Technical Analysis

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
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
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:
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