Double top earlier this month
The price of Gold is higher on the day by $6.82 at $1331.66. The bounce is good technically. The last two days moved down toward the 100 day MA (blue line currently at $1319.29). The low reached $1322.75. The prior two other tests of the MA stalled the fall too.
100 day MA at 1.22049
The EURUSD is trading above and below its 100 day MA at 1.22049. The price for the pair breached the 100 day MA yesterday by a few pips (low 1.21968). That was the first time since December 19th.
The USD is mostly lower
The CAD is the strongest the NZD is the weakest in the snapshot at the start of the North American session.
The USD is mostly lower with the exception of the NZD and JPY. The NZDUSD continues to fall ().
GBP/USD hovers near session lows as the dollar leads the way again
The pair is now trading at 1.3922 just off the lows at 1.3918 on the day. Looking at the daily chart, the daily close below the 30 January low of 1.3980 opens up the way for a retest of the 100-day MA (red line) @ 1.3855.
The NZD is the weakest performing major currency today
A lot of the decline in the kiwi today owes to the fact of a break of key technical levels this year. The 38.2 retracement level @ 0.7187 and the 200-day MA (blue line) has been a level that has helped to stall declines in at least four attempts this year previously.
EUR/USD is flirting with key technical levels
The pair is now trading at 1.2208, after falling to a low of 1.2185 on the day. The range is still relatively subdued, but this is where things really start to heat up for both buyers and sellers.
Downward sloping trend line at 1.3918 now (and moving lower)
The GBPUSD has continued the march lower. The correction in the NY session stalled in the beginning of April swing levels at the 1.2965-81 area (the high reached 1.3976 (). The high after that could only get to 1.39618. Sellers remained in control.
Did not stall much against the dual technical levels (bullish)
The USDCAD has moved above both the 200 bar MA on 4-hour chart(green line at 1.2819) and the 50% retracement of the move down from the March high in trading today.
The month low has been extended
the EURUSD has been able to extend lower and has now extended the narrow trading range for the month (from 200 pips to 204 pips - its a start). That is still very low but there is some key support below that still needs to be busted.
Low for the year at 0.7152
The NZDUSD has moved to new lows today, continuing the run lower started last week. The pair (with today's fall) is now down 5 straight days and 6 of the last 7 days. The high over that period reached 0.739449. The low today reached 0.71538. That low was just above the low for the year at 0.71522. The first test found modest buyers. On a break, the 0.7130 is the swing low from August 2017. Below that, the 50% of the move up from November will be eyed at 0.7108.
High today stalls at underside of broken trend line
The GBPUSD is trading at a new session low at the 1.3937. That is the lowest level since March 19th. The April 5th low at 1.39648 was breached today too.
Small rebound at the start of a big earnings week
This week will have a ton of earnings releases including Amazon, Facebook, Google (today),and Microsoft - just to name a few. The major indices opened higher but is retracing back toward unchanged levels as I type.
Took out the February 21 high. Highest level since February 13th. Double top today may make topside sticky....
The USDJPY broke above the February 21 high price at 107.895. The high last week reached 107.851. The break today, has opening up the upside, and we have seen more momentum. The pair has moved to a high of 108.28 so far. We trade right near that high as the US stock market gets going with some modest gains.