Technical Analysis

4 hour chart shows the progression lower. The USDCHF this week trended lower and along the way, cracked below some downside technical levels.    Looking at the 4-hour chart above, the price started the technical breaks below an upward sloping trend line, fell below the 100 bar MA  (blue line) and then the 200 bar

CFTC Commitments of Traders: EUR longs continue to get covered. JPY shorts remain steady Coming Up! Title text for next article LON +1 SDNY+11 NY -4 TYO +9 GMT Technical Analysis Weekly forex futures positioning data for the CFTC for the week ending March 30, 2021 EUR long 68K vs 74K long last week. Longs

Nasdaq 1.9% from the all time high The major indices are all closing higher and near highs for the day/week. The S&P and Dow industrial average both closed at record highs. The NASDAQ index is just under 2% away from the all time high.   The major indices also closed higher for the week with the NASDAQ index leading the charge at

Effort to confirm a double top fails I wrote about gold yesterday, highlighting the potential for a break above $1755 and confirmation of a double bottom but also the risk that it could fail. The technical trade is the right one. It’s on the edge right now and I’d go with the next move to

Major indices close near highs for the day The major indices closed the day near record highs. The S&P is closing at a new record level. The Dow is closing about 24 points from its all time high at 33527.19.  The Nasdaq is still 1.89% from its all time high close at 14095.47 (the all

Pair steps lower and through swing area in the process The USDJPY has been stepping lower this week. Monday saw the pair move down to test the 200 hour MA (green line) and bounced on Tuesday. That bounce reached the higher 100 hour MA (blue line), found sellers and reversed sharply lower.  Yesterday, the pair

The S&P index did close at a new record high The major indices are closing their unchanged levels give or take. The border S&P index got up to a higher 4083.16. That was just short of the all-time high reached yesterday at 4086.23 (but it did close at a new record high). The NASDAQ index

200 day MA 1.1880 The EURUSD has been able to extend above its 200 day MA today near the 1.1880 level. The high price extended to 1.18978, but has worked back lower in early NY trading. The pair is trading above and below the 200 day MA the moment and is threatening to lead to

Nasdaq turns negative in the final hour of trading The major indices are all closing lower on the day. The S&P made a new intraday high but closed lower. The Nasdaq index turned negative in the last hour of trading in an up and down session. The Russell 2000 closed lower for the first time

Reverses from 100 hour MA and trend line at the session highs. Ping pongs between MA levels  The USDJPY is down testing the 200 hour moving average after holding against the 100 hour moving average and topside trendline in the previous hourly bar. The 200 hour moving average was tested yesterday along with the 38.2% retracement level (the low ticked

Nasdaq still 3.3% from the all time high The Dow and S&P both closed at record highs. The Nasdaq index rose sharply today, but still trades around 3.3% from the all time high reached on February 16.   For the day: S&P index rose 57.91 points or 1.44% at 4077.78.  At the highs the S&P was up

Quiet Easter Monday trading in Europe. US markets to fully reopen after Good Friday holiday As traders return to the US after the Good Friday weekend (European traders are off for Easter Monday holiday), the CAD is the strongest and the EUR is the weakest. The USD is mostly lower but with modest declines vs

100 hour moving average, 100 day moving average and 200 hour moving average tested on the AUDUSD. The AUDUSD is down trading at new session highs after erasing earlier declines that saw the pair move to the lowest level since December 2020.   The rise has now taken the price up to a cluster of moving average levels including the 100

1.25387 to 1.25474 is key swing area WTI crude oil is trading up $2.33 as production cuts in OPEC+ will remain in place (at least for now). That is a gain of 3.88%. The price reached a high of $61.59 so far. The move higher has helped the CAD move higher (the USDCAD lower). The

Up $2.29 or 3.87% The price of crude oil futures are settling at $61.45 or up $2.29 or 3.87%. The high price reached $61.75. The low extended to $58.86. OPEC+ met today. A summary can be found HERE.  Technically, the price moved back above the 100/200 hour MA in the run to the upside but

The USD is mixed The snapshot of the strongest to weakest ahead of the US jobs report is showing the NZD is the strongest, the CAD is the weakest. The USD is right in the middle with nearly equal gains vs losses vs the major indices. The USD is highest vs the CAD (at +0.14%)

What the charts are saying now and going into next week’s trading The US dollar is modestly higher after the better than expected jobs report but off the initial spike levels.  EURUSD: The EURUSD fell to a low of 1.1755 but has bounced back to 1.1768 currently.  The pair trades between the 200 hour MA

All quiet in Europe amid the Easter holiday It is Good Friday today and most European markets are observing a holiday, with FX being the only notable market open ahead of the weekend. The dollar is keeping steadier with little change observed across the board after a pullback yesterday, with Treasuries seeing a bid before