The US dollar has initially gapped lower to kick off the week after traders finally got an opportunity to react to further trade tariffs by the Americans against the Chinese. Having said that, we turned around to show signs of life again and reached towards the ¥106.70 level, before rolling over again. In other words, we have reentered the consolidation area that...
The British pound initially pulled back a bit during the trading session on Friday but then turned around to break above the 1.2250 level as the recovery continues. That being said though, the British pound still has a whole host of problems, as the Brexit is still a million miles away from resolution. The 50 day EMA is going to come in near the 1.2350 level, and...
Looking at the USD/CAD pair, it’s obvious that the US dollar should continue to go much higher. The 1.3350 level should continue to offer resistance as we have seen it come into play the last couple of weeks, and now it looks as if we are testing it again during the Tuesday session. This makes sense, because there is a lot of negativity when it comes to crude oil...
The Euro continues to look very soft against the Japanese yen, and on the weekly chart you can see that we give up gains every time we try to rally. There had been a gap in this general vicinity previously and it now looks as if we are hell-bent on breaking through it. If we do, this market could break down rather significantly as we would be well below the 61.8%...
The Australian dollar initially tried to rally during the day on Friday but continues to run into a lot of pressure against the Singapore dollar. This is a proxy for risk in Asia, so it makes quite a bit of sense that we will roll over from here as there are a lot of concerns when it comes to economic growth in Asia as the US/China trade situation continues to...
The Chinese yuan rallied a bit against the US dollar during trading on Tuesday as the Americans announced that they were delaying tariffs against China as the two sides have decided to speak again via phone within the next couple of weeks. At this point, that gave quite a bit of hope for the People’s Bank of China to lower the fixing rate overnight. There was a...
The British pound initially fell during the trading session on Monday after gapping higher, and then fell towards the 1.20 level underneath. That level of course is a large, round, psychologically significant figure, so it’s attracted a lot of attention. All that being said, we had recently been consolidating between the 1.21 level on the bottom and the 1.22 level...
The Canadian dollar has fallen a bit against the Japanese yen during the trading session on Friday again, as we are clearly below the ¥80 level. Beyond that, we have seen a lot of Japanese yen strength overall as there is more of a “risk off” attitude around the world. If that’s going to be the case, it makes sense that people continue to buy the Japanese yen...
The US dollar broke higher during the trading session on Tuesday, clearing several technical barriers that I have been watching lately. We had formed a couple of shooting stars right at the crucial 200 day EMA. The fact that we have broken above there and ended up closing above the 200 day EMA and perhaps even more importantly the top of the candle stick, suggests...
The New Zealand dollar spent the early part of the trading session on Tuesday following, but you can see that we have recovered quite a bit. The 0.65 level offered significant support, as one would expect due to the fact that it has showed support in the past, as we have bounced from there a couple of times already. Beyond that, it is a “large, round,...
The Australian dollar broke down significantly during the trading session early on Monday, making a fresh, new low which is typically a very negative sign. However, we have turned around to form a bit of a hammer by the time the Americans had hit mid-day trading, as we are below the 0.68 handle. That is an area that has been crucial more than once, and at this...
The Euro exploded to the upside during the trading session on Monday to kick off the trading session and reach towards the psychologically and structurally important 1.12 handle. This is an area that has previously been significant support, analyses the 50 day EMA racing towards it. This is a very bullish candle stick, but we are most decidedly in a downtrend, and...
The Euro has struggled a bit during the trading session after the jobs number came out of the United States exactly as expected, adding 164,000 jobs. With that, it looks as if the 1.11 level is going to continue to offer resistance, as it was previous support. At this point, the market looks very likely to see more negative pressure as the Euro slammed into that...
The EUR/CHF pair has been drifting lower for several weeks now, but last week did something rather interesting: formed a hammer at a large, round, psychologically significant figure in the form of 1.10 EUR. This of course does attract a lot of attention, because these round figure is tend to attract the most money flow. Beyond that, we have seen that area launch...
The US dollar continues to press against the Japanese yen, as Friday sent the pair higher and towards the crucial 109 level. The market looks likely to continue to see interest to the upside, but the close for the session suggests that we may have a pullback coming more than anything else – at least in the next few days. Longer-term though, this will be decided on...
The Canadian dollar continues to struggle overall, after a recent bounce. However, against the Japanese yen, we are struggling a bit and we are below the ¥82.50 level, an area that has been important in the past. The daily candle stick is testing the 50 day EMA, and if we can break through there, it could open up much lower pricing. The 200 day EMA is just above,...
The British pound has shown quite a bit of volatility during the trading session on Monday, as it initially tried to rally but then sold off. That being said, we are likely to see more downward pressure in the British pound as we have a whole plethora of problems out there. What’s even more interesting is that on the weekly chart we have formed a hammer for the...
The Australian dollar has been very bullish over the last couple of weeks. Yes, we have had a couple of pullbacks but every time the seller show up, the buyers come in to overwhelm. We have recently made a higher high, which of course is a very bullish sign. As the lows continue to go higher as well, there is no reason to think that the trend is anything but going...