Technical Analysis

Up and down choppy action this week. The USDCAD is trading near the lows for the week at 1.3033. The low price reached a NY and day low at 1.30384. The current price is at 1.30497 area. That level represents the 50% midpoint of the range since November 9th.   Looking at the hourly chart above,

Can oil finally make a break? In the span of a few months, oil went from the world’s most-volatile commodity to a sleepy backwater. That won’t last. WTI crude climbed 40-cents on Friday to wrap up a 5% gain on the week to $42.15. It’s now up 17% this month and 25% since the election-night

Tests swing area over the last few days The EURUSD trades to new lows into the London fix and in the process has moved to test a swing area at 1.18487 to 1.18515. On Wednesday, the low based twice in that area.  On Thursday, the price fell below and found intraday sellers against the area

Kiwi dollar continues the comeback The US dollar was among the top performers last week but it’s back in the basement this week. At the other end of the spectrum is the New Zealand dollar, which was easily the top performer this week. Looking at NZD/USD, it’s had a nice two-week breakout from the 2020

NASDAQ index leads the way The NASDAQ and S&P index are closing near session highs. In the process they are snapping a 2 day losing streak.  The Dow industrial average also euros but at a more modest pace. The final numbers for the day are showing: S&P index up 14.08 points or 0.39% at 3581.87 NASDAQ

Dollar moving lower The dollar is falling across the board. The EURUSD has reached new session highs. The USDCAD is also trading to a new session high.   In other pairs, the greenback is off the lows still but moving lower nevertheless.   For the EURUSD, it has now broken above the 100 hour MA at 1.18526

S&P index and Dow industrial average closed down around -1.10% The major indices slip lower in trading today after earlier gains. Russell 2000 and down transports at record intraday high, but are closing lower S&P and Dow industrial average each fall around -1.16% All S&P sectors closed lower utilities healthcare and energy were the hardest

100 day MA stalls support. 100/200 hour MA stall rise. Something has to give….. The AUDJPY fell to the lowest level since last Monday’s trade and in the process tested it’s 100 day MA at 75.656.  The subsequent rise too the price close to the falling 100 hour MA and 200 hour MA at 76.149

Major indices all closed lower The good and bad for the stock market day is that the small-cap Russell 2000 closed at record levels for the 3rd consecutive day. The not so great news is that the major indices all closed lower on the day and snapped today winning streaks. Dow on track for best

AUDUSD pair remains in up and down range between 0.7221 to 0.73392 The AUDUSD reached a high at 0.73392 today. That was equal to the high from last week (on Monday November 9th (see green numbered circles).  Sellers leaned against the level (now a ceiling).  The weaker retail sales has helped to push the pair

Dow approaches 30 K The Dow and S&P index both closed at record levels. The NASDAQ index is still off its record high level as investors move into the more beaten-down stocks of 2020. Dow post 1st record close since February Russell 2000 also closed at a record high level Dow closes 48 points from

GBP/USD falls back to 1.3200 and tests the 100-hour moving average For bank trade ideas, check out eFX Plus As the dollar eased earlier, cable hit a session high of 1.3243 but is quickly seeing that reverse towards 1.3200 and a test of its 100-hour MA (red line) at the figure level now. Despite the

Not going very far but staying above the moving average level The EURUSD traded between the 50% retracement near 1.17606 and its 100 hour MA (blue line) in trading yesterday.   Today after sleepwalking through the Asian session, the pair was able to extend above its 100 hour moving average and has stayed above that level (on a closing basis) since breaking. The

The tries below the 200 hour MA failed. The sellers turned to buyers. The GBPUSD trades between the 100 and 200 hour MAs with the 100 hour MA above at 1.31931 and the rising 200 hour MA below at 1.31351 (green line).    Recall from yesterday, after moving below the 100 hour MA (blue line),

200 hour MA stalled the fall in the current hour The AUDUSD fell below a floor in the 0.7238 to 0.7245 area.  Yesterday, afternoon, the pair fell below that area and stayed below in the Asian session. The price was also able to get below the 200 hour MA (green line).   However, sellers could not

4 of 5 days are higher for the major indices The European shares recovered modestly from the declines seen yesterday. For the week, the major indices all closed higher.  The major indices enjoyed gains in 4 of 5 days. That was the same win percentage from last week.  The provisional closes for the day show:

Tests the high at 1.3170 level The USDCAD has completed the down and up lap in trading today. The Asian session high reached just short of 1.3170. The rotation lower stalled near a swing area betweein 1.3108 to 1.3115 and bounced back higher. The high just reached 1.3172 completing the lap (with a few pips

This is re coronavirus developments in the Australian state of Victora (Australia’s second-most populous).  The state has now gone 14 days of zero new cases And 14 days of deaths from COVID-19 . Breathless media reports now that with 14 days of zero cases the 14-day average has also fallen to zero. Um, yep.  For