Technical Analysis

USDJPY moves lower on trade war concerns

Stocks giving up some of the early gains EU trade retaliation comments has the USDJPY moving lower. US pre-market gains are also giving up some of the earlier gains. The S&P is up abaou 7 points (vs 11 earlier). The Nasdaq is up 15 vs 30 earlier.  

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NZDUSD Fri 22 Feb

NZD/USD recovers some ground as sellers run out of steam near key support levels

NZD/USD is also benefiting from some loss of dollar momentum in early morning trade in Europe ForexLive The pair moved to a low of 0.6758 earlier in the day after the RBNZ suggested that it could pursue rate cuts should bank capital rise over the next few years. Emphasis there being on 'the next few years'. Rate cuts are certainly a negative for the kiwi but really, who knows what would happen in 5-7 years' time?

BONDS Thu 21 Feb

Treasury yields might be ready for a breakout

A look at US 10-year yields US 10-year yields are up 4 basis points today to 2.686%. It's a relatively big move and comes despite US stock markets falling 0.6%.

GOLD Thu 21 Feb

Gold sinks back to the January high

Gold down $11 Gold is in the midst of its worst day since November 9 as the momentum from the months-long rally fades. The January high was $1326 and that's acting as support now with prices today down $11 to $1327.

GBPUSD Thu 21 Feb

GBP/USD slips towards day's lows as Brexit optimism gets tempered with

Cable falls from 1.3070 to 1.3030 levels ForexLive That comes as Reuters reports that a UK government source is seen saying that they are still far away from getting the needed concessions on the backstop and that they are unlikely to be able to secure a Brexit deal by next week.

EURUSD Thu 21 Feb

EUR/USD erases PMI gains as doubts still remain over potential economic rebound

EUR/USD moves back to flat levels on the day ForexLive The pair made its way to a high of 1.1363 after the release of the French PMI survey but gains were tempered with as the German PMI survey highlighted yet another slump in manufacturing activity. Price traded around 1.1350 before we got the overall Eurozone PMI survey release but that very much mirrored what we saw in the German reading.

AUDUSD Thu 21 Feb

Aussie tumbles after China moves to ban Australian coal imports at its Dalian port

AUD/USD slips to a low of 0.7100 on the back of the headlines ForexLive The Australian dollar has had a wild ride so far today as it jumped to just above 0.7200 after a stronger jobs report before Westpac released a report saying that it anticipated further rate cuts by the RBA. The pair then fell towards the 100-hour MA (red line) where price was defended and traded around 0.7160 thereafter.

DOLLAR Wed 20 Feb

Dollar moves a higher as FOMC minutes trickle out

Comes off extremes though It is easier to grab onto a headline when they all come out. With Washington closed due to winter storm, the Fed released the minutes without the press seeiing it ahead and therefore able to put together headlines at the same time.  With no sequestering of the press ahead of the release, the headlines are coming out a lot slower.  That may be slowing the market as well.

USDJPY Wed 20 Feb

USDJPY moves toward 100/200 hour MAs ahead of FOMC minutes

Stocks come highs and drags the USDJPY lower The USDJPY moved back toward the close from yesterday (at 110.59) after stocks reversed and a broken trend line stopped holding support (see chart below).  

EURUSD Wed 20 Feb

EURUSD cracks to new session highs. Extends the range for the day.

Looks toward the 50% midpoint The EURUSD has cracked to new session highs and in the process has extended the range for the day. The high reached 1.13698. The 50% retracement is up at 1.13736.  Above the 50% and traders will be eyeing the 100 day MA up at 1.1397 today.

GOLD Wed 20 Feb

Gold creeps closer to the 2018 highs in fifth day of gains

Gold up $3.50 to $1344 Gold continues to break out from the consolidation pattern that kicked off the month. It's up $3.50 to $1344 after hitting a fresh 10-month high of $1364 in Asian trading.

CRUDE-OIL Wed 20 Feb

Crude oil futures are trading up over $1 and looks to test 100 day MA

Up 1.91% on the day at it to $57.16 crude oil futures are trading higher in the day. The front contract trades at $57.16 that's up $1.07 or 1.91%.  The run higher has the price looking toward the 100 day moving average at $57.31. The price of crude has not treated above is 100 day moving average (blue line) since October 19.  Key level.


European shares set to close higher on the day

Provisional closes to the upside The provisional closes in Europe are pointing to the upside today. The numbers are showing: In the 10 year benchmark notes, yields are ending the session mixed. Below are the changes and ranges for the respective countries notes:

USDCAD Wed 20 Feb

USDCAD moves below and away from the 50% retracement/132.00 level

Trades to new session lows The USDCAD stalled the fall yesterday at the 50% of the move up from the Feburay low at the 1.32036. Being near the natural support level at 1.3200 helped stalll the fall. 

GBPUSD Wed 20 Feb

GBPUSD moves higher on news about Brexit accord being hammered out

According to Spanish foreign minister The GBPUSD is moving back higher on news that the Spanish foreign minister is saying "the Brexit deal will not be reopened but an Brexit accord is being "hammered out".

SP Wed 20 Feb

Stocks open with modest changes

Ho hum start ahead of the FOMC minutes later today The US stocks are opening with modest changes in the major indices. The Nasdaq is leading the way, but even so, is not running away.  A snapshot a few minutes into the day shows:

USDJPY Wed 20 Feb

USDJPY consolidates after run higher in the Asian session

Holds above trend lines today The USDJPY moved higher and lower yesterday. At the lows, traders did an OK job of holding a lower trend line. The price did waffle above and below the 100 hour MA though as traders were just not all that sure what to do. Nevertheless, the trend line and the lower 200 hour MA remained as support.

EURUSD Wed 20 Feb

EURUSD chops it's way back down to broken trend line

What an up and down mess, but buyers trying to keep some control The EURUSD has chopped it's way back lower today, after a run higher yesterday. That run higher yesterday, took the price above a sinple trendline connecting recent highs. The underside of that broken trend line stalled the fall, as did an earlier swing high from yesteray at 1.13239 area.  

GBPUSD Wed 20 Feb

GBPUSD corrects some of the gains from yesterday but holds technical support.

PM May to present plan to Brussels. 3 Tories resign from party Three Tory MPs resigned from the party and anxiety about Brexit plans has the GBPUSD backtracking some of the hefty gains seen in yesterday's trading.

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