Technical Analysis

A technical look at the AUDUSD into the new trading week.

High levels were probed this week.  Price comes back down. The AUDUSD for the second week in a row, move up to a resistance area defined by swing highs between 0.7730 and 0.7755.  

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GBPUSD Fri 24 Feb

Forex technical analysis: GBPUSD back in the range after teasing a break

Dollar rebound takes the pair back into the range... The GBPUSD teased with breaking above a resistance area defined by the 1.2543-485 area (see red circles). The pair is back down testing the cluster of support defined by moving averages including the 100 bar MA on the 4-hour chart at 1.2488, the 100 hour MA at 1.2480, and the 200 hour MA at 1.2469.  

EURUSD Fri 24 Feb

EURUSD races the other way...

Fast break the other way. , the most prophetic warning was: In my early post on the EURUSD "It is Friday. That can lead to choppy trading conditions. So traders tend to have short leashes in case the pair decides to quickly move against positions with some end of week flows. Be aware."

FOREX Fri 24 Feb

Forex technical analysis: USDJPY falls to next swing target and bounces.

Tests next target. Bounces The USDJPY fell to the next swing target against the 112.00 area (up to 112.069). The low just reached 112.048. We have bounced up to 112.28 off that support level.  

EURUSD Fri 24 Feb

Forex technical analysis: EURUSD back to where we ended a week ago

Last week the pair closed at 1.0611 area Back to where it all ended last week.  There is a lot of symmetry in the chart for the week. What would make it even more balanced would be a close near the Monday high at 1.0632.   

USDCAD Fri 24 Feb

USDCAD fall after higher CPI. Rebounds a bit

It is the only news in town. The Canada CPI garnered all the headlines at 8:30 AM ET, and it was higher than expectations. The pair fell below the 61.8% of the move up from last weeks lows and moved down toward the trend line target at the 1.3026 level but has come up short.  

USDJPY Fri 24 Feb

Forex technical analysis: Canada CPI data due.

Watch for a break away from MA levels Here is the picture of key levels. Watch the MA lines for bullish/ bearish after the data. 1.3208 is shaping up as a key level on the topside with lots of swings at the level. 

DOLLAR Thu 23 Feb

US dollar quietly trades off lows

NY afternoon stuff. Where do we stand technically Overall, a lot of the currency pairs remain in range-y ranges.  That requires traders to think bullish and bearish.  IF a key target is reached (or there is a failure at an extreme), you can go the other way. If a resistance or support level is broken look for momentum.  

USDCHF Thu 23 Feb

Forex technical analysis: USDCHF finds support at low risk tech level

200 hour MA and 50%  The USDCHF has moved down with the dollar today and in the process has moved to a low risk level at the 50% and 200 hour MA at 1.00528.  Traders bought the first test against the level.  The price moved above the 100 hour MA above (reached 1.00746).   

GOLD Thu 23 Feb

Gold takes advantage of the US dollar weakness to break the February high

Gold at the best levels since early November Gold is up $12 today as it breaks higher from a minor consolidation phase in the largest gain of the month. Gold has been in a steady uptrend since the start of the year in part due to worries about changes at the Treasury and general political instability.

EURUSD Thu 23 Feb

EURUSD can't make much hay above the 200 hour MA level

Back down testing the 100 hour MA now . The 50% of the move down from last weeks high at 1.0586, and then the 200 hour MA at 1.0593 were the next targets. The price made it to and even through both.  The high reached 1.05948, but that was it.  We are now seeing a retest of the 100 hour MA at 1.05733.  The battle between the MA lines continues.  

USDJPY Thu 23 Feb

USDJPY tests the support area target.

Slow playing the level. The USDJPY has moved even lower with the GBPUSD leading the way.  The USDJPY has followed more slowly.  "More slowly" because the pair is testing the 112.51-577 support area .  That level has been home to a number of swing lows/highs since Mid January.  

EURGBP Thu 23 Feb

Forex technical analysis: EURGBP is messing with us

Closed below the 200 day MA. Then above the MA yesterday.  Today back below The EURGBP closed below the 200 day MA for the first times since Dec 2015 on Tuesday. Bearish.

NZDUSD Thu 23 Feb

Forex technical analysis: NZDUSD also breaking.

Trades at highest level since Feb 9th. The AUDUSD is making a run above the 0.7700 level. The NZDUSD is also running higher.  The pair just moved above the highs from last week and trades at the highest level since Feb 9th. The 50% of the move down from the Feb 7th high comes in at 0.72518 and that is the next target on the topside.   On the move higher, the 100 bar MA on the 4-hour chart was broken at 0.7226. The 38.2% retracement is at 0.7223. That area will now be close risk for longs. Stay above is more bullish. Move back below is not so bullish for those trading the break. 

AUDUSD Thu 23 Feb

AUD/USD hits highest since election night

AUD/USD takes out the Feb high The US dollar is really wilting today. Technical levels are crumbling or being tested all over the place. One to fall is in AUD/USD as it continues to erase the post-election losses.

GBPUSD Thu 23 Feb

Forex technical analysis: GBPUSD tests...breaks... yesterday's highs

Week's high too. The GBPUSD is testing - well just breaking - the highs from yesterday/the week. The 61.8% of the move down from the Feb 9th high to the Feb 14 low at the 1.25055 level. 

USDJPY Thu 23 Feb

Forex technical analysis: USDJPY approaches a key area

A number of swing levels in the 112.51-58 The USDJPY is approaching an area that has had a number of swing levels going back to mid January. The area comes in at 112.51-577. The low last week stalled just above that area at 112.61. Traders were anxious to buy early against the level. 

EURUSD Thu 23 Feb

Forex technical analysis: EURUSD moves up to the 100 hour MA....and stops (for now?)

Near highs from yesterday/earlier today. The EURUSD extended to a new day high, taking out the high from earlier at 1.05717.  Yesterday, the high came in at 1.05735. The high just ticked at 1.0576. Price should go higher right? Not so fast the 100 hour MA comes in at 1.0575 and sellers were waiting there on the first look.

DOLLAR Wed 22 Feb

Dollar whips around on FOMC minutes

Dollar higher then dollar lower. "Many" thought a rate hike was appropriate fairly soon.  That seemed to be an early headline to send the dollar higher, but then the market started to focus on the list of risks including the dollar, downside inflation risk, downside risk from some potential policies.  The dollar went back lower.


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