In the midst of trade tension will China slow the fall in the yuan? The offshore yuan has been moving lower (higher USDCNH) since bottoming most recently in mid-April. The run higher has the price moving closer to the end of October high at 6.9802. Before that high are swing highs (see green numbered circles)
The Nasdaq indices are leading the downside run The major US stock indices are off to a lower start to begin the trading week with the NASDAQ leading the bearish charge: S&P index, –19 points or -0.66% at 2840.50 NASDAQ index -100 points of -1.27% at 7716.5 Dow industrial average -125 points or -0.5% at
Cable trades more firm around 1.2750 currently ForexLive Despite the minor gains being posted, it’s hardly convincing of any real strength in the pound after last week’s downfall. Aside from being a mere retracement, political headwinds will ensure that the pound remains offered over the next few weeks. The race is already on for the
Late day sell off in the major indices The US stocks are ending lower on a late day China concern swoon. The catalyst was a CNBC report that China/US trade deal was “in flux”. That did not sit well with investors heading into the weekend. Selling took the indices closer to the session lows. The
USD is the strongest currency on the day The USD is now the strongest of the major currencies and that has the gold sellers in the market. Looking at the hourly chart, the technicals have helped the decline as well. Today at the highs, the 200 hour MA stalled the rally. Traders were leaning, and
Remains in a downward channel Looking at the GBPJPY on a hourly chart, the pair remains in a channel defined by a lower trend line at 139.21 and a higher trend line at 140.35. In between are the lows from Wednesday and Thursday at thte 140.19 area. That floor was broken today and remains a
Stays in a channel on hourly chart The GBPUSD is working on its 6th down day in a row (closed at 1.2798 yesterday) as the talks between Labour stop. The pair reached a low of 1.27357. The GBPUSD has also been down 9 of the last 10 days and run from 1.31756 to 1.27357 in
USD mostly higher. With stocks down on the back of some fight back from China the JPY is back at the top of the table as the strongest currency of the majors today. The GBP is the weakest as the Brexit talks with Labour collapse. THe CAD and AUD are lower as well on “risk
AUD/USD slips to a low of 0.6873 ForexLive There isn’t much else stopping the pair from a further fall if you’re looking at the daily chart. Further support is only seen around the January 2016 lows @ 0.6827-40 next so that will be a key level to watch out for over the next few sessions.
Cable falls to 1.2770, lowest level since 15 January ForexLive A horrible week for the pound is just getting worse as cable now falls to its weakest level in four months, breaking below key daily support around 1.2786 and the February low of 1.2771. Further support is now seen closer to 1.2725 before bids and
EUR/USD sits in a narrow 13 pips range on the day so far ForexLive Currencies are still mostly in a slumber with little changes across the board as markets continue to find its footing while digesting US-China trade tensions. EUR/USD is mostly steady near unchanged levels as the pair sits around 1.1170-80 so far today.
USD/JPY trades at session lows now, testing the 100-hour moving average ForexLive Price is now trading to session lows of 109.58 and is testing the 100-hour MA (red line) as trade tensions between US and China help to underpin the yen at the start of the European morning. China sent out a firm message that
Sellers in control, but testing a swing area The EURUSD is trading at new session lows as the trading day moves to a close. The pair has been running lower since stalling the rally near the 100 hour MA (blue line in the chart above). In the early NY session, the price fell below the
Indices move higher with German Dax up 1.7% The major European indices are ending the day higher. It is a good day for investors. The provisional closes are showing: German DAX, +1.7% France’s CAC, +1.3% Britain’s FTSE, +0.8% Spain’s Ibex, +0.6% Italy’s FTSE MIB, +1.3% The benchmark 10 year yields are trading mostly lower, with
The pound just can’t catch a break this week ForexLive Cross-party talks appear to be all but over, failing to produce any real compromise as now the attention will turn towards May’s withdrawal agreement bill once again. She will bring that to a vote in parliament on the first week of June and guess what?
