Technical Analysis

The EURJPY moved higher earlier today, breaking above the 100-hour MA (blue solid line on the chart below) in the process (currently at 166.679. The subsequent move higher extended toward the 100-day MA (step blue line on the chart below) in the Asian and early European session, but fell short of that target at 167.98.

Fundamental Overview The USD has been rallying steadily against most major currencies in the recent couple of weeks, although the catalyst behind the move has been unclear. A good argument has been that most of the moves we’ve been seeing in the past 10 trading days were driven by deleveraging from strengthening Yen. Basically, the

The price of crude oil is settling at $75.81. That is down $-1.35 or -1.75%. The high-priced today reached $77.69. The low price was at $75.35. The low was the lowest since June 7. Fundamentally, summer doldrums with weak demand from China is being offset by Middle East violence. Technically looking at the daily chart,

Fundamental Overview Bitcoin eventually managed to break above the key 67275 resistance as the risk mood improved in the latter part of last week. From a macro perspective, nothing has changed as the Fed is going to cut into resilient growth, which should ultimately be a strong bullish driver for the market. Over the weekend,

The USDCAD broke above the “Red Box” that I have been talking about for weeks and weeks. That led to buying yesterday, but the high extreme price from April could not be broken convincingly and there was a rotation lower. However, buyers did come in near the high of the “Red Box” (see chart below

The USDCHF moved lower this week helped by flight to safety flows after strong selling in the equity markets. That move lower, took the price back below its 200 day moving average near 0.8883, and the 38.2% retracement of the move-up from the December low also at that level. More momentum took the price below

The Baker Hughes rig count for the current week is showing: Oil rigs +5 to 482 Gas -2 to 101 Total rigs, +3 to 589 The price of crude oil is down $1.28 on the week or -1.63%. Looking at the daily chart, the price of crude oil remains below the 200-day MA (green line)

The US stocks are moving lower with the broader S&P and Nasdaq indices below the midpoint of the days trading ranges. The indices still remain higher on the day, but in a week that has seen sharp moves lower, the leaking back to the downside is a disappointment. Looking at the Nasdaq, it is still

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

EURUSD failed above the 100 hour MA and sellers pushed In the Kickstart video today, I talked about two things that had to happen in the EURUSD if the buyers were to take back control. Getting above the 100-hour MA (blue line on the chart above) Getting above the 1.0872 level Requirement #1 was successful

Fundamental Overview The USD has been rallying steadily against the major currencies since last Wednesday on the back of general risk-off sentiment, although it’s unclear what has triggered the move. From the monetary policy perspective, nothing has changed as the market continues to expect at least two rate cuts by the end of the year

NASDAQ bounces off 38.2% and fills a gap The NASDAQ index move down to a low of 17352.93. In a prior post I outlined the area as a target level. The level corresponds with the 38.2% retracement of the move-up from the May low. That level comes in at 17353.82. It also corresponds roughly with

Fundamental Overview Crude oil has been under sustained pressure since the beginning of July. Things got even worse as Trump’s odds of winning soared after the failed assassination attempt. He is a great supporter of the “drill, baby, drill” slogan and he will likely put an end to the war in Ukraine if he gets

Earlier this month, I did a series of posts, following the trend of the GBPJPY on a trend move higher. The move to the upside was helped by dips finding support against the 100-hour MA. That continued until it didn’t and the technical story changed. Here is the succession of posts. https://www.forexlive.com/technical-analysis/the-gbpjpy-is-trading-at-highest-level-since-2008-and-bounced-off-support-todaywhat-next-20240705/ https://www.forexlive.com/technical-analysis/has-the-song-remained-the-same-for-the-technicals-driving-the-gbpjpy-trend-move-higher-20240708/ https://www.forexlive.com/technical-analysis/gbpjpy-still-remains-above-the-100-hour-ma-20240709/ https://www.forexlive.com/technical-analysis/gbpjpy-continues-its-run-to-the-upside-hints-of-a-top-yesterdayfails-20240710/

Fundamental Overview The USD regained some strength in latter part of last week. From the monetary policy perspective, nothing has changed as the market continues to expect at least two rate cuts by the end of the year and sees some chances of a back-to-back cut in November. The data continues to suggest that the

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

Fundamental Overview Bitcoin rallied strongly last week after a failed attempt to assassinate the former US President Trump. The market reacted positively to the event because he’s been a supporter of the crypto industry and Trump’s odds of winning the election soared. Last night, the price of Bitcoin dipped on the news that Biden dropped