.02% at 4411.81. The previous record close was at 4384.64 Nasdaq rose 152.39 points or 1.04% at 14,836.99. The previous record close was at 14733 Russell

The market is sticking with calmer tones so far on the day USD/JPY is trading up to a session high of 110.49, its highest level in over a week, as Treasury yields are also nudging higher and putting behind the brief drop yesterday. 10-year yields are up 2.6 bps to 1.293% now and that is

The market is expecting Intel will report earnings after the close. The chip manufacturer has been under pressure as AMD and Nvidia “chip” away at their business. They have also been besieged with manufacturing problems.  The new CEO Gelsinger is looking to turn the manufacturer around via a large infrastructure investment, but that takes time and the market

Oil up 0.7% on the day to $70.70 If there was a convincing argument that the sizable move on Monday for oil (and to some extent the loonie) was a squeeze, the chart is certainly saying so. The drop at the start of the week was a big one and took oil towards testing key

The NASDAQ index leads the way in a close finish The major stock indices are all surging into the close and closing near their highs for the day Dow S&P, NASDAQ post 2-day gains Dow S&P and NASDAQ erase losses from Monday’s a selloff Dow has best today rally since early March S&P and NASDAQ

Higher Treasury yields is helping to see yen crosses a little higher today After Monday’s sharp drop, USD/JPY saw a solid rebound yesterday and that is continuing today as Treasury yields are also bouncing back. 10-year yields are up by nearly 4 bps to 1.245% and that is helping to provide the market with some

NASDAQ and S&P declines from yesterday Highlights for the day include: NASDAQ has its best day in more than two months NASDAQ snapped a five day decline Nasdaq 67 new highs but 76 new lows which is diverging. S&P higher for the first time in four sessions S&P has its best day in four months

The dollar is not letting up just yet to start the new week Risk trades may be retracing slightly after yesterday’s sharp losses but in FX, the dollar is still keeping more resilient as we get into European morning trade. Commodity currencies are leading losses but it isn’t so much just contained to that space,