Technical Analysis

As we finish the trading week and look toward the new trading week, the sellers are more in control in the AUDUSD. The bias is more to the downside on both the daily and hourly chart. Having said that, the pair has been mostly in an up-and-down trading range over the last 5 trading months.

As the week comes to a close in Europe, what does the price action from the EURUSD this week tell us about next week’s trading. In this video, I take a close look at the daily chart and the hourly chart to define the bias, risk, and target levels. Be aware and be prepared, by

The Fed hiked interest rates by 25 bps as expected while keeping the policy statement basically unchanged. The market was more focused on the Powell’s press conference to see if he was going to give some forward guidance. Unfortunately, Fed Chair Powell just repeated that they remain data dependent and they can either raise or

The USDCAD is being pushed and pulled by fundamentals today. On the positive side for the Canadian dollar, oil prices are higher with the price of WTI crude oil extending above $80 for the 1st time since April. That is bullish for the CAD (bearish for the USDCAD). On the negative side for the CAD,

EURUSD: The EUSUSD remains above its 50% midpoint of the July trading range. That level comes in at 1.10539. The New York (and London session) held that midpoint level. The Asian session mostly traded below the midpoint level. On the top side, the falling 100-hour moving average comes in at 1.10895. Moving above it would

NZDUSD traders define support and resistance targets Generally speaking, the NZDUSD is consolidating between the 50% retracement of the move up from the June 29 low at 0.6230, and the 61.8% retracement level of the same move higher at 0.61874. In between those retracement levels are a number of moving averages including the: 200-day moving

The Australian CPI data for the quarter will be released in the new trading day rotations of a move down to 1.0% from 1.4% last quarter. The year-on-year CPI level still remains comfortably above the inflation targets (at 5.4%). Technically, the price of the AUDUSD has rebounded today after testing its 200-day moving average both

Goldman Sachs has reduced its 2023 growth forecast for the euro zone due to weaker economic activity data. Economists, under the leadership of Sven Jari Stehn, now anticipate a growth rate of 0.4% for the region in 2023. That is down from 0.7% previously. The EURUSD moved into the next downside swing area between 1.1010

EURUSD trades to a new session low. The EURUSD is trading to a new set as low as the day comes toward a close. In the process, the price has dipped below the swing area between 1.1062 and 1.1075 bread see red numbered circles on the chart above. The next target on the downside comes

The USDCAD traded in a narrow band last week of about 120 pips. The price closed near the highs and above the 30.2% retracement of the July trading range at 1.3204. In trading today, the Asian-Pacific session saw the price initially moved to the upside but stall ahead of the high price from last Monday

The AUDUSD saw some up-and-down price action this week, with a ceiling near 0.6840 (there was a failed break on Thursday that was quickly reversed). In trading on today (on Friday), the price fell below the low from Wednesday’s trade and also the 50% midpoint of the move up from the July low to the

WTI w 200dma The chart of WTI crude oil pretty much speaks for itself. Baker Hughes reported that US drillers cut rigs by 7 this week and with the inventory of drilled but uncompleted wells nearly zeroed out, there aren’t many taps to turn on. The message from the oil market is simply that $77

The price of WTI crude oil futures is settling near the high for the day at $77.07. That’s up $1.42 or 1.88%. The low for the day was at $75.69. The closing level is just below the 200-day moving average at $77.18. Recall from last week the price tested that level and rotated back down

The following videos will help get you ready for the new trading week. Be sure to like them and share them if you feel worthy. All support is appreciated. If you have any comments also add them to this post or to the videos. Have a safe and great weekend. EURUSD: On Friday, the EURUSD

The EURGBP is major cross-currency pair that rose sharply this week. With the ECB meeting ahead next week, understanding the technical levels in play could open the door for trading opportunities. Technically as well, the market traders have used the technicals on the extremes to define support and resistance, and the correction off the high

The USDCAD traded in a relatively narrow trading range this week with the price reaching the week’s high on Tuesday. That move took the price above the 200-hour moving average of 50% retracement of the July trading range. However, momentum faded quickly and the price then rotated lower over the next 2 days to the

WTI crude futures are selling at $75.63. That’s up to $0.28 or 0.37%. The high price today reached $76.15. The low price was at $74.52. Technically the price is settling near the middle of the 100 day moving average below at $73.67, and the 200 day moving average above it $77.22. The price has closed

The USDJPY is breaking above the 140.00 level. There was a bunch of option expiry’s at the 140.00 level today and after 10 AM ET option expiration time, the price rotated higher and has since broken above that level. The next target in the USDJPY comes against the 38.2% retracement of the move down from