Technical Analysis

USDJPY tests key cluster of intraday resistance

Trend lines and retracement tested The USDJPYs price action on the 5 minute chart, started to take a turn to buyers, when the price moved above a couple trend lines and the 100 bar MA (blue line) back down at 105.48 and 105.54.  There was a key re-test of the 100 bar MA, that kept buyers in the game. 

More Technical Analysis

AUDUSD Thu 22 Mar

Aussie fails to join in on the fun against the dollar

The Australian dollar is the weakest performing major currency on the day The jobs report released earlier was actually decent, but yet the aussie remains on the backfoot in trading today. AUD/USD is trading near the lows for the day, as the rejection at the 100-day MA (red line) proves to be the technical indicator that the pair is still struggling for upside momentum.

CABLE Wed 21 Mar

Cable climbs above the mid-February high. What's next

The pound climbs ahead of the BOE decision It's been a nice run for cable this week on the Brexit preliminary deal and now with the US dollar side of the equation helping out. Tomorrow is retail sales and the BOE decision.

RBNZ Wed 21 Mar

The NZDUSD is higher on the dollar selling with the RBNZ up next.

No change expected at 4 PM ET/2000 GMT The presser from Chair Powell is over. The dollar moved lower. That included the dollars move against the NZD.  That pair moved sharply higher through his speech. Seeing the pair traded at the lowest level since January 10th and also traded below the 200 day MA for the first times since January 4th yesterday and today, the rebound has left those breaks in the rear view mirror (see daily chart above).  PS/ the price also moved below the 38.2% and the swing lows from February and early March.  That area at 0.7175-83 was a key level. The break failed.

USDJPY Wed 21 Mar

Stocks reverse. Negative on the day. USDJPY follows. Dollar lower too.

100 hour MA retested. Price in the Neutral area. The US stocks have given up their gains for the day with all the major indices in the red now. That reversal, has the Pavlovian reaction of selling the USDJPY (and the dollar in general). 

EURJPY Wed 21 Mar

EURJPY tests 200 hour MA/50% retracement .

Level to eye... Quickly on the EURJPY, the pair has moved sharply higher after the FOMC decision and is up testing the 200 hour MA and the 50%  at the 131.03.   Key level to eye.  So far, sellers are leaning on the test. 

DOLLAR Wed 21 Mar

The dollar whips around after the FOMC statement/dots

Seeing mixed reaction with a risk on twist The EURUSD has seen the price move lower and then back higher on the first reactions off the statement (lower dollar). .

DOLLAR Wed 21 Mar

US dollar moves higher as London/European traders work toward close. What levels to eye through the FOMC.

The technical view for the EURUSD, USDJPY and GBPUSD through the FOMC decision.... The EURUSD held the 100 hour MA at the highs today (blue line in the chart below). The price has rotated back down into the swing area defined by swing lows going back to March 2nd between 1.2251-72.  

GBPUSD Wed 21 Mar

Up on Monday. Corrects on Tuesday. Up today. GBPUSD pushes back to month highs

The buyers showed up yesterday and today at technical support. Can It keep the momentum going now The GBPUSD moved sharply higher on Monday, corrected lower yesterday, and rallied back higher today.

EURCHF Wed 21 Mar

EURCHF doing a good job staying above a cluster of MAs this week

Bulls more in control above the MA lines The EURCHF has moved up in March (well from the Feb 27th low).  That move took the price to the highest level since January 24th. 

USDJPY Wed 21 Mar

USDJPY ping pongs between hourly moving averages

Support at the 100 hour MA. Resistance at the 200 hour MA. The USDJPY is "ping ponging" between the 100 and 200 hour MAs for most of the day as the FOMC decision, statement, dot plot and presser is awaited.

EURUSD Wed 21 Mar

EURUSDs run lower (and break) is at risk of reversing. What would weaken the bears story?

Back above swing area. Tests 38.2% of the move lower this week. The EURUSD ran lower yesterday and in the process moved below a swing area that stalled falls going back to March 2nd (see green numbered circles).  That fall reached the underside of the broken trend line at 1.22387 and stalled.  The grind back higher today has moved back above the "yellow area". 

USDCAD Wed 21 Mar

Good news on NAFTA sends the USDCAD to a test of a key MA target.

50% retracements are also eyed As the NA traders enter for the day, the USDCAD reached down to its 200 hour MA at 1.29752 and found some corrective buyers.  The catalyst was negotiations ()

FOREX Wed 21 Mar

The CAD is the strongest, while the NZD is the weakest at the start of the NA day

USD is mostly lower Two commodity currencies are leading the table of the strongest and weakest currencies today.  The CAD is the strongest on , while the NZD is the weakest as North American traders enter for the day.  The  USD is mostly lower with gains vs. the NZD and near unchanged vs. the AUD. 

EURGBP Wed 21 Mar

EUR/GBP continues to track lower following UK labour market report release

The pair hit a low of 0.8724 on the day after the report was out The key to the report was higher wage growth. The figure was the highest since 2016, and it gives reason to believe that the strain faced by UK consumers on "high inflation-low wage growth" is slowly coming to an end.

USDCAD Wed 21 Mar

USD/CAD finds support after a dip from reported progress in NAFTA talks

The loonie is still the best performing major currency on the day It's thin liquidity in Asia today, as Japanese traders are off on holiday - so really, what a time for the news to break out.

NZDUSD Wed 21 Mar

NZD/USD trades at two-month lows, what next?

The kiwi just can't catch a break The kiwi's decline was something highlighted last week already, and today's signs are not really encouraging for a bounce back to say the least.

USD Tue 20 Mar

Heading into the FOMC - technical analysis on the USD

This via an overnight note from Société Générale. Its a long and detailed note covering various currency pairs, but just pulling this bit out on DXY


More Headlines