Technical Analysis

100 day MA at 0.90733 The USDJPY has move back up toward its high for the day and in the process is testing its 100 day moving average at 0.90733.  The fall below the 200 day moving average yesterday was the first fall below the level since June 16 when the price closed back above the moving average

Disappoint showing up in the price action today. The price of AUDUSD has fallen back below its 100/200 hour MAs at 0.73726 and 0.7362 respectively. IN the process, the bias has shifted more to the downside for the pair.  The move lower today is showing the disappointment in the price action this week.  After trading

Down day for most indices today Today, the major European indices are ending the week in the red.  Looking at the provisional closes: German DAX, -0.5% France’s CAC -0.2% UK’s FTSE 100 -0.6% Spain’s Ibex, -1.25% Italy’s FTSE MIB, -0.6% For the week, German DAX, -0.75% France’s CAC, +0.7% UK’s FTSE 100, +0.1% Spain’s Ibex, -0.5% Italy’s FTSE MIB,

Trades between 100 hour MA below and 100 day MA above The GBPUSD fell to the low for the day as London traders exited for the day/week (and month for that matter). The low reached 1.3889. The 100 hour MA (at the time) was at 1.3891.  The price has since bounced and trades at 1.3909. 

Stocks close near session lows Highlights for the day: Dow S&P close lower for the third day in four sessions Major averages post weekly losses S&P has six straight monthly gain NASDAQ snaps two day win streak Dow S&P, NASDAQ post gains for July Hurting the indices and market today was Amazon which fell -7.5%

Gold spins its wheels again The $1834 resistance level and some moderate US dollar buying today spelled trouble for gold today, even with yields dipping another 3 bps today. Technically, that’s a simple setup but it’s not necessarily bearish so long as last week’s low of $1790 holds. On the fundamental side, Powell’s comments this

Indices close off the highs for the day The major indices closed higher on the day.  The S&P and Dow industrial average traded to new all-time intraday highs.   The S&P close just below record close levels  The NASDAQ close higher for the 7th day in 8 trading days.  The Dow and S&P snapped a two day

Wonders of wonders. It opens at the IPO price The price of Robinhood, the retail online trading platform, has opened at $38 a share. That was the proposed IPO price.  The stock is currently trading in volatile price action above and below the $38 level.   Relatively speaking, trading near the IPO price is not a great signal.  Meanwhile the Dow and S&P have

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do

What break levels are in play? What levels will be in play for some of the major currency pairs through the FOMC decision?   As a reminder there is no central tendencies or dot plots. Only the statement and the press conference which will take place at 2:30 PM ET and typically lasts an hour.   Understand,

No record closes for major indices The major US indices have snapped their five day winning streak ahead of the key earnings including Alphabet, Apple, Microsoft, AMD, Starbucks.   Microsoft is trading down $3.11 at $285.94 Apple is trading down $2.42 at $146.57 Google is trading down $-48.99 at $2631.71 AMD is trading down $-0.92 at

USD/CNH breaches the 6.50 barrier The high today hit just over 6.52 as the offshore yuan falls to a low last seen since April against the dollar, hurt by the equities selloff in Hong Kong and China to start the week. The sharp move in the yuan is likely the cause for some extended moves

Up for the fifth consecutive day The major US stock indices close higher for the fifth consecutive day, and in the process closed at record highs. A look at the provisional closes shows: Dow industrial average rose 82.76 points or 0.24% at 35,144.31 S&P rose 10.51 points or 0.24% at 4422.30 NASDAQ index rose 3.72

USD/JPY falls to a low of 110.15 on the day The drop brings the pair towards a test of the 100-hour moving average (red line) @ 110.14 now, with further support seen closer to 110.00 and the 200-hour moving average (blue line) @ 110.04 as the yen stays more bid in European trading. This comes

Buyers come in against the 100 hour moving average in the North American session The USDCHF support/resistance levels have now been defined in what has been an up and down trading session today. The pair is higher on the day, but there has been a number of up and down swings.  The last moves first saw the price move to

Ups and downs continue in the pair. Well, I could continue to use the same title in the afternoon update for the pair.  In the North American session, the price moved higher but continue to stall ahead of its 100 hour moving average at 1.17821 currently (blue line in the chart above).   The move back to the downside reached just

The pair finishes higher on the week I love a dragon fly doji like the one on the AUD/JPY chart this week. It’s a classic sign of uncertainty and a potentially violent reversal. The week started with lockdowns in Australia and broad risk aversion but it’s ending with the S&P 500 at all time highs.

Dow is above its all-time high close but below its all time intraday high The NASDAQ and S&P are on track for record closes today.  The Dow is also above its all time high close and also just above the 35000 level.   The NASDAQ is currently up 156 points or 1.06% at 14884. The high price reached 14845.40.  Its