The buyers in the NZDUSD tried to break higher on Friday, moving above a key 200 hour MA on the hourly chart and swing level on the daily chart. However, momentum failed and the price rotated lower. Prior to the rally on Thursday and Friday, the price did break below...
GBPUSD technical levels in play for the week starting June 5th
The GBPUSD moved higher into the jobs report on Friday, but fell as yields moved higher and so did the USD. The GBPUSD fell to a support level on the hourly chart, but maintained hope for more upside from the look from the daily chart. Monday should give traders some...
The AUDUSD runs higher on Friday but stalls at a key level
The AUDUSD made new cycle lows this week, but bottomed midweek and moved higher on Thursday and Friday. The move back to the upside took the pair back into a "red box" that confined price action for 3-months. The break failed. The buyers returned. However, the run to...
USDJPY has technical convergence from three key technical levels going into the new week
Greg Michalowski of Forexlive.com takes a deep into the technicals defining the bias, risk and key targets for the USDJPY heading into the new trading week starting June 5, 2023. In the report, he looks at the daily chart and then drills into the hourly chart.Get your...
The week ahead: USDCHF sellers had their shot on Friday, but missed.
The USDCHF sellers had their shot on Friday on the break of the 200-hour MA, but could not sustain momentum. The better US jobs report started the wheels in motion for a move back to the upside. That took the price back above the 200 and 100-hour MAs in the process...
USDCAD sellers take the price below key 100/200 day MAs tilting the bias to the downside
The key move technically in the USDCAD last week, was the move back below the 100 and 200 day MAs. That tilted the bias more to the downside for the pair from a technical perspective.The other thing of note from the daily chart is the convergence of the 100/200-day...
Forexlive Americas FX news wrap: Non-farm payrolls beat estimates but unemployment rises
Markets:Gold down $29 to $1948WTI crude oil daily +$1.85 to $71.93S&P 500 up 62 points to 4289US 10-year yields up 8.3 bps to 3.69%US 2-year yields up 16 bps to 4.50%AUD leads, JPY lagsNon-farm payrolls beat the consensus estimate for an unprecedented 14th time...
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Dow Industrial Average leads the way today with a 2.12% gain on the day
It was time for the laggard indices to take control today. Both the Dow industrial average and the Russell 2000 of small-cap stocks outperformed the NASDAQ which is been the big outperformer in 2023.The final numbers for the day are showing:Dow industrial average rose...
OPEC+ is considering an additional output cut of around 1 mbpd – report
It will be an interesting weekend in Vienna as Reuters now reports that the additional cut would be 1 million barrels per day. None of this is a huge surprise and the timing of the leaks before the weekend appears designed to put a squeeze on shorts but that squeeze...
EURGBP sellers remain in control, but some key support held this week
The EURGBP fell to the lowest level since December 2022 this week. The run lower moved into a swing area on the daily chart which has done a good job of defining resistance and support going back in time (to as far as 2021). The holding of that level has given buyers...
OPEC will debate additional cut among possible options – report
Breaking.Reuters cites 3 sources saying that OPEC+ will debate an additional oil production cut among possible options at Sunday's meeting. The report doesn't say what the other options are, but are presumably to keep with the plan and expect balances to tighten in...
Fed’s Powell to testify on June 11, during the Fed blackout (Update: this can’t be right)
Fed Chair Jerome Powell has been scheduled to testify on June 11 at 10 am ET for the Senate Banking Committee.It's highly unusual for the Fed chair to testify during the blackout period and this edition will come right before the June 14 meeting. Presumably, this is...
Russell 2000 makes a break for it
The story in equity markets for the past six months has been tech stocks outperforming value, in part due to expectations of a recession, in part due to the AI boom, in part due to poor commodity prices and in part due to bank-heavy value indexes that have been beaten...
USD/JPY is testing 1.40 once again as the dollar climbs
USDJPY 1 hour chartThe yen is broadly softer today but the US dollar is taking particular advantage in the wake of the strong non-farm payrolls report.USD/JPY stalled out yesterday just ahead of 140.00 but broke through today as the pair benefits from rising long-term...
Baker Hughes oil rig counts fall -15 to 555 in the current week
Oil rigs -15 to 555Gas rigs unchanged at 137Total rigs -15 to 696The levels of rigs have continued to trend lower. Looking back toward the beginning of the year, the rig count on January 13 showed:Oil rigs: 623. Down 68 Gas rigs: 150. Down 13Total rigs: 775 The price...
US yields trade to new highs after Fitch comments
The US yields are moving to new highs after the comments from Fitch that the US would remain on negative credit watch (to be resolved in the 3rd quarter).The 2-year yield is up near 4.5% up 15 basis points and 4.491%. The 10-year yield is at 3.681% up 7.3 basis...
GBPUSD moves back toward break area from yesterday’s trading
GBPUSD was back toward the break area from yesterdayIn the earlier video, I talked about the 50% midpoint of the May 2023 trading range at 1.24933 as being a key level to get below if the sellers were to take more control. That happened over the last few hours of...
Fitch says will resolve US negative ratings watch in Q3
Fitch is out with something of an ominous warning on the US credit rating.Fitch Ratings affirmed that the United States’ ‘AAA’ credit rating will remain on a Rating Watch Negative despite the resolution of the debt limit impasse. It was placed on ratings watch on May...
Iraq oil minister: We will not hesitate to take any decision to create more balance
The OPEC meeting is this weekend and most as expect no change but it's certainly not set in stone, as OPEC surprised at the start of April and prices are lower then they'd like.We will not hesitate to take any decision to create more balance in the market OPEC+ wants...