Technical Analysis

WTI crude oil rises to six-week high

The rebound in oil continues Signs of progress in US-China trade talks have boosted optimism about global growth and that's given oil a lift. WTI crude oil is up $1.60 today to $53.63, which is the best level since December 7.

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SP Thu 17 Jan

US stocks get a boost on hopes for better China/US relations

Major indices higher. S&P moves above 50 day MA The major US stock indices got an afternoon boost after reports - later denied - that US was mulling kickstarting trade negotiations by lifting the trade tariffs.  Regardless of whether true or not, the report was enough to push the major indices higher.  The final numbers are showing:

USDJPY Thu 17 Jan

USDJPY moves back toward days high in down and up session

100 bar MA on 4 hour chart tested The USDJPY moved to new London/NY session highs and in the process tests the 100 bar MA on the 4-hour chart at 109.06.  The high yesterday also tested that MA level but stalled.  The MA is also in a swing area that defined swing highs from Jan8 and Jan 9 (at 108.99 to 109.08).  A move above the MA is more bullish. Getting and staying above the 109.19, would be even more bullish for the pair. 

GBPUSD Thu 17 Jan

GBPUSD dips back below the 100 day MA

Muddies the water for the bulls again.... The GBPUSD is dipping back below the broken 100 day MA at 1.28925, muddying the bullish waters.    The pair moved above the moving average earlier in the week (Monday and Tuesday). Each run higher eventually failed, and the price moved lower (see red shaded areas).

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USDCHF Thu 17 Jan

USDCHF run higher continues. 200 day MA holds support on dip today.

Breaking away from the 100 and 200 day MA Yesterday, the USDCHF moved above the 100 and 200 day MAs at 0.9878 and 0.9890 respectively ().  The rise yesterday did stall at the most recent swing high from January 4th, but the correction off that level stalled both yesterday and today right at the 200 day MA (see hourly chart below). That hold gave the buyers the go ahead to take the price higher.  

GBPJPY Thu 17 Jan

GBPJPY back in the black after fall earlier stalled at support targets

A topside trend line at 140.78 The price of the GBPJPY bulls have snatched victory from the jaws of defeat today.  Earlier the pair moved sharply lower but the fall stalled in a swing area from earlier in the month and just above the 100 hour MA (blue line in the chart below).  The rally in the London session since then, just took the price above the close from yesterday (140.47). A topside trend line cuts across at 140.78. The high just reached 140.65.

SP Thu 17 Jan

US stocks open with declines across the board

Morgan Stanley earnings disappoint.  Netflix after the close The major US stock indices are now officially open and a snap shot of the major indices is pointing to the downside. Morgan Stanley soured the mood of investors after missing on the top and bottom lines.  In addition more tension from Huawei has traders concerned about US/China relations.

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EURUSD Thu 17 Jan

EURUSD holds trendline support at the low today.

Broken 61.8% stalls the rally so far today The EURUSD has defined the range today by using a lower trend line as support (that trend line comes in at 1.1368 currently), and the broken 61.8% retracement above at 1.14062. There is a topside trend line at 1.1410 (and moving lower).  

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FOREX Thu 17 Jan

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

The USD is marginally higher with gains vs NZD, CAD and CHF The snapshot of the major currencies is showing the JPY is the strongest. The NZD continues its fall to the downside (was the weakest yesterday) is the weakest as North American traders enter for the day.   The USD is mixed with gains vs the NZD, CAD and CHF and declines vs the JPY, GBP and EUR.  The AUD is unchanged on the day.

GBPUSD Thu 17 Jan

GBP/USD buyers take a peek above 1.29 again after defending near-term bullish bias

GBP/USD races to a high of 1.2911 before backing off the figure level ForexLive There wasn't any real notable headline for the spike from 1.2880 but buyers are just testing the waters once again in a move higher. Resistance and offers are seen around 1.2900-10 followed by the 1.2925-30 level. Of note, the 100-day MA also provides daily resistance @ 1.2890 so that will be another level to watch out for as well.

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USDCAD Thu 17 Jan

USD/CAD backs off slightly following attempt to get above the 1.33 handle

First attempt fails after price hits a high of 1.3309 then backs off ForexLive Price climbed above the key hourly moving averages in Asian trading today and weaker risk sentiment is only helping to fuel a move higher on the day. Oil is trading lower by 0.7% and that's also helping to add a bit of pressure on the loonie.

AUDUSD Thu 17 Jan

AUD/USD sellers look to exert control by capitalising on weaker risk sentiment

AUD/USD threatens a firm break below the 100-day MA ForexLive Sellers managed a marginal close below the 100-day MA (red line) yesterday but I wouldn't consider it a real break just yet since price is still very much hugging the technical level. But as risk sentiment remains weak as we begin the European morning, we're seeing a further move to the downside in the pair as price threatens to move further away from the 100-day MA.

NZDUSD Thu 17 Jan

NZD/USD extends falls as risk sentiment stays pressured to start the session

NZD/USD touches a low of 0.6732 on the day Support is seen next at around 0.6726 before further support comes in at 0.6700-05. Thereafter, the 100-day MA (red line) lurks nearby at 0.6687.

USDJPY Thu 17 Jan

USD/JPY to 95? TD says it is 'very achievable even in the very short run'

TD Securities sees a case for the yen to strengthen on capital flows In that lieu, he's arguing that this is "the story that electrifies the yen through USD/JPY moving lower because capital is coming back to Japan".

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SP Wed 16 Jan

A ho-hum day in stocks. Dow leads but most of gain thanks to Goldman Sachs

Still up for the 2nd consecutive day The major indices are ending higher, but gains were somewhat ho-hum. The Dow led the way with a gain of 141 points but 110 of the gain was a result of the gain in Goldman Sachs.

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USDJPY Wed 16 Jan

The USDJPY runs higher and comes back down. Support better hold...

Watching 108.90 to 109.00 for support The USDJPY did shoot higher and in the process moved above the the 108.99 (call it 109 level - see green numbered circles). That is bullish and the price moved to 109.19.

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USDJPY Wed 16 Jan

USD/JPY matches last week's high in rise above 109.00

USD/JPY matches the post flash crash high USD/JPY is at the best levels of the day, up 39 pips to 109.07. The high was 109.09, which matched the Jan 8 intraday high.

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GBPUSD Wed 16 Jan

GBPUSD price action?....crickets

The technicals remain the same with the price betweent the 100 day MA and the 100 hour MA below ForexLive

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GBPUSD Wed 16 Jan

GBPUSD stays confined. Traders wait for the break. Vote starting now.

100 day MA above and the 100 hour MA below As the clock ticked to the no-confidence vote and the debate went on (great TV), traders in the GBPUSD have kept the price between the 100 day MA above at 1.28918 and the 100 hour MA below at 1.28325. 

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