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.
More Technical Analysis
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.
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.
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.
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.
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.
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.
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.
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.
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.
USDCAD Mon 22 Aug
USDCAD stretches to new highs. AUDUSD little changed in up and down day.
Crude oil/commodities under pressure
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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