Category Archive: 4) FX Trends

Main Author Marc Chandler
Marc Chandler
He has been covering the global capital markets in one fashion or another for more than 30 years, working at economic consulting firms and global investment banks. After 14 years as the global head of currency strategy for Brown Brothers Harriman, Chandler joined Bannockburn Global Forex, as a managing partner and chief markets strategist as of October 1, 2018.
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USDCAD bias remains lower, but low today can’t take out yesterday’s low

2023-06-08

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USDCAD consolidates after yesterday's BOC hike yesterday

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USDCAD bias remains lower, but low today can’t take out yesterday’s low

2023-06-08

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USDCAD consolidates after yesterday's BOC hike

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AUDUSD extends above 200 day MA. Buyers in control.

2023-06-08

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High from yesterday eyed. The AUDUSD is up testing the high from yesterday's trading at 0.6717. The high price just reached 0.67149 after breaking back above its 200-day moving average of 0.66907. What next? Moving above the 200-day moving average sets is as a risk-defining level once again. Stay above is more bullish. On the top side, the 100-day moving average at 0.67425 would be the next key target on a break of the high from yesterday at...

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USDJPY rotates lower and back below the 100/200 hour MA. Ups and downs continue.

2023-06-08

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The 100/200 hour MA is now resistance again at 139.70 The USDJPY moved lower after the initial jobless claims moved to new 20-month highs. The data, pushed the USDJPY back below its near converged 100/200 hour moving averages at 139.70. Those moving averages are not risk-defining levels for sellers looking for more downside momentum. The price needs to stay below to keep the sellers more in control in the short term.

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EURUSD runs to swing area after weaker jobs data

2023-06-08

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Initial jobs clients spikes to 20 month highs helping to weaken the USD. The initial jobless claims for the current week rose to the highest level in 20 months and that has weakened the US dollar in the process. Looking at the EURUSD, the price action saw the pair move up to a swing area between 1.0747 and 1.0759, but is finding sellers against that swing area on the first look as risk for sellers can be defined and limited by sellers. A move...

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USDCHF moves lower after SNB comments and US jobs data

2023-06-08

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Initial jobless claims spike higher, and SNBs Jordan speaks about inflation. The USDCHF has moved sharply lower after SMB's Jordan spoke to more persistent than we thought inflation, and the much higher US jobless claims moved US rates lower and the US dollar lower as well.   The USDCHF moved to a swing area between 0.9025 and 0.9035. The 38.2% retracement of the major trading range comes in at 0.90218.  Move below each opens the door for further...

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Japan’ Q1 GDP was Revised Up, While the Eurozone’s was Revised Down

2023-06-08

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2023-06-08

Overview: The back-to-back surprise rate hikes by the Australia and Canada spurred speculation that the Fed could hike next week, and this lifted US rates and helped the dollar recover. The odds of a hike increased, according to the indicative pricing in the Fed funds futures market from about a 20% chance to a little above 35%. now. At yesterday's high, the two-year yield was up a little more than 25 bp since the low before the US employment data...

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USDCHF tests yesterday’s high and 0.9100 level

2023-06-07

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The USDCHF is having another up-and-down trading day today with the price trading above and below its near converged 100 and 200-hour moving averages (near 0. 9070). The early US sessions saw the price moving low but was then boosted after the Bank of Canada rate hike. Momentum took the price back above the 100 and 200-hour moving averages. The last few hours has seen a consolidation near high levels from yesterday at 0.9097 and the natural...

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AUDUSD trades to a new session low. Looks toward 50% midpoint of the May trading range.

2023-06-07

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50% midpoint comes in at 0.66376. The AUDUSD is trading to a new session low at 0.66529. The pair has moved back into the trading range from after the RBA rate hike yesterday. Earlier today the price broke to a new high going back to mid-May. That move higher yesterday took the pair above the 50% midpoint of the May trading range, and also the high prices from both Friday and Monday at 0.66376. The high price yesterday reached 0.66834 before...

