Technical Analysis

A grey day for the pound as May talks tough about Brexit

The pound charts mirror the current UK weather, grey, soggy and miserable. The Times reported that Theresa May will issue the strongest speech yet on Brexit, and despite it just being a sources story, quite rightly, the pound has taken a big hit. Last week we had a similar episode when May said that Brexit means Brexit, even though that's been her rhetoric from the start.

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USDJPY Fri 13 Jan

Forex technical analysis. A bit of a short squeeze in USDJPY after data

Retails sales ex auto and auto and gas miss The retail sales data details were more weak with ex auto and gas showing most of the weakness. The PPI was perhaps a little higher ex food and energy.

FOREX Fri 13 Jan

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

Friday January 13th, 2017: The NZD is the strongest. The USD is the weakest. The snapshot of the strongest and weakest currencies is showing that the NZD is the strongest currency of the majors. The USD is the weakest - falling against all the major currency pairs - but all are pretty closely aligned.  

EURUSD Fri 13 Jan

Here's a review of my EURUSD longs

I thought I'd assess the current scene in the euro regarding my longs You should regularly assess your trading positions, no matter what time scale they are on. When I take longer-term trades, I have certain assessment points for when the position is going against me. For example, 1.0300 is one level that if broken, will cause me to take a long hard look at what's going on to see if something has materially changed that will affect my strategy. The next point after that will be 1.000.

GBPUSD Thu 12 Jan

GBPUSD makes its way to the 100 hour MA

Finds some support buyers... The GBPUSD has been able to find it's way to the 100 hour MA and other support levels in the 1.21870-98 area ().  The area is not only home to the 100 hour MA, but also swing lows/highs going back to the end of December (see chart below). 

AUDUSD Thu 12 Jan

Forex technical analysis: AUDUSD tests 100/200 DA MAs

Moved a little above in trading today The AUDUSD has continued the move higher that has seen the pair close higher the last three trading days . Yesterday was a big move up. That move stalled near the 50% retracement level (see chart below) at the 0.7468 level.

GBPUSD Thu 12 Jan

Forex technical analysis: GBPUSD moved back below 200 hour MA

PM May talk on Brexit on Tuesday The GBPUSD has moved below the 200 hour MA on a headline that PM May to give a major speech on Brexit on Tuesday. The 200 hour MA stall the decline earlier in the NY session. Not this time.  The MA now becomes resistance for the pair.

USDJPY Thu 12 Jan

Forex technical analysis: USDJPY retraces above intraday resistance....

...Can it hold intraday support now? and build from it. The USDJPY - like the EURUSD - has seen a correction in the last hour of trading.  The price, in the process, moved above the 100 bar MA on the 5-minute chart (blue line). The price high stalled ahead of the 200 bar MA. 

EURUSD Thu 12 Jan

Forex technical analysis: EURUSD corrects lower. Tests intraday support

See what happens at support The EURUSD started the NY session making new session highs. The high reached 1.0684. The price has moved lower and looks to test an intraday support level. 

EURUSD Wed 11 Jan

EURUSD works its way back to support as momentum slows

Trend move stalled The EURUSD ripped higher with little in the way of corrections. When trend legs (fast directional moves) do not correction below the 38.2-50% retracement of the leg higher, it says to me, that the trend is in tact. That is what we saw on the way higher.  There were three legs higher and each held above the 38.2-50% correction zone (yellow areas).

SP Wed 11 Jan

Nasdaq and S&P recover losses

Near unchanged level The S&P index is now up 1.5 points or 0.07% at 2270. The low extended to 2260.83. The Nasdaq index is down nearly unchanged after being down nearly 25 points at the low. 

WTI Wed 11 Jan

WTI Crude futures settle at $52.25 / barrel

Up $1.43 or 2.81% The WTI crude oil futures are settling at $52.25 per barrel that's up $1.43 or 2.81%. The high price extended to $52.78  while the low  was at $50.75.   Support remains near the $50.00. 

BIOTECH Wed 11 Jan

Trump takes biotech to the woodshed

He has hurt defense contractors, tech, was the biotech's turn The biotech ETF (IBB) took it on the chin today after the President elect took the industry to the woodshed for it's whipping. Trump has gotten on the case of defense contractors, tech like Apple, the auto industry. Today, a warning shot was shot across the bow of the biotech and healthcare industry as a whole. The stocks reacted accordingly.

EURUSD Wed 11 Jan

EURUSD moves back above 1.0600 area after 10 year auction

Selling the dollar... The treasury auction had strong demand and that has helped to push the EURUSD even higher in volatile trading. The pair is back above the 1.0600 level as I type. The low extended to 1.04533.  The high just peaked at 1.0616.  Short are scrambling.

USDJPY Wed 11 Jan

USD/JPY sinks to session low as Trump volatility resolves lower

USD/JPY falls to the worst levels of the day Everyone expects the unexpected with Donald Trump and he delivered in a press conference that was all over the place.

EURUSD Wed 11 Jan

A technical review of the dollar moves

Risk increased as markets trade Trump like the Fed Chair The market is reacting to the comments from Donald Trump by: The story seems to be focused on: Gold is trading near unchanged levels GBPUSD: The GBPUSD made new post October crash lows at 1.2082 and tumbled to 1.20369.  We are back above that old low at 1.2082. That will now be eyed once again. 

EURUSD Wed 11 Jan

Forex technical analysis: EURUSD moves up to key resistance area...

...and stalls The USD has moved back lower as stocks move lower, Trump does not talk about infrastructure spending, harps still on Hillary.   The EURUSD has moved back up to the 1.0517-21 area where the 200 hour MA is found and where swing levels stalled the pair going back to 2015 ().  A move above could see further momentum higher. Right now, the resistance area is holding the rally.

DOLLAR Wed 11 Jan

Dollar moves higher ahead of Trump

Moves to the head of the table The USD has been pushed higher ahead of the Trump press conference at 11:00 AM ET.   A snapshot shows the GBPUSD continues to suffer the most with the GBPUSD now trading below the October flash crash lows at 1.2082. The low reached 1.20369.

USDCAD Wed 11 Jan

Forex technical analysis: USDCAD moves above 100 day MA

On the day oil is moving higher (after two days of strong selling), the CAD gets weaker. Go figure.  Crude oil futures tumbled on Monday and Tuesday and the USDCAD did little.  Today crude oil is moving higher (+$0.70 or 1.35%) and the CAD is getting weaker.  

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