200 hour MA is also in play
The USDJPY rebounded off a swing area in the London morning session and bounced above the 100 hour MA. The break saw increased upside momentum but the high stalled short of the earlier high and the ceiling level from Tuesday and Wednesday at 109.48.
The subsequent fall, took the price back below the 100 hour moving average (blue line) and that down to test the swing area between 109.036 and 109.074. That area is being pressured by the sellers as I type. A break below would still have the rising 200 hour moving average to contend with at 108.963. However, if both are broken, it should open the door for further downside probing with the low from Monday at 108.889 and the 38.2% retracement of the move up from April 23 at 108.844 as the next targets.
WTI crude oil settles at $64.71. Down $0.92 or -1.4%
The price of WTI crude oil futures are settling down $0.92 or 1.4% at $64.71. The pair is closing just below its 100 hour moving average currently at $64.94. Stay below the 100 hour moving average would keep the bears more in control.
The high for the day reached $65.98. The low extended to $64.50
The next target comes in at the 38.2% retracement of the move up from the April 22 low at $64.41. The rising 200 hour moving average is below that at $64.09. The price has not traded below the 200 hour moving average since April 27.
High for the day extends above 200 hour MA but rally fizzles out
The EURSD earlier in the NY session tested, then moved above the 200 hour MA at 1.20611. The price moved to a high at 1.2072. That was short of the Monday high at 1.2075 when the pair also tried to extend above the 200 hour MA.
The rotation lower has now seen the price move below the 100 day MA at 1.2049. The price traded to 1.20436 but is currently trading just above the MA at 1.2050 in quiet trade.
With the price back below the 200 hour MA at 1.20611, trading above and below the 100 day MA, but still comfortably above the 100 hour MA at 1.20266, there is a little something for buyers and sellers. The buyers had their run off of the 1.1987 to 1.19943 area, and made other technical progress, but getting and staying above the 200 hour MA is still a key target that would increase the bullish bias. That could not be done. The sellers might feel a little more confident on the failure.
So the pair is back in neutral territory with the 200 hour MA above and the 100 hour MA below defining the trading range until that time we get a break outside of that area.