Technical Analysis

NZDUSD above the 100 hour MA and tests 200 hour MA The NZDUSD has not escaped the USD selling today. The pair is up 1.15% on the day (NZD higher/USD lower). At current levels, it’s the largest increase since April 13 when the pair rose by 1.386%. Looking at the hourly chart, the move to

S&P index trades to new 2023 highs As a market heads into the close for the week, month, and quarter, the S&P today is extending to new highs for the year. The price extended above the June 16 high at 4448.47 to an intraday high of 4456.72. The current price trades at 4452.22. Technically, this

USDJPY tests 100 hour MA. Short term barometer. The USDJPY moved lower today, coming off the boil a bit (see videos here and here).The drift lower started against a channel trend line against swing highs from this week (green numbered circles). The lows have inched below the lower channel trend line but stalled ahead of

We keep hearing from the Fed members that two or more rate hikes this year are likely if the data remains solid. In fact, since the last FOMC meeting, the data indeed kept on surprising to the upside and led to a more hawkish repricing in interest rates expectations that eventually favoured the greenback. On

I know…. the USDJPY is overbought. The RSI is above the 70 level indicative of an overbought condition in the USDJPY. The RSI in the USDJPY has not been this high since October 2022. The problem is the USDJPY has been overbought over the last 6-7 days. During that time, the price has moved up

EURUSD retests the 100 hour MA In the video, from earlier today, I outlined the “value area” where most of the trading activity has occurred over the last 9-10 days. That range is from about 1.0890 up to 1.0973 (give or take a few pips). In between sits the near-converged 100 and 200-hour moving averages.

AUDUSD breaks lower. What next? The AUDUSD market shifted further into seller control today following the closes below the 200-day Moving Average (MA) on Monday and Tuesday, at 0.66905. Yesterday, the pair closed slightly beneath the MA at 0.6686, while Monday’s closing price was 0.6674. Today’s high reached 0.66887 ahead of monthly Australia’s Consumer Price

The BoE last week surprised with a 50 bps hike following another hot CPI report the day before. In fact, core inflation rose to another record high and given the previous data like the very strong employment report where wages have risen much more than expected, the BoE decided that a bigger hike was necessary.

The price of WTI crude oil futures is settling at $67.70 today. That is down $-1.67 or -2.41%. The low price reached $67.55. The high price was at $70.15. Current economic projections lean toward the potential for recessions in the US (and other global economies) and that has traders worried about the demand-side. That view

Throughout the previous week, we got many insights from various central bank speakers. The prevailing consensus is that awaiting additional data will help to assess the extent of further tightening. While the majority of the FOMC expects two more rate hikes this year, they consistently stress that this decision hinges on the data. The data

USDCHF approaches 100/200 hour moving averages The USDCHF is moving to new US session highs (still down on the day), and in the process is moving closer to its falling 100 and 200 hour moving average is near 0.89585. The price is currently trading at 0.8955. Earlier today, the price tested the higher 200-hour moving

Market trends of Russell 2000 The Russell 2000 futures experienced a downturn, closing lower on June 23, 2023, following a week characterized by increase, but still, fairly low volatility , as the ViX is still quite low. The index, which maintained its position within a certain range since May 31st, broke down below the lower

The AUDUSD started to show cracks in its bullish bias last Friday, and that crack led to a bigger and bigger move as technical levels were taken out one by one. First, it was the 100-hour moving average (higher blue line) and channel trendline. That led to a break of the 200-hour moving average. The

The EURUSD corrected higher off a swing area between 1.0842 and 1.08485. The corrected move higher in the early New York session moved back into the lower swing area of a “Red Box” that confined the pair in April and May (between 1.08955 to 1.1095), and which was broken last week. The price moved back

S&P index moves down toward support including 100H MA The major US stock indices remain in the red and are moving back toward the lows for the day. For the S&P index, its low price today came in at 4343.64. Its current price is at 4346.30 down -35.24 points on the day or -0.80%. The

German Dax approaches 100 day MA and swing area The German Dax trended lower this week after reaching an all-time high last week at 16427.42. The move lower this week reached a low (today) at 15733.12. That low is getting closer to the rising 100 day MA at 15665.44. The low was still 68 points

The USDJPY has moved higher (lower JPY) despite higher inflation data out of Japan today. USDJPY on daily chart breaks higher The move higher this week was kickstarted yesterday after the pair broke above a swing area between 142.24 and 142.49. The price also moved above the 61.8% retracement level of the move down from

The Fed decided to pause its tightening cycle at 5.00-5.25% as it wants to see more data before delivering another hike. The Fed is trying to reach an optimal level of monetary restraint that would bring inflation back to target without too much damage to the economy. They keep repeating that they are data-dependent and