Technical Analysis

Gold buyers begin to lose near-term control amid more buoyant risk mood

Trade optimism over the past few hours is seeing gold slip further today ForexLive Price is now starting to make its way below the 100-hour MA (red line) @ $1,407.21 and is approaching support near the $1,400 handle. If the latter starts to give way, we could see a deeper correction towards support around $1,380-82 and potentially the 200-hour MA (blue line) @ $1,377.38.

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NASDAQ Tue 25 Jun

The Nasdaq index leads a down day in the US stock market

Nasdaq is down -1.51% The Nasdaq index has led a down day in the US stock market.    The price of that index fell back below its 50 hour MA (a bearish tilt to the downside) and stayed below.  The catalyst was less dovish comments from the most dovish Fed official, James Bullard (or the one who voted to cut rates at the last meeting).  He said that 50 bps at the next meeting would be stretch. 

NASDAQ Tue 25 Jun

Nasdaq looks toward the 100 hour MA. Break of 50 hour MA turned the tide.

100 hour MA at 7864.39 (and rising) In an earlier post (", the case was made that the break of the 50 hour MA for the Nasdaq index, could see traders leaning against that MA, and lead to a move toward the 100 hour MA (below white line and toward the blue line in the chart below). 

DOLLAR Tue 25 Jun

Dollar ran higher on Fed comments, but only into some technical levels. Bounces.

A look at some of the major charts.. EURUSD USDJPY The USDJPY moved above a topside trend line but ran close to the 100 hour MA (blue line at 107.432). The price stalled at 107.396.

GOLD Tue 25 Jun

Gold reverses with the dollar.

As the dollar goes, so does the value of gold (in the opposite direction). The dollar has reversed higher (was modestly lower at the start of the day). The greenback is still behind the NZD as the strongest of majors, but it is catching up. 

EURUSD Tue 25 Jun

EURUSD moves toward a crossroad with 200 day MA, 200 week MA, and swing levels all clustered in a narrow range

The initial test stalled the fall... (see earlier post here The low just reached 1.1350 and have seen a modest bounce (at least so far). The holding of the area on the first test, increases the areas importance.  A move below is still needed to push lower.  A break could, however, lead to stops and a bigger scoot to the downside. 

GBPUSD Tue 25 Jun

GBPUSD cracks 100 hour MA (with help from Bullard comment)

Price falls below 200 bar MA on 4-hour, 50% and 100 hour MA The comments from Bullard helped to push the price below a cluster support area in the GBPUSD (see earlier post outlining the levels "). That level stalled the fall earlier in the day increasing the levels importance. The break - not surprisingly - triggered stops. The price is now looking toward the 100 bar MA on the 4-hour chart and below that the 200 hour MA at 1.26727 and 1.26519 respectively.   The risk is now the cluster (now above).   

GBPJPY Tue 25 Jun

GBPJPY moves from top of value area to low of value area today

Finds support the low value area. Looking at the GBPJPY hourly chart below, the pair has traded mostly between 135.77 below and 136.84 above. Let's call that the value area or area where most of the trading has taken place.  AT the high value level, the 136.843 is also the 50% of the move down from the June 11 high.  There have been a number of swing levels (see red circles) that stalled at that level.  

NASDAQ Tue 25 Jun

Nasdaq index dips below 50 hour MA and now retesting. Will the sellers lean?

A potential chink in the bullish armour The Nasdaq index is trading lower (now down about 50 points or -0.63% at 7952. The low reached to 7940.13. In the process, the price has diipped below the 50 hour MA at 7957.639.  Stay below that MA tilts a little of the bias ot the downside for the index.

USDCAD Tue 25 Jun

USDCAD tests last week's low and finds some buyers

Risks is defined and limited at the the 1.31504 level. The USDCAD reached the lowest level going back to March 1 last week when the price extended down to a low of 1.31504. The move higher was helped by rising oil prices on the back of tensions in the middle east.  

GOLD Tue 25 Jun

Gold has gone parabolic in sixth straight day of gains

Gold up another $15 The last time gold rallied like this it was hitting $1900. With today's $15 gain, gold is now up 9.8% month-to-date with a few days of trading still to go.

USDJPY Tue 25 Jun

USDJPY lower on the day and looks toward trend line support

USDJPY trades to another new low going back to January 3 flash crash. The USDJPY is lower on the day, and tradingin the lower half of its day trading range.  

SP Tue 25 Jun

US stocks are open and the changes are modest

Small gains/losses in the early trading The US stocks are open and the changes are modest at the start. The snapshot is showing: Spot gold is trading up $9.50 or 0.68% at $1429.40

GBPUSD Tue 25 Jun

GBPUSD corrects lower toward cluster of support targets

200 bar MA on 4 hour chart, 50% of last run higher, and rising 100 hour MA The GBPUSD ran to the highest level since May 21 to 1.27826 today, but has since backed off and has just traded to new session lows at 1.2717. That is right at the 200 bar MA on the 4-hour chart (at 1.27177). The 50% of the last run higher comes in at 1.27121. The rising 100 hour MA is at 1.27064.

EURUSD Tue 25 Jun

EURUSD dips below lower channel trend line

EURUSD losing some upside momentum today The EURUSD is losing some of its upside momentum today and in he process has dipped below a lower channel trend line. The underside of that trend line was retested in the early NY session, but backed off.   A flatter upper trend line was developed today that implied a tired market (lacked the slope of the channel to the upside).  That helped contribute to the buyers giving up and some profit taking (ie..selling).  

FOREX Tue 25 Jun

The NZD is the strongest and the CHF is the weakest as NA traders enter for the day

The USD is mixed as North American traders enter for the day As North American traders enter for the day, the NZD is the strongest of the major currencies. The CHF is the weakest (the USDCHF found a bottom and reversed higher - chatter about SNB intervention perhaps).  The USD is trading mixed with declines vs the JPY and NZD, and gains vs the CHF, EUR and GBP.  The dollar is steady vs the CAD and AUD.

EURCHF Tue 25 Jun

The threat of the SNB continues to keep the franc at bay for now

The swissie is the weakest performing major currency today ForexLive Of note, EUR/CHF has climbed back above the 1.1100 handle after hitting lows of 1.1062 earlier in the day and came close to testing last week's low of 1.1057. Price is holding just above the 1.1000 level now and the region here is where the danger lies for those betting on further appreciation in the franc.

EURUSD Tue 25 Jun

EUR/USD: Buyers still hunting for a firm break above 1.14

Price is continuing to sit just under the 1.1400 handle ForexLive It's been a relatively quiet session for the pair so far with price action inching towards the lower side on the day under the 1.1400 handle. That said, the trading range remains narrow with price largely seen between 1.1385-00 in the past few hours.

USDJPY Tue 25 Jun

USD/JPY slips under 107.00 as geopolitical tensions add to yen gains

US-Iran headlines are contributing to the softer risk mood As such, the pair is continuing to make fresh lows since the January flash crash and there isn't too much support that buyers can cling on to from hereon. The 76.4 retracement level @ 106.65 is the next key level to watch with light bids seen around 106.50 but it's going to be all about geopolitical and trade tensions this week.


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