Technical Analysis

Gold hits the target in $8 slide

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 .

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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.  

GBPUSD Tue 23 May

Forex technical analysis: GBPUSD has some downside vulnerability

Trades below the 100 hour MA The GBPUSD is showing some downside vulnerability in trading today. The price is below the 100 hour MA at 1.2985. It is also below a technical swing area in the 1.2985-90 area (see red circles on the chart below).  

GOLD Tue 23 May

Gold dips after failing in test of Asian highs

Quick move lower in gold Gold is quickly down $5 and testing today's lows. The move came after several tests of $1264 were halted, and ultimately failed. The high last week was $1265.

NZDUSD Tue 23 May

Forex technical analysis: NZDUSD approaches key 100 day MA. Sellers should lean on test.

Has traded below the key MA since March 2nd. The NZDUSD has continued its run higher in trading today, and is currently trading above the 38.2% of the move down from the February high at 0.70302.  However, the price remains below the 100 day MA at 0.7052 AND the highs from April at 0.7050-52. The high today has reached 0.7046 so far.   

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 Tue 23 May

Peace and prayer to all the victims, families and friends....

Words cannot express the sorrow... Before, another word on the market is said, let me say my prayers go out to the innocent victims in Manchester last night.  

FOREX Tue 23 May

The strongest and weakest currencies as NA trader enter for the day

The NZD is the strongest. The GBP is the weakest. As traders enter for the day, the NZD is the strongest, while the GBP is the weakest.  The USD is more lower - rising against the EUR and the GBP, but falling against the JPY, CHF, CAD, AUD and NZD. 

STOCKS Mon 22 May

US stocks end the session with decent gains

Nasdaq leads the charge higher. The US stocks are ending the session with decent gains. Solid day and closing near the highs too.


Forex technical analysis: GBPUSD moves back below 1.300

1.2988-90 eyed 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).   


Forex technical analysis: EURUSD stalls at broken trend line. Bulls in charge.

Buyers remain in control. The EURUSD has moved lower in the last few hours of trading. However, when the price reached the underside of the broken trend line (at 1.1227 area - ), the price bounced. 

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. 

NZDUSD Mon 22 May

NZD/USD nears 0.7000 in technical break

NZD/USD is easily the top performer today Have a look at the kiwi chart today. It's run stops after breaking last week's high of 0.6950 and the May high of 0.6969.

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: 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 GBPUSD: 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".  

USDJPY Mon 22 May

Forex technical analysis: USDJPY still needs a meaningful close below technical support

50% and 200 bar MA on 4-hour chart at 111.23-24 On Friday, the price of the USDJPY moved above and closed above the 200 bar MA on the 4-hour chart AND the 50% of the move up from the April low at the 111.24 area.  The price closed each 4 hour bar since then with the exception of the closing bar on Friday. The price for the week closed at 111.18.


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