Technical Analysis

Dow tumbles more than 1000 points. Worst day since Feb 8, 2018

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S&P worse day since December 2018 The Dow is closing down over 1000 points on the day. It is the workstations February 8, 2018. The S&P index at its worst day since December 2018.  The Dow, S&P and Nasdaq each fell over 3.3% on the day with the NASDAQ hit the hardest at -3.71%.

The dominoes are delicately balanced in USD/CAD

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The Canadian dollar is poised for a fall The Australian and New Zealand dollars are near multi-year lows but their Canadian cousin has held strong amidst coronavirus fears.

Dollar moves a bit higher as gold comes off

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With gold coming off, the dollar is seeing some buying... The EURUSD has moved down to 1.08407 which is near the London morning high.  A move below that level will have traders looking toward its 200 hour MA at 1.08278.

Gold hits an air pocket and runs lower

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Falls to trend line support on the hourly Not seeing any news, but the price of gold has hit an air pocket and the price has moved down to test a trend line.  

This is a market for technical analysis

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Watch the levels One of the paradoxes is markets is that when the news is moving fastest, technical analysis is the most important. When the newsfront is quiet, fundamentals are more important.

The NZDUSD corrects but runs into high from yesterday

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Back below 100 hour MA. The NZDUSD has corrected higher today, despite the stock slaughter. In fact, the price moved back into the black for a little bit, but the run higher has reached the high from yesterday and backed off. 

The Vix spikes to the September high. Up 40% on the day.

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Runs up to near 25.00 A measure of risk and volatility is the Vix (or volatility index).    Looking at the chart of the Vix, the price has moved up to a high of 24.89. That took the level just above the September 2019 swing high at 24.81, but the price has since rotated lower.…

Crude oil trades near session lows and tests June, August, October 2019 lows

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June and August lows reached $50.60 and $50.52. Key test. The price of WTI crude oil futures is trading at session lows. The price just reached $50.57. That's down $2.82 on the day. 

Dow falls 1000 points

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A new low of 27989.19 takes the index down  The S&P index is currently down 107 points or -3.21% at 3230.50.  The NASDAQ index is down -360 points or -3.75% at 9216.

An ugly day in the European markets. Big declines across the board coronavirus spread.

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German DAX down 4%. The provisional closes are showing In the European debt market, the benchmark 10 year yields are mostly lower with the exception of the Italian yield as investors flee the risk from that market.

ANALYST PICKS

Australian Dollar May Fall vs Yen as RBA Bets, Charts Line Up

Australian Dollar May Fall vs Yen as RBA Bets, Charts Line Up

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AUD/JPY TRADING Strategy: BEARISH Bearish Engulfing candle pattern on AUD/JPY weekly chart hints at weakness Deterioration in the RBA policy outlook offering sellers fundamental backing Confirmation of a breakdown initially exposes support below the 74.00 figure The Australian Dollar may be preparing to resume the downward trend guiding it lower against the Japanese Yen since…
USD/ZAR – US Dollar Set Up to Decline vs South African Rand

USD/ZAR – US Dollar Set Up to Decline vs South African Rand

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USD/ZAR Highlights: USD/ZAR turning lower from confluent resistance Rising wedge price action breaking, kicking off move lower The first couple of days this week saw USD/ZAR running up against stiff resistance coming from several angles; the downtrend line from October, horizontal level extending over from September, and the 200-day MA. Both days resulted in minor…
Canadian Dollar Forecast: USD/CAD, AUD/CAD, NZD/CAD

Canadian Dollar Forecast: USD/CAD, AUD/CAD, NZD/CAD

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Canadian (AUD) Dollar Outlook: The Canadian Dollar has had varying performances to start the year USD/CAD has pressed higher to test resistance, but the longer-term downtrend persists Where are USD/CAD, AUD/CAD and NZD/CAD headed? Canadian Dollar Forecast The Canadian Dollar has had a mixed performance to start the year, but some of the longer-term trends…
Euro May Fall Against Japanese Yen If Chart Setup Plays Out

Euro May Fall Against Japanese Yen If Chart Setup Plays Out

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EUR/JPY TRADING Strategy: BEARISH Euro may be forming a top vs Japanese Yen below 123.00 level Break of Rising Wedge floor sought as confirmation of reversal Repeat of 2-year downtrend dynamics implies move sub-111.00 The Euro may be preparing tun lower against the Japanese Yen following a three-month recovery, resuming a two-year downtrend. The rise…