Topside trend line stalled the rally earlier The USDJPY consolidates between a topside trend line on the hourly chart (there was a small break earlier but that was quickly rejected), and the the high from yesterday at 112.577.   

Eyes last weeks high  The EURUSD has moved lower in sympathy with the GBP.    In the process, the price has moved below the swing highs from the end of July (see 4-hour chart above).  

Price taking out technical levels on the downside. Stern words from PM May has the GBPUSD price action to the downside.  The price has moved further away from the 100 day MA at 1.3154 and below the 200 hour MA at 1.3117. That is now a risk for shorts.  

A softer tone off the two month high. The GBPUSD reached a 2 month high yesterday near the 1.3300 level. That level was between resistance targets between 1.32925 and the 38.2% retracement of the 2018 range at 1.33163 (see yellow area in the chart below).  The price moved away from the 100 day MA at 1.31545. 

The USD is higher with most of the gains vs the weak GBP The GBP is feeling the pressure as Brexit negotiations crumble.  PM May will be making comment at 1245 GMT.  The GBPUSD is making new lows as I type. The latest report from the BBC is that "she won't change tack on Brexit". 

US Oil recap I posted on the interesting crossroads Oil was at from early this am. See here for my second post. Price has now risen well above the 50MA so I have moved my stop to breakeven and taken some profit off the table. Next targets are 71.50 and 72.50 respectively.

US Oil moving above the 50MA . Price has broken above the 50MA and near term risk is just beneath it now. I posted here earlier on the oil chart and the contrasting picture for Oil

EURJPY longs can join at re-tests of MA support as a potential gainer should risk on sentiment and the theme of global growth continue here is the EURJPY hourly chart.

One for the radar Oil is an interesting chart at the moment. Seasonally week in September it  has been knocked around by headlines recently. The fears of lack of supply from Iran and then Saudi Arabia happy to see oil at $80 sent it moving higher. However, President Trump sent it lower with a tweet yesterday criticising the high oil prices and letting OPEC know he wants to see it down.

AUD/USD at a key inflection point ForexLive

Down $0.70 or 0.88% The price of crude oil futures are settling at $70.88. That is down -$0.70 or -0.88% on the day.  Pres. Trump today told OPEC to get "prices down now!"

Trades at session highs.  Risk is limited for a correction.   The NZD is the strongest currency today and the NZDUSD has moved  up over 1% on the day (up 1.07% vs the USD today).  

Nasdaq near day highs as well Both the S&P and the Dow are making new session highs and extending the record high levels for those indices. The Dow's move today took out the end of January 2018 high at 26616. The high today has now reached 25580 (trading there as I type). That is up 275 points on the day. 

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.  

German Dax up 0.9%. UK FTSE up 0.5%. France's CAC up 1.1% The European stock markets are closed and the major indices are closing higher: In the 10 year note sector, yields were mostly lower with the exception of Italy (budget concerns sent yields higher today).

Failed again and the sellers turned to buyers , the USDJPY fell below the 100 hour MA despite: Earlier in the day At the time I warned how the momentum had failed on the recent dips below the MA lines (). 

...but finds some buying  Drilling to the hourly chart, the low today also stalled at the underside of a broken trend line (see hourly chart below). That too stalled the fall.   The price is back above the Tuesday low at 0.9599. Watch that level. There may be some buyers leaning against that level again (close risk for dip buyers).  Stay above and a corrective move might begin.  

Buyers making more of a push, and tests a topside trend line on the hourly. The GBPJPY stalled near the 200 day MA and 50% retracement yesterday.  The price rotated back lower which tends to happen on the test of both those technical levels.  I analyzed the move in a post yesterday. You can read it .