Technical Analysis

USDCAD trades at new session highs

Weaker data pushes the pair sharply higher The USDCAD rose sharply on the back of weaker than expected CPI and retail sales today. The price surge has taken the price back into the range that confined the pair until the break on Wednesday.    The price is back in the range (with 1.3128 as the low and 1.3247 as the high).   The pair has also moved above the 100 and 200 hour MAs at the 1.31359 and 1.31565 levels respectively.

More Technical Analysis

USDJPY Fri 23 Sep

USDJPY still can't make up its mind

USDJPY traders are uncertain about the next direction 101.00 is becoming pivotal for USDJPY. We finally got a break during the Asia session but it didn't last and like most of trading yesterday, lacked conviction.

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USDJPY Thu 22 Sep

Forex technical analysis: USDJPY trading near highs for the day

High for the day 100.90 The USDJPY is trading near the highs for the day. That high came in at 100.905 The pair is currently trading 100.86. Looking at the 4-hour chart above, the low for the day (which occurred in the first 4-5 hours of the trading day), looked briefly below a lower trend line.  However, it was just a brief peek. The low was set, and after one final test that held the trend line, the move higher was on.  

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EURUSD Thu 22 Sep

Forex technical analysis: EURUSD moving toward the MA levels

Retracements as well... The EURUSD stalled at the topside trend line.  But what now? The pair has continued to wander lower from the trend line but there are bullish things from the day too:

GBPUSD Thu 22 Sep

Forex technical analysis: GBPUSD dips back below old week highs/trendline. Waters muddy.

Could not get to the target level The GBPUSD has dipped back below the broken trend line and the high from earlier in the week.   The failure muddies the water technically for the pair.  The market broke. The next target could not be be reached. The price has moved back below the break level.   

2
EURGBP Thu 22 Sep

Lots of balls in the air in the EURUSD, GBPUSD, EURGBP combination

Resistance in EURUSD, GBPUSD breaking, EURGBP support There are a lot of balls in the air with regard to the EURUSD, the GBPUSD and also the EURGBP. Which straw is stirring the drink? Let's take a look.

GBPUSD Thu 22 Sep

Forex technical analysis: GBPUSD trades at new session highs

Moves above Monday high and trend line too Yesterday post the Fed, the GBPUSD traders started to show buying interest at the 1.29927 area  ()  The 100 hour MA stalled the rally initially (blue line in the chart below) but then was able to break through.  

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EURUSD Thu 22 Sep

Forex technical analysis: EURUSD rebounds. Moves toward key trend line.

Trades near highs for the day The EURUSD moved higher in trading yesterday (lower dollar) on the back of the FOMC decision and press conference.  The pair stalled near the 100 day MA at the 1.11816 level (see chart below).  That was step 1.   

1
USDCAD Thu 22 Sep

Forex technical analysis: USDCAD approaches 100 day MA support target

The pair has been on a downward trajectory since breaking below floor yesterday The USDCAD is looking to test it's 100 day MA at the 1.29894 level.  The 61.8% of the move higher from the September 7th low is not far away from that level at the 1.29836 level.  The combination should be supportive to the pair on the first test with stops on a break below.   

2
USDJPY Thu 22 Sep

100 has a say after BOJ and FOMC but where does USDJPY go now?

One level I had my eye on following the big central bank meetings has come into play We had quite a muted move over the FOMC, due to where the bulk of expectations were. All those who though the Fed wouldn't hike were right and the 24% that thought they would hike got it wrong. Hopefully we'll hear what some of those had to say (BNPP for one) about that later.

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GBPUSD Wed 21 Sep

Are GBPUSD sellers giving up? It's trying.

100 hour MA is the next hurdle ahead. The GBPUSD has done two bullish things in the current bar The 2 bullish things may be an indication that the sellers - who have kept this pair offered - may be throwing in at least part of the towel (for the time being at least).

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SP Wed 21 Sep

Yellen worth about 14.0 S&P points

The S&P rises by 0.65% during her press conference. For what it is worth, Chair Yellen took her seat with the S&P at 2145. An hour later she left her seat with the S&P at around 2159. So the chair was able to push the index up about 14 points or 0.65%

9
USDCAD Wed 21 Sep

USDCAD: Here we are again

This time getting a close below the 200 hour MA The USDCAD has been ping ponging and lo an behold the high off the FOMC volatility did send the price back up to the topside yellow area (4th test).  

1
FOREX-TRADING Wed 21 Sep

EURUSD: Seeing up and down trading continuing to be the theme

Finding resistance at the 100 hour MA  The EURUSD has seen up and down trading since the announcement. Let's face it...it is hard to decipher the Fed and that is reflective in the price action.  In the earlier post, if the 100 hour MA held, the upside had a chance to be explored.  That level did not hold and the price nearly did a lap of the price action from the statement.  The rally off that low moved back to the 100 hour MA (at 1.1180 - the high moved to 1.1184), and we are seeing a rotation back lower.  

3
SP Wed 21 Sep

S&P back to where it started before the statement

The S&P went up and it has come back down Below is a look at the move in the S&P. The price spiked higher on the unchanged policy signal but has moved back down to the level that prevailed right before the statement headlines.  Yellen speaking now, with the S&P at 2145.

DOLLAR Wed 21 Sep

Dollar moves lower after the Fed

A look around EURUSD The EURUSD has moved  higher and has tested the 100 day MA at the 1.1193 level. The 200 hour MA comes in at 1.1206.   The price moved above the 100 day MA yesterday and failed.   The support should come in at the 1.1176-79 area which is broken trend line and the 100 hour MA.  A move below muddies the water for buyers. 

2
GBPUSD Wed 21 Sep

Forex technical analysis: GBPUSD moves to London session lows

Old trend line (that keeps on getting broken and failing) The GBPUSD has made London session lows and in the process is back down testing an old trend line that has been broken and failed on three occasions over the last few days.    I keep the line is as after each failed break, the market seems to find support back against the line.  We are at one of those tests now....

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USDCAD Wed 21 Sep

Forex technical analysis: USDCAD remains in the 100 pip range

Above 100 hour MA (midpoint area). The USDCAD is testing the highs for the day and looks at a trend line (UPDATE: Breaking above now).  The price is back above the 100 hour MA (now risk for longs).  Earlier in the day, the price fell below the 200 hour MA but had plenty of other support that stalled the fall. Risk could be defined and limited at the bottom yellow are that runs from 1.3128 to 1.3146. There are a number of swing lows inthat area over the last 6 trading days. 

USDJPY Wed 21 Sep

Forex technical analysis: USDJPY tests the next downside target

New day lows being made The NY traders have continued to take the USDJPY lower and the pair is testing the next technical target.  The level is defined by the swing low from August 2nd, the August 24 and August 25 highs (at 100.61-68).  The low is 100.60 so far.  


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