12 day where the price intraday has traded above and below the 200 day MA
I thought perhaps we were going to get a break and run.
The price of crude oil futures settle above its 200 day moving average on Friday and looked poised to make a run to the upside.
Late rally kicks the S&P into positive territory
the major indices all closed positive on the day and that means record closes. The S&P was the closest at not reaching the milestone, but some late buying kicked the index into positive territory. The NASDAQ and Dow had an easier time of it.
Good hold near the 1.10544 level and breaking above swing area.
, I outlined the importance of the 1.1054-618 area. Staying above would keep the buyers in control. The price did dip briefly below the level but it was only a single pip. Since then, the price action has been to the upside.
...but some overhead resistance on the daily chart
The price action in gold has some bullish and some bearish.
Looking at the hourly chart above, the pair last week, started to move back above the 100 hour MA (blue line) but found resistance at the 200 hour MA (green line).
100 day moving average at 0.98785
The USDCHF is down testing its 100 day moving average at 0.98785. The pair move below that moving average level last Thursday on a few occasions, but could not sustain the momentum. As I type, we are dipping below the level once again. The bias is getting weaker on the break, but traders will be alert for a failed break.
Watching the correction on the 5-minute chart now
The GBPUSD opened the week higher, had a minor dip and then raced higher. The catalyst was increased hope for a Conservative victory at the upcoming elections on December 12.
1.1054-63 is eyed for a break one way or the other
The EURUSD is higher in trading today, and in the process moved above the 200 bar moving average on the 4 hour chart at 1.1061 currently, and also the 38.2% retracement of the move down from the November 4 high at 1.10597.
Beijing news sends the GBPJPY lower. The failed break above earlier is a concern too
Before the Beijing headlines, the GBPJPY was the strongest of the major currencies but it did have some technical problems. More specifically, the high price going back to October 17 at 141.493 was broken but only to 141.566. The price backed off against that level and was trading around 141.26 before the news headlines pushed the pair even lower.
Reports from Beijing turns the beat around
The US stocks are taken the dip in premarket trade as reports that Beijing is pessimistic about US China trade talks, sends shares lower. The Dow futures are now implying a lower opening (-15 points).
The USD is mixed
As the North American session begins, the GBP is the strongest on more confidence for a Conservative victory at the upcomng election. The JPY is the weakest, continuing the declne that had the pair the weakest of the majors on Friday. US stocks are higher. Rates are higher. Gold is lower. Asia stocks closed higher despite more violence in Hong Kong. European stocks are mixed.
The march higher continues for the pound
Buyers are testing a move above the 31 October high of 1.2976 as price touches a high of 1.2985 on the day, the highest level since 22 October. It's starting to look like a question of whether or not the 1.3000 handle can hold on if this keeps up.
EUR/GBP hits lowest level since May, moves closer towards key support region
The pound is continuing to extend its good form against the euro after a strong October month with price now easing towards key support levels around 0.8476 to 0.8529.
USD/JPY runs into a test of the 200-hour moving average
Buyers are looking to seize near-term control now as price moves higher after a bit of a nudge higher in US equity futures and bond yields.
Cable hits 1.2946, highest level since 4 November
The pound is picking up from where it left off on Friday as buyers continue to keep the upside run going after a bit of a testing period at the start of last week.
USD/JPY sits in between both key hourly moving averages again
The pair continues to be primarily driven by the risk mood over the past few weeks and in that regard, the US-China trade rhetoric is the main factor influencing price action.
The Dow above 28000 for the first time ever. Indices close at record all time high levels.
The major indices are closing at records. The Dow hits 28,000 for the 1st time ever and looks like my close above that level as well. The S&P index and NASDAQ index are also trading at record levels and closed at the highs. It is hard to get any better than that.
Forex futures positioning data from the CFTC for the week ending November 12, 2019.
- EUR short 58K vs 61K short last week. Shorts trimmed by 3K
- GBP short 28K vs 29K short last week. Shorts trimmed by 1K
50%, 100 hour MA, swing level stalling the rise
The USDJPY is to have trouble the cluster of resistance defined by:
The high price for the day has reached 108.849 so far. We currently trade at 108.798.