Technical Analysis

Crude oil does it again. Can't stay above the 200 day MA.

12 day where the price intraday has traded above and below the 200 day MA I thought perhaps we were going to get a break and run. The price of crude oil futures settle above its 200 day moving average on Friday and looked poised to make a run to the upside.

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SP-INDEX Mon 18 Nov

NASDAQ, S&P and Dow all close at record highs

Late rally kicks the S&P into positive territory the major indices all closed positive on the day and that means record closes. The S&P was the closest at not reaching the milestone, but some late buying kicked the index into positive territory.  The NASDAQ and Dow had an easier time of it.

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EURUSD Mon 18 Nov

New highs for the EURUSD

Good hold near the 1.10544 level and breaking above swing area. , I outlined the importance of the 1.1054-618 area. Staying above would keep the buyers in control. The price did dip briefly below the level but it was only a single pip. Since then, the price action has been to the upside.

3
GOLD Mon 18 Nov

Gold runs higher and moves above hourly MA levels

...but some overhead resistance on the daily chart The price action in gold has some bullish and some bearish. Looking at the hourly chart above, the pair last week, started to move back above the 100 hour MA (blue line) but found resistance at the 200 hour MA (green line).

USDCHF Mon 18 Nov

USDCHF runs down to test the 100 day MA. Can the level hold?

100 day moving average at 0.98785 The USDCHF is down testing its 100 day moving average at 0.98785. The pair move below that moving average level last Thursday on a few occasions, but could not sustain the momentum.  As I type, we are dipping below the level once again.  The bias is getting weaker on the break, but traders will be alert for a failed break.

SP Mon 18 Nov

US stocks are mixed in early New York trading

Give up premarket gains after Beijing comments The major US indices were higher earlier in the premarket trading, but lost momentum after Beijing comments soured the trade negotiation hopes.

2
GBPUSD Mon 18 Nov

GBPUSD runs up toward recent highs but backs off

Watching the correction on the 5-minute chart now The GBPUSD opened the week higher, had a minor dip and then raced higher. The catalyst was increased hope for a Conservative victory at the upcoming elections on December 12. 

1
EURUSD Mon 18 Nov

EURUSD up but trading around a swing area

1.1054-63 is eyed for a break one way or the other The EURUSD is higher in trading today, and in the process moved above the 200 bar moving average on the 4 hour chart at 1.1061 currently, and also the 38.2% retracement of the move down from the November 4 high at 1.10597.  

GBPJPY Mon 18 Nov

The GBPJPY getting hit after run higher fails and news turns markets around

Beijing news sends the GBPJPY lower. The failed break above earlier is a concern too Before the Beijing headlines, the GBPJPY was the strongest of the major currencies but it did have some technical problems. More specifically, the high price going back to October 17 at 141.493 was broken but only to 141.566. The price backed off against that level and was trading around 141.26 before the news headlines pushed the pair even lower.

USDJPY Mon 18 Nov

USDJPY dips back below the 200 hour/day MA

Reports from Beijing turns the beat around The US stocks are taken the dip in premarket trade as reports that Beijing is pessimistic about US China trade talks, sends shares lower. The Dow futures are now implying a lower opening (-15 points).  

1
GBP Mon 18 Nov

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

The USD is mixed As the North American session begins, the GBP is the strongest on more confidence for a Conservative victory at the upcomng election. The JPY is the weakest, continuing the declne that had the pair the weakest of the majors on Friday.  US stocks are higher. Rates are higher. Gold is lower.   Asia stocks closed higher despite more violence in Hong Kong. European stocks are mixed.

1
GBPUSD Mon 18 Nov

Cable climbs to four-week high, closes in on 1.30 handle

The march higher continues for the pound ForexLive Buyers are testing a move above the 31 October high of 1.2976 as price touches a high of 1.2985 on the day, the highest level since 22 October. It's starting to look like a question of whether or not the 1.3000 handle can hold on if this keeps up.

EURGBP Mon 18 Nov

EUR/GBP eases to fresh six-month lows, key support levels eyed

EUR/GBP hits lowest level since May, moves closer towards key support region ForexLive The pound is continuing to extend its good form against the euro after a strong October month with price now easing towards key support levels around 0.8476 to 0.8529.

USDJPY Mon 18 Nov

USD/JPY approaches 109.00 handle amid slightly more positive risk tilt

USD/JPY runs into a test of the 200-hour moving average ForexLive Buyers are looking to seize near-term control now as price moves higher after a bit of a nudge higher in US equity futures and bond yields.

7
GBPUSD Mon 18 Nov

Cable hits two-week high as pound finds fresh bids to start the day

Cable hits 1.2946, highest level since 4 November ForexLive The pound is picking up from where it left off on Friday as buyers continue to keep the upside run going after a bit of a testing period at the start of last week.

6
USDJPY Mon 18 Nov

USD/JPY keeps steady as traders continue to wait on US-China trade developments

USD/JPY sits in between both key hourly moving averages again ForexLive The pair continues to be primarily driven by the risk mood over the past few weeks and in that regard, the US-China trade rhetoric is the main factor influencing price action.

1
DOW Fri 15 Nov

Record closes for all three indices to end the week

The Dow above 28000 for the first time ever.  Indices close at record all time high levels.   The major indices are closing at records. The Dow hits 28,000 for the 1st time ever and looks like my close above that level as well. The S&P index and NASDAQ index are also trading at record levels and closed at the highs.  It is hard to get any better than that.

4
CFTC Fri 15 Nov

CFTC Commitments of traders: EUR remains the largest short position. CAD is the largest long position

Forex futures positioning data from the CFTC for the week ending November 12, 2019. - EUR short 58K vs 61K short last week. Shorts trimmed by 3K - GBP short 28K vs 29K short last week. Shorts trimmed by 1K

3
USDJPY Fri 15 Nov

USDJPY continues to have trouble against a cluster of resistance

50%, 100 hour MA, swing level stalling the rise The USDJPY is to have trouble the cluster of resistance defined by: The high price for the day has reached 108.849 so far. We currently trade at 108.798.


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