Technical Analysis

Major indices close lower with the NASDAQ leading the way

NASDAQ down -0.87% The final numbers are showing: Below are the percentage changes and ranges of the major indices. European shares also ended lower with the Spain Ibex leading the way at -1.69%. The German DAX fell -1.44%.

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GOLD Fri 15 Jan

Gold nears the lows of the week as decline extends to $20

Strong dollar, weak gold Gold initially rose on Biden's stimulus plan but there's been a sharp turnaround on the 'sell the fact' trade across everything. The US dollar is strong across the board and that's putting pressure on gold.

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GBPUSD Fri 15 Jan

GBPUSD tests 50% midpoint. Finds some support buyers

GBPUSD price still below 200 hour moving average The GBPUSD has been trending to the downside and in the early New York session tested the cluster of support defined by the 100 hour moving average (blue line), the 38.2% retracement and the 200 hour moving average (green line).  

STOCKS Fri 15 Jan

US stocks are hitting the skids. Major indices down over 1%

S&P index falls below its 100 hour moving average sell the fact Technically looking at the S&P index on the hourly chart, the price has now fallen below its 50 and 100 hour MAs at 3771.07 and 3761.00. The 200 hour moving average is currently at 3723.91.

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SP Fri 15 Jan

Stocks open mixed despite good earnings from banks. Retail sales disappoint

Sell the fact, after the Biden stimulus proposal The US stocks are opening mixed despite good earnings from banks this morning. The retail sales disappointed in December and perhaps some "" after the Biden stimulus proposal.  

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EURUSD Fri 15 Jan

EURUSD moves to a new session and week low.

Trades to the lowest level since December 11 Looking at the hourly chart, the fall today took the price back below swing lows from December 14, December 15 and December 16 between 1.2115 and 1.2124.  It would take a move back above those levels now to give buyers some hope that the momentum to the downside today, may have gone too far (see yellow area in the chart above).   

GBPUSD Fri 15 Jan

GBPUSD tests cluster of support on the hourly chart

100 hour moving average, 38.2% retracement and 200 hour moving average all being tested Sellers looking for more downside momentum would now view the 100 hour moving average as a risk level for the trade. Stay below keeps the bears in control.  Close risk might be the 38.2% retracement at 1.36101. 

FOREX Fri 15 Jan

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

The USD is stronger to start the session As the North American session begins, the JPY is the strongest while the AUD is the weakest of the major currencies. The USD is trading higher after Powell reiterated that the Fed is not ready any time soon to change policy and Biden proposed a $1.9T stimulus package including upping the direct payment to qualified individuals to $2000, providing relief for state and local and funding for the covid relief measures.  Today, there is a slew of economic data highlighted by PPI and Retail sales at 8:30 AM ET.  Stocks are mixed and yields are lower.  

GOLD Fri 15 Jan

Gold continues to hang on at the 200-day moving average, what's next?

Gold will continue to track real yields for the time being Precious metals got a slight boost from Fed chair Powell yesterday, after he said that the central bank is not looking to ease policy any time soon - not until troubling signs of inflation begin to surface at least, which is a long ways to go.

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USD Fri 15 Jan

Dollar keeps firmer as the market weighs up Powell remarks, Biden's stimulus proposal

Has the Fed lost its power to surprise the market? Despite Powell's remarks, Treasuries sold off initially in anticipation of Biden's proposal but has since eased as we get the new day going amid some concerns that there could be a couple of roadblocks in Congress to push all of the spending through.

NASDAQ Thu 14 Jan

Major indices close lower after giving up earlier gains

Dow first 2 day losing streak since December 10 The final numbers are showing:

NZDUSD Thu 14 Jan

NZDUSD trades above 200 hour MA. Buyers try to take more control.

Bulls are trying to take more control The NZDUSD has moved higher in the North American session after finding support against a trend line on the hourly chart on two separate tests today.   

EURGBP Thu 14 Jan

EURGBP falls to a key support level and stalls on the test

The EURGBP has a key floor (old ceiling) at 0.8860 to 0.8878. What now? Buyers are leaning against the level.  However, I would suspect that on a break, the buyers would quickly turn to sellers  (and add some new shorts as well).  Nevertheless, buying is a low risk trade for traders hoping that the pressure over the last 6 trading days (all are lower) will run out of steam.   The price over moved from 0.9076 to the low today at 0.88685 over that period.  

CRUDE-OIL-FUTURES Thu 14 Jan

Crude oil futures settle at $53.57

up $0.66 or 1.25% The price of crude oil is settling at $53.57. That is up $0.66 or 1.25% on the day.  The high for the day reached $53.73. The low was at $52.24. 

USDJPY Thu 14 Jan

The USDJPY continues run lower and tests key 200 hour MA

Selling continues for the USDJPY The USDJPY cracked below a trendline and the 100 hour moving average a few hours ago, and the buyers turned to sellers (). 

USDCAD Thu 14 Jan

USDCAD retests the low from last week

Lowest level going back to 2018 The USD is retesting the low from last week and in the process, testing the lowest level going back to April 2018.  

GERMAN-DAX Thu 14 Jan

European shares close mostly higher (but modestly higher) for the 2nd consecutive day

UK's FTSE 100 rise 0.8%  The provisional closes are showing: A look at other markets as London/European traders look to exit shows In the US stock market, the major indices are higher but off there high levels for the day:

USDHF Thu 14 Jan

USDCHF retests 100 hour MA as dollar selling returns

Price has trading above and below the 100 hour MA over the last 2  trading days The USDCHF is following the USD lower.  For this pair, the price high today reached up to the low end of a swing area near recent highs between 0.89172 and 0.89197. The high price today reached 0.89167 and reversed lower. The last 4 hourly bars have seen declines.


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