Low today stalls at 200 bar MA on 4-hour
The NZDUSD moved down and up and back down in trading this week. The high was reached yesterday at 0.66646. The low on Wednesday at 0.6583. The total range was 81 pips for the week.
EUR/USD under pressure
The euro is cementing its reputation as the funder of choice so far this year and today's price action hammers home the point. It's down 35 pips to 1.1102 and only the 55-dma just under the figure is supporting it.
100 hour MA stalls the fall
The GBPUSD moved to test it's 50% retracement at the 1.31185 ahead of the December retail sales report and found some profit taking sellers. Nevertheless, the prices just 11 pips off the high price as the weaker than expected retail sales were reported (-0.6% versus +0.5% estimate). The surprise decline sent the pair tumbling lower with the fall not stopping until reaching its 100 hour moving average at 1.3025. The low reached 1.30257.
TGIF....The USD is higher
As North American traders enter for the day, the JPY is the strongest and the NZD is the weakest. The USD is higher vs. all the major currencies and just behind the JPY as the strongest of the day. The GBP was stronger earlier but a weaker than expected retail sales (-0.6% versus +0.5% estimate) erased gains. Nevertheless, the GPB is still marginally higher vs the EUR and the NZD, but lower against the rest of the majors.
UK retail sales failed to show growth for five consecutive months despite Black Friday sales, the longest stretch since ONS records began in 1996
The data was largely disappointing and has driven the pound lower on the day with cable now falling to fresh lows just under 1.3050 from about 1.3110 beforehand.
Cable is at session highs, testing the 1.3100 level
There are some offers resting at the figure level that is keeping price action capped for the time being but from a technical perspective, cable is looking more bullish as buyers are also contesting a break above the key trendline resistance @ 1.3071.
USD/JPY trades narrowly to start the day but is keeping at seven-month highs
The pair continues to sit around 110.20-25 to start the session, the highest levels since 23 May 2019. The trading range (15 pips) today still leaves a lot to be desired and traders will be looking towards the risk mood for more clues towards the end of the week.
All indices on pace for record closes again
There is not stopping the market (until there is something). The major indices are all trading at new session highs and all will close at record levels again.
Up $0.71 or 1.23% on the day
The high price extended to $58.87 while the low reached $57.56.
Technically, the price day move back above its 100 hour moving average for the 1st time since January 8. That 100 hour moving average comes in at $58.41 currently (blue line in the chart above).
New intraday high at 3309.45
The S&P has extended to a new intraday high at 3309.45. We currently trade just off that level at 3308.85.
Looking at the hourly chart above, the price gapped above a topside trend line and has been able to stay above that broken trend line. The line currently comes in at 3304 (and moving higher). Stay above keeps the bulls firmly in control. A move below with just muddy the bullish waters on the failed break.
Working off the earlier gains for the pair
The NZUDSD in the NY session has been working off the earlier gains as USD buying spilled over into this pair too. The pair is still up 14 or so pips on the day at 0.6631, but it reached as high as 0.66646. So more than half of the gains have been retraced.
Run above the 100 hour MA failed earlier today
The AUDUSD has rotated back down and in the process moves toward a key target support area on the hourly chart defined by the 200 day moving average, the 200 hour moving average and a trendline. The levels come in at 0.6886 to 0.68879. Key area for both the buyers and sellers.
50% retracement is also in play on the downside
The USDCAD has moved up and down in trading today and in the process, is ping-ponged between technical resistance above - defined by the 100 hour MA - and technical support below - defined by the 200 hour moving average and the 50% retracement.
Cracks below trend line and dipping below 200 hour MA
The EURGBP is breaking to a new session low, and in the process has move below a topside trend line at 0.85273 currently and the 50% retracement of the move up from the January 8 low at 0.85247, and the 200 hour moving average at 0.85225. We currently trade at 0.85186.
100 bar MA on the 4-hour and trend line tested
The GBPUSD just bounced higher and in the process is back up testing the 100 bar MA on the 4-hour chart and downward sloping trend line. Both of those levels come in at 1.3067. The price just reached 1.30698.