Technical Analysis

200 day MA at 1.25326 The USDCAD yesterday moved up to test its falling 200 hour moving average (green line). Sellers leaned against that level and in doing so kept the sellers in control. The price ultimately fell below the recent swing lows down to 1.2568.   Today, the pair took a another step with a fall below its 200 day
100 hour MA and swing level at 130.169 The EURJPY has been marching higher since bottoming on August 20. The price had been up for 9 of the last 10 trading days coming into today. The price is currently lower after a double top near 130.736. The subsequent fall took the price below a swing area defined from highs on Wednesday, a few lows
Retraced the entire August move to the downside now The AUDUSD has risen 48 Alaska trading days. Over that time period, the move down in the month of August from 0.74259 to 0.71059 has been completely retraced (and then some).  The price action today has taken the price above the August 5 high at 0.74259. Once broken, the price has
Modest gains/changes for most of the major indices The major European indices are closing moderately higher.  Provisional closes are showing: German DAX, +0.1% France’s CAC, +0.1% UK’s FTSE 100, +0.2% Spain’s Ibex, unchanged Italy’s FTSE MIB, +0.2% In other markets as London/European traders look to exit: Spot gold is down $-2.40 or -0.13% at $1810.81.
New lows for the greenback vs the EUR, GBP, AUD and NZD The USD has made a break to the downside with the dollar moving to new lows verse the EUR, GBP, AUD and the NZD. EURUSD: The EURUSD has broken above the 1.18507 to 1.18568 swing area (see earlier post). The pair has entered into the upper extreme area going
Doubt down for the third time in four trading days The US stocks have open lower. The Dow is down for the third time in four trading days The S&P and NASDAQ open lower after closing at a record levels yesterday The stock market gave up earlier premarket gains The S&P closed at a new record
No explicit taper timeline The dollars move lower on the headlines from Fed chair Powell’s speech.  No explicit taper timeline has sellers pushing the greenback lower.  Yields are moving lower as well.  The comments run counter to what most Fed officials have been saying which will make for an interesting September meeting. Of of course the jobs report in September will be a key talking
Swing area between 1.2577 and 1.2596 is the next downside target The CAD has followed the other currencies in moving higher versus a weakening dollar after Chair Powell did not satisfy the taper hawks.  Looking at the hourly chart, the price has moved back below its 100 hour moving average at 1.36372. Stay below that moving average keeps the bears
…and overall dollar selling The AUDUSD is racing higher encouraged by the overall dollars selling after Fed chair Powell’s Jackson Hole speech and overall risk on sentiment help by rising stock prices. The NASDAQ index is currently at 148 points or 1%. The Dow industrial average is up 231 points or 0.65% and the S&P is up