Intraday Update: Major important support today on the 10yr at 109'09' which cause the squeeze (above) earlier this week post CPI. Traders will be laser focused on a close above/below here this week.
Intraday Update: After hitting the 127% extension this week, the German DAX may be at risk of testing the breakout point at 18568 which traders will be watching for a close above/below for the week.
Bearish wedge is still developing on ETHUSD and this is happening at the long term 50% retracement, which is at risk of breaking lower in the coming sessions.
Intraday Update: The USDCAD is desperately trying to hold 1.3600 as the CAD looks weak against many currencies today (see EURCAD, GBPCAD, AUDCAD, etc) which was a key pivot for many months this spring. If the USD is going to recover, it may show up here before other currencies.
Intraday Update: The SPX has been grinding against the upper channel resistance since last week. The problem for the market it is not letting bulls in OR letting bears cover shorts. A weaker than expected #CPI could accelerate the move higher above the channel resistance into all time highs.
Intraday Update: Ahead of the CPI today the USDCAD breaks the triangle lower and is coming into key support near 1.3610. A break of 1.3600 post CPI would put the 1.3550 level in play.
Intraday Update: A bearish wedge break below the 10.79 level should put the 10.69 level in play which is also channel support.
Intraday Update: Bullish pennant developing intraday on the AUDUSD ahead of the PPI data today. Pullbacks have been limited to the 50% retracement at .6560 thus far and a break of .6650 would be a bullish breakout.
The NZDUSD is setting up for a bullish breakout this week and target above the .6150 level and closer to .6200 if the US CPI data comes in weaker than the market expects. You can see below that the NZDUSD is capped by the 200dma (red) but developing a bullish pennant. The NZDUSD also is consolidating after breakout out of a descending channel which does suggest...
Intraday Update: The 61.8% retracement of the May 1 low to May 3rd low coming is at the 155.68 level, and although not expecting an "intervention" some natural market selling may be the case here in the USDJPY.
If you listened to the week ahead video on Sunday, May 5th, I was looking for the SPX to trade up to 5200 and this could be critical resistance. Well, we are here now, and this will be key resistance. And there is triple confluence. It is channel resistance, and also the 78% retracement of the all time highs to the April 18th lows. Also, it could be a gartley...
Double top target is below 104.50. This has just been a bearish consolidation since last week's data.
The EURJPY and other XXXJPY pairs surged following the "speculated" BOJ/MOF intervention in European trade today. Although many pairs hit some key levels, the EURJPY was particularly interesting today. The EURJPY surged Sunday, April 28th when market reopened over the weekend and the EURJPY came within pips of the 161% Golden Fibonacci extension of the November...
If we break 1.0670 the USD index could see the 109.17 level. We are currently at 88% retrace and 161% ext.
Last week's "Chart of the Day" highlighted the JPY futures (6J) as they were breaking down through wedge support. This has taken place, and now intervention talk is louder than ever. As this has happened, the risk for intervention has indeed increased and with the CHFJPY, it may pose a better risk/reward for fresh short positions (or long JPY). The Swiss National...
The 6J is the Chicago Mercantile Exchange contract for the JPY futures. We have been in a bearish wedge and probing pretty key support. Our listeners of our daily show have asked our team how close we would be to intervention from the Ministry of Finance (MOF), or intervention rhetoric from the Bank of Japan in recent weeks. Our team has explained almost daily...
The EURGBP is setting up for a good reversal as we have an inverted head and shoulder pattern technical setup. But what makes this setup so appealing at the moment is the market is very bearish the Eurozone and more bullish (relatively) the UK economy (as a whole). Rightfully so as the Eurozone faces a lot of growth issues and disinflationary pressure, while the...
In this week's "Week Ahead" video I discussed the markets being "stretched" and were at risk of a pullback. Today we are seeing nearly a 1% pullback, but in a bull market as we are in, that is nothing to be concerned with. At least today. However, I wanted to outline the key levels any bull should be focused on, because if these levels outlined start to bear, we...