Risk appetite engulfed the markets during Monday’s sessions, forcing the DXY beneath the 95.00 mark. The shared currency, as you can see, established firm support off the 1.16 handle on the H4 timeframe, underpinned by a strong German IFO survey. This led to the candles arriving at a strong area of H4 (red) resistance at 1.1705/1.1675 (comprised of June’s opening...
XAUUSD is testing its resistance at 1207 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1184 (50% Fibonacci retracement, horizontal swing low support) could occur.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop is expected.
EURJPY is testing its resistance at 129.43 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 127.88 (38.2% Fibonacci retracement)could occur.
Stochastic (55, 5, 3) has reversed off its resistance at 98% where a corresponding drop could occur.
EURUSD is testing its resistance at 1.1631 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.1523 (38.2% Fibonacci retracement) could occur.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop could occur.
USDJPY reversed off its resistance at 111.46 (100% Fibonacci extension, 76.4% & 50% Fibonacci retracement, horizontal overlap resistance) where it could drop further to its support at 110.09 (61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop could occur.
Weekly Gain/Loss: +1.57% ($18.6)
Weekly Close: 1204.9
Weekly perspective:
After six weeks of uninterrupted selling, the yellow metal turned a corner last week. Piggybacking off USD weakness, bullion concluded the week closing within striking distance of resistance plotted at 1214.4, a level that held strongly as support on May/July of 2017. As a result, this is...
NZDJPY is testing its resistance at 74.09 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 73.07 (61.8% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
USDJPY is testing its resistance at 111.38 (100% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 110.09 (61.8% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (55, 5, 3) is testing its resistance at 97% where a corresponding drop is expected.
USDCAD is approaching its resistance at 1.3116 (61.8% & 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could reverse down to its support at 1.3055(50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal could occur.
AUDNZD is approaching its support at 1.0920 (76.4%, 50% & 38.2% Fibonacci retracement, horizontal overlap support) where price could bounce up to its resistance at 1.1043 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is testing its support at 6.1% where a corresponding bounce could occur.
EURAUD approaching its resistance at 1.5891 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it could drop further to its support at 1.5730 (50% Fibonacci retracement).
Stochastic (89, 5, 3) reversed off its resistance at 99% where a corresponding drop could occur.
EURUSD reversed off its resistance at 1.1629 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 1.1442 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
GBPUSD reversed off its resistance at 1.2925 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where could drop further to its support at 1.2804 (50% Fibonacci retracement).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop could occur.
EURCHF reversed off its resistance at 1.1421 (38.2% & 23.6% Fibonacci retracement, horizontal swing high resistance) where it could drop further to its support at 1.1264 (horizontal swing low support).
Stochastic (55, 5, 3) reversed off near its resistance at 96% where a corresponding drop could occur.
EURAUD is testing its resistance at 1.5731(61.8% & 100% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.5597 (61.8% Fibonacci retracement) could occur.
Stochastic (55, 5, 3) is testing its resistance at 92% where a corresponding drop could occur.
AUDUSD is testing its resistance at 0.7374 (61.8% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7283 (61.8% Fibonacci retracement) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 95% where a corresponding drop is expected. We have also identified a bearish...
NZDJPY is testing its resistance at 74.09(61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 73.07(61.8% Fibonacci retracement, horizontal swing low support) could occur.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop could occur.
CADCHF is approaching its support at 0.7544 (61.8% & 100%Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 0.7592 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its support at 4% where a corresponding bounce could occur.
