Technical Analysis

Major indices open lower. Five day win streak in jeopardy

Dow, S&P, NASDAQ have all made record closes two days in a row A snapshot of the market currently shows: Looking at the forex market, the JPY remains the strongest of the majors, and the NZD remains the weakest. The USD has moved lower in early North American trading.  

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USD Tue 27 Jul

Yen slightly ahead to start European morning trade

Dollar keeps steadier for the most part USD/JPY is down slightly to 110.14 from around 110.20-25 earlier as the yen is keeping a touch firmer as we get things going in European trading today.

SP Mon 26 Jul

S&P, NASDAQ, Dow all close at record highs

Up for the fifth consecutive day The major US stock indices close higher for the fifth consecutive day, and in the process closed at record highs. A look at the provisional closes shows:

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EURUSD Mon 26 Jul

EURUSD falls back below swing area.

The price cracks back below 1.18019 level The EURUSD has just broken back below a swing area between 1.18019 and 1.18043. Recall from last week that area stalled rallies on July 19, July 20, July 21. On the the ECB decision day on July 22, the volatility took the price above and below the area in what was a choppy trading day.

WTI-CRUDE-FUTURES Mon 26 Jul

WTI crude oil futures settle at $71.91

Down $0.16 or -0.22% https://s3.tradingview.com/snapshots/j/J36MEvf7.png

USDCAD Mon 26 Jul

USDCAD cannot break below support floor from last week

The 1.2525 area holds support again in the USDCAD The USDCAD traders leaned against the 1.2525 level for the third time in the last 4 trading days. Needless to say, holding the level gives buyers some hope. Moving below would be more bearish. 

GBPJPY Mon 26 Jul

GBPJPY revisits/moves above its 100 day MA

100 day MA at 152.51 The GBPJPY is higher for the 4th day in a row. The rise today has taken the price up to test its 100 day MA at 152.51. The high has reached 152.599.  

GBPUSD Mon 26 Jul

GBPUSD pushing against session highs

Intraday technical support did hold and the price raced higher in the GBPUSD In an earlier post, I outlined intraday support saying: ..., watch the 1.3768 to 1.3775 level. That is home to the 38.2 - 50% retracement of today's trading range.    A move below would also take the price below the swing high from Friday's New York trade and earlier today near 1.3772. The 100 bar moving average on the 5 minute chart is also within that area.  

GERMAN-DAX Mon 26 Jul

European major indices mostly higher. German Dax the exception

German DAX -0.4% The provisional closes are showing Looking at the forex market as London/European traders head toward the close for the day shows, the GBP remains the strongest of the majors, while the USD is the weakest. The USD has moved lower in the early North American session. 

USDJPY Mon 26 Jul

USDJPY presses back toward its 100 hour MA

The pair tried to break below the 100 hour moving average earlier, only to bind dip buyers. The USDJPY is pressing back toward its 100 hour moving average (blue line in the chart above). The price had tested that level earlier today only to find buyers. The price rotated back to the upside. That rotation did stall near a swing area between 110.389 and 110.445 where sellers leaned and pushed the price back down. 

USDCAD Mon 26 Jul

USDCAD trades to a new session low and looks to test last week's floor

Price remains below the 100 and 200 hour moving averages and topside swing area The USDCAD is trading to a new session low and in the process is looking to test the low floor from last week near 1.2525.  A move below that level would open the door for further downside momentum with the 61.8% retracement of the July trading range 1.24948 as the next target.

FOREX Mon 26 Jul

AUDUSD tests the 200 hour MA. Can buyers push above the key technical level?

Fall back below the 100 hour MA earlier today could not be sustained. The AUDUSD fell back below its 100 hour moving average earlier today after stay above for most of Thursday and Friday's trade (see blue line in the chart below). The move down took the price toward a swing area between 0.7334 and 0.7338, but found willing buyers near that level, and the price rotated higher. 

SP Mon 26 Jul

US stocks edge lower in early New York trading

Four day win streak in jeopardy A snapshot currently shows a snapshot of the market currently shows:

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EURUSD Mon 26 Jul

EURUSD retests 100 hour MA in choppy trading.

Upside momentum is elusive for the pair The EURUSD chopped higher today and in the process moved above the 200 hour MA. That MA comes in at 1.17929.  However, the price action could not keep the price above that higher MA level.   As a result, buyers turned to sellers and the price has rotated back lower.  The rotation back to the downside has now taken the price to the 100 hour MA at 1.17787 (see blue line).  Some risk focused buyers have now stuck a toe in the water against the level.  

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GBPUSD Mon 26 Jul

GBPUSD makes a move away from 200 hour MA today

...and it is to the upside for the GBPUSD The GBPUSD spend part of Thursday and most of the day on Friday trading above and below the 200 hour MA  (higher green line in the chart below) at 1.37474 currently. That choppy trend continued into the Asian session today. Finally over the last six or so hours, the price has moved away from the moving average to the upside. The price did base near the 50% midpoint of the July trading range at 1.37403 which give the buyers a little more confidence perhaps.  

FOREX Mon 26 Jul

The GBP is the strongest and the AUD is the weakest as NA session begins

The USD is weaker.  Bitcoin surges. Covid fears increase The GBP is the strongest and the AUD is the weakest as NA session begins.   The USD is weaker on concerns on the Covid Delta variant. Cases in the US rose to the highest levels since April. The White House is saying they will maintain existing travel restrictions at this point  There are signs, however, that the UK wave was peaking. There are 30 states in the US that are still less than half fully vacinated (HMMMM or UGH).  

GBPUSD Mon 26 Jul

Cable gains stall at 1.3800 for the time being

GBP/USD sees upside move stall a little so far on the day The pair has made some good progress as price continues its rebound close to the 4 February low @ 1.3566. The low last week touched 1.3572 and since then, cable has regained solid ground despite a nudge lower on Friday.

USDJPY Mon 26 Jul

USD/JPY nudges lower as yields look heavy

USD/JPY falls to a low of 110.15 on the day The drop brings the pair towards a test of the 100-hour moving average (red line) @ 110.14 now, with further support seen closer to 110.00 and the 200-hour moving average (blue line) @ 110.04 as the yen stays more bid in European trading.

SP Fri 23 Jul

Major indices all close at record levels

Big earnings week next week Companies expecting to announce include: Other highlights for today:  For the week, month and year to date:


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