The USDCAD traded in a relatively narrow trading range this week with the price reaching the week's high on Tuesday. That move took the price above the 200-hour moving average of 50% retracement of the July trading range. However, momentum faded quickly and the price...
The USDCHF stays above the 200 hour MA. What does that mean for traders/technicals?
The USDCHF this week traded to the lowest level since January 2015. That is a long time ago. However, the price hasn't bounced higher. Yesterday saw the USDCHF move back above its 100-hour moving average (blue line in the chart below currently add 0.86047, and by the...
The Bank of Japan walks a fine line as yen strength unwinds
The Bank of Japan is playing with fire.Today's leak that they're inclined to leave yield curve control unchanged isn't a huge surprise given Ueda's comments on Tuesday but the stronger confirmation has unwound some yen strength.I wouldn't take for granted that USD/JPY...
GBPUSD moves to new lows for the week and below a swing area but sees a rebound
The GBPUSD has moved lower this week and in the process moved below the 50% midpoint of the move up from the June 29 low at 1.28658. Today the price also moved below a key swing area between 1.28349 and 1.28486. That break saw the price move down to 1.2816, before...
Trump classified documents trial date set for May 20, 2024
Trump hiding classified documents (AI image)A judge today set the trial date for former President Donald Trump for May 20, 2024.That creates the possibility that Trump could be going on trial as the presumptive Republican candidate for President. The primaries will...
Major indices are higher at the start of the New York session.
The major indices are trading higher in early US trading. The gains are led by the NASDAQ which tumbled 2% yesterday. The Dow Industrial Average is higher but lagging the broader indices today. Nevertheless the Dow Industrial Average is looking to string together it's...
The EURUSD holds near the low from yesterday and ahead of 38.2% retracement target.
The EURUSD moved up to test the 61.8% retracement of the move down from the January 2021 high during Tuesday's trade. That retracement level came in at 1.1274. The high price this week reached 1.12749 right near that level. Sellers leaned and the price has been...
The USDJPY is higher but coming off the highs into support. Find out where that is here.
The USDJPY has moved sharply higher in trading today helped by Japan's CPI data and expectations that the Bank of Japan will keep their yield curve control unchanged next week and the Federal Reserve will raise rates by the expected 25 basis points. This week the...
Gold, Silver Outlook: Stronger USD, Yields Prompt a Pullback Ahead of FOMC
Gold (XAU/USD), Silver (XAG/USD) AnalysisGold heads lower as US yields and the dollar recover lost groundXAU/USD pullback tests crucial level of confluence supportSilver tests well-defined support level as the week comes to a closeThe analysis in this article makes...
USD/CAD rises above 1.32 as the Canadian consumer softens
USDCAD hourlyUSD/CAD is at the highs of the day, up 36 pips to 1.3209 after retail sales data. The pair was tracking higher in the hour leading up to the release on broad USD strength and then continued higher after the data showed sales up 0.2% m/m compared to 0.5%...
Weekly Market Recap (17-21 July)
Monday:New Zealand Services PMI came at 50.1 vs. 53.3 prior. New Zealand Services PMIThe PBoC left the MLF rate unchanged at 2.65% as expected. PBoCECB’s Vasle (hawk – non voter) said that core inflation remains high and resilient. As a reminder the July rate hike is...
May Canada retail sales +0.2% vs +0.5% expected
The advance reading was +0.5%Prior was +1.1% (revised to +1.0%)Ex autos 0.0% vs +0.3% expected (prior was +1.3%, revised to +1.2%)June advance reading 0.0%Year-over-year sales +0.5% vs +1.4% priorComing into this report, core sales had risen for five consecutive...
Canadian retail sales highlight the economic calendar
The US economic calendar is bare today but there are two notable releases from the Great White North at the bottom of the hour. The new housing price index is coupled with an important report on May retail sales and the advance June data.The May retail sales consensus...
The CHF is the strongest and the JPY is the weakest as the NA session begins
The strongest to weakest of the major currenciesThe CHF is the strongest and the JPY is the weakest as the NA session begins. The USD is mostly higher. Stocks in the US are mixed. Oil is higher. Yields are mixed.Justin posted today that the Bank of Japan (BOJ) is...
ForexLive European FX news wrap: Japanese yen bulls throw in the towel
Headlines:Markets:CHF leads, JPY lags on the dayEuropean equities mixed; S&P 500 futures up 0.2%US 10-year yields down 1.3 bps to 3.840%Gold down 0.2% to $1,966.17WTI crude up 1.1% to $76.52Bitcoin up 0.1% to $29,789What looked to be a quiet session didn't pan out...
NZDUSD Technical Analysis – Make it or Break it moment for the Buyers
The last week, the miss in the US CPI report has led to a big US Dollar selling across the board as the market expected the Fed to be finished with rate hikes after the July meeting. The USD started to come back to life though as strong economic data suggested that...
Major central bank decisions return to the spotlight next week
Taking that into consideration, it might explain the more cagey mood among major currencies at the moment - barring the Japanese yen of course. The dollar was beaten down heavily last week but is putting its foot down this week, aided by a strong recovery in USD/JPY...
Japan top currency diplomat Kanda says watching FX market with sense of urgency
Well, there were certainly no complaints when the yen was strengthening up until the end of last week. But now as yen bulls are throwing in the towel amid the latest round of disappointment from the BOJ, we are starting to see the verbal jawboning return.MoneyMaker FX...
USDCHF Technical Analysis – The USD comes back to life
USDCHF 4 hourThe miss in the US NFP and CPI reports triggered a selloff in the US Dollar across the board. The market got increasingly confident that the July hike will be the last one for this cycle and what will follow are rate cuts sometime in early 2024. The...
The aussie elation yesterday proves short-lived
The Australian dollar got a double boost in trading yesterday but that is ultimately proving to be short-lived as the currency declines further again today. Against the dollar, AUD/USD traded to a high of 0.6846 yesterday but is now down nearly 100 pips from there to...