Technical Analysis

AUD/USD nears 0.7000 once again to start the session

The aussie is kept lower on the softer risk mood so far AUD/USD is dragged to a session low of 0.7012 from around 0.7050 earlier, as the risk mood looks more sour as we approach European morning trade. European and US futures are sitting lower, keeping the dollar modestly underpinned for now.

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USDCHF Thu 29 Oct

USDCHF trades to new session highs and tests mid-October ceiling

50% retracement of the month long range also being tested The extension toward the ceiling and the extended trading range for the day, should give longs a low risk level to take profit (and perhaps some selling).  However a move above, should trigger stops. Risk his defined and limited against the level.

SP-INDEX Thu 29 Oct

S&P index moves back up toward a retest of the broken 100 day moving average. Dow and Nasdaq higher as well.

100 day moving average currently at 3306.96 The S&P index is currently trading up around 27 points at 3298.08. The high price extended to 3301.33. That is getting closer to its 100 day moving average at 3306.98. 

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USDCAD Thu 29 Oct

USDCAD extend above its 100 day moving average for the 1st time since June 1, 2020

Lower oil prices continue to weigh on the CAD Technically, looking at the 4 hour chart above, the price moved back above its 100 day moving average at 1.33315 (see overlay of moving average at the low), after testing the level during yesterday's trade and finding sellers.  

CRUDE-OIL Thu 29 Oct

WTI crude oil futures dropped below $35. Down over 6% on the day

Trade the lowest level since June The price yesterday stalled near the 38.2% retracement, and swing lows from September and earlier October. Today that area was broken (the range was between $36.93 and $37.11) and selling intensified ().  

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SP Thu 29 Oct

US indices open up with mixed results. The Dow lags. The NASDAQ leads.

Facebook, Apple, Amazon and Alphabet earnings after the close The US indices are opening with mixed results. The Dow lags. The NASDAQ leads. After the close big companies including Facebook, Apple, Amazon and Alphabet will announced earnings. That anticipation is impacting early trading.  Recall as well that the NASDAQ fell -426.48 points yesterday. The again today is going back just a part of that decline.

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GBPUSD Thu 29 Oct

GBPUSD respects overhead resistance and stays within the wide bands

2nd verse same as the 1st in the GBPUSD Yesterday in a post on the GBPUSD I wrote: ....The headline news in the GBP pairs can come from a number of different directions. There is Covid. There is the flows from stocks and there is also Brexit.  That can make trading particularly volatile as we just witnessed.  Technically, the 200 hour moving average (green line) is near the 50% retracement of the range since October 16 and at 1.3017 area. Ahead of that is the swing area between 1.29921 and 1.3000. Stay below tilt the bias more to the downside. On the downward extreme we know the 1.2910 area is a support level that the market leaned against earlier. Below that and traders will be looking toward the 100 day moving average at 1.28644 ahead of the October 16 low at 1.28554.

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USDJPY Thu 29 Oct

USDJPY snaps back higher helped by GDP

Stocks rebounded after US GDP The USDJPY has snapped back higher after the better than expected US GDP.  Stocks are doing better and that seems to have helped the pair (along with the JPY crosses as well). Technicals have also had an influence.

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EURUSD Thu 29 Oct

EURUSD trades a little higher after rate decision

The EURUSD gets closer to October lows The EURUSD is trading a little higher after the rate decision kept rates and bond buying unchanged, although they left the door open for additional stimulus in December.

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FOREX Thu 29 Oct

The JPY is the strongest and the EUR is the weakest as NA traders enter for the day

The USD is stronger Ahead of the awaited GDP report at the bottom of the hour, the JPY is the strongest, the EUR is the weakest in the North American morning snapshot.  In the stock market, the S&P has given up most of the earlier gains, the Dow is down. The Nasdaq is still higher (by about 45 points) but off the highs for the day.  Also on the calendar is the ECB decision at 8:45 AM ET and US initial claims.  After the close Facebook, Alphabet, Apple and Amazon all report earnings.  

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OIL Thu 29 Oct

Oil falls to fresh four-month low amid renewed supply concerns

WTI down by another 4% to $35.80, its lowest since mid-June The drop in oil yesterday was bad but things are looking worse from a technical perspective today, as we see price break below its 200-day MA (blue line) and now threatening a fall below its 8 September low @ $36.13.

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GBPUSD Thu 29 Oct

Cable lingers near 1.3000 with sellers still in near-term control amid election, Brexit focus

GBP/USD keeps around 1.3000 on the session so far The pair looked to be drowning yesterday as it was dragged lower to test some near-term support around 1.2920 before buyers latched on to a Bloomberg piece that a Brexit deal could be reached by early November.

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EURUSD Thu 29 Oct

Dollar pares slight losses to start the session

Optimism is fleeting in Europe as the session gets underway In the currencies space, the greenback is recouping its slight losses from earlier and is trading closer to flat levels across the board but is advancing notably against the euro.

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SP Wed 28 Oct

Major indices plunge on Covid/election fear. Close near session lows

Big day tomorrow on the earnings front Some of the highlights in the numbers today The final numbers are showing:

AUDJPY Wed 28 Oct

The AUDJPY is the biggest mover today. What does the chart say?

Down -1.09% Technically, looking at the daily chart, the price action has seen the pair cracked below the July and September lows near the 73.965 level and 73.977 (July and September low respectively- see green numbered circles).  The current price is trading at 73.602. Stay below those levels keeps the bears more in control.

CRUDE-OIL-FUTURES Wed 28 Oct

WTI crude oil futures for December delivery settles at $37.39

Down $2.18 or -5.51% Crude oil inventories rose by a greater expected 4.32M barrels (1.5M build expected). Gasoline, and distillates did see a greater than expected drawdown, however. Concerns about global growth and global demand for oil was the major driver to the downside.

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GOLD Wed 28 Oct

Gold cracks below its 100 day moving average

First move below the key MA since March Technically, the fall to the downside took the price below its 100 day moving average for the 1st time since March 23, 2020. That moving average comes in at $1886.88. 

VIX Wed 28 Oct

The Vix index trades at highest level since mid June

Vix index moves to 40 area The Volatility Index, or VIX, is a real-time market index that represents the market's expectation of 30-day forward-looking volatility. Derived from the price inputs of the S&P 500 index options, it provides a measure of market risk and investors' sentiments.  

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