Earlier break in gold completes retracement
I wrote about gold earlier as it was testing the Asian low.
"Watch for another round of stops if the earlier low of $$1258.17 breaks.
It would target a drift down to yesterday's low of $1251," I .
More Technical Analysis
FOREX-TECHNICAL-ANALYSIS Tue 23 May
Forex technical analysis: USDCAD stalls at swing level
1.3454 stalls the fall
The USDCAD fell to a low of 1.3455. That dovetailed with a swing level on the hourly chart going back to April 3rd. The area was a ceiling in early April. ON April 19th, the level was broken. The price based against the level (red circles 3, 4 and 5) but did fall below and the 100 hour MA on April 24th. That break failed, however, and the price has been above ever since that day.
EURUSD Tue 23 May
Forex technical analysis: EURUSD moves closer to 1.1300 target
Trend line holds support so far
The EURUSD took another step higher today. The price was supported by a trend line at the low which may have attracted some technical buying. That trend line was tested in early NY trading and held again (see red circles). Stay above is more bullish. Move below and the sellers have a technical reason to lean the other way (at least for a trade).
USDJPY Tue 23 May
Forex technical analysis: USDJPY stalls...
Sideways into the 100 hour MA convergence
Not a lot is going on in the USDJPY. The pair has tried to move lower, but is back near the narrow trading range highs. The low reached 110.86. The high reached 111.34 in the Asian session and 111.31 in the London session.
FOREX-TECHNICAL-ANALYSIS Mon 22 May
Forex technical analysis: GBPUSD moves back below 1.300
The GBPUSD has moved back below the 1.3000 level in the last few minutes of trading. There is additional support at the 1.2988-90 which was the high ceiling area (see Red Box in the chart below). Today, the price moved below this area on two separate occasions. Another move below will not be all that bullish technically.
GOLD Mon 22 May
Gold up modestly but trades near high levels
Up about 0.43% on the day.
Gold is up modestly in trading today. The price is up about $6 or 0.45% on the day. It is trading near the high for the day at $1262.76 (currently trading at $1261.43).
NZDUSD Mon 22 May
Forex technical analysis. GBPNZD is the biggest mover today
NZD remains the strongest currency...
As London traders hit the pubs or head home on the trains, the NZD remains the strongest currency. While the GBP is the weakest. That makes the GBPNZD the biggest mover and indeed, it has moved 1.13% from the Friday close.
USDCAD Mon 22 May
Forex technical analysis: USDCAD trades under 50% retracement level
Oil higher but in middle of the range
The USDCAD is trading below it's 50% of the move up from the April 12 low. That comes in at 1.35076. The last 5 hourly bars has closed below that MA level. It is a close risk level intraday for traders. Traders who are short want to see the price stay below that level. We are currently trading near it. If it starts to trade and close back above shorts may look to buyback shorts.
FOREX-TECHNICAL-ANALYSIS Mon 22 May
Forex technical analysis: AUDUSDs bullish overtones...
First break above 200 bar MA on 4-hour chart since April 17th
The pair is trading at the highest level since May 3rd. The next target is being approached at the 0.7490-92 area. That level corresponds a series of swing lows and highs going back to April 19th (see red circles in the chart above).
A move below the 200 bar MA on the 4-hour chart would be concerning - at least intraday, but it is not the end of the world for the bulls (it muddies the bullish waters a bit though). A move back below the 0.7468 level (61.8% and trend line) would increase the bearish bias, however. The high today reached 0.7485.
GBPUSD Mon 22 May
Forex technical analysis: GBPUSD more bullish, but...
....Lower highs over the last few days
The not so bullish (concerning) is that since the break above the 1.1288-90 on Thursday:
Nevertheless, despite the concerns, I still give the nod to the bulls. Stay above 1.2988-90 would be the close support (risk) for longs now. Stay above the 100 hour MA is a lower risk level for longs. On the topside, if the price can get and stay above the prior highs, the dips will not look "bearish" but simple "corrective".
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