Technical Analysis

US 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 Core PCE came in line with expectations. The labour market is starting to

Crude oil trades between swing area The price of crude oil is trading within a range. The low for the day came in at $80.71. The high is at $82.20. The current price is trading at $81.98 Looking at the daily chart, there is a swing area between $80.90 and $83.40 (see yellow area and

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Yesteday, the NZD, CAD and AUD were the strongest of the major currencies as “risk on” flows dominated with the giddy stock markets. The USD and the CHF were the weakest as the flow of funds exited the “safe-havens”. Today, so far, the price action is very limited. Looking at the changes of the major

The USDCAD is moving higher as sellers over the last few days cover some short against a support target defined by the 50% midpoint of the move up from the October low to the October high. That midpoint comes in at 1.3733. Also near the midpoint is a swing area between 1.3735 and 1.3743. The

US 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 US Core PCE last week came in line with expectations. The labour market remains pretty

As the forex market sleepwalks as traders await the US jobs report at 8:30 AM ET, the USDCHF is hanging around its neutral area defined by the 100-hour moving average of 0.90538 and 50% midpoint of the October trading range at 0.90658. That area will be the barometer for buyers and sellers through the jobs

US UK The BoE kept interest rates unchanged as expected today. The central bank is leaning towards keeping interest rates “higher for longer”, although it keeps a door open for further tightening if inflationary pressures were to be more persistent. BoE Governor Bailey repeated that they will keep rates high for long enough to get

USDJPY fell to the 200 hour MA & finally found some support The USDJPY fell sharply but after breaking below its 100-hour moving average at 150.283 and the 50% midpoint of the move up from Monday’s low at 150.252, the buyers showed up near the 200-hour moving average at 150.129. The low price reached 150.14.

The AUDUSD moved higher yesterday, and in the process tested a downward-sloping trendline on the hourly chart connecting the high from October 11 and the high from October 25 (see red numbered circle 3 on the chart below). The price high also got close to the 50% midpoint of the October trading range near 0.6385.

Like many pairs today, the NZDUSD has seen up-and-down price action. For it, the pair fell in the Asian session, helped by weaker China data. The fall in the Asian session stalled just ahead of the 100-hour MA (blue line on the chart below). The run higher reached up to 0.5856, before tumbling in the

The USD is now the strongest of the major currences The USD continues its run to the upside in the US session and is now the strongest of the major currencies. At the start of the New York session, the greenback was near the middle of the “strongest to the weakest” table with the rise

Last week, the risk sentiment started on a positive note at the beginning of the week due to the lack of a ground offensive in Gaza. Unfortunately, things went south from Wednesday onwards as Israeli PM Netanyahu delivered a speech where he said that they were preparing for a ground invasion. Moreover, the US Jobless

Last week, the risk sentiment started on a positive note at the beginning of the week due to the lack of a ground offensive in Gaza. Unfortunately, things went south from Wednesday onwards as Israeli PM Netanyahu delivered a speech where he said that they were preparing for a ground invasion. Moreover, the US Jobless

The USDJPY sellers are making a play today with the break below the 150.00 level. Not only was the level a key natural level, but also corresponded with the 100-hour moving average. That’s key. The prices also fall below its 200-hour moving average 149.898. That’s key and the 38.2% retracement of the move up from

Weekly Russell 2000 If you needed another reminder that it’s been just tech — and mostly seven stocks — that have been carrying US equity markets, then here it is. The Russell 2000 just broke through the June 2022 low and is trading at the lowest levels since November 2020. If you go back further,

The EURUSD buyers tried to tilt the technical bias to the upside today with a move above its 200-hour moving average at 1.0580 and it’s 100-hour moving average 1.0589. The price also moved above the 50% midpoint of the move up from the October 13 low at 1.0594. However, momentum above the levels could not

The WTI crude oil settles above the August high of $84.85 The price of WTI crude futures is settling at $85.54, up $2.33 or 2.80%. That is above the August high of $84.85 tilting a bias more to the upside. Looking at the daily chart, the low prices this week stalled the fall near the