A combination of softening crude oil prices and broad-based USD buying lifted the USD/CAD to higher ground Monday. Strong buying interest emerged from 1.33 on the H4 timeframe, pulling the unit above nearby resistance at 1.3329 (now acting support) towards 1.34/channel resistance (extended from the high 1.3317). Stop-loss orders above 1.34 are likely under...
USD/JPY:
For those who read Monday’s briefing you may recall the piece highlighted promising buying opportunities either off H4 demand at 112.19-112.36, or the round number located beneath it at 112. As you can see, the H4 demand retained its position in early Asia Monday and drew in buyers to lift price action above 113 to highs of 113.36.
Why the research...
AUDUSD is approaching its support at 0.7162 (61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.7276 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 1.7% where a corresponding bounce could occur.
EURAUD is approaching its resistance at 1.5979 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where there is a potential to reverse down to its support at 1.5745 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a there might be a potential...
EURGBP is approaching its resistance at 0.8993(61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where there is a potential to reverse down to its support at 0.8926 (38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a there might be a potential...
AUDCAD is approaching its support at 0.9529 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.9646 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 5.3% where a corresponding bounce could occur.
EUR/USD:
Weekly Gain/Loss: +0.38%
Weekly Close: 1.1393
Weekly perspective:
The single currency staged a reasonably decisive recovery over the course of last week, breaking a two-week bearish phase. Further buying, however, may be challenging. Less than 100 pips overhead resistance is seen priced in at 1.1465, which, as you can probably see, brings with it a...
USD/CHF:
Weekly Gain/Loss: -0.81%
Weekly Close: 0.9896
Weekly perspective:
In form of a robust bearish engulfing candle printed just south of the 2016 yearly opening level at 1.0029, the USD/CHF market declined in excess of 80 pips last week. According to weekly structure, additional selling could materialize this week having seen the next support target not...
GBPCHF is approaching its support at 1.2661 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.2706 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (21, 5, 3) is approaching its support at 5% where a corresponding bounce...
NZDJPY bounced nicely off its support at 77.34 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 77.94 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is bounced off its support at 5.8% where a corresponding rise could occur.
GBPJPY is approaching its resistance at 144.72(100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse down to its support at 143.36 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 91% where a corresponding reversal could occur.
AUDCAD is approaching its support at 0.9650 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.9698 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 7.9% where a corresponding bounce could occur.
USD/CHF:
For those who’ve been following our morning briefings this week you may recall the research team expressed interest in 1.0000 as a potential sell zone.
Although a key figure by and of itself, it is worth noting 1.0000 was surrounded by a 38.2% H4 Fibonacci resistance value at 0.9993, along with a 50.0% H4 resistance value at 0.9999. What also really...
XAUUSD is approaching its resistance at 1239.73 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse down to its support at 1213.26 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
AUDCHF is approaching its support at 0.7197(100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.7263 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 2.2% where a corresponding bounce could occur.
USDJPY is approaching its support at 112.65 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 113.19 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 5% where a corresponding bounce could occur.
AUDUSD is approaching its support at 0.7204 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.7294 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its support at 1.4% where a corresponding bounce could occur.
Dow Jones Industrial Average:
In recent hours, the Dow Jones Industrial Average fell sharply, down 1.64% at the time of writing. As a result of this, H4 price is now trading just north of a notable demand zone coming in at 24397-24538, along with the RSI indicator seen fast approaching oversold territory. Why this demand is noteworthy comes down to the...
