Technical Analysis


January 26, 2018

After a rally in the greenback yesterday on the back of Trump comments about the USD, the greenback is back on its downward trajectory.  The USD is the weakest currency in the morning snapshot of the major currency pairs, while the AUD is the strongest.

The price action is higher than normal with all the major currency pairs vs the USD trading above their 22 day average trading ranges (the red line in the lower chart below). The GBPUSD is up nearly 100 points from yesterday and has a 174 pip trading range. 

Trump will be speaking in Davos imminently and at 8:30 AM ET, the US GDP will be released along with Canada CPI. The US goods trade balance, wholesale inventories and Durable goods orders will also be released.  

Later at 9 AM ET/1400 GMT, BOE’s Carney and Kuroda are expected to speak. 

In other markets:

  • Spot gold of $2.90 or 0.21% at $1350.85
  • WTI crude oil futures are up $.05 or 0.08% at $65.56
  • US Two-year 2.116%, up 3.2 basis points.  Five-year 2.453%, up 3.3 basis points.  10 year 2.639%, up 2.2 basis points. 30 year 2.891%, up 1.0 basis points
  • US stock futures are higher (and project record highs).  Dow futures are up 59 points.  NASDAQ futures are up 34 points.  S&P futures are up 9.25 points



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