Technical Analysis

EURUSD moves toward the next swing area An ECB sources comment of a slower pace of hikes then what was expressed by Lagarde at the December meeting, took the wind out of the sails of the EURUSD. The pair was trading near the highs for the day and testing the highs from Thursday, Friday and

In our previous video – A happy new year (2023) with this Bitcoin analysis from ForexLive.com – when BTC was at $16700, I called Bitcoin’s upcoming rise and now we are over 27% above that in less than 2 weeks, a staggering rise. Now BTC is dancing around $21,000 and I lay out a triple

USDCHF moves down to retest swing, 100H MA and earlier low The USDCHF has moved down as yields backed off from earlier highs and stocks retraced some of their gains. The Dow is up. The S&P are still down marginally, but the declines are less. For the USDCHF, looking at the hourly chart, the price

The S&P index on the daily chart moved to and through the 200 day MA on Thursday. It moved above the same MA today too. The MA comes in at 3967.17. The high today reached 3980.98. The high yesterday reached 3997.76. S&P faiis above the 200 day MA again The price closed just below the

The US 10 year yield moved to a new year low at 3.417%. That took the yield just below the 50% of the move up from the August 2022 low at 3.426%, but remained above the December low yield of 3.404%. US 10 year yields ping ponging in a 50 bp range The combination is

The major indices have erased declines, and the major indices are back in black. Technically, the S&P is back above its 200 day MA at 3981.17. The price is at 3988 currently. The Nasdaq is getting closer to its 100 day MA at 11057.39. The high today just reached 11043.59 (within 14 points of the

Crude oil prices testing the downward sloping trendline The price of WTI crude oil is settling at $79.86. That is up $1.47 or 1.88%. The high for the day is not far from the sell price at $39.89. The low was down at $77.97. For the trading week, the prices of 8.15% after closing last

gold daily chart The gold bulls are certainly having a moment. At the start of December, as I always do, I highlighted the seasonal trend towards higher gold. Once again, it worked and remains the single-best seasonal trade I know of. It’s been a ticket to start the year off with a solid gain forever.

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not

The US major indices are closing higher. For the NASDAQ, it is the fifth consecutive up day. For the S&P and the Dow each have gained over the last three trading days and are up four of five days. Both the Dow Industrial Average and the NASDAQ index rose by 0.64% today. The S&P was

The USD has whipped around after the CPI data. The dollar moved higher immediately after the release and then moved lower, and then bounced marginally higher. The headline came out weaker at -0.1% putting the 6 month average at less then 2% if you annualize the 6 month average MoM gain. The ex food and

As the clock ticks to the close, the S&P index is trading near the high for the day. The index is up 40.71 points or 1.05% at 3960.17. Looking at the daily chart, recall from last Friday, the price closed back above its 100 day MA for the first time since December 14. ON Monday

The US CPI will be released at 8:30 AM ET tomorrow with the focus on things like the services CPI ex shelter. That measure of inflation was outlined by SF Fed Pres Mary Daly. See post HERE. I speak to that measure of inflation in the morning forex report, along with technical looks at the

The major US stock indices are picking up some steam to the upside. The major indices are near their highs on the day. A snapshot of the market currently shows: Dow Industrial Average up 128 points or 0.3% at 33645.52 S&P index of 21.96 points or 0.56% 3914 NASDAQ index up 90.78 points or 0.85%

Kickstart your day by watching the morning technical video. In this video, I review the EURUSD, USDJPY, GBPUSD and USDCAD to get the ball rolling. Fed’s Powell is speaking on a panel, but it will be the CPI data on Thursday which will be key event this week. Fed’s Daly, told us yesterday that it

EURUSD tests the 61.8% retracement and swing area The EURUSD extended to the highest level going back to June 9th today (see earlier post on the pair by clicking here). In the process, the December high at 1.0735 was broken . The 61.8% of the 2022 trading range was also broken at 1.07468 with the

EURUSD moves to a new high The EURUSD is moving to a new high for the day and in the process is extending above the end of December high at 1.07127. The next target is the high from December 15 at 1.0735. Moving above that high would take the price to the highest level going

USDJPY moves back lower after weaker ISM data The USDJPY has resumed its downward momentum following the much weaker than expected ISM nonmanufacturing Index which tumbled to 49.6 from 56.5 last month. The expectations was for 55.0. Employment, and new orders both moved below the 50 level. Prices paid decreased to 67.6 from 70.0. Looking