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NZDUSD moves lower after earlier move higher runs out steam

2023-06-07

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The NZDUSD is moving lower after an earlier move higher in the early New York session ran out of steam. The high price reached the high of a swing area between 0.60829 and 0.60949. The subsequent fall took the price back below the 100-hour moving average of 0.60703 and the 200-hour moving average of 0.60532. Staying below those moving averages keeps the sellers more in control. The trading range of the last 4 trading days is only about 70 pips if...

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Bank of Canada ahead. Some levels in play.

2023-06-07

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BOC rate decision ahead

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USDJPY tries to extend higher but has trouble

2023-06-07

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USDJPY trades above 100 hour MA, but has 200 hour MA above to conquer

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GBPUSD buyers try to make a play. Can they keep the momentum going?

2023-06-07

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Buyers move above the 100 are moving average 1.24542. The GBPUSD buyers are trying to make a play to the upside. But the question is can they keep the momentum going? The move so far has taken the price above a swing area between 1.2435 and 1.24497 and the 100-hour moving at 1.24542. Staying above those levels would keep the buyers more in control in the short term. The low price today could not extend below the low price from yesterday giving the...

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EURUSD continues non-trending trading today

2023-06-07

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Buyers are the latest to try to take control. The EURUSD is continuing its non-trending trading today. The pair has been confined to a range from 1.0666 to 1.0732 for the week. Buyers are trying to hold support against a top of a swing area at 1.0704, but need to get and stay above 200 and 100 hour moving averages near 1.0714 area. Doing that would have traders looking up toward the swing area at 1.0747 – 1.0759 if able to break above the high for...

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BINANCE founder lost 1.4B dollars in 1 day. So where is BNB coin headed now…

2023-06-07

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Diving deep into a turbulent period for crypto magnates, this video analyses the recent hit to the fortunes of the industry's wealthiest figures following a double whammy of legal cases against Binance and Coinbase. In an unprecedented turn of events, the SEC's aggressive move has carved a $1.4 billion chunk from the wealth of crypto's leading titan. In this intriguing saga, we'll also explore the dynamics of the BnB coin and its role in this...

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The USDCAD traders set up for the BOC rate decision tomorrow

2023-06-06

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Price remains below the 100 and 200 day MAs. The USDCAD is trading up and down today, but remains below key MA levels to the topside. ON the daily chart, the pair is about 100 pips below the 100/200 day MAs near 1.3512.  Drilling in to the hourly chart, the pair is below the falling 100 hour MA at 1.3467. It would take a move above the daily MAs and the falling 100 hour MA to tilt the technical bias back to the upside. It is the risk for the...

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AUDUSD bounces back to the upside. Buyers keep control.

2023-06-06

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Key target level looms above at 200 day moving average at 0.66923

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GBPUSD sellers (USD buyers) have pushed the pair to new session lows and below hourly MAs

2023-06-06

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The GBPUSD sellers are making a play below the 200 hour MA in early US trading today. Can they keep that momentum going to the downside? A swing area down to 1.2386 is the next target that if broken would give sellers more comfort/control, and increase the 200 hour MA as a risk defining level.

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USDJPY buyers making a play in early US trading

2023-06-06

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The USDJPY buyers are making a play above the 100/200 hour MA in early US trading. Those MA come in at 139.493 and 139.77.  If the buyers are serious, moving away from the MAs would show their commitment. The USDJPY pair has been trading within a fairly narrow range between 138.73 and 140.92 over the last 10 or so trading days. The pair remains near the high of the move up from May, it is just having difficulty keeping the momentum going as...

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EURUSD moves to new session lows and new lows for the week

2023-06-06

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The EURUSD tried to move higher in the early Asian session and heading into the European morning session, but could not sustain upside momentum above its 100 and 200 hour moving averages (blue and green lines in the chart below).  Weaker data ahead of Germany  (factory orders) and EU (retail sales) helped to push the currency back to the downside. Buyers turn to sellers on the move back below the 200 and 100 hour moving averages which are near...

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