Technical Analysis

On the daily chart below, we can see that the sellers couldn’t keep the momentum going breaking out of the 0.6191 support. As the fears caused by the failure of the Silicon Valley Bank and a possible banking crisis reached their peak, the buyers stepped in as emergency actions taken by the Fed and the

The NZD is the weakest of the major currencies The NZD is currently the weakest among major currencies, with the NZDUSD pair trending downwards, down by 1.15% for the day. Consequently, various technical levels have been successively breached. The NZDUSD has moved below a number of technical levels Observing the hourly chart above, the price

USDJPY moves off swing area and bounces The USDJPY fell earlier in the day, as flow of funds moved into the relative safety of the JPY . Stocks and rates in the US were also lower contributing to the declines in the USDJPY. USDJPY gets a boost Stocks started to rebound, as did yields. Both

NZDUSD close above the 100 day MA on Friday. Not today. The NZDUSD closed above it’s 100 day MA on Friday (blue line in the chart above). The MA was at 0.6260. The close was at 0.62636 just a few pips above the MA level. The buyers had tried to move above that moving average

NZDUSD moves to cluster of resistance The NZDUSD got a kick higher earlier in the day after the Bank of China announced that they would lower the reserve requirement. Technically the price moved above its 100 hour moving average (blue line in the chart above) and found additional momentum to the upside. The initial high

First things first, what’s the deal with the rate hike? Well, investors are split on whether the Fed will implement a quarter-point hike or hit pause. The bond market gives a 65% probability to a quarter-point boost that will raise the Fed’s policy rate to 4.75%-5%. Traders have slashed the odds of a hike, but

Crude oil keeps on testing the 200 week moving average The price of WTI crude futures reached a new week low of $65.38. That took out the low from earlier this week at $65.65. Looking at the weekly chart, the price also move below its 200 week moving average at $66.14. However the price has

The major European stock indices are closing the day with sharp declines. For the trading week the indices are also lower as concerns about financial conditions in Switzerland hurt sentiment. Concerns about global growth are also weighing as is the ECB 50 basis point hike this week. Finally, the European indices have been relatively stronger

JPY is the strongest and the CAD is the weakest. The JPY is the strongest and the CAD is the weakest currency today. That has the CADJPY as the biggest mover. Looking at the currency rankings above, the CADJPY has moved 1.44%. That is just ahead of the USDJPY which has moved 1.40% today. The

EUSUSD closing higher on the week IN trading today, the EURUSD moved higher in the Asian session, fell in the European morning session , and is moving higher in the US session. The move has taken the price positive on the week (it closed at 1.0636 last Friday). Ironically, the close from last week is

WTI crude futures are settling $68.35 up $0.74 or 1.09%. The low price today reached a $65.71. That was just above the low price from yesterday at $65.65. The high price today reached a $69.38. The 52 week high for crude oil comes in at $123.68. Looking at the daily chart, the swing low going

GBPUSD buyers are making a play above the 100 hour MA The GBPUSD buyers have successfully pushed the price above its 100-hour moving average at 1.21129, reaching a new intraday high of 1.2127. Examining the hourly chart above, it’s clear that breaking above the 100-hour moving average took some effort. The market initially attempted this

GBPUSD trades between the 100 and 200 hour moving averages The GBPUSD experienced a decline today amid increased dollar purchases in European currencies . This shift drove the price of the GBPUSD below the 100-hour moving average and the 100-day moving average (currently at 1.2032), ultimately reaching the 200-hour moving average at 1.20087. Today’s low

WTI crude oil has rebounded 38.2% retracement The WTI crude oil futures price settled at $67.61, down $3.72 or 5.22%. Currently, the price hovers near $68, still significantly lower but recovering from the day’s low of $65.65. At that low, the price had dropped by $5.68, reaching its lowest point since early December 2021. Examining

NZDUSD trading up and down The NZDUSD has recently entered a consolidation phase, poised between an upper swing area and a lower one. The upper boundary encompasses a range of 0.6250 to 0.62639 (highlighted by red numbered circles in the accompanying chart), with the 100-day moving average positioned nearby at 0.62488. As the new trading

GBPUSD consolidates in a 66 pip range The GBPUSD moved higher yesterday to start the trading week. The low on Monday was down at 1.20658, but in the NY session moved to new highs, breaking above swing highs from back on Feb 21 and Feb 28. Since then (the last 28 hours), the price action

The 2 year yield got within 4 bps of its 200 day MA The USDJPY is reacting higher on the back of the move off lows in yields. The 2 year yield (see chart above) moved back up to 4.266% from an intraday low just below 4.00% at 3.997%. The yield is now only down

The major European stock indices are closing sharply lower. The major indices could not dodge the bullet that the US indices are seemingly getting through despite the fact that the focus of the banking crisis is a centered in the US. However, these types of things always have the potential to spread. Moreover the European