Highest close since July 31
The USDJPY is ending the week closing:
Looking at the daily chart above, the pair bottomed this week near the 200 week MA (green line). That was a bullish development and the price chopped higher for the rest of the week.
A move below would turn the bias more negative
Be aware. The AUDUSD is down testing the 100 day MA at 0.7821 level. Also near that level is the 38.2% of the move up from the May swing low at 0.7820. A move below would turn the technical bias more to the downside.
* actually took out the early October high and failed but back up near the level
The USDJPY is hanging near the early October high at 113.43. Actually, that high was taken out in trading earlier today with a print of 113.463, but the break failed. Nevertheless, the price is hanging near the level as the stocks get ready to open higher..
USD/CAD up more than a full cent
USD/CAD is butting up the October high of 1.2598, which is a key resistance level.
It represents a double-top with a second test on October 17 also failing to break above 1.26.
Good ceiling at 200 bar MA on 4-hour chart. Support today vs 100 hour MA.
The EURUSD is trading above and below the 50% midpoint of the 9 day range. That level comes in at 1.1804. The price is trading right at that level as I type.
Not much of a rebound in the NY trading session. Below the 100 week MA.
As the day comes to a close and the Asian traders look to start their day, the NZDUSD has maintained its weakness on the back of the coalition formed.
200 hour MA stalled the fall yesterday.
In the bitcoin technical report yesterday, the price fall fell below the 200 hour moving average, but quickly recovered back above the level. In the post yesterday, I wrote:
Tests intraday support
The AUDUSD has seen the price of the pair move higher and lower. Overall, however, the price is on a choppy uptrend.
Looking at the 4-hour chart above, the price high moved up to 0.7883. The 38.2% of the move down from the September high comes in at 0.78823. The market rally stalled. It is the latest on the day.
More bullish move by traders, but.....
All that is bullish.
Not so bullish, is:
With all the dip buying going on against support levels, you would expect that the rebound would be above the 38.2%. Nope.
Tested the 200 bar MA on the 4-hour chart and stalled
In an , I talked of the neutral zone defined by swing lows and highs going back to early August. The price was in that area after failing on the first look. The market had a decision - go higher and look toward the 200 bar MA on the 4-hour chart (see green line in the chart below), or go lower and head to 1.1800-04 and the 100 bar MA on the 4-hour (). Here's the chart.
Weekly chart in play
The NZDUSD has been hammered on the news of the coalition news overnight (see Mike's ).
Technically, the pair broke below the 200 hour MA and 50% retracement on the hourly chart way up at 0..7123 area (green line in the chart above). Prior to that at the highs today, the pair failed when it moved back above the 200 day MA at 0.71598. So the bears were already showing a downward bias.
100/200 hour MA hold below. 100 bar MA on the 4-hour tested above
The hourly chart below, has overlayed (amongst other MA lines), the 100 bar MA on the 4-hour chart at 112.54 currently (blue step line). That level is also the midpoint of the move down from the October high (so it is the midpoint of the October range).
It tried the upside but stalled after data
The EURUSD moved above a "bullish above/bearish below" area defined by a number of swing lows and highs going back to early August. That area (yellow area in the chart below) comes in at 1.1822-37. The high before the 8:30 US data reached 1.1842. The better data helped to push the pair back into the neutral area defined by the yellow area.
Broke higher from the MA yesterday. Retesting today
The USDJPY is down retesting the 100 and 200 hour MAsat 112.26-33. The pair broke higher from these MAs yesterday and raced to a high of 113.14 today. We are all the way back down retesting the area now. Stocks getting hit and rates are lower. They are contributing to the weakness.
USD up against the NZD and GBP, but down against the rest.
The NZD is running away with the activity today. The new coalition government has sent the NZD tumbling to the downside. Against the majors, the NZD is down from -1.7% to -2.29%. Those are some big % moves to the downside for the kiwi.
Breaking trend line keeps the buyers happy and in control
The EURJPY has also had a nice trend move higher today.
Looking at the 5 minute chart, the pair started the day basing near the 100 and 200 hour MAs. The pair moved up to test the 100 hour MA at 132.32 area. Then the 200 hour MA and 100 bar MA on 4-hour chart at 132.48-50 area. Once above that area, the pair started to run higher (see 5 minute chart above).
Scoots up to the 50% retracement
The EURUSD has pushed to and through the 200 and 100 hour MAs at 1.1793-955 area. The break sent the pair to the next level defined by the 50% of the move down from the October 12 low at 1.18043.
Only a few pips here or there so far.
Wage pressures modest
Employment growth modest
Labor market tight.
Those are some of the major headlines. The report did harp on tighter labor and hinted of some wage pressure (i.e. growing use of sign on bonuses to attract workers and shortages restraining growth, and scarcity of workers in building, transport, and skilled manufacturing)