Technical Analysis

On the daily chart below, we can see that the price has fallen back to the bottom of the range that’s been going on for 3 months now. The market is divided between those that see demand outstripping supply with China reopening and supply disruptions from geopolitical conflicts, and those that see demand falling as

The major US stocks indices are closing the day mixed (the Nasdaq closed modestly higher) The S&P is down for the 4th consecutive day and is closing below the 4000 level. The Nasdaq snapped a 3 day decline The Dow was the worst performer with a decline of -0.25% The final numbers are showing: Dow

On the daily chart below, we can see that the price is now clearly in an uptrend after breaking out of the falling channel. The ultimate target should be the 142.17 level, but it’s still too early to know if that’s going to be reached. As of now, the price broke another resistance at 134.50

Dollar index rebounds With US growth seemingly not abating, inflation still a concern, and the US dollar coming off a more than 50% correction adding to potential inflationary forces, does the US dollar have to continue the move back higher to get things back in balance? It makes sense and indeed the dollar has been

On the daily chart below, we can see that the price is getting near the neckline of the possible double top formation at 1.2444. The divergence between the two tops and the MACD increases the odds of the pattern working out. The neckline at 1.1839 for now is the natural target and a clear break

The RBNZ will be meeting and announcing their rate decision on Wednesday in New Zealand (8 PM ET/0100 GMT). The expectations are mixed (from 0 bps to 50 bps) as the RBNZ ponders putting off an expected hike after the devastating cyclone last week. Eamonn posted that KiwiBank has weighed-in saying the expected hike of

EURUSD moves to a new high In my last post on the EURUSD, I said: “Looking at the hourly chart, the price bounce moved back above the swing low from Monday, Wednesday and yesterday and the swing low from last week. That area comes between 1.0653 and 1.0668. The price is back in that swing

AUDUSD moves back above the old floor area up to 0.68706 The AUDUSD bounced near the 200 day MA earlier today. The low reached 0.68117. The 200 day moving average was 0.68054. So the price got within six – seven pips of the key moving average target. Close enough for risk focused buyers. The price

CNBCs Steve Leesman, commenting on the markets said on Friday, “If you are not confused, you’re not paying attention”. There is a lot of confusion in the market, and even at the Fed. The CPI inflation released this week, added some added confusion as it was a little more hefty than recent months. There still

EURUSD tests the 100 hour MA The EURUSD has continued the grind higher and has now reached the 100 hour MA at 1.0699 target (see earlier post). The high price just reached 1.06977 – just a pip or so short of that target. You can expect some profit taking into the weekend in this area.

USDCHF failed on the break higher today The USDCHF broke to the upside today extending above the topside swing area between 0.9278 and 0.9290. The break increased the buying momentum with the price extending to a higher 0.93308 before rotating back to the downside. After trying to hold support against the previous high from February

Crude oil moved down to the 61.8% retracement The price of WTI crude futures is settling at $76.34. That’s down $2.15 or -2.74%. The low price reached $75.32. High price was at $70.50. For the trading week the price is down about -3.9%. At the week high of $80.60, the price was up $0.90 versus

NASDAQ index approaches this 100 hour moving average The major US stock indices are hitting the skids. Comments from the Lord seem to be weighing on the indices. The NASDAQ index is now down 200 points or -1.67% at 11869. It is also approaching the 100 hour moving average 11852.44. Moving below that moving average

GBPUSD bounces off the low from last week The GBPUSD moved down to test the swing low from last week at 1.19601. The low price they reach 1.1964 and stalled. The subsequent bounce has taken the price back above the swing area between 1.1991 and 1.2010 (or 1.2000 if you spilt the difference). That area

Bitcoin moves up toward key swing area The price of bitcoin is now up 7.14% on the day and is moving toward the high from February. Above that is other swing areas going back May 2022. The swing levels come between $24258 up to $25401. Above that, the 38.2% of the move down from April

AUDUSD bounces off the swing area floor The AUDUSD trended lower in trading today and is the weakest of the majors. However, it has found some support in a swing area floor that has formed going back to early January (see red numbered circles). Looking at the hourly chart, that floor comes in between 0.68549

EURUSD settles between 100/200 hour MAs The EURUSD traded with up and down volatility today. The high price today extended up to the 38.2% and topside swing area near 1.0799 to 1.0805. The low price today extended below the 100 hour MA but held the low of a swing area at 1.0707. The price is

The strongest to the weakest at the start of day To start the US trading session (and before the US CPI), the USD was mostly lower. The GBP and the EUR were the strongest of the majors and the NZD was the weakest. The USD was right behind the NZD on the weakish end of