Oil down by a little over 3% to its lowest level since 29 June For bank trade ideas, check out eFX Plus The technical story in oil has been a really interesting one throughout August trading until now. Buyers kept a break above $40 but have been unable to firmly break above the 5 August
Technical Analysis
The MA line held support in trading today The price action is limited as the US and Canada are on holiday (and that tends to influence trading activity globally). The USDJPY range today is only 25 pips. The average over the last 22 trading days (about a calendar month) is 67 pips. So what can
Cable falls to a session low of 1.3175, testing the low on Friday For bank trade ideas, check out eFX Plus The pressure is starting to build for the pound now as sellers are threatening a further move to the downside, in search of a firm break under the 1.3200 handle. The Friday low @
Out of synch with oil The price of the USDCAD has moved down to test the 100 hour MA at 1.30703. The run lower (higher CAD) is running counter to the price of oil which has slumped in trading today. The price of crude is currently down -$1.57 ro -3.8% at $39.79. Watch the level
Rotation lower after spike higher stalls ahead of the week’s high The USDJPY spiked higher in the early NY session on the dollar buying trend, but after the pair could not extend above the high from Thursday and USD selling returned, the price of the pair followed the leaders (or others) and moved back lower
Down -$1.60 or -3.87% The price of crude oil futures are settling at $39.77. That is down -$1.60 or -3.87%. The high for the day reached $41.87 and the low extended to $39.35. A week ago the price for the October contract closed at $42.97. Today’s close was the lowest since June 30. The price
Apple shares are now higher on the day The US stocks are continuing to clawback the sharp declines. The Dow industrial average is ticked positive for a moment. The S&P index and NASDAQ index continue to remain in the red but well off their low levels. A snapshot with less than an hour left in trading
S&P and NASDAQ break 5 week win streak It was a wild up and down trading day for the major US stock indices. At the end of the day the major indices all fell. For the week they also declined. The NASDAQ index was the weakest today and also for the week. Some highlights for
EUR/USD sits little changed in a 24 pips range so far today For bank trade ideas, check out eFX Plus Although stocks have reversed course in the opening hour of European cash trading, major currencies continue to sit tight in a pre-NFP lull for the most part so far today. EUR/USD is looking tepid, ranging
Dow Jones falls -1025 points at its lows The major indices are closing sharply lower. The major indices declines were the sharpest since June for the S&P and Dow. For the NASDAQ, you have to go all the way back to March to have a worse trading day. The Dow industrial average is now back
AUD/USD sits lower on a firmer dollar today, but price action rests in between both its key hourly moving averages For bank trade ideas, check out eFX Plus The low today hit 0.7297 but price is now keeping just above 0.7300 as dollar gains ease up a little on the session. The pair is still
Within 500 points of the all-time record high The Dow industrial average has filled the gap from February 21 to February 24 in the trading today. The low of the gap was at 28892.70. The low price today came in at 28713.53, but the price has since moved to a session high of 29104.12 –
The dollar creeps a little higher, building on the turnaround yesterday EUR/USD is dragged down to a low of 1.1871, as sellers break below its 100-hour moving average and move closer towards a test of the 200-hour moving average @ 1.1858. Meanwhile, we are also seeing cable slip to a session low of 1.3332 and
Major indices closed near highs for the day The S&P and NASDAQ index closed at record highs once again. The NASDAQ index led the way with a 1.39% gain. Each of the major indices close near session highs. The S&P closed higher for the 8th time in 9 days. The NASDAQ index rose for the
The greenback is the weakest performing major currency so far today There isn’t much reprieve for the dollar following the losses yesterday, though we are seeing EUR/USD back away from levels near the 1.2000 handle at least to start the session. The pair touched a high of 1.1997 earlier in the day but is now
Silver outpaces gold The silver bugs are proving to be resilient. Gold is consolidating but silver may be in the midst of another breakout. The rally today may have punched a path higher from the bull flag pattern on the chart. Despite the technical break at the moment, I’m skeptical of precious metals in the
The dollar falls to fresh lows on the day The greenback is suffering across the board as the pressure builds with USD/JPY now breaking below 106.00 as price action tracks below its 200-hour moving average to a fresh low of 105.73 currently. Elsewhere, the dollar is not finding any reprieve as we see EUR/USD rise
USD/JPY down by 1% on the day in a drop to 105.50 currently For bank trade ideas, check out eFX Plus The drop to 105.50 now breaches the low seen in the whipsaw following Powell’s speech yesterday, which was at 105.61. Abe’s press conference earlier was rather bland, offering little hints about his successor but