Don't sleep on the remainder of the day
The drop and consolidation in EUR/USD is like a textbook.
The range is narrowing in a wedge and in the past 45 minutes, it's fallen to 5 pips. That could be a sign of an intraday breakout.
More Technical Analysis
FOREX Tue 28 Mar
BREAKING news: EURUSD, USDJPY, GBPUSD, USDCHF takes out levels
MAs taken out
The EURUSD tested and bounced modestly against the 100 hour MA. It just broke below it at 1.08204. The 200 hour MA is at 1.0793 and the next downside target. The 38.2% of the move up from the March 14 low comes in at 1.07886 and is also a target below. PS The EURUSD which had a 27 pip trading range up until 11 AM ET, is up to 74 pips. That is the 22 day average trading range (about a month of trading).
DOLLAR Tue 28 Mar
Stocks push the markets around a bit
S&P up 0.40%. Nasdaq up 0.22%. Dow up 0.40%
The major stock indices are now trading higher after the better data. 2 year yields are up 2 bp. 10 year is still unchanged US data was much better than expected.
USDJPY Tue 28 Mar
USDJPY making new session lows
Falling below trend line
The USDJPY is making new session lows and in the process has moved below a trend line support level at 110.25 (see chart below). We are getting a bounce back above the line now. The Conference Board Consumer confidence is due at the top of the hour (114.0 est). The Richmond Fed will also be released. It is coming out at 22 vs 15 est. now. Data should give a bias for the pair.
FOREX Tue 28 Mar
The strongest and weakest currencies as NA traders enter for the day
March 28, 2017. The JPY is the strongest. The NZD is the weakest.
As the NA traders enter for the day, the JPY is the strongest while the NZD is the weakest. The JPY pairs took a move to the downside in the London session after a NY session yesterday that saw the JPY pairs correct higher.
GOLD Mon 27 Mar
Technical analysis: Gold tests 200 day MA today and falls back
200 day MA at $1260.44. The high reached $1261.08 today
Gold rallied on lower yields in the US, a lower dollar, lower stocks and concerns about Trump. At the peak the price reached $1261.08. That was just $0.64 from the 200 day MA at $1260.44. Back at the end of February, the price also peaked above the 200 day MA and fell back lower. Traders don't like to get burned twice on little breaks.
AUDUSD Mon 27 Mar
Forex technical analysis: AUDUSD moves sideways for another day
Hangin around 50% retracement area
The AUDUSD continues to trade sideways today. The low is higher than Friday's low. The high is higher than Friday's high, but the pair remains near unchanged on the day. The last 2 1/2 days has seen the price trade in a range of about 50 pips. That ain't a lot of movement. We should see a break.
USDJPY Mon 27 Mar
USD/JPY fails to break 110.00 as bids hold the line
Technicals and orders help to support USD/JPY
The low today in USD/JPY was 110.11 on two separate attempts, spaced four hours apart.
The failure to break lower created a double bottom with a measured target near 110.70. The high since then is 110.66, which is close to where we're trading now.
GBPUSD Mon 27 Mar
GBPUSD trading at NY session lows
Tests 200 bar MA on 5- minute/38.2%
The GBPUSD has fallen to the 200 bar MA on the 5-minute intraday chart at 1.25584. If you put a Fibonacci on the move up from the late Friday low to the high today, that is also being tested at 1.2559. The pair stalled at this area in the London morning session.. We are trading at NY session lows.
SPX Mon 27 Mar
S&P index recovers after gap move lower
Back above 50 day MA now...
The S&P index gapped lower from the low from Friday at 2335.74 on the back of the failed repeal/replace of Obamacare. The move lower also took the price below the 50 day MA 2331.84. That was the first time below the 50 day MA since Election time back in November.
EURUSD Mon 27 Mar
EURUSD back below 200 day MA...
Stock fall stalls the dollar fall
The US stocks are still lower but trading near the day's trading highs. The S&P index fell to 2322.25. The price is trading at 2332. The high reached 2332.38. Gold was up about $18/$19 at the peak. It is up about $12 now. US 10 year yield is still down about 4.8 bp at 2.36% but is off the low at 2.34%.
USDCAD Mon 27 Mar
Forex technical analysis: USDCAD takes off.
Crude oil moves toward $47
The USDCAD took off to the upside - moving away from the converged 100 and 200 hour MAs in the process (blue and green lines at 1.3348 area). The price raced up to the 1.3400 area (the high reached 1.34028). In the process, the price extended above a trend line resistance line at 1.3385. The price is down retesting that line. The level also corresponds with the highs from Friday's trading. Crude prices are down about -$0.80 or 1.67%. That - and the technical move away from the MAs - seems to have helped the pair push higher.
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