What a strange jobs report that was! On the one hand, the headline number suggests all is well in the economy with the addition of a very strong 339K jobs. But the rise in the unemployment rate to 3.7% from 3.5% completely contradicts the jobs growth. The unemployment rate is based on a household survey, so there is always going to be some deviation. But with the...
EUR/CAD snaps the range bound price action from last week as it slipped to a fresh monthly low (1.4465) on the last day of May, and the exchange rate may attempt to test the March low (1.4383) as it carves a series of lower highs and lows.
EUR/CAD Rate Outlook
EUR/CAD trades to a fresh weekly low (1.4446) after struggling to trade back above the 1.4600 (38.2%...
AUD/JPY falls toward the 50-Day SMA (89.95) following the failed attempt to test the monthly high (92.44), and the exchange rate may give back the advance from the May low (89.17) if it struggles to hold above the moving average.
AUD/JPY Rate Outlook
AUD/JPY carves a series of lower highs and lows as it extends the decline from the start of the week, and the...
GBP/USD attempts to trade back above the 50-Day SMA (1.2442) as it registers a fresh weekly high (1.2447), and the exchange rate may track the positive slope in the moving average as it seems to be defending the April low (1.2275).
GBP/USD Rate Outlook
Failure to break/close below the 1.2280 (23.6% Fibonacci extension) to 1.2340 (23.6% Fibonacci extension)...
Apple has now rallied more than 43% off yearly lows with the bulls now testing a key resistance at 177.11/179.70- a region defined by the 100% ext of the yearly advance and the 2022 high-day close.
Note that this region converges channel resistance over the next few days- watch the closes.
Support rests with lower parallel / 78.6% retracement of the 2022 decline...
#NDX is now within striking distance of a key resistance zone we've been tracking for months now at 14327/49 - a region defined by the April 22' uncovered gap and the objective 61.8% retracement of the 2021 decline.
Looking for possible price inflection into this threshold IF reached.
Michael Boutros, Sr Technical Strategist with FOREX.com
Twitter: MBForex
@MBForex
EUR/AUD appears to have reversed ahead of the monthly low (1.6137) as it breaks out of the range bound price action carried over from last week.
EUR/AUD Rate Outlook
EUR/AUD trades to a fresh weekly high (1.6498) after bouncing along the 50-Day SMA (1.6320), and the exchange rate may track the positive slope in the moving average as it retraces the decline...
The debt limit stalemate continues as we approach the Memorial Day weekend. With the June 1 deadline now just a stone’s throw away, the pressure is growing on both sides to strike a deal. Will the markets stage a recovery in the event of a deal? That is highly likely. But whether that potential recovery will hold, is what I am not too sure about.
If you take out...
EUR/JPY may attempt to retrace the decline from the monthly high (151.62) as it bounces back from the weekly low (148.84).
EUR/JPY Rate Outlook
EUR/JPY appears to be on track to test the weekly high (150.06) as it climbs back above 149.60 (100% Fibonacci extension), and the exchange rate may track the positive slope in the 50-Day SMA (145.25) as it holds above...
A breakout of the yearly opening-range in USD/JPY is now approaching the first major resistance hurdle at 139.58-140.33- a region define by the 50% retracement of the 2022 decline and 100% extension of the yearly ascent. Looking for a larger reaction there IF reached.
Support / Near-term bullish invalidation now raised to 137.47.
Michael Boutros, Sr Technical...
AUD/JPY appears to have staged a failed attempt to test the monthly high (92.44) as it gives back the advance from the start of the week.
AUD/JPY Rate Outlook
AUD/JPY pulls back from a fresh weekly high (92.35) as the Japanese Yen appreciates against most of its major counterparts, and the exchange rate may continue to track the monthly range as it fails to...
GBP/USD failed to defend the opening range for May as it registered a fresh monthly low (1.2392) during the previous week, but the exchange rate may respond to the positive slope in the 50-Day SMA (1.2416) as it holds above the moving average.
GBP/USD Rate Outlook
GBP/USD consolidates after snapping the series of lower highs and lows from last week, and the...
The Nasdaq breakout has now cleared the August highs and exposes a key resistance zone just higher at 14327/49.
Initial support now 13242 with bullish invalidation raised to the February highs at 12880.
Tread lightly here, this thing has rallied 8 of the last 10 weeks- threat for a near-term washout is ripe. .
Michael Boutros, Sr Technical Strategist with...
EUR/CAD clears the April low (1.4580) after struggling to push back above the 50-Day SMA (1.4753), and the exchange rate may continue to give back the advance from the March low (1.4383) as it extends the series of lower highs and lows from the start of the week.
EUR/CAD Rate Outlook
EUR/CAD appears to have reversed course following the failed attempt to clear...
ETH/USD trades in a narrow range after bouncing back from a fresh monthly low ($1741), but lack of momentum to hold above the 50-Day SMA ($1828) may lead to a further decline in the price of Ethereum as it fails to mirror the price action from March.
ETH/USD Outlook
ETH/USD quickly recovered in March to track the positive slope in the moving average, but...
At the time of writing, WTI was up around 2.5% on the session, making good its entire losses from the day before and some. Is this the start of a major recovery in oil prices?
US Gasoline demand soars
Oil prices initially sold off on the back of inventories data showing a big build in US commercial stocks. WTI has since bounced back to rise to a new session...
EUR/AUD bounce along the 50-Day SMA (1.6282) as it holds within last week’s range, and the exchange rate may attempt to retrace the decline from the yearly high (1.6786) should it track the positive slope in the moving average.
EUR/AUD Rate Outlook
EUR/AUD appears to be stuck in a narrow range after failing to extend the series of higher highs and lows from...
USD/MXN has broken the yearly opening-range with price now probing below the 2017 lows at 17.4515 - watch the weekly close.
A break lower keeps the focus on the 2016 lows, which converge on the 25% parallel near ~ 17.0505 .
Resistance eyed with the median-line / February low close around 17.9490
Michael Boutros , Sr Technical Strategist with...
