Technical Analysis

EURUSD, EURGBP, EURJPY keep inching higher

Range stretched for EURUSD and EURJPY The EURUSD has now traded 99 pips from the low to the high. That is a good ways above the 22 day average range of 72 pips. The EURJPY is even more explosive with a range of 258 pips vs a 110 average.  Both pairs are trading new highs for the day. 

More Technical Analysis

GBPUSD Tue 25 Apr

Forex technical analysis: GBPUSD remains in the consolidation range but buyers in control.

Above the 100 hour MA The GBPUSD remains confined in a 104 pip trading range post-spike, but I give the nod to the buyers.   That range has been from 1.2859 to 1.2754, and we are now in the 5th day. Today we peeked above a topside trend line. However, let's face it, the prior day highs up to the 1.2859 and then the 1.2903 high from the snap election high remain as "resistance land mines" on  moves higher.   The market can get used to ranges, and the longer they last, the more resistance highs (or lows) are made.    

EURUSD Tue 25 Apr

Forex technical analysis: EURUSD working way toward another test of 1.0900/10 area

Get and stay above 1.0900-10 key hurdle for the EURUSD The EURUSD's gap higher saw a correction toward the 38.2% yesterday. Today, we are seeing a move above trend line resistance off the hourly chart, and from that break, some up and down trading in the London session. However, the price remains higher, and the corrective selling off the weekend spike has been moderate (stayed above the 38.2%). The buyers remain in control.

USDCAD Tue 25 Apr

Pres. Trump going after Canada daily farmers again. USDCAD new highs

CAD taking it on the chin Pres. Trump is piling on the Canada dairy farmers now and it is having an negative reaction in the USDCAD. The pair is making new day highs and is testing the December high at 1.35978. Key level for the pair. 

USDCAD Tue 25 Apr

USD/CAD is testing the late-2016 highs

USD/CAD touches 1.3597 Big levels. Trump is threatening to kick off a trade war because he wants a few votes in Wisconsin in the next election. The thing he's saying to watch is that the US is putting tariffs on Canadian lumber.


Forex technical analysis: USDJPY marches higher. Tests highs.

WIth earnings looking good and bond yields higher, USDJPY is trying to stretch the upside As Mike reported, the . Bond yields are higher with the 10 year at 2.30% and gold is down -$8.00.  That has the USDJPY moving higher in early trading today.  

FOREX Tue 25 Apr

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

The GBP is the strongest. The NZD is the weakest. The snapshot of the strongest and weakest currencies shows that the GBP is the strongest while the NZD is the weakest.  The USD is mostly higher with good gains vs. the commodity currencies.(CAD, AUD and NZD) and also vs. the JPY.  

NASDAQ Mon 24 Apr

Nasdaq closes in on Nasdaq 6000

Nasdaq 5000 broken on July 11, 2016.  As the Nasdaq composite index moves to yet another record high - this one on a gap move higher - the index is also getting closer to Nasdaq 6000.  That is about 200 trading days (give or take a few days).   That is a pretty good pace.  

USDCHF Mon 24 Apr

USDCHF recoups all the weekend declines. Tests 100 hour MA again

Up and down after early plunge. The USDCHF gapped lower and the opening today, and that fall took the price below a lower channel trend line. That idea did not last long as traders started to think in terms of "risk off" - not just follow the EURUSD.  The pair quickly rebounded higher. 


Forex technical analysis: NZDUSD falls toward 200 hour MA

100 hour MA broken The NZDUSD has moved below the 100 hour MA at 0.70214 after holding the level late Friday and again on a number of hourly bars today.  Support broken, look for the next target. That comes in at the 200 hour MA at 0.7008. Why is that important?

EURUSD Mon 24 Apr

EURUSD moves back toward 200 day MA

No upside momentum The EURUSD is looking like the GBPUSD did last week. Big move spike higher. The next highs are lower. The lows find support at the 38.2%.  That has been what the GBPUSD has done over the last 4 trading days. Today in the EURUSD we are seeing a similar pattern.

USDJPY Mon 24 Apr

USDJPY tests/moves below the 100 bar MA line. London fixing approaching

100 bar MA on the 4-hour chart comes in at 109.92 The USDJPY is trading at NY/London session lows and in the process has moved below the 110.00 level and tests - is now moving below - the 100 bar MA on the 4-hour chart at 109.92. The London 4 pm fixing is approaching and may be having an impact on the price action.  

EURGBP Mon 24 Apr

Forex technical analysis: EURGBP extends to new session highs. Tests topside resistance.

Key resistance at 0.8510/11 area The EURGBP is trading to new session highs with the 0.8510/11 level being tested. That level corresponds with swing low/swing highs from April 6th, 12th and 18th.  KEY LEVEL.  

GBPUSD Mon 24 Apr

Forex technical analysis: The 100 hour MA catches up to to the price in the GBPUSD

It took 3 1/2 days of consolidation/sideways trading. The GBPUSD has NOT been reactive to the France election.   Last week was the GBPUSD day in the sun as it rallied on the back of the snap election news. Since that announcement, however, the GBPUSD has been going sideways. 

USDJPY Mon 24 Apr

Forex technical analysis: USDJPY following the flows

Bonds, stocks, gold and USDJPY all in sync If, Then It is the classic "risk off trade". Of course the France election has led to a collective sigh from the markets. With Macron beating Le Pen and the expectations that Fillon and Melenchon supporters will side with Macron, the 2nd round election looks to be less of a horse race.  

FOREX Mon 24 Apr

Forex technical analysis: EURUSD wanders around the 200 day MA

The price holds the 38.2% retracement on the correction today The EURUSD gapped higher and is keeping most of the gains.  In the Asian session the price shot up to the 1.0903 area at the opening but has since consolidated/corrected lower (). Looking at the daily chart, the correction lower moved below the 200 day MA and the 38.2% of the move down from the May high. That level comes in at 1.0827. The low reached 1.0820 before moving back higher (see chart above). 

EURGBP Sun 23 Apr

Forex technical analysis: EURGBP gaps above broken trend line

Trades above and below 38.2% retracement The EURGBP also gapped higher after French election results, with the price moving back above a broken trend line at 0.8475 on the daily chart.  According to my chart, the low today has found support against that trend line level.  

EURUSD Sun 23 Apr

Forex technical analysis: EURUSD gaps toward March high

The 1.0906-10 area topside target As everyone knows, the EURUSD has gapped on the back of the French election.  No surprises and support being pushed Macron's way.  

EURUSD Fri 21 Apr

Technical analysis: EURUSD higher on the week. What about next week?

Holds near the 50% of the weeks range today As we head to the close for the week, the EURUSD is  Overall, the range for the week was  about 176 pips.  That is ok in what is a less volatile 2017. The high trading range for a week in 2017 is 280 pips. The low is 106 pips. In 2016 (by comparison), the low trading range was 123 pips and the high was 515 pips.  We are just not seeing trends for long in 2017. 


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