Technical Analysis

The strongest to the weakest of the major currencies The AUD is the strongest and the CHF is the weakest as the North American session begins. The US dollar is mixed with modest gains versus the EUR, JPY, CHF and NZD, and modest declines or is the GBP, CAD, and AUD. The biggest mover versus

The USDCHF is extending to new highs after breaking above the swing highs from earlier this week and also last week at 0.88273. Staying above that level is more bullish. The break to the upside has also reached the 50% midpoint of the move down from the end of May high. That level comes in

The selloff that started at the beginning of August is starting to show signs of weakness. Although nothing changed fundamentally, the Nasdaq Composite started to rise as the market was just probably overstretched. This looks more like a pullback as the miss in yesterday’s US PMIs doesn’t support the bullish case. Nasdaq Composite Technical Analysis

The major indices all closed higher today led by the Nasdaq index ahead of Nvidia earnings after the close. Will the earnings season end on a high note or a low note? The earnings release is expected to be at around 4:20 PM ET with estimates of $2.09 EPS on revenues of $11.224 billion. The

Bitcoin eventually fold as the big picture outlook is starting to look more and more bleak with global growth endangered by the Chinese ailing economy and lack of big stimulus from the authorities, and the “higher for longer” stance from the Fed or even more rate hikes. The resilience in the cryptocurrency has been remarkable

The EURJPY moved above a swing area and ceiling area between 159.19 and 159.32 toward the end of yesterday and in the Asian-Pacific session today tried to stay above that area as well. However, momentum could not be sustained passed 159.484, and buyers eventually turned to sellers in the early European session and forced the

US: The Fed hiked by 25 bps as expected and kept everything unchanged. Fed Chair Powell reaffirmed their data dependency and kept all the options on the table. The US economic data keeps on surprising to the upside, but inflation expectations and CPI readings continue to show disinflation with the last two Core CPI M/M

The AUDUSD has seen up-and-down price action in trading today. The earlier session high stalled against its 100-hour moving average. Sellers leaned against the moving average level (it’s currently at 0.64185). The subsequent price low in the US session reached a 0.6386. That low was still short of the low from Friday’s trade at 0.6379.

The Nasdaq Composite selloff has been remarkable with key levels being breached with no hesitation as the sentiment turned negative. The reason for the selloff is unclear as the US data has been supporting the soft-landing narrative but the sharp slowdown in the Chinese economy is expected to infect the other advanced economies and drag

> Technical Analysis > A review of the technicals driving the different currency pairs (and more) Technical Analysis For the week starting August 21, 2023 EURUSD, USDJPY and GBPUSD AUDUSD and NZDUSD: Crude OIl: Nasdaq index: ADVERTISEMENT – CONTINUE READING BELOW Tags ADVERTISEMENT – CONTINUE READING BELOW Most Popular ADVERTISEMENT – CONTINUE READING BELOW ADVERTISEMENT

USDJPY back down testing the lows The early buying of the USD in the North American session, took the price above its 100-hour moving average near 145.70. The high price reached 145.755 and 145.733 consecutive hourly bars. However, momentum could not be sustained (with the next key target at 145.90), and short-term buyers were forced

The USDCAD has found sellers near the 61.8% retracement of the 2023 trading range. With the USDCAD up each of the trading days today, will the sellers look to lean against the retracement level and start a corrective move to the downside? The 61.8% retracement comes in at 1.35674. The high price stalled at 1.3573

The USDCHF has chopped parsley higher this week. On the downside, a swing area support held near 0.8742. On the top side, there were some modest moves above a swing area high near 0.88193 that failed. However, as we head closer to the close for that week, the price is retesting that swing area between

Crude oil sets the support and resistance going into next wk A week or so ago, the price of crude oil moved above a key swing ceiling between $82.43 and $83.44 (see yellow area and read numbered circles on the chart above). The price moved above that ceiling on Wednesday of last week, closing at

The Fed is waiting for the totality of the data to be released before deciding what to do at their September meeting. As of now, the data supports the soft-landing narrative as the disinflation in the core measures continues but the strength in the labour market and consumer spending might keep inflation higher for longer.

USDJPY tumbles into the US close As stocks started to slide and US rates also came off of it’s highs, the USDJPY started a reversal to the downside. The current hourly bar has seen the price of the pair move from 146.16 to a low of 145.63. That move to the downside, took the price

The US real yields keep on rising non-stop and given the inverse correlation with Gold, we saw the precious metal falling non-stop as well. The economic data continues to show a resilient economy even after the second most aggressive tightening in history and this makes the market wonder if the Fed might need to do

AUDUSD making new lows In an earlier video on the AUDUSD, I talked to the possibility of a bounce in the AUDUSD. The pair is oversold. The RSI was diverging on the hourly chart the price needed to get back above the end-of-May low near 0.64587. Looking at the hourly chart, the price could not