Technical Analysis

GBPUSD moves toward retracement target/broken trend line

Topside resistance stalled the rally today. As per the earlier post, the defined by swing levels and the 38.2% retracement area around the 1.3300 level.  

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USDJPY Thu 20 Sep

USDJPY dips below the 100 hour MA. Can the sellers stay in control?

Pair falls despite the better data, the USDJPY falls below the 100 hour MA The USDJPY has dipped below the 100 hour MA at 112.112. The dip in the pair is despite better than expected data and higher yields in the US. Stocks are projected to open higher with S&P implying a 13 point rise.

EURUSD Thu 20 Sep

EURUSD trades at the highest level since July 9.

Tests 38.2% retracement target The weekly range at the end of Wednesday's trading in the EURUSD was only 107 pips and trading in the middle of the range for the week. That would be the narrowest trading range for a week if the market continued its lackluster trading.  That was not to be.  The EURUSD has surged higher. The range today is 107 pips alone and the pair has extended higher for the week. The pair now has a 157 pip trading range for the week. 

FOREX Thu 20 Sep

The GBP is the strongest. The USD is the weakest as NA traders enter

The Philly Fed, unemployment claims and existing home sales ahead As the North American traders enter for the day, the GBP is the strongest helped by favorable retail sales.  The USD is the weakest.   The US prepares for the Philly Fed index, unemployment claims and existing home sales this morning.   

USD Thu 20 Sep

The dollar's bull run this year is starting to show signs of cracking

Breaks of the 100-day moving average across multiple charts ForexLive Well, you can basically count the EUR/USD and the dollar index (DXY) as one chart but still it isn't a good sign. At the moment, dollar bears are looking poised to unseat the bulls from the driver's seat as the greenback's upside momentum since April appears to be breaking down.

GBPUSD Thu 20 Sep

Cable continues to push higher as pound stays bid

GBP/USD touches a high of 1.3230 ForexLive And is fast leaving the 100-day MA (red line) in its dust. Barring any Brexit headline surprises to come, this would be the first daily close above the level for cable since 26 April.

EURGBP Thu 20 Sep

EUR/GBP nears two-month lows as pound extends gains following retail sales beat

EUR/GBP falls to a low of 0.8854 on the day ForexLive The 2 August low also comes in at 0.8854 and the pair looks to be on the verge of breaking below that now. The key level to watch on the chart though will be that 100-day MA (red line) @ 0.8864. Hold below that level and sellers will break the bullish bias in the pair seen since July.

EURCHF Thu 20 Sep

Swiss franc slips a little as SNB softens inflation forecasts

EUR/CHF climbs back above 1.1300 ForexLive The SNB offset the fact that it maintained the language on the Swiss franc as "highly valued" by lowering its inflation forecasts for 2019 and 2020 while also putting a mildly softer spin on economic growth saying that "the pace of growth is expected to slow slightly". So far, that's enough to keep the franc from pulling off any further gains seen in recent times.

GBPUSD Thu 20 Sep

Cable rises to session high as dollar slips; UK retail sales in focus

GBP/USD rises to a high of 1.3180 on the day ForexLive The dollar is on the back foot again here in European trading falling against the majority of the major bloc. Of note, the euro, pound and loonie are taking the most advantage of the drop here. The yen is also the other casualty as things start to liven up here.

EURUSD Thu 20 Sep

EUR/USD inches higher but key technical levels continue to keep price action in check

EUR/USD touches a high of 1.1692 on the day ForexLive At the end of the day, it's all about finding a firm break above the 100-day MA (red line) @ 1.1664 for buyers. But more so, hold a break above that and 1.1700 will be key for the next leg higher.

NZDUSD Thu 20 Sep

Chart in focus NZDUSD.

NZD GDP beat boosts the NZD Governor Orr had been cautious on the future path of New Zealand's rate hikes citing lack of business confidence as one of the key reasons. However, feelings can be deceptive as the NZD put in a beat of it's GDP data 

USD Thu 20 Sep

Brand new day, same old story for the dollar

The tug of war between buyers and sellers this week continue ForexLive This is pretty much a copy and paste of yesterday's post . There hasn't been any notable dollar direction in general this week, to sum it all up. Price action in the dollar index continues to trade around the 100-day MA (red line) with buyers continuing to defend any real move lower.

GBPUSD Thu 20 Sep

GBP/USD: Buyers remain poised as key breakthrough is yet to transpire

Cable continues to trade above the 100-hour moving average ForexLive And that means that the near-term bias in the pair remains more bullish as price holds above the two key hourly moving averages. Negative Brexit headlines weighed on the pound in trading yesterday, with the first taking cable to a low of 1.3099 where it tested bids around 1.3100 before bouncing back up.

DOW Wed 19 Sep

US stocks end mixed. Nasdaq down. S&P and Dow close higher.

There was more than Tilray today The major indices are ending the day mixed. The Dow was the best performer. The S&P was modestly higher. The Nasdaq was modestly lower.

TILRAY Wed 19 Sep

If you're not watching Tilray right now, you're missing one of the best shows in years

Marijuana stock goes parabolic and then breaks. Evidently, hitting $300 and growing into one of the 25 biggest companies in Canada opened up a wormhole into an alternate universe where fundamentals matter.

USDCAD Wed 19 Sep

USD/CAD nears the August low

Maybe it's all the money flooding into pot stocks The rally in marijuana stocks is out of control with Tilray hitting $297 today, nearly doubling today alone and up 15x since early August.

GBPJPY Wed 19 Sep

GBPJPY backs off after run above 200 day MA and 50% fails. Now what?

The break quickly reversed. The GBPJPY has been running higher since bottoming in August at 139.89. The high today reached 148.52. That is a 6.17% run up in about a month of trading (963 pip move).  Not a bad run.

GBPUSD Wed 19 Sep

GBPUSD moves down to test 100 hour MA on Brexit headlines

No closer than March?  Ouch. That's not encouraging.  The GBPUSD has moved lower on the recent Brexit headlines (. or ) Here Here Here The price has moved back down to test the 100 hour MA at 1.31257 (blue line). The price moved below that MA earlier in the day and failed. The next tests found buyers near the level before rising toward the 100 day MA above at 1.31611.

USDCAD Wed 19 Sep

USDCAD makes new session lows, but only by a few pips

Spike higher certainly rejected the test of the 100 hour MA. The USDCAD is making a new session low - taking out the London morning session low at 1.29317.  The low just reached 1.29279. Can the momentum continue? The move to new lows was only good for a few pips.  Be careful especially in the up and down day.


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