Technical Analysis

USD/CAD sinks to session lows late. What's next

USD/CAD poised to end the day on the lows The rally in oil prices along with broad US dollar weakness has sent USD/CAD to the worst levels of the day. The pair is looking increasingly heavy. It's given back more than 61.8% of the August rally and resistance at 1.2600 held a few times today.

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SP Wed 23 Aug

US stocks stay in the red

Major indices hanging in the middle of the range Pres. Trump is finished with his speech. He kept to the script for the most part and was less combative vs last nights speech.

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USDJPY Wed 23 Aug

Forex technical analysis: USDJPY breaks through MA support and runs

Still above recent lows The USDJPY extended higher in the Asian session and in the process moved above the 200 hour MA and the 50% of the move down from the August 15 high (at 109.77).  That move was bullish.

EURUSD Wed 23 Aug

Forex technical analysis: EURUSD hanging around the 1.1800 level

Options may be in play. The EURUSD is trading above and below the 1.18000 level.  , the EURUSD has a pretty lumpy option expire at the 1.1790-1.1800 area,with 1.28 B set to expire at 10 AM ET/1400 GMT.  Option sellers make the most when the option expires worthless. If there are some large option sellers out there, and they have a lot riding on the position, they may look to stall the pair around the level.    PMI data helped the EURUSD today with .  The were also a beat.  

FOREX Wed 23 Aug

The JPY is the strongest and the NZD is the weakest as NA traders enter

August 23 NY morning snapshot As the North American traders enter for the day the JPY is the strongest currency, while the NZD is the weakest.   Stocks are weak.  US interest rates are lower in the US open. That is helping to give a flight to safety bid to the JPY. The CHF is also seeing some flows.  The NZD is being hit on the back of lower forecasts for . It has been trending for most of the day.

NZD Wed 23 Aug

The two currencies at the opposite ends of the spectrum today

NZD and JPY The NZD being the weakest among the major bloc, while the JPY being the strongest. So, how is the NZDJPY pair doing in that case?The pair is currently down 1.04% on the day but more importantly it broke through the 100D MA - which it tested and failed to break below in the last three days. And the pair also broke through the 11 August low, which was held by the 61.8% retracement level of the latest swing high from May to July.

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EUR Wed 23 Aug

EURCHF continues to extend to the upside

The pair looks set for a fourth straight day of gains From a technical standpoint, the pair hit a double bottom in August trading - bouncing off the 50.0% retracement level at 1.1261. And if you want to go by that, it was a good reason to catch a bounce.

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NZD Wed 23 Aug

Kiwi continues to tumble as Europe enters the fray

NZDUSD hitting lowest levels since 12 July There's just no relief for the NZD today. After , it's been one way traffic so far. forecasts to both GDP estimates and budget surpluses were slashed

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GOLD Wed 23 Aug

Is gold poised for a move to the downside?

Or will we see a breach of the $1,300 handle? Last Friday, gold spiked higher above $1,300 and looked set to break the double-top formation so far formed this year. But towards the end of the trading day we saw a reversal after US president .

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EUR Wed 23 Aug

EURUSD narrowing as we approach Jackson Hole

EUR vs USD tug of war all set for the big stage The biggest event on the agenda this week is the Jackson Hole meet this Friday. Markets have been in a good mood to start the week - shrugging off the missile threats from North Korea, the mess in Washington, and the Barcelona terror attacks. But EURUSD has been trending between the 1.1700 and 1.1800 handles for the last 2 weeks, hinting that we're still lacking any real direction in the pair at this point.

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USDJPY Tue 22 Aug

USDJPY trades to new highs as stocks trade to new highs

Test 200 hour MA The USDJPY just took a little run to new highs as the stock market comes in for the end of day landing and it is looking like a great one. The Dow is up 200 points the Nasdaq is up 1.42%. The S&P is up over 1.0% too.  

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EURUSD Tue 22 Aug

EURUSD inching back lower

Price could not rally. So selling back off. The EURUSD range in the NY session is only about 25 pips. Over that time, the price has moved back and forth and in the process moved a little above the 100 and 200 hour MAs and a little below the 100 and 200 hour MAs (they come in at 1.1758 and 1.1762 respectively. 

AUDUSD Tue 22 Aug

Forex technical analysis: AUDUSD moving back toward lows

Been moving up and down of late The AUDUSD moved above 2016 highs in July.  The swing highs were in the 0.7730-55 area. Then 0.7834. Since that time, the price has one day with a close below the 0.7834. The current price is just above 0.7900 (at 0.7903). Bullish for the AUDUSD above 0.7834.  

EURGBP Tue 22 Aug

Forex technical analysis: EURGBP finds sellers against topside trend line

The pair trades at the highest level since 2009 but the trend line stalls the gains The EURGBP is trading at the highest level since October 2009. On Friday, the price moved above the 2016 high at 0.9144. Yesterday it closed above that high and traded to a new high of 0.9162. Today the high has been extended to 0.91745.  The price is breaking on the daily chart. It is breaking to a new 8 year high above 0.9144.  That is now risk for the longs looking for more upside.  

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USDJPY Tue 22 Aug

USDJPY moves away from 100 hour MA

A little dollar selling as the London day comes to the finish The USDJPY spiked above the 100 hour MA and the 38.2% of the move down from last week's high after the Richmond Fed data at 10 AM ET (at 109.47-49). The spike was quick.  The break was rejected.

1
GBPUSD Tue 22 Aug

GBPUSD stalls near July low again. Dip buyers? Looks that way.

The July low at 1.2811 stalls the fall again (although there was a tiny break).. , the 1.2811 was the low in July 2017. The earlier low today reached 1.28108. Another run to the level just printed 1.28098, below the low for the day and the low from July but the price has rebounded and trades at 1.2822 currently. 

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USDJPY Tue 22 Aug

Forex technical analysis: GBPUSD trades to July low today...stalls.

BUT....sellers are making a play. The GBPUSD sellers are making a play today. The price is running lower. The price is moving away from the 100 day MA.  The price is back below an old trend line connecting lows from March and June.

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EURUSD Tue 22 Aug

Forex technical analysis: EURUSD stalls at 50% midpoint today

Hanging around 100 and 200 hour MA The EURUSD is hanging around the 100 and 200 hour MAs at 1.1755-63 (blue and green lines). The pair is back in the meat of the up and down trading range. The low today stalled right at the 50% midpoint of the move up from the low last week at 1.17445.   It can go either way.

2
FOREX Tue 22 Aug

The greenback takes the lead. The NZD is bringing up the rear.

The dollar breaks higher. The USD is king today.   The greenback is up against all the major currencies with the NZDUSD trending the most (change of 0.67% for the day with the GBPUSD not far behind at 0.59%).  As Mike points out, there is something about the 1.2600 level () that has kept that pairs move in check.  Canada retail sales (+0.2% MoM and +0.1% ex auto) will make those option sellers (it behooves the shorts to have the option close at the strike price).   The US Richmond Fed manufacturing index will be released at 10 AM.  

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