The pound received fresh impetus on Brexit-related momentum during yesterday’s session, amid news the UK may be considering an Irish border compromise on customs to facilitate a deal with the EU. H4 movement, as you can see, hit highs of 1.3115, momentarily exploring levels beyond supply at 1.3090-1.3072 and the 1.31 handle.
Despite the above, Cable ended the day...
XAUUSD approaching support at 1181 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce up to its resistance at 1194 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 2.3% where a corresponding bounce could occur.
USDCHF is testing its resistance at 0.9808 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9751 (23.6 % Fibonacci retracement, horizontal swing low support) could occur.
Stochastic (55, 5, 3) has reversed off its resistance at 98% where a corresponding drop could occur.
GBPAUD bounced nicely off its support at 1.8011 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.8099 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is bounced off its support at 4.9% where a corresponding rise could occur.
CADCHF is approaching its resistance at 0.7708 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could reverse down to its support at 0.7524 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reversal could occur.
Weekly Gain/Loss: +2.46%
Weekly Close: 0.9816
Weekly perspective:
The USD/CHF, in the shape of a full-bodied bullish candle, soared to highs not seen since late August last week. Managing to overthrow its 2018 yearly opening level at 0.9744, the pair is in a healthy position to continue north this week and test a notable supply zone priced in at 0.9984-0.9894....
GBPUSD is approaching its support at 1.3068 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.3140 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is bounced off its support at 2.5% where a corresponding bounce could occur.
CADJPY is approaching its resistance at 87.45 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it could reverse down to its support at 86.23 (38.2% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal could.
As anticipated, bullion eventually pressed for lower ground on Thursday, breaking the current H4 range between 1212.5/1189.7 (houses September’s opening level at 1200.0) to the downside.
Technicians who follow multiple timeframes likely saw the break lower on the horizon. Weekly price is making firm ground beneath a key resistance level coming in at 1214.4....
EURUSD is approaching its support at 1.1619 (61.8% & 100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.1690 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 2.8% where a corresponding bounce could occur.
From an open of 1.1736 to a close of 1.1640, the single currency concluded Thursday’s sessions down 0.8%. USD bulls were firmly on the offensive in recent trade thanks to robust US data and a recovery in yields. According to the latest GDP report, the US economy expanded at its fastest pace in nearly 4 years, confirmed at an annual rate of 4.2%. US Durable goods...
GBPUSD reversed off its resistance at 1.3202 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could potentiall drop further to its support at 1.3115 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) still has some downside potential.
USDCAD is approaching its resistance at 1.2977(61.8% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap resistance) where it could reverse down to its support at 1.2977 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 99% where a corresponding reversal could occur.
XAUUSD is approaching its support at 1193 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1202 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 5.04% where a corresponding bounce could occur.
CADCHF is approaching its resistance at 0.7469 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where it could reverse down to its support at 0.7431 (50 Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
GBPUSD is approaching its resistance at 1.3202 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could reverse down to its support at 1.3149 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal could occur.
Another pretty much sideways day for the yellow metal on Tuesday, with very little in the way of fresh drivers.
Fixed around the underside of daily supply at 1221.2-1207.5, we can see the H4 candles continue to carve out a range between 1212.5/1189.7 (houses September’s opening level at 1200.0). Also eye catching on this scale is the converging trend lines...
EURCHF reversed off its resistance at 1.1378 (100% Fibonacci extension, 76.4%, 38.2% & 23.6% Fibonacci retracement, horizontal swing high resistance) where it could drop further to its support at 1.1322(38.2% Fibonacci retracement, horizontal pull back support).
Stochastic (55, 5, 3) reversed off its resistance at 98% where a corresponding drop could occur.
