Technical Analysis

The  NZDUSD  is trading marginally lower ahead of the RBNZ decision that will be announced at 10 PM ET. The expectations are for a 50 basis point hike to 2.00%. The hike will be the 5th in a series of hikes that started on October 6, 2021 with a 0.25% hike to 0.50%. They added

USDCAD trades above lower trend line/50% retracement The  USDCAD  is lower on the day with the price opening at its high and trading down to its low in the North American session. The last 13 or so hours have seen the price trade up and down with a high near 1.2807 and a low at

EURUSD bounced off the 50%/swing area. Earlier in the day, the  EURUSD  moved above the 50% of the range since the April 21 high at 1.06421. The price also moved above the swing high from May 5th at 1.0641 (just a pip off the50% level). There were other swing levels down to 1.0633. The break

The QQQ ETF is a big cap high tech ETF. The top 10 holdings which account for about 50% of the index is made up of the following big cap tech stocks. Apple and Microsoft account for 23.5%. The only non tech name in the list is PepsiCo (2.03%). Needless to say, it is heavily

USDCAD moves above its 100 hour moving average The  USDCAD  has moved to a lower low for 6 consecutive days. Today, the low took out the low from yesterday by 7 pips. Yesterday’s low took out Wednesday’s low by 11 pips. Wednesday took out Tuesday’s low by 14 pips. So the moves to new lows

The S&P index has moved to a new low of 3841.54. In the process it took out the low price from last week at 3858.87. At the low the index was down 20.28% from its 2022 high and all-time high reached on January 4. That takes index into “bear market territory”. Financially speaking a decline

AUDUSD falls back to the 100 hour MA The AUDUSD is mired in an up and down trading day today The initial move was lower. The price move in the Asian session took the price down toward the 100 hour MA (blue line) and found willing buyers against that level. The subsequent move to the

The S&P 500 is down 80 points, or 2.1% and today’s close will mark a seventh consecutive week of declines. That’s a rare feat and it doesn’t bode well. I had some optimism yesterday that the Target-rout might mark a tradable bottom and it did to some extent but the inability to rally for more

 Crude oil   futures  settle at $113.23. That’s up $1.02 or 0.91%. That is for the June contract which goes off the board today. The July contract meanwhile is closing up $0.39 at $110.28. Norway today announced that April preliminary oil production fell to 1.66 million barrels per day vs. expectations 1.86 million barrels per day.

EURUSD moves to a new high and above swing area The  EURUSD  is moving to a new session high and in the process is extending above a swing area between 1.05922 and 1.05986 (see earlier post outlining the target area). The price is trading at 1.0605 currently. On more upside momentum, the pair would next

Nasdaq index trades above and below the 50% midpoint The  NASDAQ  index has been trading up an down today. The high price reached 11562.82. The low price extended to 11313.31. Near the midpoint of that range sits the 50% midpoint of the trading range since the post pandemic low. That midpoint comes in at 11449.29.

AUDUSD moves back into the old floor area The  AUDUSD  is moving down as some risk off flow are kicking in as stocks continue the move lower today. Looking at the weekly chart, the move lower has taken the pair back within the swing area going back to July 2020 between 0.6966 and 0.7005. That

The strongest to weakest of the major currencies The USD is making new session highs vs the EUR, GBP, CAD, AUD and NZD. The JPY and the CHF meanwhile are attracting the most forex flows. USD: The  EURUSD  is back below its 200 hour MA and is also ticking below the low price going back

AUDUSD moves back above the old floor The AUDUSD moved to the lowest level since June 21, 2020 last week, and in the process broke below swing lows from September 2020, October 2020, November 2020, November 2021, December 2021 and the January 2022 between 0.6966 and 0.7005 (see red numbered circles in the chart above).

NZDUSD is up 3 days in a row The NZDUSD is up for the 3rd consecutive day today after bottoming on Thursday last week. The low price reached 0.6216. That took the pair to the lowest level since early June 2020 and below the 61.8% of the move up from the 2020 low. The retracement

GBPUSD moves up toward the 200 hour MA The  GBPUSD  is getting a boost to new highs helped by comments from BOE Bailey that  inflation  is the central banks biggest challenge, and rising food price were also a major worry. The BOE warned that inflation may rise to 10% later this year. Looking at the

EURUSD extends to a new high. 100 hour MA looms. The EURUSD is moving higher helped by GBPUSDs run to new highs (now above its 200 hour MA) and overall dollar selling. Yields are lower helping to push the greenback lower. Gold is higher by $14.50 now helping the dollar selling (or is dollar selling

AUDUSD broke below swing levels from 2022, 2021 and 2020 The  AUDUSD  this week fell below the 2022 low at 0.6966. The price also fell below the 2021 low at 0.6992. Those breaks of those key levels on the weekly chart above, led to a run down toward another swing area between 0.6809 and 0.6832..