Technical Analysis

USDCAD stalls at the 100 hour MA/50% retracement. Consolidates.

If the price is going higher get above the 100 hour MA/50% (and 200 hour MA) The issue for the sellers is the market really ripped higher off the lows after the retail sales. So the 1.3393-1.3400 will be support that needs to be re-broken.  It is now support again. 

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AUD Wed 22 May

AUD levels (support, resistance to eye)

Some levels doing the rounds in the Australian dollar for the session ahead: Resistance  - 0.6920 - 0.6905/10 Support  - 0.6860 - 0.6850 - 0.6825/30

NASDAQ Wed 22 May

Up and down session for US stocks with a negative bias.

Major indices close near the lows The USD stocks opened lower, rallied toward the unchanged line, but sold off in the last hour and is closing near the session lows.  In between, there was plenty of ups and down.

SP Wed 22 May

US stocks indices negative at the open, but off pre-open lows too

Nasdaq down -0.48% The major US stock indices are negative at the open, but they are trading off the pre-open low levels too. The snapshot currently shows: Spot gold is trading unchanged at $1274.64

USDCHF Wed 22 May

USDCHF tumbles as sellers take charge today

Ceiling holds at the highs and pair cracks below the 100 and 200 hour MAs THe pair has moved below its 61.8% retracement of 1.00767. The 50% midpoint of the recent range comes in at 1.0085.. Those levels will now be eyed as resistance.   

FOREX Wed 22 May

The CHF is the strongest and the GBP is the weakest as NA traders enter

The USD is mostly lower As NA traders enter for the day, the CHF is the strongest (and is pushing to new highs as I type). The GBP is the weakest as political concerns continue to weigh on that currency.  The USD snapshot is pointing mostly to the downside, with gains only vs the weak GBP and the NZD.

GBPUSD Wed 22 May

No reprieve for the pound as the fall continues

Cable hits a fresh session low of 1.2651 currently ForexLive The decline in the pound since two weeks ago has been an ugly one and is evident in the cable chart above. Price hit a high of 1.3185 on 6 May as cross-party talks seem to build up hope only to see it all crashing down thereafter as we're stuck with yet another vote on Theresa May's already beaten-to-death Brexit deal.

GBPUSD Wed 22 May

Cable hits fresh four-month lows as pound stays pressured on Brexit worries

Theresa May's Brexit deal is dead on arrival once again ForexLive Cable has now slipped to a low of 1.2666 on the session, its lowest level since 4 January and closes in on support from the swing region around 1.2660-70. However, a daily close below notable support around 1.2696 should be enough to reaffirm the downtrend we've been seeing over the past two weeks in my view.Beyond this, further support is only seen around 1.2620-30 levels before light bids around 1.2600. But technically speaking, we could see a fall back towards the December and January lows and the 1.2500 handle if things continue down this path.

AUD Tue 21 May

AUD levels for the session ahead

The Australian dollar is a focus, here are some levels coming through (very early).  Topside (resistance) - 0.6975 - 0.6925/30 - 0.6905/10 Downside(support)

NASDAQ Tue 21 May

US stocks move higher after US eases restrictions on Huawei

Nasdaq climbs 1% on the day. S&P up 0.8% The major US stock indices rose in trading today on the back of the US easing of restrictions on Huawei (and reliant companies).

NZDUSD Tue 21 May

NZDUSD trades to lowest new year lows but stalls the fall ahead of retail sales in new day

Retail sales for 1Q estime 0.6% vs 1.7% in 4Q In the new trading day, the NZ retail sales report for the 1Q will be released. The estimate is for a 0.6% gain. That comes after a 1.7% gain in the 4Q. That was the strongest quarter since 1Q 2017 (also 1.7%).  

CRUDE-OIL Tue 21 May

WTI crude oil futures settle at $62.99

That''s a wrap for the June contract. July is the front contract tomorrow The June WTI crude oil futures contract settled at $62.99. That represented an $.11 increase or 0.17% on the day. The high reached $63.60. The low extended to $62.75.

USDJPY Tue 21 May

USDJPY continues move away from 100 day MA

50% retracement at 110.701.  Topside trend line at 110.736.  Helping is rising stocks.  The Nasdaq is trading up 100 points or 1.30%.  The S&Pis up 28 points or 0.99%

EURUSD Tue 21 May

EURUSD settles back down after run higher reverses

Back lower on the day The EURUSD rose in sympathy with the GBPUSD and like that pair, the price made some bullish overtures, but when the dust settled, the pair stalled ahead of the 38.2%, and retraced back below broken levels (including a downward sloping trend line and 100 hour MA - blue line in chart below).  

GBPUSD Tue 21 May

As the dust settles, so does the GBPUSD

Back below the 100 hour MA and the high from yesterday The dust from the barrage of headlines from PM Mays new Brexit deal overtures.    There is no new referendum vote per se, which helped to push the GBPUSD sharply higher before the speech. That run higher took the pair toward the 38.2% of the move down from the May 13 high at 1.28204. THe high reached 1.2813 today, but is back down now and trading at 1.2745 area. 


European shares end the session with gains

European indices end the session higher. Below are the % low and % highs and closes of the major indices including the NA markets which are holdig on to solid gains (but off lows and highs):

NASDAQ-SP Tue 21 May

US broad indices trades at new session highs

All major indices trading at new highs The Huawei news from just after the close yesterday continues to support the price action today.   ForexLive

AUDUSD Tue 21 May

AUDUSD looks to test the low from last week

New session lows as the market prepares for a June cut The AUDUSD fell below the 100 hour MA after the news, and raced lower (see blue line in the chart above).

SP Tue 21 May

US stocks open higher on help from Huawei concessions

Nasdaq leads the way higher US major stock indices are higher on help from the US Huawei concessions.   A snapshot of the major indices, are now showing:


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