Closed at 1.3348. Trend line at 1.3347. Narrow trading range today.
The USDCAD is having one of those up and down trading days with a narrow trading range.
The close from yesterday came in at 1.3348. The low just reached 1.3351. There is a trend line at the 1.3347 level (connecting lows from Dec 4 and yesterday's low).
Draghi and macro projections ahead
As the market awaits for the presses from Draghi and the economic projections (GDP and inflation should be lowered), the price action is downright UGLY. Looking at the hourly chart, the pair has been trading up and down over the last 24 hours or so with a low at 1.1355 and a high of 1.1393. What to do? Flip a coin.
The USD is mixed with a tilt to the downside
The GBP is the strongest. The JPY is the weakest as NA traders enter for the day. The ECB just announced no change in rates, that they will halt new QE purchases, but will continue to reinvest maturing issues. The SNB earlier kept their rates unchanged. The CHF is a little stronger. As for the USD it is mixed with a tile a little to the downside.
Price currently leans on support from the 100-hour moving average
EUR/USD was trading steadily around 1.1380 levels before the headline briefly brought it lower to 1.1367. But price is finding some support at the lows for the day as buyers are leaning on the 100-hour MA (red line) @ 1.1371 to keep up the near-term bullish bias in the pair.
Pound is still riding on leftover euphoria from Theresa May's victory overnight
Cable now runs into resistance from the 200-hour MA (blue line) and this will prove to be a key level for sellers to lean on in the near-term. Hold below and the bias still remains neutral but if price moves above it, then the near-term bias turns more bullish instead.
USD/JPY lingers near 113.50 ahead of European trading
Asian equities are still riding the good news from the US-China trade rhetoric after and Trump reiterating that he will meet Xi for another round of trade talks "if need be". Chinese stocks are the ones leading gains on the day and that's helping to lift risk sentiment for the most part in Asian trading so far.
Can you trust it?
The EURUSD has been choppy up and down during most of the NY session with an upward technical tilt.
The price has stayed/closed above its 200 hour MA (green line) over the last 7 trading hours, but in between there have been ups and downs.
Down -$.50 or -0.97%
The high-priced reached $52.88. The low extended to $50.94.
Today, crude oil inventories had a draw of -1208K vs -3500K estimate. The private data released yesterday showed a massive draw of -10180K.
Price moves back below the 100 hour MA but rebounds
The price of the GBPUSD tried to tilt a bit lower after running above the 100 hour MA (blue line) target and the 50% retracement earlier in the day. The high price did stall at the December 5 swing low.
Sorrects to 38.2% retracement
Yesterday, there was some interest to sell the NZDCAD (see: ). It's not a pair I normally follow, but if consistent with technicals, you can analyze anything, and determine a bias, risk, targets.
France's CAC up 2.27%. German Dax up 1.57%
The major European stock indices are ending with solid gains. The provisional closes are showing:
IN the benchmark 10 year notes sector, yields are mixed with Italian yields moving down sharply (-12.3 bps) on hopes of a budget deal with the EU.
The USD is falling with the greenback trading at lows for the session vs. the,
The EURUSD has must moved above the 200 and 100 hour MA and now the 50% retracement between the 1.1359 to 1.1374 level. The price also moved above trend lines along the way.
The 100 day MA has been a stall area over the last 5 days
The AUDUSD is ticking higher with the general dollar weakness today, and in the process is working toward the 100 day MA at 0.7228. This week the price has bottomed at 0.7177 (3 lows) and has seen higher lows yesterday and again today. The price today has spent more time above its 100 hour MA. Buyers are trying to making a play. Stay above the 100 hour MA at 0.72106 is more bullish.
No confidence vote later today
The GBPUSD is squeezing higher after all the bad news (no-confidence vote, Brexit uncertainty) could not push the GBPUSD lower. Today, the low for the day, did take out the late day low from yesterday, but only by a few pips. That lack of momentum started a run back above the 1.2500 level. The corrective rally was on.
Ups and downs continue. Stalls near the 200 and 100 hour MA.
The EURUSD is following the GBPUSD higher, but at a slower pace. The pair also bottomed yesterday near recent swing low levels that has stalled falls on November 30 and December 5th. The rise higher today, has taken the price back toward the 200 (green line) and 100 (blue line) hour MAs. Those levels come in at 1.13595 and 1.13695. The 50% retracement comes in at 1.1374. Moves above would be more bullish.