Technical Analysis

Gold woke up on the wrong side of the bed following the weekend but is managing to hold up for the time being Precious metals are among the notable movers today with gold having witnessed a drop to near $1,804 to start the day before rebounding by $36 to $1,840 at the start of European

Major indices lower on the week as well The major European indices are closing the week with sharp declines of over 1%. For the week, today’s price action has also increased the declines with the FTSE 100 and Spain’s Ibex the biggest decliners. The provisional closes are showing: German DAX, -1.4% France’s CAC, -1.2% UK’s

Support at 0.88603 to 0.8878. Low in EURUSD moved to 0.88649 today. The EURGBP bounced off key support for the 2nd consecutive day.  Looking at the daily chart, the 0.88603 to 0.8878 area is home to a number of swing levels going back to April 2020.  Yesterday, the low price reached 0.88688 and bounced.  Today the low price reached 0.88649 and

Down $1.21 or -2.26% The price of the February WTI crude oil futures is settling at $52.36. That is down -$1.21 or -2.26%. The high price reached $53.83 the low price extended to $51.83. Looking at the hourly chart, the fall today took the price back below its 100 hour moving average of $52.91, and closer

The EURUSD has traded most of the week below the close from last week The EURUSD closed last week week at 1.22159. The price initially fell on Monday to a low of 1.21315 and formed a bottom between that level and 1.21364 on Tuesday before moving higher, and retesting the close from last week. The high for the

NASDAQ down -0.87% All 3 major indices are ending the day lower. The NASDAQ led the way with a decline of -0.87. Both the S&P index and Dow industrial average never traded above unchanged on the day. The Russell 2000 which outperformed yesterday, underperform today with a decline of -1.46% The final numbers are showing: S&P index -27.29 points or -0.72%

USDJPY 100 hour moving average at 103.935. The 200 hour moving averages at 103.70 The USDJPY tried for the 2nd consecutive day to break below the 200 hour moving average. However, like yesterday, the momentum on the break could not be sustained, and the price has rebounded higher. The moved to the upside took the price up to 103.895. Going back in time that

Dow first 2 day losing streak since December 10 The major indices are all closing lower with the S&P index losing the most ground on the day. In contrast the small-cap Russell 2000 is closing at a record. The Dow closed lower for the 2nd consecutive day. This was the 1st 2 day losing streak since December 10. The final numbers

Price has trading above and below the 100 hour MA over the last 2  trading days The USDCHF is following the USD lower.  For this pair, the price high today reached up to the low end of a swing area near recent highs between 0.89172 and 0.89197. The high price today reached 0.89167 and reversed lower. The last 4 hourly bars

Wide ranges continue The bitcoin chart is starting to look better. The big drop to $30,100 from $41,986 highlights a couple things: 1) The bitcoin market likes big round numbers. We’ve seen it before and we’ll see it again 2) There’s panic, but no real panic A 28% drop is no joke in any market

Trend line was broken but quickly rebounded The AUDUSD has moved lower today after a run higher into the close and Asian session, ran into the underside of a broken trend line and rotated lower (see blue numbered circles).   The push lower moved to test another trend line (this one an upward sloping line –

Major indices rebounds off the lows into the close The major indices opened modestly higher, moved lower into the midday, and rallied back higher into the close before finding some selling at the bell.   The Nasdaq led the way higher with a gain of 0.28%. The Dow was not far behind with a gain of

50% retracement above.  100/200 hour MAs below The USDCAD is trading between support defined by the 100/200 hour MA below and the 50% retracement above (resistance).  The support comes in against the 100/200 hour MAs.  They currently come in at 1.2720 to 1.27256. Also near that level is a swing area between 1.2722 and 1.2733.

Remarks overnight via CS on the euro: EUR/USD extends its rejection from our long-held ‘measured base objective’ at 1.2355 and with RSI momentum holding a triple bearish divergence and with the USD rebounding from major support and our next core objective, we continue to look for a consolidation phase to emerge Below price support at

Negative start to the trading week The NASDAQ index is opening up down over 1% as concerned about big tech and the potential for less stimulus as Dems and GOP argue about impeachment.   A snapshot of the major indices currently shows: S&P index -28.33 points or -0.75% at 3796.92 NASDAQ index -143 points or -1.09% at 13058

Gold down more than $100 in three days Gold jumped to start the year but it’s crumbled since the Senate election. The market is signaling that higher US rates and better growth will diminish demand for gold. Technically, the 61.8% retracement of the rally since November clocks in at $1839. For bank trade ideas, check

Below the 61.8% retracement The EURUSD has dipped to a new session low and in the process has moved below the 61.8% retracement of the choppy trading since the December 21 low.  That level comes in at 1.22127.   The price has stayed below since breaking.  Earlier today, the 100 hour MA stalled the rally not

Up $1.41 or 2.72% The price of WTI crude oil futures are settling the day at $52.24. That’s up $1.41 or 2.72%. The high for the day reached $52.33. The low reached $50.81. The price has risen from the close on December 31 at $48.52. The low price reached $47.18. The high price was today’s