Technical Analysis

The USD is moving to new session lows vs all the major currencies with the exception of the JPY. The declines come despite rise in US yields. The US 2-year is up 3.2 bps, the 10-year is up 5.8 bps, and the 30-year is up 5.6 bps. EURUSD: EURUSD moves from 100 hour MA The

As the US 10-year yield moves higher, the USD is moving lower. That is not the normal relationship, but it is today. Technicals seem to be in play as the 10-year yield bounces off a key support area near 4.34%. Meanwhile, the USD is breaking to the downside against a number of the major currencies.

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The AUDUSD fell yesterday but bounced off a key floor support near 0.6522. The move higher today has come off highs but is so far holding the rising 100 hour MA support. Staying above keeps the buyers more in control and will have traders looking toward the 50% midpoint of the move down from the

USD The Fed left interest rates unchanged as expected at the last meeting with basically no change to the statement. Fed Chair Powell stressed once again that they are proceeding carefully as the full effects of policy tightening have yet to be felt. The recent US CPI missed expectations across the board bringing the expectations

The NASDAQ index reached a high of 14539.61 today. That price extended above the high closing level for the index in 2023. That high close came in at 14358.02 reached on July 19. That was the same day that the intraday high price for that index was reached at 14446.55. NASDAQ index traded above its

The USDJPY is moving higher as the clock ticks toward the FOMC meeting minutes scheduled for release at the top of the hour. Looking at the daily chart for the USDJPY, the price has now moved above the low price from yesterday which was near the low price from the October 10 at 148.15. The

Nvidia will announce its third-quarter earnings after market close on Tuesday. Its announcement will complete the Magnificent 7 earnings for the quarter. Yesterday the company’s stock reached a record high of $504.09 per share. The current stock price is trading down -$3.93 or -0.79% of $500.05. The gains this year have been driven by the

USD CAD The BoC left interest rates at 5.00% as expected but remains prepared to raise rates further if needed. BoC Governor Macklem delivered a less hawkish speech in the press conference compared to his previous remarks. The recent Canadian CPI missed expectations across the board and the underlying inflation measures eased, which was a

In this video, I take a technical look at all the major currency pairs including the: EURUSD, USDJPY, GBPUSD USDCHF, USDCAD, AUDUSD and NZDUSD) and discuss the bias, control, risk and targets as we head into the close of trading on November 20, and look toward the new trading day on November 21.

EURUSD trades above and below the 50% midpoint The EURUSD has continued to move up and down as the trading week comes to an end. Recall from Tuesday, the parable sharply higher after the lower-than-expected CPI data. That took the price up to a high of 1.0867. On Thursday, the price extended above that level

The GBPUSD is trading below the 200H MA/38.2% retracement Like the EURUSD (see post here), the GBPUSD moved sharply higher on Tuesday helped by the weaker CPI data. That took the pair above its 200-day moving average currently at 1.2443, and 38.2% of the move down from the July high at 1.2458. The high price

USDCHF remains below the 0.8900 level. Sellers in control. The tumble lower in the USDCHF took the price below its 100-day moving average at 0.8896 (blue overlayed step line on the chart above), 50% retracement at 0.88999, and Swing level near the 0.89000 level (see red circles on the chart above). Since then, the price

Today, the AUDUSD has moved up from a swing area support between 0.6445 and a 0.6455 (see red numbered circles on the chart below). The subsequent move to the upside took the price back above its 100-day moving average of 0.64874 (blue overlay line on the chart below). That moving average is – and remains

USDCAD The USDCAD is lower on the day, and in the process, fell below the 100-hour moving average in the early European session (blue line in the chart above currently at 1.37356). The subsequent fall to 1.3707 (reached in the morning North American session) so the price fall below the swing high from Wednesday and

As the week comes to an end, the USDJPY fell sharply and in the process tested the low from early November at 149.175. The low reached 149.192 before bouncing. The price is trading at 149.74. The double bottom mirrors the double top from the high this week (on Monday). That high was reached on Monday

USD The Fed left interest rates unchanged as expected with basically no change to the statement. Fed Chair Powell stressed once again that they are proceeding carefully as the full effects of policy tightening have yet to be felt. The recent US CPI missed expectations across the board bringing the expectations for rate cuts forward.

GBPJPY has tested the 100 hour MA two times today The GBPJPY is down for the 2nd consecutive day after peaking on Tuesday at the highest level since November 2015. The move down today reached 186.81, and at the time, they price tested its 100-hour moving average (blue line in the chart above). A few