DailyFX - Technical Articles

Euro Still Has Sights Set on 2012 Low Despite Oversold Technical Readings

Joel Kruger, Technical Strategist — Wed, 16 May 2012 11:14:00 GMT

Markets remain under intense pressure into Wednesday, although, given how stretched technical studies are looking, we wouldn't be surprised to soon see a bit of short-term relief....

Dollar Sets Yearly High, S&P 500 Chart Setup Hints at Possible Bounce

Ilya Spivak, Currency Strategist — Wed, 16 May 2012 05:56:00 GMT

The US Dollar set a new yearly high overnight but S&P 500 positioning hints a bounce may be ahead, which may force a short-term correction in the greenback.

AUD and NZD Technical Health Deteriorates

Jamie Saettele, CMT, Sr. Technical Strategist — Tue, 15 May 2012 23:23:00 GMT

It’s a true bear market for the AUD and NZD, which have been slipping for months against not just the USD, but also the EUR and CAD.

Euro Attempting to Recover on Technical Bounce and Solid Data

Joel Kruger, Technical Strategist — Tue, 15 May 2012 11:06:00 GMT

A welcome reprieve for risk correlated assets so far on Tuesday as oversold technical studies and upbeat news help to inspire the risk on trade…

EUR/NOK Lags Other Scandi Crosses But Should Still Push Higher

Joel Kruger, Technical Strategist — Tue, 15 May 2012 04:25:00 GMT

A daily overview of technical developments in the regional currencies. Take a look inside for the latest scoop on the Norwegian Krone and Swedish Krona.

S&P 500 Breaks Key Support, US Dollar Holds Below April Top

Ilya Spivak, Currency Strategist — Tue, 15 May 2012 01:55:00 GMT

The S&P 500 cleared major technical support to point the way lower while another strong advance from the US Dollar fell short of overcoming April’s swing top.

Gold Speculators Long Exposure Smallest Since 2008

Jamie Saettele, CMT, Sr. Technical Strategist — Mon, 14 May 2012 20:14:00 GMT

Gold speculators remain long but hold the smallest long position since late 2008, when gold was in the midst of a nearly 30% decline.

JPY, USD Well Supported on Haven Flows- NZD Searches for Support

Michael Boutros, Currency Strategist — Mon, 14 May 2012 14:59:00 GMT

Ongoing concerns regarding Eurozone stability have kept markets on the defensive with classic risk aversion flows dominating early US trade. Key levels in play on the USDJPY andNZDUSD.

Waiting for a Washout to Cover AUDUSD

Jamie Saettele, CMT, Sr. Technical Strategist — Mon, 14 May 2012 13:42:00 GMT

The global growth slowdown trade continues to work. Crude and copper are off 2% to start the week while the USD and JPY are up. The next level of interest for crude is a November pivot below 9100. Copper is trading at its lowest level since January and the 2012 low at 3.3925 is significant. Expect a free fall type decline if that level gives way. The same can be said for gold and its December low.

Euro Set to Test Key Support; Looking to Buy into Dip

Joel Kruger, Technical Strategist — Mon, 14 May 2012 11:30:00 GMT

The Euro remains pressured in the early week but now fast approaches some critical support. We anticipate that the market will correct from there…

US Dollar Hits Two-Month High as S&P 500 Probes Lower

Ilya Spivak, Currency Strategist — Mon, 14 May 2012 04:00:00 GMT

The US Dollar hit the highest level in two months while the S&P 500 grinds lower though technical support levels. Crude oil and gold are on the defensive.

AUDUSD Short Still Best FX Trade in Risk Off Environment

Jamie Saettele, CMT, Sr. Technical StrategistJoel Kruger, Technical Strategist — Fri, 11 May 2012 20:44:00 GMT

The strengthened correlation since the March top between metals and crude is consistent with a deflationary environment. The AUD is most vulnerable such an environment and recent action confirms this assertion.

GBP Correction Finds Solace at 16070- CAD Well Supported on Jobs Data

Michael Boutros, Currency Strategist — Fri, 11 May 2012 15:47:00 GMT

A rebound in risk appetite in early US trade saw overnight losses erased on stronger-than-expected data from the US and Canada. Key levels in play on the USDCAD andGBPUSD.

