Technical Analysis

USDJPY's second look above the 105.00 level finds more buying

Low against the Tuesday high, helped the buyers push The USDJPY moved up to the 105.00. upper channel trend line level and found sellers.  Those sellers took the price back to the high from Tuesday at 104.86 and held. 

More Technical Analysis

EURUSD Thu 27 Oct

Forex technical analysis: EURUSD tests the 200 hour MA and eases off

Continues to trade between the goal posts defined by the 100 and 200 hour MAs Early in the Asian Pacific session today,  the EURUSD fell and tested the 100  hour moving average (blue line  in the chart below). At the time, the  moving average came at 1.0889.  The low price for the day reached  1.0891.  


The technical picture: Dollar moves back higher in NY trading

Mixed on the day EURUSD.  The EURUSD rallied in the early NY session and that rally saw the price move above the 200 hour moving average (green line in the chart above - currently at 1.09378).  That was the first breach of that MA since last Thursday's quick break on ECB Draghi's press conference comments.  The pair also tested the 50% of the move down from the same Draghi Day high (at 1.0944).  That break FAILED.

GBPJPY Wed 26 Oct

Forex technical analysis: GBPJPY moved from the floor to the ceiling.

Test ceiling at 127.92 The GBPJPY bottomed today at a floor area defined by recent swing lows (there was one failed break on Friday).   We are now testing a ceiling level at 127.92.   That too has had one break that failed last week.  

AUDUSD Wed 26 Oct

Forex technical analysis: Can AUDUSD hold the retracement?

Up and down day The Australia CPI headline data was better at 0.7% vs +0.5% estimate but the Trimmed Mean CPI was as expected at 0.4%.  The market focused on the headline and the price moved sharply higher.

EURUSD Wed 26 Oct

EURUSD making NY session lows and cracks a support level

Below the low from June 24 by a couple pips The 1.0910 level is the low from June 24th. The price action in the EURUSD has been trying to hold that level on the move back lower today.  We just fell below the line as London traders look to exit for the day.  The pair is not running but there is a crack in the bullish bias today.  

USDJPY Wed 26 Oct

Forex technical analysis: USDJPY tests target area

Resistance at 104.44-47 being tested The USDJPY is up testing a key resistance area at the 104.44-47 area. Going back to Oct 12, there has been three tests and two breaks. The two breaks saw additional momentum, but ultimately failed.  Yesterday the pair broke above, based against the level before surging to 104.86.  However, that gain unraveled with the pair moving all the way back down to support near the 100 hour MA (blue line in the chart above) and trend line support (see blue circles in the chart above). That actually was a nice hold on the dips today. So there is a reason for the rally from a technical perspective.  The question is "Will that continued above this key target area?"  

EURGBP Wed 26 Oct

EURGBP falls to 100 hour MA area

61.8% retracement at the same area The EURGBP has dipped lower and just tested the 61.8% retracement and 100 hour MA at the 0.89016-18 area.  If you recall, yesterday, the pair moved above this MA line, and ran from it (to the upside). The peak extended above a topside trend line but failed.  The price action has been up and down since that peak was reached.  

USDCAD Wed 26 Oct

Forex technical analysis: USDCAD falls to 100 hour MA on bullish oil inventory data

Support holds on the first look The drawdowns in the weekly inventory data has the price of oil back higher and the USDCAD moving back lower (higher CAD). 

EURUSD Wed 26 Oct

Forex technical analysis: EURUSD trying to base on correction, but...

Overhead resistance looms. The EURUSD surged above the 100 hour MA early in the London session (blue line in the hourly chart below currently at 1.0893).  That break back above that line (yesterday the MA was approached and found sellers) sent the pair surging higher, and tested overhead trend lines at 1.0928 and above that at 1.0938. The high price has come in at 1.09325 so far today. The pair also moved above the 1.0911-15 area.  This area is where a swing low and high came in on October 20th and 21st.  

GBPUSD Wed 26 Oct

Forex technical analysis: GBPUSD finding sellers against MA levels

Old trend lines in play as well The GBPUSD has been finding sellers against the 100/200 hour MA ( blue and green lines  in the  chart below at 1.22149 and 1.22261 respectively).  The underside of broken trend line from yesterday's trading is also stalling the pairs rise.

GBPUSD Wed 26 Oct

Amongst the wreckage GBPUSD reveals its true colours

Today, why the pound dropped isn't important. What is important is what it revealed So I can't leave you lot alone for five minutes without it all kicking off eh? ;-)

GBPUSD Tue 25 Oct

Forex technical analysis: GBPUSD snap back rally

October 25, 2016:  Huge range in the pair but can't keep the trend move lower going The GBPUSD fell sharply in trading today.  Then snapped back higher in the late NY morning and NY afternoon.  


Forex technical analysis: EURUSD reverses and tests 100 hour MA

New lows failed.  Reversal moves toward 100 hour MA The EURUSD fell in the the London session and NY morning session. That move took the price to new session lows at 1.0850.  The low fell short of the next key target area defined by swing lows/highs going back to November 2015 to March 2016 period.  The price fell below that area - mainly in November but again in January for a few days - but since January 7th, the price has traded above that area. The inability to get to that area (yellow area in the chart below) is a disappointment for the bears/sellers. And we saw that disappointment in the rally back higher this afternoon.  That rally is taking the price to the 1.0910 area. That level on the daily chart is the swing low from June 2016. Key level to get above if the bulls are to take back more control.  We are seeing sellers against the level though.  The sellers seem to be leaning.  

EURUSD Tue 25 Oct

EUR/USD threatens outside reversal

EUR/USD rises to two-day high Another round of euro strength has helped it clear yesterday's high of 1.0899. The best level so far is only 1.0902 so it's hardly a definitive break out but if it manages to close above 1.0900 that would splash a minor outside day on the chart.

CRUDE-OIL Tue 25 Oct

Forex technical analysis: Crude oil tests lower support

The price is testing the lower of range since October 5th  Looking at the hourly chart of the Crude oil futures, the pair is looking to test the lower end of a range since October 5th. That range extends from around $49.70 to $52.20.   Of note in the chart is how the last three trading days has had a lower ceiling - not against the upper limit but the 100 and 200 hour MAs at $50.77-82. There have been 4 tests of those MAs and each time, a move lower.   

EURUSD Tue 25 Oct

Forex technical analysis: Add USDCHF to the near lap in trading

Trade new London and NY lows. The day lows still in tact for now The EURUSD and the USDJPY have done laps (near laps) in their trading today.  Add the USDCHF to the group.

CABLE Tue 25 Oct

Cable breaks key intraday retracement level

GBP/USD now a full cent from the lows The cable rebound has taken out the 61.8% retracement of the intraday plunge. The tricky part here is the measurement. I've drawn the drop starting at 1.2235 but you could scale it from the top at 1.2241 and that would move the 61.8% level a bit higher. To be safe, you might want to see a break of 1.2186.

USDJPY Tue 25 Oct

Forex technical analysis: USDJPY trades at new NY and London session lows

What a whipsaw.... The NY session low was 104.46. Not anymore. The new low is 104.39 AFTER racing up to 104.867 and then falling back down.  The London session low has also been taken out at 104.35 as well.  


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