Technical Analysis

Forex technical analysis: EURGBP trades at session highs

Approaching the 100 bar MA on the 4-hour chart. Risk can be defined and limited It was yesterday, that traders took the EURGBP lower and that pushed the price to test the 200 bar MA on the 4-hour chart  at the 0.8479 level ().  The low reached 0.8484 and the rally began. Risk could be defined and limited.

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CRUDE-OIL Wed 24 Aug

A technical look at the crude oil futures

October contract Today, crude oil is lower with the October contract trading at $46.69 area.  The price is down 2.91% on the the day. The low traded to $46.45.  

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GOLD Wed 24 Aug

Gold falls to three-week low, breaks 55-day moving average

Gold technical analysis Gold is down $13 today in the worst decline since August 5. In the medium-term, the outlook is largely unchanged. Gold appears to be in a consolidation phase after a great run to start the year. Uncertainty about global central bank dovishness has stalled the move.

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AUDUSD Wed 24 Aug

Forex technical analysis: AUDUSD a little bit of buying, a little bit of selling

100 hour MA above/50% below A little bit of buying.  A little bit of selling. Both a fairly predictable levels. The AUDUSD on Monday overshot the 50% retracement of the move up from the July 27 low but only by a few pips. Today, the low found buyers right at the level (at 0.75876).  

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EURUSD Wed 24 Aug

Forex technical analysis: EURUSD tests low from Monday

Monday lows at 1.12702/200 hour MA at 1.1274 The . The low reached 1.12448. Around the time of the low the EURGBP was testing support too at the 0.8478-85 area (see: ).  

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USDJPY Wed 24 Aug

Forex technical analysis: USDJPY fails again..

Range extended but move higher fails.... The USDJPY extended the trading range to the upside on the break of the 200 hour MA. It was the 2nd look above the 200 hour MA this week. Each failed pretty quickly (this time at a lower level).  Do we stay below or is it just the USDJPY trading day?  If you like the long side, you have to wait for a move back above. If you like selling, the failure is good enough reason to lean against the MA and see what happens at the 100 hour MA (blue line) below.  The upper trend line and lower trend line become the next hurdles which ever way it decides.

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GBPUSD Wed 24 Aug

Forex technical analysis: GBPUSD stalls. Retreats.

The rally stalls. EURGBP hits support. The GBPUSD has been rushing higher with an assist to the EURGBP which has been rushing lower.  The GBPUSD broke above a topside trend line at the 1.3248 AND the 38.2% of the move down from the post-Brexit corrective high price (at 1.3979 from June 24). That was bullish.  

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EURGBP Wed 24 Aug

Forex technical analysis: EURGBP tests lots of support...

Look for support buyers The EURGBP has reached a KEY support target. The 50% of the move up from July 14 low at 0.84855.  The 200 bar MA on the 4-hour chart at 0.8478. There have been a number of lows and highs going back in time.  

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USDCAD Wed 24 Aug

Forex technical analysis. USDCAD trades above and below the 100 day MA

Oil inventory data awaited. The USDCAD is trading above and below the 100 day MA in trading today. Oil prices are down to $47.47 in trading today with a high of 47.74 and a low of $47.05.  The weekly inventory data is out shortly. The 100 day MA will be a barometer for bulls or bears. Move above (a more bearish report for oil) and will look toward the high for the week at 1.29645 and then the 100 bar MA on the 4-hour chart at 1.2987. 

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USDJPY Wed 24 Aug

Forex technical analysis: USDJPY leaning against levels above

200 hour MA and 38.2% retracement attracting some sellers The USDJPY is more of a bystander today. The pair is in a narrow 45 pip trading range. The 22 day average (about a month is 118 pips).   That could mean there is room to roam so be aware for a break and run.

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GBPUSD Wed 24 Aug

Forex technical analysis: GBPUSD trades at new session highs

Above drawn out trend line The GBPUSD has continued the squeeze higher today. Remember the CFTC Commitments of traders from last week showed record shorts for the GBP. They don't call it a squeeze for nothing. So be careful.

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EURUSD Wed 24 Aug

Forex technical analysis: EURUSD trying to push away from the 200 hour MA

Been under pressure for most of the day The EURUSD broke below trend line support in early trading today, and over the last few hours has pushed below the 200 hour MA and the lows from Monday's trade as well at 1.12719 and 1.12705 respectively. If that lid can hold, the shorts will be happy : ) (or feel the happiest). It also shows that traders like the short side. They are leaning. 

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FOREX Wed 24 Aug

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

August 24, 2016.  The NZD is the strongest. The EUR is the weakest. Getting off to late start (was working on a video - ).  No excuses. The strongest currency is the NZD. The weakest in the morning snap shot is the EUR.  The greenback is mixed - rising against the EUR, CHF, CAD, and falling against the GBP, AUD and the worst performer, against the NZD.  

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USDJPY Wed 24 Aug

USDJPY not straying far from 100.00 and it could mean big trouble

USDJPY just can't pull itself away from the big psychological level I'm getting very nervous about the current price action in USDJPY. We've been knocking around the year's lows now for quite some time and that's never a good sign. Yesterday I spoke to Tip TV about that very point.

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NZD Tue 23 Aug

The breakout in NZD/USD today reminds me of my favourite race horse

NZD/USD touched a 14-month high today "Half-hearted" is how I would describe the breakout in the New Zealand dollar today. The kiwi is neck-and-neck with the pound as the top G10 performer today and remains solidly higher but the failure to extend gains after briefly touching an 14-month high is a bit of a wet blanket.

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EURO Tue 23 Aug

The 1.1350 zone in EUR/USD is proving awfully tough

EUR/USD beaten down to session low The euro reached as high as 1.1355 in Asia-Pacific trading but it was quickly beaten back to 1.1320. A second rally in Europe stalled just shy of 1.1350.

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GOLD Tue 23 Aug

Gold climbs to session high but range is still the trade

Gold up $5 to $1344 Gold futures caught a quick bid in the past hour and jumped to $1344 from $1340. The $4 move qualifies as a decent move in the current environment, which is, let's say, dull.

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GBPUSD Tue 23 Aug

Forex technical analysis: GBPUSD trying to stay above retracement level

61.8% and prior swing high holding support. Yesterday, the GBPUSD squeeze shorts a bit and then went sideways. The CBOT commitment of traders net short position in the GBP was at record levels last week.  

USDCAD Mon 22 Aug

USDCAD stretches to new highs. AUDUSD little changed in up and down day.

Crude oil/commodities under pressure USDCAD The September WTI Crude contract settles today and will be replaced by the October contract tomorrow. The October contract is trading at a premium to the September contract. The September is trading at  $47.06 while the now more active October contract is trading at $47.63.  Regardless, each are down about $1.45 on the day. That is helping to support the USDCAD. 

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