AUDUSD Nears Trendline, USDCAD Support Closer to 9900

Jamie Saettele, CMT, Sr. Technical Strategist — Fri, 11 May 2012 13:43:00 GMT

I maintain that the best way to play the global slowdown is through the AUDUSD. I’m looking lower today towards 9975 and 9860 as long as price is below last night’s high (10090). Exceeding that level puts 10145, 10165, and even 10225 back in play as resistance early next week.

Global Economy Vulnerable As Risk Off Headlines Widespread

Joel Kruger, Technical Strategist — Fri, 11 May 2012 10:21:00 GMT

We have been seeing some concerning headlines from the US, Europe and China over the past 24 hours which ultimately could continue to weigh on markets…

EUR/SEK Races to Fresh 2012 Highs; Still Projecting Additional Upside

Joel Kruger, Technical Strategist — Fri, 11 May 2012 05:57:00 GMT

A daily overview of technical developments in the regional currencies. Take a look inside for the latest scoop on the Norwegian Krone and Swedish Krona.

EUR/SEK Races to Fresh 2012 Highs; Still Projecting Additional Upside

Joel Kruger, Technical Strategist — Fri, 11 May 2012 05:04:00 GMT

A daily overview of technical developments in the regional currencies. Take a look inside for the latest scoop on the Norwegian Krone and Swedish Krona.

US Dollar May Pull Back Before Larger Rally Continues

Ilya Spivak, Currency Strategist — Fri, 11 May 2012 03:51:00 GMT

The US Dollar may pull back to re-test resistance cleared yesterday before the larger advance resumes. The S&P 500 has scope for a parallel recovery.

AUDNZD Top Expected Within Larger Bear Trend

Jamie Saettele, CMT, Sr. Technical Strategist — Thu, 10 May 2012 18:39:00 GMT

Non USD currency relationships continue to paint a ‘risk off’ picture. Specifically, and AUDNZD top is forming within a larger bear trend and the EURAUD / EURNZD are consolidation before the next move higher.

AUD Rebounds as Haven Flows take Respite- USDJPY Poised for Reversal?

Michael Boutros, Currency Strategist — Thu, 10 May 2012 16:40:00 GMT

A rebound in risk appetite weighed on the greenback with the reverse haven flows in effect. The advance is likely to be short lived however. Key levels in play on the AUDUSD andUSDJPY.

AUDUSD Returns to Sunday Open; Resistance Extends to 10165

Jamie Saettele, CMT, Sr. Technical Strategist — Thu, 10 May 2012 14:08:00 GMT

Work down from larger degrees of trend. Markets (crude, copper, equities especially small caps, and commodity FX) are on the way down after forming multiyear topping patterns. Many of these topping patterns take the form of head and shoulders tops. Strength should be sold.

Bank of England Leaves Policy on Hold; Broader Markets Find Support

Joel Kruger, Technical Strategist — Thu, 10 May 2012 12:10:00 GMT

While our overall outlook continues to favor risk liquidation and broad USD gains, recent price action warns that we could see a bit of a correction…

EUR/NOK Still Consilidating But Next Move Should be Higher

Joel Kruger, Technical Strategist — Thu, 10 May 2012 05:49:00 GMT

A daily overview of technical developments in the regional currencies. Take a look inside for the latest scoop on the Norwegian Krone and Swedish Krona.

S&P 500 Builds Downward Momentum as US Dollar Breaks Out Higher

Ilya Spivak, Currency Strategist — Thu, 10 May 2012 01:11:00 GMT

The US Dollar has cleared key resistance defining the down trend since mid-March while the S&P 500 is starting to build to catch up to the downside.

AUD Flirts with Parity ahead of Jobs Data- JPY Advances on Euro Fears

Michael Boutros, Currency Strategist — Wed, 09 May 2012 16:53:00 GMT

The risk aversion trade has carried over into the US session with the yen outperforming all of its major counterparts. Key levels in play on the AUDUSD andUSDJPY.