Tests 38.2% of the move down from September high
The price of gold has been waffling higher and lower since mid October. The low reached $1263.35 on October 27. That low was higher than the low from October 6th and subsequent lows since then have also been higher. The price since October 23rd has moved above and below the 100 day MA. There have only been two trading days since that time when the price did not trade the 100 day MA. That says to me that the market does not know what to do. So it happily hangs around the 100 day MA
Falls below triple bottom.
The NZDUSD fell below a triple bottom at the 0.6817 level today and the price ran lower. That break is real folks. What was a floor now becomes a ceiling. Stay below is more bearish.
The first of a series of MA being tested as the pair rotates back lower
The GBPUSD is now trading lower on the day, after a run higher (and a break to a new 11 day highs failed. The pair completed its up and down lap. Concerns about Brexit seem to be the catalyst (the stock excuse for a sell off but with truth to it).
CPI as expected but remains well below targets
The Canada CPI came in as expected but the YoY numbers remain well below targets for the Bank of Canada. The USDCAD has moved to new session highs (lower CAD). The pairs trading at 10 day highs.
Walmart surges >10 % on earnings and forward guidance.
The major US stock indices are ending the day with strong gains, rebounding after six days lower.
The gains were helped by Walmart and Cisco which reported stronger than expected earnings and revenues, and the US House of Representatives passing of their tax reform bill with ease. The NASDAQ composite index closed at a record level.
Dollar mixed in trading today
The USDCAD mad it down to the trend line and 100 (currently 1.2734) and 200 (1.2730) hour MAs. You can add the 50% of the move up from last week's low at 1.2727. The low came in at 1.2727 and bounced. Yesterday, the high price stalled at the 50% of the move down from the October 31 high (not show but level came in at 1.27989). In the new day, those are the extremes. It can go either way, depending on how you look at the market, but the holding of the cluster of support gives the buyers a little more of the nod.
NASDAQ up 1.16% now..
The US Major indices continue to move higher - making new highs in the last few minutes of trading
Looking at the hourly chart of the NASDAQ composite index below, the pair traded between the 200 hour and 100 hour moving average and trading yesterday. Today the price gap above the 100 hour moving average at 6735.75 (blue line in the chart above) , and it did not take long to move up to 50 hour moving average at 6746.46 (white line in the chart above). The high price for the NASDAQ reached 6795.51 back on November 7.
Trades at London/New York low
The USDJPY has continued to wander lowers and has now moved below the close from yesterday that 112.85. So we are now in the red. The pair is also trading at new London and NY session lows. The low for the day reached 112.74 in the early Asian session. After consolidating above and below 200 bar MA (green line), the trend line and 38.2% on the 5-minute chart below, the sellers took charge and pushed lower.
Walmart earnings help.
Walmart earnings beat this morning on both the top and bottom lines. Gains were as a result of strong online sales. Same-store sales rose for the 13th consecutive quarter, and the retail raised its fiscal year 2018 earnings-per-share guidance. All good news. Walmart shares are up over 6%.
CAD stronger after stronger-than-expected manufacturing sales
The USD is down a little after the US data today. The Philly Fed business outlook get to 22.7 versus 24.6. Initial jobless claims were higher at 249K versus 235K.
Near the start of the US trading day
The GBP is the strongest currency near the start of the NA trading day, while the NZD is the weakest.
The changes and ranges remain somewhat limited but the leading currencies are at their extremes. The GBPUSD is trading at the highs up 26 pips, after being lower earlier. The NZDUSD is trading down -37 points and at the lows. It has been down since the very start of the trading day.
100 day MA and swing high and swing low
The EURGBP has had a bumpy and wild ride of it over the last 8 or so weeks. In the current week, the price chopped higher and in the process moved above the swing high from Nov 2 and the 100 day MA (blue overlay line on the 4-hour chart below at 0.89478 currently).
A look around the markets
The activity has slowed down as the NY afternoon session gets going.
The EURUSD eventually fell away from the 200 bar moving average on the 5 minute chart (Green line in the chart above). The full took the price toward the 38.2% retracement and other swing levels at the 1.17847 area. The low could only get to 1.1789. We are currently trading at 1.1798 and looking like shorts might be getting tired for now. The 200 bar MA will be eyed above on a wander higher.