AUDUSD extends above 200 day MA. Buyers in control.

2023-06-02

In this video, Greg Michalowski from Forexlive.com takes a look at the technical levels that will be in play next week and explain why.

2023-05-31

NZDUSD price breaks below the 50% midpoint of the range since the 2022 low.

The NZDUSD yesterday moved down to test the 50% midpoint of the range since the 2022. That level comes in at 0.60242. The low price yesterday reached 0.6024.

Today, the price moved below that 50% level, and it opened the door for further selling. The current prices trading to a new session lower 0.5987.

Risk on a daily chart is a move back above the 50% retracement. Stay below is more bearish.

2023-05-30

USDJPY below 100 hour MAThe USDJPY has fallen below its 100 hour moving average at 139.949 and close below that level over the last 2 hourly bars.  The price of the pair last close below that moving average on May 12. The last cycle low was on May 3 at 133.492. The high price today reached 140.96 before rotating back to the downside. That’s a move of about 743 pips in 18 trading days. Not a bad move.  

The price low today reached 139.57. That level happens to be the 50% midpoint of the range since the 2022 high in October (see daily chart below).

With the 100-hour moving average above in the 50% retracement below, the battle is on between the buyers and sellers. If the 50% level is broken, traders would look toward the rising 200-hour moving average 139.133. If the price can get

2023-05-26

50% retracement near 139.574 is a close risk and short-term bias defining level.

The USDJPY dipped to the 50% midpoint of the range since the 2022 high after breaking above that level yesterday.  The corrective move dipped just below that level but found buyers ahead of the better-than-expected US data. That data sent the USDJPY back to the upside. The buyers remain in full control.   Stay above the 50% retracement at 139.574 is more bullish. The rising 100 hour moving average at 139.06 remains another support level that would need to be broken for the sellers to take back more control. Absent that and the sellers are not winning. The left-to-right trend remains to the upside.

2023-05-23

The AUDUSD is looking to end the day near lows.  Stocks moved lower. The USD moved higher.  Risk off flows?  Maybe a little.  In this video, I talk about the technicals that are dominating the price action in the pair. The 100-hour MA has seen price action above and below over the last 3 trading days, but the price is back below and moving away (bearish). The higher 200-hour MA has not been broken to the topside since May 11. It would take a move above both the 100 and 200-hour moving averages to increase bullish bias.  Absent that the sellers are more in control and a move toward the lows from May/April would be eyed.

2023-05-19

In this insightful video, we examine the recent price action of GBPUSD, focusing on its retracement higher and subsequent rejection at the 100-hour moving average.

Sellers stepped in at the critical level, driving the price back below a significant swing area. By staying below this level, sellers maintain their dominance in the market. We also discuss the importance of the 100-hour moving average as a conservative stop level for sellers anticipating further downside momentum.

Additionally, we explore the downside targets, including a swing area and key support levels, which could be potential objectives for traders. Watch this video to gain valuable insights into the GBPUSD market and enhance your trading decisions.

2023-05-18

The USDJPY is trading and breaking to the upside after Fed’s Logan said that the data does not support a pause in June. The move to the upside has taken the price away from its 200-day moving average and above a swing area between 137.499 and 138.139. The price is also above the May 1 high at 137.75 and the early March high at 137.91. Those levels are now close risk for the pair.