Technical Analysis

Gold breaks higher. Back above 100 day MA and 50% retracement.

Looking more bullish. Is it the dollar lower?  Is it a big buyer or some other gold story? I don't really know, but what I know is gold is looking better technically.  

More Technical Analysis

EURUSD Fri 21 Jul

Forex technical analysis: EURUSD stays above the May 2016 high

Up on the day, but ups and downs. Stays above May 2016 high The EURUSD moved above the May 2016 high at 1.16157 in trading yesterday and has stayed above that level since that break.   The low today is 1.1618. 

USDJPY Fri 21 Jul

Forex technical analysis: is the 3rd time a charm for the USDJPY?

Last two days has seen breaks of key support fail. Is the 3rd time the chart today. The USDJPY has been frustrating (for me at least) over the last few days as a cluster of technical levels were broken, but then failed.  

USDCAD Fri 21 Jul

Forex technical analysis: USDCAD stays below the 100 hour MA after data

Moves a bit lower (extends to downside) after CPI/retail sales The Canadian retail sales remained fairly elevate in May with a 0.6% gain (vs 0.3%) after a 0.7% rise in April (was 0.8%). The CPI headline was a lower at 1.0% vs 1.1% but the core numbers were a little higher than expectations.

EURGBP Thu 20 Jul

EUR technical analysis chart - support levels & target

EUR/GBP, that is! This via Société Générale technical analysis: EUR/GBP successfully bounced off graphical support at 0.8360/30. It has broken out above the rectangle within which it has evolved since last year. Near-term, it looks poised to head towards 0.9060, the 76.4% retracement of recent correction. 0.8550/35 should now provide important support (Note dated July 20)

USDJPY Thu 20 Jul

Forex technical analysis: USDJPY can't stay below the MAs

Nice try but the sellers failed again... For the 2nd day in a row, the USDJPY failed on it's break below the 200 day MA, the 100 day MA, the 50% retracement of the move up from June 14th. The 100 bar MA on the 4-hour chart.  That area comes in at 111.64-888. The price is back testing the 112.00 level now.  Call off the bears. The bulls are back.  

EURCHF Thu 20 Jul

Forex technical analysis: EURCHF pushes the ceiling...

But more work to do... The EURCHF moved to the highest level June 6, 2016.  The high took out other highs from this month at 1.10727 and 1.10695. That is the good news. The not so good news is that the high could only get to 1.10755.  The ceiling has been pushed, and even breached by a few pips, but not running - at least not yet.   

USDCAD Thu 20 Jul

Forex technical analysis: USDCAD stays under the ceiling

Ceiling defined by the 100 hour MA The USDCAD tried to move higher earlier in the day. The price moved above a baby trend line on the hourly  Yesterday (and on Tuesday afternoon), the line was approached but not really reached.  Today that line was broken, but the 100 hour MA got in the way (the ceiling), and the marker price rotated back to the downside.  

NZDUSD Thu 20 Jul

It's the New Zealand dollar's turn to beat up the dollar punching bag

NZD/USD hits a session high, edges above November 2016 The US dollar is really taking a beating today and the breakdowns just keep on coming. It's the New Zealand dollar's turn as it hits a 10-month high on a break of the November 2016 peak.

EURGBP Thu 20 Jul

EURGBP trades at highest level since November 2016

Up nearly 1.5% on the day The EURGBP is the biggest mover of the day as the EUR is the strongest currency while the GBP is the weakest.   Overall, the pair is up about 1.5% from yesterday's close.

AUDUSD Thu 20 Jul

AUD/USD on the uptrend but it might have gone too far, too fast - Citi

Technical analysis from CitiFX CitiFX Technical Strategy Research notes that AUD/USD is just shy of testing the 200 week moving average (around 0.8015), a level not hit since 2013.

TRUMP Thu 20 Jul

Are we already at the stage where Republicans blame each other?

August recess scraped but progress is elusive Politico is out with of how Republicans in the House, Senate and White House are trying to get the wheels moving again after spinning them on healthcare for six months.

USDJPY Thu 20 Jul

Forex technical analysis: USDJPY moves back to key support cluster

200 and 100 day MA, 50% retracement The USDJPY has tumbled back down to the cluster of support defined by the: The low just reached 111.62. Yesterday the pair reached a low of 111.547 before rebounding into the London morning session. That rally took the price above the 100 hour MA but that break stalled (fell back below the line).  

TRUMP Thu 20 Jul

US dollar drops: Muller said to expand probe into Trump business transactions

Dollar hits the skids on political headlines Bloomberg is reporting that the special council is examining the dealings of Trump, Kushner and Manafort. In an BloombergTV interview, the reporter called it "a very dramatic expansion of the probe" and said it creates "great legal jeopardy" for the President.      

EURUSD Thu 20 Jul

EURUSD breaches 1.1600 level. Trades above topside trend line.

Racing higher The EURUSD has raced above the 2017 high at 1.15826, the natural 1.1600 level,  and also above the old trend line (that line was breached on Tuesday but failed).  The pair has also moved above the 2016 high price at 1.16156. The high just peaked at 1.1630.  We are quickly back to 1.1615 currently after the trigger of the stops.  The 2015 high comes in at 1.1711 and will be the next target (there is not much resistance) .

GBPUSD Thu 20 Jul

Forex technical analysis: GBPUSD bounces back to 50%/200 hour MA

Better retail sales ignored today The UK released better than expected retail sales today but the market discounted the rebound as being a one off. At least that is what the price action suggests.  The price did move higher on the headline but quickly moved back lower. 

USDJPY Thu 20 Jul

Forex technical analysis: USDJPY corrects to 100 hour MA, but....

.... momentum slows. Back below the MA target. The   BOJ kept policy unchanges, increased growth projections but lowered inflation expectations. The USDJPY moved higher before the release and extended above its 100 hour MA (blue line in the chart above) after the release.  However, we have now seen the price comes back down below the 100 hour MA at 112.24. The last three hourly bars have closed below the MA line.  That raises a red flag for the dip buyers.   

EURUSD Thu 20 Jul

Forex technical analysis: EURUSD rebounds as Draghi maybe not so dovish

Risks predominantly due to global factors and reform pace.   He encourages more structural reforms to keep the economy going. Technically, the pair did not go below the 50% retracement level at 1.1476 and stayed above the 1.1435-65 area as well.   In addition, the move back above the 1.1500 level and the 100 hour MA helped technically. 

EURUSD Thu 20 Jul

Forex technical analysis: ECB more dovish slant sends the EURUSD lower

Back below 1.1500. The 1.1435-65 area eyed The ECB left rates unchanged but said QE tapering won't start until Dec or beyond and that they would increase QE if they have to. 


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