Technical Analysis

The market is expecting Intel will report earnings after the close. The chip manufacturer has been under pressure as AMD and Nvidia “chip” away at their business. They have also been besieged with manufacturing problems.  The new CEO Gelsinger is looking to turn the manufacturer around via a large infrastructure investment, but that takes time and the market

Up $1.61 or 2.29% The move higher in crude oil futures continued today with a sharp rise to the upside. The September contract settled at $71.91. That’s up $1.61 or 2.29%. The price is up sharply from Monday/Tueday’s lows which saw the price reached $65.59. The price is now up $6.18 or 9.42% from that low.  Looking

GBP/USD is up slightly to 1.3730 to start European trading Invest in yourself. See our forex education hub. Things were looking ugly for cable at the start of the week but they are turning around now, after support near the 4 February low @ 1.3566 held. The low yesterday touched 1.3572 but it was enough

The 200 hour MA is stalling the rise The NZDUSD – like the USDCHF – is trading between the 100 hour MA below at 0.69559 and the 200 hour MA above at 0.69737. The current price is at 0.6965. Trading above the 100 hour moving average tilted the bias little more to the upside, but holding under the

AUD/USD down 0.5% to 0.7290 Invest in yourself. See our forex education hub. It has been a rough period for the aussie in the past week as hopes of any hawkish tilt by the RBA in the months are dashed as the virus situation worsens domestically. That adds to the struggles to lift consumption activity, with

The USDCAD is moving away from the floor near 1.2730. In an earlier post, I commented on the 1.2730 floor level that was developing in the USDCAD chart. That level was a corrective floor yesterday and also stalled declines during the Asian and North American session today.  The price has subsequently broken below that level and stay below the level. The momentum is increasing

It is not a good look on the charts to say the least Cable is down to a low of 1.3650 to start European trading as the dollar holds firmer once again but the technical significance of the drop is starting to reveal itself. The pair now is breaching the double-bottom from the March and

100 day moving average at $66.17 The price of WTI crude oil futures have moved to a new session low of $66.24. In the process the price has moved closer to its 100 day moving average currently at $66.17.  The price has not traded below its 100 day moving average since November 2020. A break below that

USD/CAD breaks last week’s high USD/CAD is trading at a three-month high as the market grapples with a strong US dollar, a fading reflation trade and fallout from yesterday’s Bank of Canada decision. There were no clear sell signals for the loonie in any of those events but positioning in CAD was crowded and a

GBP/USD falls to 1.3805, keeps more sluggish to start the day The pair hit a high of 1.3898 yesterday after more hawkish remarks by BOE policymaker, Michael Saunders. In case you missed it, you can check them out here. Invest in yourself. See our forex education hub. There was a bit of a pullback after

The range for the week continues to hold Invest in yourself. See our forex education hub. Sellers tried testing waters just below 1.3800 earlier, with the low touching 1.3793 for a brief moment before a turnaround now to a session high of 1.3850. The bounce takes the pair back towards the 100-hour moving average (red

NZD/USD holds above 0.7000, trades near the highs at 0.7025 Growing expectations of a RBNZ rate hike next month is fueling a move higher in the kiwi, with NZD/USD up 0.6% today to 0.7025 currently. The pair is once again looking to try and hold a break above 0.7000 but after the failure to hold

Keep on knocking and they’ll eventually let you in Cable is down 63 pips to the low of the session at $1.3765. That’s the worst level of the week and it will leave GBP/USD just above the cluster of lows that stretches down to 1.3731. If that gives way then the March-April double bottom of

Only one thing can explain the broad market moves this month If you start with the assumption that the pandemic doesn’t matter to markets — and it hasn’t for a year — then the broad price action and macro picture doesn’t make sense. Talk of a Fed policy error or bottleneck problems or anything else

WTI pressured late Oil attempted to get off the floor a few times today and was doing a decent job of it until the latest round of broad risk aversion hit and sent it back towards session lows just ahead of settlement. Ultimately, crude settled at $71.65, down $1.48. Nearly all of the selling came

USD/CAD climbs further USD/CAD ran some stops in a pop to 1.2585. The high last week was 1.2590 and that’s the short-term resistance level to watch. The loonie isn’t getting any help from the intraday improvement in oil prices today. The move higher in the pair is part of a broader USD bid as risk

Oil keeps lower for now, down 0.8% to $72.50 One can call it a delayed reaction to the OPEC+ compromise news, but I would argue this is more of a case of a technical exhaustion and buyers taking profits for now. The UAE and Saudi Arabia reached a compromise yesterday, seeing price fall from $75.00

The 200 hour MA stalls the fall. BOC decision at 10 AM The USDCAD has moved down (with the overall dollar selling) and has reached the 200 hour MA at 1.24512. The 50% of the move up from the July 6 low comes in at 1.24458 just below that level.   Traders have stuck a toe