Blogs

Chicago Fed national activity index for March 2020 – national activity index -4.19 versus -3 estimate. Falls to recessionary levels as a result of the coronavirus. Last month the index was at 0.06 revised from +0.16

What's coming up All the economic data for North American trade is due at the bottom of the hour but there isn't anything that's going to really move the needle. The schedule features:

Trend line above as well The GBPUSD rallied into the London fixing and stalled against its 200 hour moving average at 1.24841. The downward sloping trend line was just above that moving average level.

S&P and Dow remain lower the NASDAQ index turn positive with the index currently trading up 14 points or 0.16% at 8664.91. The index is off the low for the day at 8553.375

Buyers lean on the retest of the 100 hour MA The USDCAD opened the North American session near highs (high reached 1.41318). At the highs, the price was testing swing levels from April 15 and April 16. Admittendly, the price on April 16 did extend higher, but moved back below that level on April 16 […]

50% retracement is support The GBPUSD is tracking below trend line resistance and also spending most of the London session below its 200 hour MA above at 1.24825. There was a spike high in the London session that extended above that MA, but the hourly bar closed below, and the price has since moved lower.  

Nasdaq is down but not as exposed for now The major stock indices are opening lower, with the Dow and S&P leading the way to the downside.  A snapshot of the major indices 6 minutes into the opening is showing:

Trend lines moving averages are the defining support and resistance levels The USDJPY is higher on the day after a run up in the Asian session. However the pair is also confined by trend lines and moving averages on both the topside and bottom side.

100 hour MA stalled the rally.    The EURUSD moved down in the Asian session and stalled near the April 9 low at 1.08404. That level and the swing lows from April 8th at 1.0829 are downside targets, as are the lows from last week at 1.08162 (Thursday) and at 1.08114 (Friday).   A newly formed […]

Stocks down, oil plunges As North American traders enter for the day, the NZD is the strongest, while the CAD is the weakest. The USD is behind the NZD at the top of the table as it has resumed a bullish run with stocks lower and oil plunging (really plunging by -35%).  That has the […]