Technical Analysis

Nasdaq now higher on the day The Nasdaq fell 2% at one point today but is now up 0.1% in another impressive turnaround. Money continues to flood into the market despite the Hong Kong situation as optimism about the economy reopening continues to build. The market appears to have drawn the conclusion that the virus

AUD/USD looks to hold a break above its 200-day moving average See here for global coronavirus case data The aussie is up by 0.3% against the dollar currently, trading to a high of 0.6680 moments ago – the highest level since 9 March – as risk trades are more buoyed on hopes of a compromise

Up $1.10 or 3.31% The price of WTI crude oil futures are settling the day at $34.35. That is up $1.10 or 3.31%. The high price extended to $34.81. The low fell to $33.38. Looking at the hourly chart, the price of crude oil did extend above last week’s high at $34.66, but could not sustain the

Canadian markets are open today It’s a holiday in the US but Canada is open and the TSX Composite is up 1%. The loonie trails only sterling at the top of the FX leaderboard today. USD/CAD is at the lows of the day, down 25 pips. The short-term support at 1.3970 has broken and there

USD/JPY is little changed close to 107.70 See here for global coronavirus case data The pair continues to consolidate around 107.50-80 for the most part since last week, with a firm break above 108.00 still proving elusive while downside momentum continues to be limited by the key hourly moving averages – in particular the 200-hour

What the hourly chart and price action is saying. EURUSD: The low on Friday extended to the low of the swing area and just above the 200 hour MA . In the new week, a move below the 200 hour MA increases the bearish bias for the pair  as the dip buyers against support give

Move higher this week slows. The AUDUSD bottom on Monday just ahead of the low from Friday at 0.64016. The high price reached 0.66151 on Wednesday as stocks helped the overall tone. Today, the pair has been up and down but more down as the stock markets have not been all that cooperative.  Gold and

Trades higher as GBP runs out of steam The EURGBP has pushed above – and away – from a recent ceiling at 0.89566-597 area (highs from May 18, and May 19). Earlier in the session, there were two runs that stalled and retraced a bit, but the current hourly bar has held support at the

GBP/USD falls from around 1.2260 levels to 1.2240 currently With the BOE already not exactly ruling out negative rates, waning inflation pressures and the threat of deflation will only keep stoking the fires of the topic in the coming months. The pound is easing slightly after the data – not by a whole lot –

Trades in a swing area going back to April 30 The EURUSD is trading at a new NY session low.  In the process, the price is trading in a swing area in the 1.09201 to 1.09262 going back to April 30.  Yesterday, and into the Asian session today, the price stalled against the area, then

Corrects about  38.2% of the 2-day move higher The price of July crude oil contract has moved back below the $32 level. It currently is up $2 at $31.52, but off the high price and $33.10. Looking at the tick chart, the last hour or so has seen the price move to a $31.08. That

Underside of broken trend line also tested The USDCHF has moved sharply over the last few minutes and looks to test its 100 and 200 hour moving average at 0.9713 area.  Both the moving averages at our at that level. Also you level is the underside of a broken trend line and the broken 38.2% retracement at 0.97088.

USD/CAD range trade around 1.40 continues USD/CAD tried to break 1.40 on US dollar weakness earlier today but the risk-off tone in broader markets has sent the pair back close to flat on the day at 1.4065. The loonie has confounded market watchers during COVID-19. It was the top performer last year as the US-China

AUD/USD is trading mildly higher on the day currently See here for global coronavirus case data The pair was trading more tepid to start the day, before the aussie was brought lower alongside the kiwi on the RBNZ decision earlier, sending AUD/USD to a low of 0.6451. Despite moving below the 200-hour MA (blue line),

NASDAQ and S&P index fall over -2% The major stock indices tumbled lower into the close, with the NASDAQ and S&P index both closing over -2% on the day. The final numbers for the major indices are showing: S&P index -60.2 points or -2.05% at 2870.12 NASDAQ index -189.79 points or -2.06% at 9002.55 Dow -457.21 points

Dow down. S&P modestly higher. Nasdaq higher The major indices are ending the day with mixed results The Dow is ending lower. The S&P is near unchanged and the Nasdaq is up about 0.8% on the day The final numbers are showing: The Dow fell -109.33 points or -0.45% at 24221.94  The S&P rose 0.39

The greenback and yen are moving higher in European morning trade See here for global coronavirus case data The dollar is gaining across the board, with cable slumping to fresh lows on the day of 1.2424 with the euro also slumping to fresh session lows of 1.0859 after the German court ruling on the ECB

S&P and Dow have been negative for the entire day The NASDAQ index has dipped back below the unchanged line into negative territory after being as high as +0.69%. Near the opening, the index was -0.78%. With the index at -0.8% currently it is near the midpoint of the day’s trading range. In contrast, the S&P index and