Technical Analysis

Crude oil futures settle at $69.85

Up $0.94  on the day The price of crude oil futures are settling at $69.85. That is up $0.94 on the day.  The high reached $70.42. The low reached $68.80.

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DOW Tue 18 Sep

US stocks end day with gains but give up some of the gains into the close

Nasdaq up 0.76% The US stocks are ending the day with gains but there was a bit into the close. Some of the winners included: The biggest winner was Tilray, a Canadian marijuana company which surged 28.95% to $154.98.   Losers today included:

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30-YEAR Tue 18 Sep

US 10 and 30 year yields hits 4-month high

Yield reached 3.029% and 3.178% Both the 10 and 30 year yields are reaching 4-month highs.   ForexLive

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USDJPY Tue 18 Sep

USDJPY trades toward the day's highs on stock run higher

The price is above the August 1 swing high at 112.146 The USDJPY trades toward the day's highs as the US stocks move higher in the first minutes of trading. Although near the high, the pair has seen up and down trading today on the headline concerns. On the hourly chart below, the price fall in the NA session did stall against the underside of a broken trend line.  Stay above is more bullish intraday (close risk for longs). 

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SP Tue 18 Sep

US stocks open with modest gains

US/China trade being digested The pre-market trading was a bit volatile as the US/China headlines crossed, but stocks are now open and the Nasdaq is recovering. The S&P and Dow are also higher.

1
GBPUSD Tue 18 Sep

GBPUSD keeps the 100 day MA as a ceiling

The price did take a peak above the MA line earlier in the day but backed off The GBPUSD has been pushing the 100 day MA and a topside trend line since yesterday. The trend line was lightly broken yesterday and backed off.  Today the 100 day MA was lightly broken and backed off again.  The 100 day MA is at 1.13655. The trend line is at 1.31753 currently.  The low today reached 1.31183.  

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EU Tue 18 Sep

EU traders now pricing in 10 BP rise in rates in October 2019

Up from 85% last week The Euro zone money market traders are now fully pricing in a 10 point rise in rates in October 2019. That is up from 85% last week. The EURUSD has traded above and below its 100 day moving average the prior 3 trading days.  Today, the price has been able to stay above that MA in the London session .  The MA comes in at 1.1668.  In the Asian session there was a brief dip below the line (the low reached 1.16658) which was quickly reversed.  

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FOREX Tue 18 Sep

The AUD is the strongest. The JPY is the weakest.

The USD is mixed  As the markets digest the "fact" (Trump enacting the US tariffs on China and their response), the AUD and NZD are the strongest. The JPY is the weakest. The USD is mixed with gains vs the JPY and GBP, and losses vs the AUD, NZD, CAD, EUR and CHF.  Overall, the pairs are close together which suggests the order can change with a headline here or there.  Remember, this is still a fluid situation with more tariffs possible, meetings that may be canceled and restarted, retaliations, implications, etc.

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USDCAD Tue 18 Sep

USD/CAD slips to session lows as oil prices surge

The loonie gains on the back of higher oil prices ForexLive And that sees USD/CAD touch a low of 1.3013 on the day, testing the 100-hour MA (red line) at the moment. Move below and near-term bias turns more bearish. But the key here is to hold a firm daily close below the 1.3000 handle.

EURUSD Tue 18 Sep

EUR/USD pares earlier gains to stay virtually flat on the day

China vows to retaliate against the US on latest tariffs measures ForexLive The headline sent yen pairs a tad bit lower and helped lift the dollar a little as E-minis and Treasury yields moved slightly to the downside. As a result, EUR/USD fell from its highs of 1.1718 on the day to be flat on the day now at 1.1683.

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USD Tue 18 Sep

Dollar bulls' resolve called into question once again

Bears looking for a break below the 100-day MA in the dollar index ForexLive As yesterday, the greenback's hold on Friday isn't suggestive that things are looking up for the dollar just yet. The inability to break above 95.00 and hold above the 100-hour MA was enough to keep the near-term bearish bias intact and today we're seeing price move back below the 100-day MA (red line).

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USDJPY Tue 18 Sep

USD/JPY climbs to two-month high as markets shrug off US-China trade escalation

USD/JPY jumps to a high of 112.26 on the day, highest levels since 20 July ForexLive And it's not just USD/JPY, yen pairs in general are seeing a good bounce on the day as when it comes to the trade rhetoric and that is to fade it. E-minis and Treasury yields have also moved higher on the day and that is helping to underpin yen pairs further as the session begins.

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AUDJPY Tue 18 Sep

Chart in focus: AUD/JPY. Waiting on China

AUDJPY at key turning point So, the tariffs have finally come There has been a muted response from China, so far,  and the price action has been choppy. However, as Justin points out, all eyes are on China to see how they will respond. It is difficult to know exactly how they will respond and there is general uncertainty about it. So, the next move will come when the

SP Mon 17 Sep

US stocks don't have the best of days as traders rotate out of tech

Nasdaq down -1.43% and leads the downside The trade tensions with China look like they about to intensify as Trump is set to announce new tariffs on China "after the close".  China has said they would look to retaliate and that sent the likes of Apple lower on retaliation fears (down -2.66%).  Amazon was also hit hard. It fell -$62 or -3.16% on the day. Ouch.

1
USDJPY Mon 17 Sep

USDJPY falls to new session lows. A cluster of technical levels tested.

Tests Friday lows and September 5th highs The USDJPY fell to a new session low and the process is testing a key cluster of technical levels in the 111.71-759 area.

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CRUDE-OIL-FUTURES Mon 17 Sep

US crude oil futures settle at $68.91

Little changed on the day The price of crude oil is settling at $68.91 which is down -$0.08 or -0.12%.   The high reached $69.72 today. The low reached $68.53.  The low was reached after Russia's Novak said that may look into the possibility of increasing production by 1BPD at the next OPEC meeting. 

AUDUSD Mon 17 Sep

AUDUSD stalling near the topside trend line. Below highs from last week.

The rally stalled in NY session The AUDUSD moved higher after an early dip at the start of the day. The move higher is despite reports of a hike in tariffs by the US on China. The good news is the tariffs are 10% vs 25% originally thought.  Also, the tariffs have also NOT been officially announced (despite all the hints including word from White Houses Kudlow). 

GBPUSD Mon 17 Sep

GBPUSD moves to new session highs but still needs to tackle the 100 day MA

Trend line broken but 100 day MA is still  The GBPUSD has moved to new session highs on Kudlow comment that the China tariffs will likely to be announced soon.

1
USDCHF Mon 17 Sep

USDCHF keeps the sellers in control

Corrective rally stalls The USDCHF is one of the weaker currencies of the day, and in the process has moved below the 50% retracement at 0.96267 and a lower trend line at 0.9629 area.  


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