NZDUSD buyers try to take more control, but has work to do

2023-06-09

The support/risk comes in at 1.0747 to 1.0759. Get above 1.0786 ceiling and then 1.0810 becomes the target area

2023-06-06

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 sellers looking for more downside momentum perhaps helped by a hawkish BOC tomorrow. .

2023-06-05

The EURUSD is moving to a new session low in early US trading. The pair is being helped by weaker ISM services data today (and perhaps better jobs on Friday in the US – although it was mixed). Technicals are bearish below a swing area between 1.0690 and 1.0704. Stay below is more bearish today.

The price is also below the 100 and 200 hour MAs, tilting the bias to the downside.

On the downside, the next target comes in at 1.0660 and then the low from last week at 1.0635.

2023-06-03

The USDCHF sellers had their shot on Friday on the break of the 200-hour MA, but could not sustain momentum. The better US jobs report started the wheels in motion for a move back to the upside. That took the price back above the 200 and 100-hour MAs in the process (at 0.90564 and 0.90718 respectively).  However, there is also key upside target resistance at 100-day MA and the 50% retracement of the 2023 trading range both at 0.9126. That level will be targeted next week and would need to be broken and stay broken, if the buyers are to take more control.

2023-06-01

Run to the downside for the greenback. What are the charts telling us?

The USD is making new session lows versus the EUR, GBP, CAD, AUD and NZD.  The greenback is the weakest of the major currencies now. The JPY was the weakest at the start of the US session. The AUDUSD is the biggest mover with a change of 1.09% on the day. For a technical look at some of the currency pairs running including the EURUSD, USDCAD, AUDUSD and NZDUSD, watch the video.

2023-06-01

ADP and claims not bad today ahead of the jobs report tomorrow.

The EURUSD has been trying to rebound on the 1st trading day of the new trading month. Yesterday on the last trading day of the month, the price of the EURUSD moved to a new month low for May before rebounding. That perhaps gave the dip buyers some encouragement today, but the pair still had trouble above its 100 hour moving average. The price has seen moves above the 100 hour moving average over the last 9 trading days, but with limited momentum. The higher – and moving lower – 200 hour moving average at 1.07373 has been elusive on rallies. In fact the price is not traded above that moving average since May 8.  Getting above both the 100 hour moving average and 200 hour moving average is required to give the buyers more

2023-05-30

The S&P index managed to close above its 100-week moving average last week for the first time since August, a feat that, although achieved by a slim margin, hands more control to buyers. In today’s trading, the index hit a new peak since the week of August 15, at 4231.10, before retracting into negative territory with a low of 4201.95. Notably, this is still above the current week’s 100-week moving average of 4198.84. If the index can maintain its position above this moving average, it bolsters buyer control, potentially paving the way toward a long-term target of 4311.69, which represents a 61.8% retracement of the drop from the 2022 high to the 2022 low. However, should the index dip below the 100-week moving average, the 50% midpoint of the same downward trend at 4155.10 becomes a