USD The lack of top-tier data from the US and the low liquidity after Thanksgiving wasn't enough to stop the US dollar from rallying against its peers, as risk aversion seemed to take over the financial markets. Only the Chicago PMI and pending home sales data are up for release today, which suggests a potentially…

NZDUSD has been on a selloff but it looks like a reversal may be in order. Price is forming an inverse head and shoulders pattern on its 4-hour time frame, with an upside break of the neckline at the .6600 handle likely to send the pair up by 200 pips or the same height as…

USD The US dollar was mostly stuck in consolidation against its forex rivals since there were no reports out of the US economy. Traders are off on Thanksgiving holidays and might not be back until Monday's US trading session. There have been no reports out of the US yesterday and none are due today. EUR…

USDJPY has been climbing recently but a reversal pattern just formed, indicating that a downtrend might be next. Price made a double top pattern on the 4-hour time frame and is currently testing the neckline at the 122.50 minor psychological level, with a downside break likely to confirm the selloff. The chart pattern is approximately…

USD The US dollar chalked up another mixed forex performance, as economic reports were all over the place. The headline durable goods orders report showed an impressive 3.0% gain while the core version of the report simply came in line with expectations of a 0.5% uptick. Initial jobless claims also came in above expectations but…

GBPAUD has sold off sharply recently, breaking below a significant support level around 2.1200. From there, the pair dipped to a low of 2.0715 before showing signs of a retracement. Using the Fib tool on the latest swing high and low on the 4-hour chart shows that the 50% Fibonacci retracement level lines up with…

USD The US dollar functioned mostly as a counter currency in recent trading sessions, ending up with a mixed performance against its forex peers. Data from the US economy came in weaker than expected, as the CB consumer confidence index slumped from 99.1 to 90.4 in November and the Richmond manufacturing index indicated a drop…

EURGBP appears to have made yet another bounce off the bottom of its long-term range. Price tested the .7000 major psychological level recently and is staring to make its way higher. Stochastic is starting to head back up from the oversold area, indicating a return in bullish momentum. Similarly, RSI is also climbing out of…

USD The US dollar still managed to dominate against its forex peers even with weaker than expected economic data. The flash manufacturing PMI for November showed a decline from 54.1 to 52.6, reflecting a slower pace of growth. Existing home sales fell from 5.55 million in September to 5.36 million in October. For today, the…

AUDUSD has recently broken above the falling trend line visible on its 1-hour chart, indicating that a reversal is underway. Price is showing signs of pulling back to the broken resistance area and the 61.8% Fib at the .7100 handle might hold as support. The pair seems to be bouncing off the 38.2% Fib already,…

USD The US dollar rebounded against its forex rivals on Friday, recovering back to its weekly highs against most of its counterparts. There were no major reports out of the US then but FOMC members Dudley and Williams reaffirmed the idea of a December Fed rate hike. The Fed has an unscheduled announcement later today…

GBPJPY has been moving on an uptrend on its 4-hour time frame, with an ascending channel connecting the latest highs and lows of price action. Price is currently testing the channel support at the 186.50 minor psychological level and might be due for a bounce back to the resistance at 189.00. The pair also seems…

USD The US dollar continued to give up ground to its peers even though the FOMC minutes pretty much sealed the deal for a December liftoff. Profit-taking appears to be in play, as most of these rate hike expectations have been priced in for quite some time. Data from the US economy was actually better…

NZDUSD has been trending lower across most time frames but is showing signs of a large pullback from its latest drop. Price bounced off support at the .6425 area and is retreating to the Fib levels marked on the swing high and low on the 4-hour chart. At the moment, the pair is testing resistance…

USD The FOMC minutes confirmed the likelihood of a Fed rate hike in December but the dollar barely advanced after the release, as expectations have been priced in for quite some time already. The transcript showed that most policymakers agreed that the US economy can achieve the conditions necessary to warrant a rate hike next…

EURUSD has been on a steady downtrend, barely showing any signs of a pullback until recently. Price bounced off the lows at 1.0615 and may be ready for a retracement to the Fibonacci retracement levels based on the latest swing high and low on the 1-hour time frame. In particular, the 38.2% retracement level lines…

USD The US dollar was directionless in recent trading sessions, as mixed reports and the looming release of the FOMC minutes prevented traders from taking on large positions. US headline CPI showed a 0.2% gain as expected while the core version of the report also printed a 0.2% increase. Industrial production dropped by 0.2% in…