Technical Analysis

You hate to see something rally to a five week high and then turnaround and close solidly negative. That’s what has happened in EUR/USD and it may be the trigger the bears are looking for. It marks an outside day out the daily chart and a sharp reversal. That’s an ugly pattern. The only caveat

GBPUSD moves closer to the 200 day MA The GBPUSD is moving higher in trading at the highest level since August 12 in the process. The high price has reached 1.20428 so far. Looking at the daily chart, recall from yesterday the price extended up to and above the 50% of the 2022 trading range.

NZDUSD cracks lower in trading today The NZDUSD is correcting lower helped by the rising US dollar in trading today. The low price reached 0.62177. During yesterday’s trade, the high price extended to 0.6288. That got within sniffing distance of the falling 200 day moving average (see green overlay line on the chart above at

AUDUSD rotates lower toward swing area support The AUDUSD to a high yesterday of 0.67729. The high price today edged just above that level of 0.6774. Both those levels fell short of the mid-November high peaked at 0.6797. Today, the dollar has been more bid, and that has led to a move back to the

The forex week ahead. A look a the risk and bias defining levels for the week starting November. The week ahead has as catalysts the US jobs report on Friday where the NFP is expected to add a less than trend 200K jobs. Before that the Fed Chair Powell will be speaking at the Brookings

EURUSD on the daily chart The EURUSD fell back below the 200 day moving average at 1.03875 and extended down to a low price of 1.0354. That low entered into a swing area going back to May June and July. The lows in May and June stalled within that area. On July 1, the price

Crude oil failed above its 100 hour moving average The price of WTI crude oil is back down toward the $78 level after running up to $79.88 earlier today. The move higher did take the price above its 100 hour moving average currently at $79.19. However, momentum could not be sustained, and after breaking back

USDCAD falls to a new low The USDCAD has moved to a new session low, and in the process is moving further away from its 200 hour moving average at 1.33502. The price has traded above and below that moving average in trading today. However the 50% of the move up from the cycle low

USDJPY steps lower over the last 3 days The USDJPY is working on its 3rd day down since peaking and closing near the corrective highs on Monday. That high stalled near the 50% of the move down from the last test of the 100 hour MA on November 9. The low on Tuesday held support

The major US stock indices are closing the day with gains across the board. The NASDAQ index is a leading the way with a rise of near 1% Dow industrial average is the laggard as it tested the August high and backed off in trading today. The down and up lap is complete (see chart

The RBNZ raise rates by 75 basis points and the statement was thought to be more hawkish. Below are some of the headlines Monetary conditions need to tighten further Remains resolute in achieving monetary policy remit Productive capacity of the economy is being constrained by broad-based labour shortages, and wage pressures are evident Core consumer

The price of crude oil futures settled at $80.95, up $0.91% or 1.14%. The high for the day reached $82.25. The low reached $79.86. Crude oil bounced off the end of 2021 year close yesterday Looking at the daily chart, the low yesterday reached the closing level from the end of December 2021 on the

USDCAD falls to the 100 hour MA The USDCAD moved to a new session low and in the process, sniffed the rising 100 hour MA at 1.33759. The low price got with 7 pips of the MA level at 1.3382 and bounced. The price is trading at 1.33972. The price of the USDCAD moved sharply

WTI crude oil is settling at $79.73. That’s down $0.35 or -0.44% on the day. The price low reached reached $75.27 which was $0.08 below the closing level from 2021 at $75.35. The fall lower was helped by a newswire headline that OPEC+ was mulling a 500K production increase at their next December 4 meeting.

S&P trades lower today. The S&P index has trading to a new session low, after a move into positive territory failed. The low reached 3940.99. The price is rebounding modestly to 3943 currently. The index is down -0.57%. Looking at the daily chart, the low last week in the S&P index reached 3906.54. At the

USDCAD runs higher after break of 200 hour MA/38.2% The USDCAD is making a break above the 200 hour MA and 38.2% of the move down from the high from last week (start of the last trend leg down that bottomed near the 100 day MA this week). The break has been met with more

USDCHF bounces this week in swing area and just above 100WMA The USDCHF lost value over the last 4 weeks and that momentum continued in the early part of the week. The price moved below the August low at 0.9370, completing an up and down lap that saw the price move up to an October

S&P index held the 100 day MA and 50% midpoint this week The S&P index is trading nearer the low for the day and currently near unchanged on the day. The high for the day took the index up 33.34 points. The low took the index down -10.57 points. The current price is at 3945.85