The EURGBP - a major cross-currency pair - has seen up-and-down price action today. The initial low found support near the low of a swing area and 0.86982. The subsequent move back to the upside took the price up to 0.8725 before rotating back down again to retest the...
Euro climbs above the October high as risk trades improve, yields fall
EURUSD dailyThe euro is trading at the highest since September 24 as it clears the October 11 high of 1.0640.The rally today is more about the USD side of the equation as it slackens alongside Treasury yields. US 10s are trading at 4.86% from as high as 5.02% earlier...
EURUSD trades to highest level in a month
The EURUSD is trading to a new high after breaking above the swing area between 1.06087 and 1.0616 area. The run to the upside has also extended above a swing area up to 1.0639 and is now looking to test the 61.8% retracement of the move down from the September 12...
US has not seen direct order from Iran to increase attacks against US troops – Pentagon
The Pentagon says the US has not seen a direct order from Iran for its proxies to increase attacks against US troops in the Middle East.I think this is an important headline because it argues against the fears of a broader regional war involving Iran. Or at least it...
Bill Gross says a US recession is coming in Q4: ‘Higher for longer’ is yesterday’s mantra
First Bill Ackman, now Bill Gross.Here's what the retired bond king has to say about the economy now."Regional bank carnage and recent rise in auto delinquencies to long-term historical highs indicate U.S. economy slowing significantly. Recession in 4th quarter. Best...
AUDUSD runs up to 100 hour MA/swing area. Finds sellers (for now).
AUDUSD runs up to 100 hour MAThe AUDUSD has reversed back to the upside- trading to a new session high - after the run lower in the European session failed to extend below October lows. The low price today reached 0.6288. The low price for October was down at 0.62846...
US 10-year yields trace out an outside day
US 10 year yields dailyA big thing to look for in any top or bottom is an outside day. That's where a candle exceeds the prior day's range. In this case, it would show an fresh high, followed by a close below the prior day's lows.We're still six hours to the close, so...
Euro Latest: Germany Likely Contracted in Q3, PMI and ECB Meeting Next
Euro (EUR/USD, EUR/GBP) News and Analysis Recommended by Richard Snow Get Your Free EUR Forecast Get My Guide Bundesbank Hints that German Economy Likely Shrunk in Q3Germany’s Bundesbank produced a monthly report pointing towards the likelihood of another quarterly...
GBPUSD making a break to the upside. Trades above its 200 hour MA and runs.
The GBPUSD buyers are breaking the price of the pair higher, and in the process are extending above it at 200 hour moving average with momentum at 1.21844. That level will now be a risk level for buyers. Staying above is more bullish.On the top side, there is a swing...
Bill Ackman triggers a rebound in risk trades
Bill Ackman significantly enhanced his reputation with his loud (and correct) call for a drop in bonds. He announced today that he covered it, netting a big profit."There is too much risk in the world to remain short bonds at current long-term rates," he wrote. "The...
USDCHF held a cluster of support near the 0.8900 level last week. What next?
The USDCHF last week came down to test a cluster of support including the:100-day moving average50% retracement, andSwing areaall near the 0.89000 level. Support buyers leaned against that key technical level.Having said that on the top side, the corrective high could...
Eurzone October flash consumer confidence -17.9 vs -18.3 expected
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Bill Ackman says he covered his bond short
Back in early August, Bill Ackman began to tout a short 30-year bonds position "in size" as a portfolio hedge. Today he said they have covered that position, without saying when."There is too much risk in the world to remain short bonds at current long-term rates," he...
Another weak open for the Nasdaq/US stocks
The major stock indices are once again lower on the day. The broader S&P and NASDAQ index are working on their 5th consecutive day to the downside. The NASDAQ has shed near another 100 points or -0.77%. This week, 4 of the "Magnificent 7" are announcing earnings (...
USDCAD finds willing sellers ag. targeted swing area, but remains above 100 hour MA too.
The USDCAD is trading in an up-and-down range today. The low in the Asian session was stalled near a swing area between 1.3687 and 1.3700. The rising 100-hour moving average is now in between that area at 1.36928 (see blue line in the chart below). If the price were...
US equities set to break the trend of Monday gains
S&P 500 futures are down 0.46% just ahead of the open. They were trading higher through most of Asian trading but fell as Europe arrived then staged a modest recovery in the past three hours.Spoos intradayHere's a great chart from @MikeZaccardi highlighting the...
A reminder of what happened when US 10-year yields hit 4% last year
Here's a reminder of what happened in September 2022 when US 10s hit 4% for the first time this cycle. Yields traced out a huge intraday reversal and eventually fell all the way to 3.59% in a week.Ultimately, that proved to be a short-term move and yields reached new...
Kickstart your FX trading for October 23 with technical look at EURUSD, USDJPY and GBPUSD
In this morning video on October 23, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs?EURUSD: The EURUSD has moved up to test the swing era...
Chicago Fed national activity index +0.02 vs -0.16 prior
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
The GBP is the strongest and the AUD is the weakest as the NA session begins
The strongest to the weakest of the major currenciesThe GBP is the strongest and the AUD is the weakest as the North American session begins. The USD is mixed with gains versus the JPY, CHF, and NZD and declines vs the EUR, GBP and CAD. The greenback is little changed...