Technical Analysis

USD/JPY picks up from where it left off last week, continues to hug the key hourly moving averages for now ForexLive Despite the slightly more positive risk tilt to start the day, USD/JPY isn’t doing a whole lot as price action continues to center around the key hourly moving averages. That area is seen at

Cable lingers around 1.3060, near the 200-hour moving average now ForexLive The overnight move was limited around the 38.2 retracement level @ 1.3046 but the push higher today comes after better revisions to the initial PMI data for January. That now sees price move higher to challenge a break above the 200-hour MA (blue line)

S&P and NASDAQ also advance nicely The NASDAQ composite index is closing at a record level today and rose by 2.10%.  Although the S&P and Dow lagged but still rose by about 1.5%. The final numbers are showing: S&P index up 48.66 points or 1.5% at 3297.59 Nasdaq rose 194.57 points or 2.10% at 9467.97 Dow rose 407.82 points or 1.44% at 28807.63 Big

Topside trend line is the latest hurdle The USDJPY has been trending to the upside in trading today as “risk on” flows send investors out of the “relative safety of the JPY” (that is the Pavlovian reaction).    The 5 minute chart shows the trajectory of the trend today.  A lower trend line has done a good

NASDAQ composite index leads the way with a 1.34% gain The US stock market had a solid recovery today especially in the NASDAQ index. That index rose 1.34% on the day. On Friday the NASDAQ index fell by -1.59%. The S&P and Dow indices both lagged, however.  The final numbers for the major indices are showin: S&P

North American traders enter for the week As North American enter for the week, the AUD and NZD are rebounding after taking it on the chin last week. This despite more deaths and a jump in the  infected in China. the PBOC did cut rates, and added liquidity and are looking to minimize the damage

USD/JPY falls to a low of 108.81 as bond yields slip further on the session ForexLive The yen is gaining further ground to start the European morning as we see bond yields fall further, with 10-year Treasury yields now down by 3 bps to 1.553%. That is pushing USD/JPY to a session low of 108.81

The November low is reached today and finds modest buying The AUDUSD came under pressure today on coronavirus concerns. In the process, the price move below a trend line on the 4 hour chart below (trend line is currently at 0.6783 and moving lower), but found support buyers against the low price from the end of November 2019. That low came

Risk aversion trades are on as coronavirus fear accelerates. As the coronavirus continues to progress with 81 confirmed deaths and thousands infected. the fear aversion trades are moving.  The JPY and CHF are attracting buyers. the AUD and NZD are falling (they rely on China for import/exports).   The USD is stronger with most of the

AUD/USD eases to its lowest level since 19 December 2019 ForexLive The aussie is in a bit of a precarious spot amid the softer risk mood in trading today, with AUD/USD now slipping to one-month lows and testing the 100-day MA (red line) @ 0.6844. If price firmly breaks/closes below that level today, it will

100 hour MA stalls the fall The GBPUSD moved to test it’s 50% retracement at the 1.31185 ahead of the December retail sales report and found some profit taking sellers.  Nevertheless, the prices just 11 pips off the high price as the weaker than expected retail sales were reported (-0.6% versus +0.5% estimate).  The surprise decline sent the pair tumbling lower with

EUR/USD under pressure The euro is cementing its reputation as the funder of choice so far this year and today’s price action hammers home the point. It’s down 35 pips to 1.1102 and only the 55-dma just under the figure is supporting it. I also spy a head-and-shoulders top in the par with a neckline

Below the Tuesday low at 1.11038 The EURUSD is trading to a new week low at 1.10973 and trade just off that level as I type. the Tuesday low at 1.11038 was the prior low.  The EURUSD got a shove lower after running away from the 100 hour MA (at 1.11362), the 200 day MA

Stay above the 100 hour MA keeps the bulls in control The USDJPY technical story has been similar all week.   The basic technical theme is : Stay above the 100 hour MA (blue line at 110.003 now) is the most bullish scenario Stay above the old December ceiling at 109.675-723 area is still bullish  Move

Dow lags The major US indices are opening at new record levels with the NASDAQ leading the way. The Dow is lagging. A few minutes into the opening is showing: S&P index +5.01 points or 0.15% at 3321.82 NASDAQ index up 25.076 points or 0.27% at 9382.20 Dow up 16.81 points or 0.06% at 29314.45 in other markets:

Major indices all erase early declines The Dow was down as was just -217 points and is closing up 69 points. The NASDAQ index is down -77 points and is closing up 51 points The S&P was down -20 points, and is closing up 11.4 points It is a big turnaround day for major indices:

Geopolitical concerns hurt the major indices The European shares are ending the session with declines as a result of geopolitical concerns (and perhaps a higher EUR)/ The provisional closes are showing: German DAX, -0.76% France’s CAC, -0.54% UK’s FTSE, -0.75% Spain’s Ibex, -0.45% Italy’s FTSE MIB, -0.51% Portugal’s PSI 20, -0.12% Although lower on the day, the major

Retraced more than 50% of the 2019 trading range The EURUSD peaked for 2019 in mid – January 2019 at 1.15696 and bottomed in early October at 1.08787.  Since October on the daily chart, the price has been able to chop it’s way higher. In the process, the price has moved above and below its