Technical Analysis

Copper continues to be tightly correlated with what happens in China. In fact, we saw strong rallies following news of more policy support from the Chinese authorities, but the ugly economic data eventually prevailed on the sentiment and led to a big selloff. Yesterday, the PBoC finally decided to cut rates but Copper sold off

USDJPY trades near unchanged The USDJPY traded lower in the US session (see 4-hour chart above), but did find support near the high of a swing area between 144.898 and 145.07. The low price for the day reached 145.10. The price has rebounded back toward the close from yesterday at 145.54. Of significance is that

Last week, the US CPI came basically in line with expectations, but the good news is that the Core M/M reading once again printed at 0.2%. The less good news is that the US Initial Claims spiked higher, but Continuing Claims remained solid. We have already seen Claims spiking higher in the past months, so

Nvidia saves the day If you are looking for a savior in the stock market today, it is back to Nvidia whose shares are up $25.73 or 6.3% at $434.21. The low price for the day toyed with the $400 level at $403.11 before jumping to the upside. The catalyst was Morgan Stanley’s reiteration of

Last week, the US CPI came basically in line with expectations, but the good news is that the Core M/M reading once again printed at 0.2% or 0.16% unrounded. The not so good news is that the US Initial Claims spiked higher coming at 248K vs. 230K expected, but Continuing Claims remained strong. We have

Ethereum, like its big brother Bitcoin, continues to surprise as it remains resilient to many headwinds. Yesterday we saw a big rally after some banking woes, which resembled the bullish reaction following the regional banking crisis seen in March. Looks like the cryptocurrencies like Bitcoin and Ethereum are the go-to assets in case we see

If you are serious about trading, key economic releases like the US CPI data provide an opportunity after the fact. They provide a more risky opportunity before the fact. Risk focuses traders will therefore look at the price action and tools applied to that price action and define levels that will increase the bullish bias

As the clock ticks toward the key US CPI report tomorrow, the GBPUSD bias is a bit more bearish in the short term as the price has trended more to the downside over the last few weeks of trading, but it is more bullish technically by looking at the daily chart. So what next and

The strongest to the weakest of the major currencies The EUR and CHF are neck-and-neck for the strongest of the major currencies, while the JPY is the weakest. The USD initially moved lower after the CPI data, but quickly snapped back to the upside. The EURUSD erased all pre-release gains on the day. The GBPUSD

The FOREX markets are quiet in the Asia-Pacific session. Japan is on holiday contributing to the lackluster price action. Yesterday’s US CPI data whipped traders around as well as the initial reaction was to the downside in the greenback, and then reversed back to the upside with the rise in US rates However in the

The NZDUSD is trading to a new low for the week and in doing so to the lowest level since the end of June/beginning of July. The price is also below the 50% midpoint of the move up from the 2022 low to the 2023 high at 0.6024. Stay below is more bearish. The next

The AUDUSD sellers are near lows for August and also below a key swing area on the daily chart going back to September 2022. That puts the sellers in firm control. What might tilt the short term bias back to the upside today? Conversely, what would increase the bearish bias if the sellers continue to

The EURJPY has seen up-and-down price action this week, but the most recent move has been to the upside and in doing so, has the pair retesting a key swing area ceiling between 157.90 and 158.046. Should the price move above that level it would take the pair to the highest level going all the

The USDJPY is ticking to a new high and is up for the 3rd consecutive day. In the process, the price is extending above a key swing area between 143.44 to 143.54. That area will now be a close risk level for traders going forward. Stay above is more bullish. Move below and we should

Crude Oil has been rallying strongly in the past month as the prospects of more economic stimulus from China, the resilience of other advanced economies and the production cuts gave the black gold a tailwind to reach the $83 level. In fact, recently we got a promise from Chinese authorities that they will step policy

Last week, the NFP missed expectations for a second time in a row and the previous numbers were all revised lower. This was seen as a disappointment as the labour market seems to be a touch weaker than previously expected. Nevertheless, the unemployment rate fell once again and lessened the disappointment from the miss in

Last week, the NFP missed expectations for a second time in a row and the previous numbers were all revised lower. This was seen as a disappointment as the labour market seems to be a touch weaker than previously expected. Nevertheless, the unemployment rate fell once again and lessened the disappointment from the miss in

Last week, the NFP missed expectations for a second time in a row and the previous numbers were all revised lower. This was seen as a disappointment as the labour market seems to be a touch weaker than previously expected and we saw a brief rally in Gold. The unemployment rate though, fell once again