Technical Analysis

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

Gold up $37 to $1966 Gold is back in the saddle today and on track to close at the best levels since Aug 18. It’s all about the dollar today as it trades off of that and Treasury yields. At the same time, you get the sense this is a market that’s really searching for

Cable breaks out Cable edged above the August range yesterday but has redoubled the effort today in a nearly 150 pip surge. The rally broke above the monthly high and the January high, which means the pair is now in the green year-to-date. It’s been an impressive turnaround and even moreso given that the BOE’s

Continuation of the trend One of the major divergences in markets in the past two months has been the lack of enthusiasm in emerging market currencies. Most — if not all — are way below pre-pandemic levels. Among the laggards are the LatAm currencies, including BRL, MXN and COP. All three are near the top

Fits and starts USD/CAD earlier today looked like it was finally making a definitive break of the late-August rally but a few hours later, it’s 75 pips from the lows and unchanged on the day. The loonie has been a tough trade in the pandemic and that continues to be the case. For those looking

AUD/USD trades to its highest levels since December 2018 For bank trade ideas, check out eFX Plus The drop in the dollar post-Powell and the risk-on party is continuing to fuel a further upside run in AUD/USD, as we see price trade above the 0.7300 handle for the first time since December 2018. Price action

Down $0.35 or -0.81% The price of WTI crude oil futures are settling at $43.04. That is down $0.35 or -0.81%. The high price reached $43.50 while the low price extended to $42.36. The price close is back below its 200 day moving average of $43.20 after 2 days of closing above that key moving