Nasdaq up over 1%. Other indices solid but more modest gains. The major indices are closing higher with the tech heavy Nasdaq leading the way. The final numbers are showing: S&P index rose 16.77 points or 0.59% at 2851.16 Nasdaq index rose 87.654 points or 1.13% at 7822.14 Dow rose 116.92 points or 0.46% at
There is a big swatch ceiling at 1.3480-97 in the USDCAD The USDCAD story remains the same from yesterday. ON the downside the 100 and 200 hour MA area (blue and green lines) remain a key support. They come in at 1.3456-59. Yes, the price has dipped below each over the last two days, but
Tomorrow will be key The major indices enjoyed a turnaround Tuesday. The final numbers are showing: The S&P index rose 22.54 points or 0.80% to 2834.41 The Nasdaq index rose 87.47 points or 1.14% to 7734.49 The Dow rose 207 points or 0.82% to 25532.05 The gains were a welcome relief after yesterday’s run lower,
Below the 100 hours MA and above the 200 hour MA The EURUSD is still stuck in the days “battle zone” as talked about in the earlier post (CLICK HERE). That areas defined up to the 100 hour moving average above (blue line), and the 200 hour moving average below (green line). The lower ceiling
The USDJPY has support at 109.44-46 and is using the 100 hour MA as resistance. In a post I wrote at the start of the day, I penned: Clearly, traders are picking spots to lean and keeping options open. The overall trend/bias is still tilted more to the downside (being below the 100 hour MA
The euro has been notably resilient in light of US-China trade tensions during the past week or so ForexLive EUR/USD in particular has been incredibly resistant to any negative headlines during the past week as it climbed from around 1.1160 following a gap down last Monday to highs just above 1.1260 overnight before trading around
No big retracements today… The major stock indices are all ending with oversized losses on concerns about a global trade war. There was limited recovery in the indices today (unlike last week). The Nasdaq is having it’s worst day in 2019. Tech sector is down 3%. Dow industrial average fell over 700 points at the
What we do know is the ceiling stalled the rally, and the bullish control weakened Earlier, I outlined the EURUSD test of a swing area at 1.12617-641 area. That area ended up stalling the rally after testing it a few times. The price started to come down and the fixing at 4 PM in London,
Both the onshore and offshore yuan are bleeding today ForexLive The onshore yuan has now weakened to more than 6.87 per dollar, the first time breaching that level since 4 January. This comes as markets continue to favour haven flows as risk aversion continues to prevail in trading today. Meanwhile, the offshore yuan looks set
Hanging near the week’s lows The USDJPY gapped lower after the weekend tweet from Trump of China tariffs going higher on Friday. It is Friday and the price has moved from a high trade on Monday at 110.956 to a low yesterday at 109.466. Just above the low is a swing area in the 109.59-616
Lots of action ahead The US stocks are opening in the red after Pres. Trump increased tarrifs on $200B of China imports from 10% in an attempt to squeeze the country into concessions on their unfair trade policies. Meetings will be taking place today and there is lots of headline risk from both the US
Trade meetings. Stock opening. Uber. Fed speakers. Pres. Trump tweets The EURUSD has moved to a new sesssion high after the softer CPI data and take the pair toward the high from yesterday at 1.12504. That is also the high for the week. Above that is the May 1 high at 1.12642. ON the downside,
Canada’s employment day. Uber first trade. US CPI. 25% tariffs begin The CHF is the strongest and the GBP is the weakest as NY traders enter. However, the changes are modest with the major pairs bunched up. The day is full with more trade stuff, Canada’s employment, US CPI, Ubers first trade, Fed’s Bostic and
AUD/USD sits mildly higher but price holds below key hourly moving averages ForexLive The early morning optimism in Asia Pacific trade saw price hit a high of 0.7019, testing the swing region close to 0.7020 before backing off and then moving down to 0.6980 levels as US tariffs take effect and China vowed to retaliate
To get around tariffs, weaken your currency The USDCNH (offshore yuan) has been moving higher over the the last 3 or so weeks. Today, the price moved above its 200 day MA (green line at 6.8261). The high reached 6.8636. From the low in April, to the high today, that is a move of 2.78%.