Category: Technical
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USDCAD bounces higher after testing key technical support. Can the buyers keep pushing?
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The USD/CAD pair hit its lowest level since June 3 earlier today, testing the lower low at 1.35972. The 200-day moving average was just below that level at 1.35953. Today’s low was at 1.3601 as buyers/profit-takers took advantage of the swing area. The combination of US and Canadian jobs data…
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Kickstart the FX trading day for July 5 w/a technical look at the EURUSD, USDJPY & GBPUSD
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In this July 5, 2024 Forex Market Opening Video, I take a technical look at the three major currency pairs – EURUSD, USDJPY, and GBPUSD. Today, the US jobs report was mixed, with nonfarm payrolls in June coming in above expectations, but revisions for the previous two months offsetting those…
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GBPUSD Technical Analysis – We are approaching a key resistance
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Basic Overview The US dollar fell broadly after weak US jobless claims and the Institute for Supply Management’s services PMI. Overall, the data did little to change interest rate expectations, but it reinforced the view that the Federal Reserve will cut rates at least twice by the end of the…
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Copper Technical Analysis – The bearish momentum has waned
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Basic Overview Copper has been rallying on key support recently and extended gains this week after China’s Caixin manufacturing PMI was released as the survey hit its highest level since May 2021. Over the past few weeks, the downward momentum has already appeared to be slowing as lower lows have…
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AUDUSD Technical Analysis – The price action remains rangebound
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Basic Overview The US dollar started the week on a weaker note as the new month began. Last week’s strength may have been driven more by end-of-quarter flows than anything fundamental as economic data did not change interest rate expectations. However, the data should continue to support risk appetite amid…
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NZDUSD Technical Analysis – The price is bouncing on a key support level
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Basic overview The US dollar continues to get support from good economic data as seen recently from the US PMIs last Friday and the US Consumer Confidence report this week. Although this data keeps interest rate expectations stable around two cuts by the end of the year, it should also…
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USDJPY Technical Analysis – The market is testing the intervention level again
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Basic overview The US dollar continues to get support from good economic data as we recently saw from the US PMIs last Friday and the US Consumer Confidence report yesterday. Such data keeps interest rate expectations stable around two cuts by the end of the year and supports risk sentiment…
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Kickstart the FX trading day for June 21 w/a technical look at the EURUSD, USDJPY & GBPUSD
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In the June 21 kickoff video, I look at the three major currency pairs from a technical perspective and explain what the bias is, what the risks are, and what the objectives are for each. EURUSD corrected higher to test a 61.8% retracement of the up move from the April…
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Crude Oil Technical Analysis – We are back at the key 80 resistance
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Basic overview Crude oil reversed all its losses from the last week of May, when the market fell, despite OPEC+ extending voluntary production cuts, with the price falling out of a full month’s range. It is possible that the decline was purely technical, as downward momentum increased after the breakout.…
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NZDUSD Technical Analysis – The price is getting closer to a key support
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Basic overview Last week, the US dollar lost strength across the board after the weak US CPI report, with the market cutting interest rates twice by the end of the year. The moves were reversed soon after as we got a slightly tougher than expected decision from the FOMC as…
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An updated technical look at USDJPY heading into to the weekend and the new trading week
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USDJPY corrected higher since the beginning of the American session, and faced resistance above the 157.40 and 157.464 levels. Buyers turned into sellers against the level. From now on, the swing zone will be nearby resistance not only today but in the new trading week. If it breaks, traders will…
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Unlocking Apple’s Stock Potential: Technical Signals to Watch
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Apple rose this week on the back of news of the company’s new AII (and its product announcement at the Worldwide Developers Conference). Basically, we hope that the new AI initiatives will spark a new round of product upgrades for its user base. This is something new versus what were…
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EURUSD Technical Analysis – The pair broke through a key support
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Basic overview The US dollar was sold off across the board on Wednesday following the release of a weak US CPI report. This data has prompted the market to re-price the discounts twice this year. Later in the day, we got a tougher than expected decision from the FOMC as…
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AUDUSD Technical Analysis – The soft US CPI weighs on the USD
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Basic overview The US dollar was sold off across the board yesterday after the weak US CPI report. This data has prompted the market to re-price the discounts twice this year. Later in the day, we got a tougher than expected decision from the FOMC as the chart showed that…
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Crude Oil Technical Analysis – Strong comeback supported by the US NFP report
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Basic overview Despite OPEC+’s recent extension of voluntary production cuts, crude oil was sold off as the price broke support in the May range. However, the decline may only be technical as it gained bearish momentum on the breakout. The price eventually bottomed around the $73 area and erased all…
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AUDUSD Technical Analysis – We are back at the bottom of the range
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Basic overview The US dollar returned strongly last Friday after the release of the strong US non-farm payrolls report, where the data surprised with strong growth in jobs and wages. There were also negatives such as high unemployment, but overall, we can say it was a good report. The data…
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Gold Technical Analysis – The bias turned a bit more bullish
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Basic overview Gold felt pressure from rising real yields in the latter part of May which led to it falling and consolidating around the 2340 level. More recently, data has shown that the inflation panic of the first part of the year appears to be in the rearview mirror, and…
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GBPUSD Technical Analysis – The greenback came back with vengeance
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Basic overview The US dollar received support from strong US consumer confidence data which led to a strong rise in long-term Treasury yields. However, the report showed that the labor market remains resilient which is good news for growth and not necessarily bad news for inflation. The dollar also benefited…
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Crude Oil Technical Analysis – Strong growth data boosts prices
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Basic overview The price of crude oil has declined steadily since it reached the $87.50 level following tit-for-tat reprisals between Iran and Israel. The decline came as a surprise as the market did not respond favorably to global growth expectations amid policy easing by China and other major central banks,…
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USDJPY Technical Analysis – The uptrend remains intact
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Basic overview Last week we saw the USD/JPY pair fall following the US CPI report as the market shrugged off interest rate hike fears and consolidated the Fed hike for longer. The next day, the Japanese Yen started to lose strength again, as not only does the interest rate differential…