Technical Analysis

The strongest to the weakest of the major currencies The GBP is the strongest and the EUR is the weakest as the NA session begins. The focus today in the market will shift to the CPI data which will be released at 8:30 AM ET. The expectations is for the headline to rise by 0.6%

The US stocks are trading to new lows with the: Dow down -550 points -1.65% S&P -67.0 points or -1.74% NASDAQ -228 points or -2.15% While the stocks moved lower, the dollar is moving higher. There has been the pattern seen the last few days when the dollar moved lower for 3 consecutive days in

EURUSD breaks 100 day MA but can’t get through October high The EURUSD moved above the 100 day MA target at 1.0042 and found more buying. The next target was the high from October 27 at 1.0093. The high price reached 1.00957 just above that level. Buying stalled and the price has since moved lower.

The USD moved lower today and that was felt in the USDCAD , AUDUSD and the NZDUSD. For the USDCAD, it fell with momentum below the 1.3500 floor area. Traders will now be watching that level as a close resistance target on a rebound. The AUDUSD moved up to test the 38.2% of the last

The major indices are all in the black with the Dow leading the way to the upside. That index is leading the way with a gain of 1.30% or 422 points. The S&P is up 0.87%. The Nasdaq is lagging but still higher by 0.77%. Dow above the 200 day MA and tests 50% Looking

GBPUSD moves closer to upside targets The GBPUSD is trading to a new day high at 1.1541 and in doing so is getting closer to topside targets. The first level is the downward sloping trend line on the 4-hour chart above at 1.1555. The other targets are swing highs from October 31, November 1 and

USDJPY moves toward next downside target The nonfarm payroll came in better-than-expected. The unemployment rate was off low levels but still very low. Earnings were touch higher than expected with the year on year coming in as expected and lower than last month but still at 4.7% (but that is less the inflation rate). The

USDCHF fell sharply The USDCHF moved higher initially after the US jobs report, but then reversed and tumbled to the downside. The fall took the price back below the 100 hour moving average at 1.0030 and below the 50% midpoint of the range since October 21 (that high was duplicated during yesterday’s trade). That midpoint

In this video, Greg Michalowski of Forexlive.com reviews the Fed and the US jobs report and previews the CPI data ahead. He also looks at the technicals that define the bias and the risk levels for the major currencies vs the USD. EURUSD (9:45) USDJPY (14:10) GBPUSD (15:38) USDCHF (17:00) USDCAD (18:48) AUDUSD (20:30) NZDUSD

Before the US jobs report, Greg Michalowski of Forexlive outlined the key levels in play. If you did not see that video, you can find it here. So how did the technical levels play out? Pretty well. What was surprising was the price action. If someone told me the data ahead, I would have the

AUDUSD has the largest % gain to the upside since 2011 The AUDUSD has ripped to the upside helped by higher stocks and hopes for a transition from CHina’s zero-Covid policy (or that is the excuse). Looking at the chart above the lower scale shows the history of the daily % changes for the pair

The EURUSD is moving to a new session high and in the process is up testing one of my old favorite levels. The 0.99515 level. That level was the swing low back in July after the price broke below the parity level for the first time. In September the price moved down to test it,

RTY (Russell 2000 futures) had a bear breakout down, but then an immediate reversal price action on the 4 hour timeframe, bringing the Russell back into the upward channel (redish channel) shown in the video. Due to the failed breakout, most bears thought they were in a breakout down. But this is a “fakie” or

The USDCAD moved up to test a topside target area and backed off. The correction lower has moved back toward the 100/200 bar MA on the 4-hour charts. That area will be a key target that would need to hold support, IF the buyers area to stay in control with hopes for a break to

S&P on the monthly chart There are a lot of traders, and analyst who think that because the Fed is near the destination for rates, that the Pavlov reaction should be to “buy stocks baby”. It’s “green grass and high tides forever”. That may be a short term idea, but I am not so sure

I call a “lap”, a price move that moves quickly in one direction and retraces the full move almost as fast. THat is what has happened in all of the major currency pairs. You often have a lap happen because the market misinterprets a news item, or there is a player or players who single

EURGBP awaits the next shove The EURGBP is consolidating in up and down trading today. Looking at the hourly chart, the pair is ping ponging between the falling 100 hour MA above currently at 0.86204, and the 100 day MA below (blue overlay) at 0.85938. ON Friday, the price fell below the 100 day MA

Major indices open higher at the start of the day but after the JOLTs job openings came in higher than expectations and reversed a lot of the declines from last month, the gains were trimmed and the price is turned into negative territory. The NASDAQ index is the weakest of the major indices with a