EURUSD fails on the try higher today. Sellers look to take back more control.

2022-10-24

A quick look at the EURUSD, USDJPY, GBPUSD and USDCAD to start the trading week.

The EURUSD is finding support near the 100 hour MA keeping the bias in the favor of the buyers despite the declines from Friday’s trade and the early Asian session run to the upside.

The USDJPY moved sharply lower on BOJ intervention. The price moved down to a low of 145.45 before snapping back higher toward the 200 and 100 hour MA. The pair trades between those MAs to start the US morning session.  

The GBPUSD saw a similar move higher in the Asian session, only to rotate back to the downside and find support buying near its 100 hour MA.

The USDCAD has moved up to test the 100 hour MA at 1.3741 area and found willing sellers on the first look

2022-10-20

The UK PM Truss resigned and the GBPUSD initially moved higher before backing off. What is the chart in the GBPUSD telling us? A look at it and some of the other major currency pairs in the morning forex technical report for October 20, 2022

2022-10-13

Adam clearly pointed out reasons for the incredible reversal today more from a fundamental perspective. Sentiment is horrible from Mom and Pop and from institutions too.  The UK is not imploding is another storyline that gave some support. You can read the post here.

When looking at the price action and apply tools to it, that too told a story that said "the market is not doing what we all thought it should do".  In technical terms, the price action moved above bias defining levels and buyers turned to sellers (for pairs moving higher) and sellers turned to buyers (for pairs moving lower).  When that happens, disciplined traders listen to "the market" and it can snowball the other way.

In this video, I show what I mean by looking at the price action and the levels that were in play

2022-10-10

The USDCAD moved above the 200 hour MA last Friday and after a test, bounced against the MA level. That MA is now close support. Stay above is more bullish. 

The highs from September and early October loom above between 1.3807 to 1.3836. Above that and the 1.38548 will be the next target before moving into the 2020 extreme levels.

2022-10-06

The AUDUSD is moving to a new low and in the process is testing the low of a up and down trading range.  That level should find support on the dip. The 100/200 hour MAs are now topside resistance in what is an up and down market for the pair as it waits for the next shove.

2022-08-04

The price of bitcoin has been consolidating near low levels and maintains a negative bias on the daily chart. However, there is some ambiguity from a short term perspective for the pair.

In this video, I breakdown the battle that is going on and explain the risks and bias from a technical perspective..

2022-07-31

Some say the most significant component of technical analysis is price movement.

ETHUSD hasn’t closed a daily candle around $1700 in 3 days. This indicates a lack of bullish momentum to drive Ethereum to a new price level.

Technically, ETH is a bear flag. Bear flags continue downtrends. Bear flags have a strong downward move followed by an upward consolidation channel. ETHUSD looks to be in a channel, even without a bear channel, after touching its upper band. Previously lucrative Longs may take partial or full profit, and fresh bears may begin short positions.

The Ethereum technical analysis video illustrates the 14-day RSI and simple moving average, and we search for an approaching crossing. RSI shows market strength and weakness. Many traders use it to spot price momentum changes