Technical Analysis

European stock indices and lower but well off low extremes

European major stock indices end the session lower The major European stock indices are ending the session lower but well off low extreme levels. The provisional closes are showing:

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SP Fri 17 May

US stocks end lower on China concerns

Late day sell off in the major indices The US stocks are ending lower on a late day China concern swoon.  The catalyst was a CNBC report that China/US trade deal was "in flux". That did not sit well with investors heading into the weekend. Selling took the indices closer to the session lows.

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US-CRUDE-OIL-FUTURES Fri 17 May

WTI crude oil futures settles the week at $62.76

Down $.11 or -0.17% WTI crude oil futures are settling today at $62.76, down $-.11 or -0.17%. The high reached $63.64 and the low extended to $62.52. For the week, the high reached $63.64 (that was reached today). The low for the week fell to $60.64.

DOW Fri 17 May

And the stocks are off. Open with declines.

Retraces most of declines from yesterday The US stocks are off and away and we are seeing red. The snapshot is showing: Those levels are a little better than the pre-market calls from the futures.  Are the dip buyers back in?

GBPUSD Fri 17 May

GBPUSD down for the 6th day in a row (9 of 10 days)

Stays in a channel on hourly chart The GBPUSD is working on its 6th down day in a row (closed at 1.2798 yesterday) as the talks between Labour stop.  The pair reached a low of 1.27357.  The GBPUSD has also been down 9 of the last 10 days and run from  1.31756 to 1.27357 in the process.

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FOREX Fri 17 May

The JPY is the strongest and the GBP is the weakest as risk off flows back in play

USD mostly higher. With stocks down on the back of some fight back from China the JPY is back at the top of the table as the strongest currency of the majors today.  The GBP is the weakest as the Brexit talks with Labour collapse. THe CAD and AUD are lower as well on "risk off" flows.   The USD is mostly higher with declines only against the JPY.

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AUDUSD Fri 17 May

AUD/USD extends decline as dollar holds firm amid cautious market sentiment

AUD/USD slips to a low of 0.6873 ForexLive There isn't much else stopping the pair from a further fall if you're looking at the daily chart. Further support is only seen around the January 2016 lows @ 0.6827-40 next so that will be a key level to watch out for over the next few sessions.

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GBPUSD Fri 17 May

Cable falls to fresh four-month lows as pound stays weak on Brexit jitters

Cable falls to 1.2770, lowest level since 15 January ForexLive A horrible week for the pound is just getting worse as cable now falls to its weakest level in four months, breaking below key daily support around 1.2786 and the February low of 1.2771. Further support is now seen closer to 1.2725 before bids and the swing region around 1.2700 will help provide buyers with a key area to lean on.

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EURUSD Fri 17 May

EUR/USD steadies as sellers stay in near-term control, what levels to watch out for?

EUR/USD sits in a narrow 13 pips range on the day so far ForexLive Currencies are still mostly in a slumber with little changes across the board as markets continue to find its footing while digesting US-China trade tensions. EUR/USD is mostly steady near unchanged levels as the pair sits around 1.1170-80 so far today.

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USDJPY Fri 17 May

USD/JPY holds weaker on trade tensions, sellers look to capture near-term control

USD/JPY trades at session lows now, testing the 100-hour moving average ForexLive Price is now trading to session lows of 109.58 and is testing the 100-hour MA (red line) as trade tensions between US and China help to underpin the yen at the start of the European morning. China sent out a firm message that it will not be negotiating with the US so long as the latter remains 'insincere' in trade talks, giving out the impression that the stalemate is going to drag on for a really long time.

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EURUSD Thu 16 May

EURUSD tests the lows from last week

Sellers in control, but testing a swing area The EURUSD is trading at new session lows as the trading day moves to a close. The pair has been running lower since stalling the rally near the 100 hour MA (blue line in the chart above).   In the early NY session, the price fell below the 100 bar MA on the 4-hour chart (and stayed below).   We have moved through the higher targets, and are down testing the last of those outlined from the earlier post. That comes in at the lows from last week at 1.11646-663.  

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CRUDE-OIL Thu 16 May

WTI crude oil futures settle at $62.87

Up $0.85 or 1.37% WTI crude oil futures settled at $62.87, up $0.85 or 1.37%. The issues in the the middle east and risk on flows from higher stock prices, have helped to support the price.  Technically, the pair tested the 200 day MA the first three days of the week. That MA comes in at $60.62. The low today did not get close to the line. The price moved away.   The low today reached $62.08.  

USDCAD Thu 16 May

USD/CAD rebounds higher after 1.3400 holds. What's going on with commodity FX today?

USD/CAD shrugs off strong ADP employment report USD/CAD fell as low as 1.3401 today but couldn't get through the figure and has bounced all the way to 1.3465.

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NZDUSD Thu 16 May

NZDUSD trades at fresh session lows

Price moves away from topside trend line after a test The NZDUSD is trading to a fresh session low. The pair is now tracking toward the May low at 0.65204. THe low just reached 0.6535.  

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USDCNH Thu 16 May

USDCNH is making a new session high (and high for the year)

USDCNH trades at highest level since November 30th The USDCNH has moved to a new session high and in the process has moved above the December 2019 high at 6.92399 and trades at the highest level since November 30, 2018.  The off shore yuan has been weakening since the middle of April low at 6.6754.  A weaker yuan helps to offset some of the hurt from the tariffs. The high from the end of October 2018 reached 6.98021. 

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EURJPY Thu 16 May

EURJPY makes it back to the 100 hour MA

EURJPY stalls against its 100 hour MA The EURJPY based near lows from last week at 122.478 and other lows from May 13 and May 14  at 122.54. That area (lower yellow area in the chart below), was the floor for trading today. The price wandered higher off that base, giving the dip buyers some satisfaction.

GERMAN-DAX Thu 16 May

A good day for European indices

Indices move higher with German Dax up 1.7% The major European indices are ending the day higher. It is a good day for investors. The provisional closes are showing:

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NASDAQ Thu 16 May

Stocks continue the run higher. Nasdaq up 100 points from its low

S&P and Nasdaq both back above 50 day MA The broader stock indices continue to run higher with the Nasdaq index running over 100 points higher from its low. The S&P index is 31 points from its low. 

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WTI Thu 16 May

WTI breaks the weekly high in 2.2% rally

Oil hits the highest since May 2 Oil is going with the ebb and flow of the risk trade this week but that raises some important points. The first one is that even as equities sank early in the week, oil held $60 -- and without even a real test. That should have been the first clue for the bulls.

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