Nasdaq down -0.78% The US major stock indices are closing lower with the tech heavy Nasdaq suffering the most. The chips stocks did not do well today as Taiwan Semiconductor Manufacturing - a key to partner to Apple and Nvidia - lower their revenue forecast for the 2nd quarter. Morgan Stanley said apples iPhone was the reason for the poor guidance.

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Metals have been on fire since the latest Russian sanctions Nothing is hotter than nickel at the moment. The industrial metal is up 15% since the start of the month and 7% today.

There's always someone who takes the joke seriously Drawing funny things on technical analysis charts is, well, funny. Forget trendlines and moving averages, you need the occasional dinosaur:

Has recent swing highs to contend with at 107.38 The USDJPY have moved above the 100 hour MA at 107.244 and ran a little. This is similar to the move seen yesterday that ended up stalling at the swing high from Monday's trading at 107.383 (see red circles).   We currently trade at 107.34 - just short of that ceiling.

Not running but staying below... The GBPUSD tumbled in trading yesterday on the back of technical breaks and some weaker than expected inflation data. The last 7 trading hours, has seen the price below the 200 hour MA. That MA comes in at 1.42153 (and rising a bit).  The 38.2% of the April range comes 1.4219. That area is close risk for shorts looking for more downside in the pair.   

Expectatons is for 1Q CPI to rise 0.4% The YoY CPI is expected to rise 1.1%.  The report will be released at 2245 GMT.

Good mornnig, afternoon, evening.  If you have an idea for your favorite trade today, feel free to jump right in and share.   Some ideas: What are some of your ideas?

Technical levels in play and why through the Australia employment report Eamonn outlined the expectations for the Australian unemployment report out at 0130 GMT today.  You can read all about it . 

EURCHF moves closer to the 1.2000 level Adam surprise me by reminding me it was my 7 year anniversary (really?).  It goes to show how time flies by when you are having fun.

A few pips here and there after the report The Fed's Beige Book had little impact on the USD. USDJPY The USDJPY on the hourly chart trades around the midpoint of the 10 day trading range at 107.192. The 100 hour MA is above that at 107.245. The 200 hour MA is below at 107.118.  The price is trading at 107.20. The price is still stuck in the mud. 

USD/CAD back below 1.2600 USD/CAD jumped nearly a full cent on the Bank of Canada decision to leave interest rates unchanged. No move was mostly expected but OIS pricing showed about a 20% chance of a move so the kneejerk higher was understandable.

USD/CAD rises above 1.2625 Poloz will hold a press conference at 11:15 am ET.

ArticleBody Goldman Sachs technical analysis piece (Elliot Wave) on the yen This is from a weekend GS note, but its a longer-term look at the yen so still may be of interest

Up 1.17% on the day Japan's Nikkei is up 266 points or 1.22% in early trading. The move higher comes on the heels of some lofty gains in the US. The Nasdaq rose by 1.74%. The S&P rose by 1.07% and closed above its 100 day MA at the 2700.47 level.  

Pair moves toward 100 hour MA , the USDJPY traded up and down yesterday but failed on the break above the 100 hour MA.  As posted earlier The price in the early Asian session has moved higher and in the process is back testing the MA levels. The 200 hour MA is at 107.12. The 100 hour MA is at 107.19.   The 50% midpoint of the non trending range over the last 9 trading days is also at 107.19.   Key bias level for traders.  

Traders are trying to make up their minds The NZDUSD in US trading, fell below the 200 hour MA (green line in the chart below) and an upward sloping trend line. That should have sent the price lower, but momentum faded and the price rotated back higher (see red shaded area). 

...and play golf . The technical bias a little more bearish below the 100 and 200 hour MAs Pres. Trump and Japan PM Abe are meeting at Trump's Mar-a-Lago in Florida.