Technical Analysis

EURUSD stays below 100 hour MA in the US session The EURUSD fell to a new low for the day taking out the early NY session low at 1.03255.The low just reached 1.03229. The US session high extended back toward the 100 hour MA. There were a couple of briefs look above the MA level

The price of WTI crude oil settled at $80.08 which is down -$1.56 on the day or -1.91%. The low for the day scooted to $77.24. That was the lowest level since September 28. The price is settling below the 100 week MA at $80.95. The last time the price of crude oil closed below

AUDUSD trades above and below the 100 day MA The AUDUSD has been trading above and below the 100 day MA over this week (see blue arrows). The week started with the pair consolidating the gains from last week and just hung around that MA level. On Tuesday, the price moved higher, reaching the high

AUDUSD is consolidating around technical levels now In an earlier post, the price of the AUDUSD was on a downward move, but as outlined in the post, the range for the day had reached the 22-day average and the potential for a slowing of momentum was a possibility. That is what happened, and the bounce

USDCHF snaps back higher The USDCHF has seen a sharp fall in the month of November after initially moving higher over the first 2 trading days of the month, only to find sellers leaning against the October high at the 1.01471 level. The next 8 days saw the price retrace the entire move up from

In the new trading day, the Austrian employment statistics will be released with expectations for an employment change of 15.0K vs. 0.9K last month. The unemployment rate is expected to remain steady in at historically low levels of 3.5%. The data can be a market mover. So understanding the levels in play is key. BTW…The

USDCAD buyers make a play The USDCAD is trading higher and in the process has moved above the 100 hour MA at 1.32967 and tested the earlier high for the day at 1.3307 area. A move above that area would have traders looking toward the high price reached straight and the week at 1.3335. Above

The price of crude oil moved higher on the back of the Russian missile that landed in Poland killing 2 people. The price of crude oil raced higher reaching $88.65. That was just above the 200 hour moving average at $88.63. The price has since rotated back to the downside currently trading at $87.52 up

EURUSD tests its 200 day moving average The EURUSD moved higher today and in the process moved above a key swing area between 1.0348 and 1.03657 breaking above that level with momentum gave the buyers the go ahead to push toward the 200 day moving average at 1.04284. That moving average was indeed tested and

Crude oil runs to a new low in after hours trading The crude oil contract settled the day at $85.87, down -$3.09 from the Friday settled level at $88.96. The selling has continued in after hours trading the price trading to a new low at $85.26. The current price is at $85.33. Looking at the

The USD fell sharply last week with helped by a weaker than expected CPI data released on Thursday. Last week was also full of FTX news. Both events highlight the need for risk controls as “surprises” can really cause havoc to your trading portfolios. In the weekend forex report I speak to the risk avoidance

RISK Or lack thereof, led to the demise of the FTX currency exchange last week. That story led to sharply lower digital currencies, including a 92% decline in the FTX token FTT. From an economic perspective, the US CPI proved to be the binary release that many thought it would be. The subsequent wave sent

GBPUSD on the weekly chart The GBPUSD has seen the price move up 3.71% this week at current levels, which is the largest week gain going back to March 2020 covid lockdown. Looking at the weekly chart, the pair is trading in a swing area between 1.1759 to 1.1840. The high today has reached 1.17997

The dollar index (DXY) is trading to a new low for the week at 106.369. The index is currently down -440 pips this week and is down -3.97%. That is the largest decline since March 2009 when the index fell around 4.10% on the week. The weekly chart below shows the pip change in the

S&P trades to 4000 The S&P index has reached an intraday high at 4000.08. That is the first trade at that level since September 13. THe next target is the 61.8% of the move down from the August high at 4006.81. Above that and the key 200 day MA at 4081.08 will be eyed. For

WTI crude oil) on the day but lower for the week The price of WTI crude oil settles at $88.96. That was up $2.49 or 2.88% on the day. For the trading week, the price a week closed on Friday at $92.44. The price is down -3.75% on the week and was the first decline

The strongest to the weakest of the major currencies The trend from yesterday has continued today with the JPY the strongest of the major currencies . The USD is the weakest. The US CPI was weaker than expected yesterday (0.4% vs 0.6% est. for headline, and 0.3% vs 0.5% est. for the core), prompting a

NASDAQ has its best percentage gain since 2020 As trading in the US stocks has moved into the last hour, the NASDAQ index is currently leading the way with a 6.45% gain. That came represents the highest percentage gain since April 2, 2020 when the stock market was whipping back and forth with huge changes