Intraday Update: EURUSD pivoting off flag support as the 1.0600 level remains key resistance for the pair. It's flag resistance and the 61.8% retracement. A move below the 1.0540 would target 1.0500 once again.
Intraday Update: The USDCAD has worked off overbought intraday RSI's and is now mid range. The pair has also found support at the 38% retracement at 1.3999 (today's low at 1.4004. Further support is 1.3979 and back above 1.4050 may suggest the near term pullback is over. Most retail platforms are reporting nearly 90% (or more in some cases) are next short USDCAD.
Intraday Update: The USDMXN is testing flag support and the previous breakout point at 20.2500.
Intraday Update: US10yr yields are moving back to resistance and the USDJPY is bouncing following Ueda's "not to much of a rush to raise rates in December" comments in Asia overnight, which may allow for the USDJPY to reach for the 155.60's in the coming day.
Intraday Update: The GBPJPY has broken triangle support and looks like any move back above the 196.00 may offer a good level to be short to target back to the 192.00 level in the week(s) ahead.
I talk about the USDCAD and the massive breakout above 1.40000, and how traders are waiting till the end of the week for confirmation of the breakout. Also, I discuss the risks to North American currencies and the new incoming Trump administration and how leveraged money and retail traders are positioned near term.
Intraday Update: Gold has found support at the 78% retracement ahead of channel support. This is the Fibonacci retracement of the Sept lows to all time highs. A move below the 2540 level would test channel support at 2520.
Intraday Update: Gold has probed the 61.8% Fibonacci retracement level and a break of lows (today) would put channel support in play next 2520's.
Intraday Update: The EURUSD continued to carry out fresh lows following last week's bearish close. The 161% extension of the Oct 23rd lows to Nov 5th highs comes in at 1.0653. Intraday RSI's are oversold.
Intraday Update: The CADJPY is at trend line support after the rejection of the ascending channel yesterday, this is ahead of the Canadian jobs report, and a weaker number could allow for a move towards the 108.00 level.
Intraday Update: The AUDJPY head and shoulder pattern from the Asian trade update has completed and then some, we are at the 50% retracement with intraday RSI's oversold now.
As the SPX looks set for a 6000 test, the NASDAQ100 is nearing long term channel resistance. RSI's divergent, but this hasn't stopped the bullish run.
Intraday Update: The USDNOK slammed back to the 10.90's as the Norges CB kept rates unchanged today. As other central banks (like the BOE just minutes ago cutting rates) this has allowed the USDNOK to break back below 11.00. The 11.1500 is shaping up as key resistance and stops below the 10.9000 should be building.
Intraday Update: The USDJPY continues to move higher post election night as the 154.75 level is the 161% extension of the Aug 15ht highs to Sept 12th lows. RSI is divergent, but with yields moving/breaking higher today its hard to see it stop short of 145.00.
Intraday Update: The EURUSD has finally reached the 38% retracement of the Sept 25th highs to Oct 23rd lows. This should be a fairly key level to watch for a consolidation ahead of the election results in the coming days.
Move lower in SPX looks pretty impulsive, so I'd be looking for the 5770 to offer significant resistance now.
Intraday Update: End of month flows has take the USDNOK back above the 11.00 level, but in order to get above triangle resistance we will need to get past the elections, or perhaps a blowout NFP tomorrow. Bulls should take note of this long term triangle resistance.
Intraday Update: The EURGBP has found very strong resistance at the .8383 level, the 61.8% Fibonacci retracement level of the Oct 10 highs to Nov 4th lows. A break of this level would open a move beck to the mid .84's.