Technical Analysis

Buyers are keeping the near-term price bias more neutral after the hot US jobs report pushed the pair lower on Friday ForexLive The dollar gained strongly after the US jobs report on Friday and that pushed the pair to test the 200-hour MA (blue line) and the 50.0 retracement level @ 1.1049. Buyers managed to

AUD/USD stays a little pressured as Australian growth figures disappoint ForexLive Price is retracing some of the move higher from last week after the Australian Q3 GDP report earlier reaffirmed struggles in the economy despite the RBA trying to put a positive spin on things in their recent commentary. That is seeing AUD/USD linger near

Still lower on the day but well off the lows. The US stocks are recovering and trading near highs for the day.  The snapshot of the major indices shows the S&P index -21.52 points. The NASDAQ index -53.94 points and the Dow down -282.29. Those levels are well off session lows where the Dow was down as much as 457.91

AUD/USD continues to move away from the 100-day moving average ForexLive The aussie is hitting fresh highs for the day now with the dollar also coming under a bit of pressure across the board. AUD/USD is touching a high of 0.6860 and is close to test the 61.8 retracement level @ 0.6863 next. In the

Forex futures positioning data for the CFTC for the week ending November 26, 2019 EUR short 61K vs 63K short last week. Shorts trimmed by 2K GBP short 37K vs 32K short last week. Shorts increased by 5K JPY short 40K vs 35K short last week. Shorts increased by 5K CHF short 21K vs 16K short last week.

USD/JPY up 17 pips on the day USD/JPY edged above Friday’s high to the best levels since May 29. The pair has formed a nice uptrend since falling to 104.46 in late August. The next level the pair will have to contend with is 110.00 but aside from that, the technical picture is positive (as

Who’s got it right when it comes to betting on the euro? ForexLive The euro is a curious currency – not least with volatility hitting an all-time low this week – in trading so far this year. On the darker side of things, you have the ECB deepening negative rates and reintroducing QE with a

Euro hits the lowest since October 10 The euro hit stops in a a drop to 1.0987. That breaks the November low at 1.0988 and threatens a run on stops. This is a really tricky day to trade. It’s month-end, plus it’s a de facto holiday in the US. That’s a minefield.ForexLive

Rough day for crude oil Fears that Russia will block an OPEC+ quota extension have hammered oil prices today. WTI is now down $4.27, or 4.75%, to $55.35. The drop puts crude in-line for the second-lowest close of the month and puts the market on eggshells ahead of the December 5 OPEC meeting in Vienna.

USD/JPY sits flattish close to 109.50 to start the day ForexLive Despite buyers having broken above some key resistance levels – 200-day MA (blue line) and 61.8 retracement level – on Wednesday, any further extension higher is encountering a bit of a pause and may yet stay that way as we look to wrap up

Strength in the US dollar the theme today Strong durable goods orders have helped to lift the US dollar today. One of the beneficiaries have been USD/CHF as the pair rose above the mid-October highs to the best levels since October 4. The next technical level to watch is 1.0028, which was the early-October high.

The pound remains perky after the YouGov MRP poll forecast a significant majority for Boris Johnson’s Conservatives ForexLive Although the poll is seen as quite an important one ahead of the 12 December election, I reckon it would have been better for pound traders – those in search of a meaningful trend – if the

USD/JPY up 42 pips on the day Better economic sentiment and a lower chance the Fed will cut rates are driving a rally in USD/JPY today and breaking technical resistance. The next headline on the pair that you’re likely to see is it hitting the highest since May. It’s matched that level so far as

AUD/USD challenges the 100-hour moving average once again ForexLive The aussie gained slightly on the back of remarks from RBA governor Lowe that they are unlikely to get to a point where QE is needed. The fact that Lowe also continued to brush aside talk of negative rates goes to show that perhaps they aren’t

Fresh highs  NZD/USD is at the best levels of the day ahead of trade balance numbers to come at 2145 GMT (4:45 pm ET). The kiwi has been solid since yesterday’s strong Q3 retail sales report. Excluding inflation, sales rose 1.6%, far above the 0.5% expected. Despite the huge beat, the reaction has been tepid

Moving away from the 100 day MA THe USDJPY is moving to new session highs and tests the 109.00 level. That is also home to the 61.8% of the move down from the November 7 high.  In the process, the pair is also moving away from its 200 day moving average at 108.909. That level will

GBP/USD climbs to a session high of 1.2885 ForexLive It is steady as she goes for the pound to start the week as cable continues its good early morning run to hit a high of 1.2885 on the session. Price is now moving closer towards testing key near-term levels in the form of the 100

The 61.8% retracement is being approached The EURUSD has moved toward the next downside target at 1.10298 (see earlier post HERE). That is home to the 61.8% of the move up from last week’s lows. Also near the level is the swing high from November 15. That level was broken on that day and the