Technical Analysis

Last Friday, the Nasdaq Composite rallied following the big beat in the NFP report as the market continues to bet on the soft-landing scenario. Yesterday, the index opened lower following the outbreak of the war in Israel but bounced back soon after and closed higher as the events in the Middle East are unlikely to

Kickstart your forex trading with a technical look at the technicals driving the EURUSD, USDJPY and GBPUSD. EURUSD: The EURUSD continued its move to the upside after stalling the fall yesterday ahead of the 100-hour MA. That move made it to a key technical swing area and retracement at the 1.0606 to 1.0616 area on

Whether you like the price action or not, the technicals in the EURUSD told the story for the price action. Initially, the price moved sharply lower after the stronger-than-expected nonfarm payroll add. That move took the price to a key support level at 1.0483. I’ve outlined that level as a key downside target to get

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In this video, I outline the risks and targets in the USDJPY as we work toward the close for the week, and the look ahead to the new trading week. What is the bias? What are the targets? What is the risk? What did the price action today and this week tell us technically about

In this video, I outline the risks and targets in the USDCAD as we work toward the close for the current week, and the look ahead to the new trading week starting October 9, 2023. What is the bias? What are the targets? What is the risk? What did the price action today and this

In this video, I outline the risks and targets in the USDCH as we work toward the close for the week, and the look ahead to the new trading week. What is the bias? What are the targets? What is the risk? What did the price action today and this week tell us technically about

US: The Fed left interest rates unchanged as expected at the last meeting. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024.

In the earlier video (see above), I spoke of the key swing area in the crude oil at a swing area between $82.35 and $83.32. Since then the price moved up but only to $83.37 – just above the high of the swing area. Since then, the price has rotated back down over the last

The miss in the ADP report yesterday gave the market a bit of relief after a series of strong economic data like Jobless Claims, ISM Manufacturing PMI and Job Openings. The ISM services PMI has also printed bang on expectations, and coupled with the other reports, supports the soft-landing narrative. Moreover, the market was also

The AUDUSD tested the low from yesterday at 0.62849. The low came up a pip short of that low and bounced. The high for the day was able to extend above the low from last week at 0.6331 on two separate 4-hour bars. However, momentum could not be sustained above the level and the price

UK: The BoE kept interest rates unchanged at the last meeting. The central bank is leaning more towards keeping interest rates “higher for longer” but it kept a door open for further tightening if inflationary pressures were to be more persistent. Key economic data like the latest employment report showed a very high wage growth

Major stock indices fell sharply today as yields continued their march higher. The 10 year yield rose 11.7 basis points to 4.799%. The 30-year is approaching 5% at 4.927%. Much stronger JOLTs job openings data was the catalyst for higher rates: Dow industrial average had its worst trading day since March 22 NASDAQ index equaled

US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed

The GBPUSD is trading to a new session low as the clock ticks toward the end of day. in the process, the price is ticking down toward the 38.2% retracement of the move up from the September 26, 2022 low. That retracement level comes in at 1.20763. After a trend move higher as we saw

The more hawkish FOMC dot plot led to a huge selloff in Gold as the rise in real yields increases the opportunity cost of buying into Gold even more. As long as the economic data remains this resilient, we will likely see more downside for Gold as the Fed will keep its hawkish stance. For

The EURUSD is looking to close the trading week below the 200-hour MA and a cluster of resistance near 1.0610, but above the 100-hour MA at 1.05614. Those levels will be the barometers for buyers and sellers in the new trading week. In the video, I break down the levels and explain why they are

Weekly WTI Oil is near the lows of the day, down 96-cents but still has some breathing room in what looks like it will be another weekly close above $90. Still, it feels like something of a loss for the bulls, or at least a loss of momentum. We touched $95 early on Thursday before