The British pound has gone back and forth during the trading session yet again on Tuesday, as the British pound in general has been trying to find its footing to go higher. With Brexit going on, it’s obvious that there are a lot of issues out there that could throw the British pound around. Against the New Zealand dollar, we are forming another flag, and that...
The US dollar initially rally during the trading session on Monday again, as it was suggested that the phone call between the Americans and the Chinese was “constructive” over the weekend. However, since then “unnamed Chinese government sources” have suggested “pessimism” over the phone call. In other words, more choppiness is to be found and risk appetite...
The New Zealand dollar has been shopping around for several weeks now, but when you zoom out you can see that we are trying to form a bit of an inverted head and shoulders. This is obviously a very bullish pattern, and quite frankly at this point it does look like we are trying to turn the corner. It’s also been seen in the Australian dollar, perhaps traders are...
The British pound has rallied again during the trading session on Tuesday, after initially dropping against many other currencies. However, the New Zealand dollar was a bit of an outlier in the sense that the Sterling was never in any trouble against it. At this point, it looks as if the market is trying to form a flag over here as it is against the US dollar,...
The British pound has initially fallen during the trading session on Monday but has turned around a break above the ¥140 level. By doing so, the market looks as if it is going to go looking towards the ¥141 level again, and if we can break above the highs from a couple of weeks ago, it’s very likely that we will kick off what looks to be a bullish pennant. Just...
The EUR/NOK pair is a bit exotic, but it does give an insight as to how the Euro is doing in relative strength against crude oil. After all, the Norwegian krone is highly susceptible to pricing of crude oil, so this is an interesting and informative commodity pair. Looking at this chart, the EUR/NOK pair has tested the 10.05 level which was previous resistance,...
The Euro has been relatively quiet against the British pound over the last several sessions, which makes quite a bit of sense as we are essentially taking a break from a lot of the drama when it comes to all things Brexit related. With that being the case, it makes quite a bit of sense that we are sitting on top of a large, round, psychologically significant...
The Australian dollar initially fell during trading on Monday but has turned around to show signs of strength yet again. By forming another hammer shaped candlestick, this shows just how resilient the uptrend in the Aussie is against the Kiwi dollar. Furthermore, the New Zealand dollar is falling against most other currencies, so this move makes quite a bit of...
While the Australian dollar has been very bullish over the last week or so, there are several things that it is going to struggle within the next couple of days. For example, the Bollinger Band indicator is being stretched and tested at the very top of the range. This typically means that the market is starting to get a little overbought, and as a result you could...
The US dollar has gone back and forth during the training session on Tuesday as we await the FOMC statement on Wednesday. The market is currently sitting at the 200 day EMA which of course attracts a lot of attention, but it should also be pointed out that not only is this massive technical indicator is causing a bit of an issue, it is also the breakdown candle...
The Australian dollar has rallied a bit during the training session on Monday again, pressing the top of what looks to be a bullish flag. This is one of the more bullish patterns that can form, and now it looks very likely to continue to push this market to the upside. The 50 day EMA underneath has offered quite a bit of support, and now it looks as if we are...
The New Zealand dollar has pulled back a bit during the trading session on Friday, finding support at the 50-day EMA to turn around and for a hammer. This is obviously a very bubbly sign and it looks as if the New Zealand dollar is going to try to take out the top of the consolidation area at the 0.64 CHF level. If it does, that would form a “W pattern” which of...
The NZD/CHF pair tends to be very risk sensitive, as the New Zealand dollar is a commodity currency and of course the Swiss franc is probably one of your more famous safety currencies. With this being the case, I like to look at this market as a bit of a barometer for global risk appetite. As you can see, the market has been very negative for quite some time so...
The Australian dollar has tried to rally during trading on Monday but found enough resistance and the 50% Fibonacci retracement level to form a bit of a shooting star again. This suggests that we are going to rollover, and in fact if we do is very likely that we will reach back towards the lows again. This would be yet another consolidation area in a currency that...
The Australian dollar has rallied a bit during the trading session on Friday, to test the cluster that sent the market back down in September. That being said, it is not only the 50% Fibonacci retracement level, but it is also the 0.69 level which could cause a bit of “market memory” as it was both support and resistance. Beyond that though, the 200 day EMA sits...
The Euro rallied a bit during the trading session on Wednesday again, but as we have seen several days in a row, the 50 day EMA has come into play and has offered quite a bit of resistance. By doing so and being so reliable this could kick off short-term selling opportunities. Oil is worth paying attention to as it has such a major influence on what happens with...
The Canadian dollar rallied during the trading session on Friday into the 200 day EMA but Monday wasn’t quite as impressive. As the market struggles at this large and widely followed trend indicator, one has to ask whether or not the Canadian dollar can continue to go higher. At this point, it doesn’t look very likely to be easy, not only because of the 200 day...
The New Zealand dollar initially tried to rally during the trading session on Friday, but continues to struggle at the 50 day EMA, as we have formed yet another long wick to the upside. The 0.8425 region continues offer quite a bit of resistance as well, and it makes sense considering that the New Zealand dollar is so highly levered to China that it would continue...