AUDUSD is testing intermediate and major support at 0.7892 to 0.7875 (Fibonacci retracement, fibonacci extension, pullback support) and a bounce could occur at this level. Next major resistance level is at 0.7989 (Major 61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is approaching strong support at 4.4% where a corresponding...
Nikkei is approaching major support at 21700 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Ichimoku cloud support) and there is a potential for a bounce above this level towards 22360 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) sees strong support above 50% which is the level that would maintain our bullish bias.
USDCAD has broken a major resistance-turned-support line at 1.2559 which now serves as major support for a potential bounce towards 1.2645 (100% ABC Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing high resistance).
RSI (55) also sees a recent bullish exit signalling a change in momentum from bearish to bullish. This is in line with the...
Ethereum is approaching major resistance at 997.75 (Multiple fibonacci retracements, fibonacci extensions, horizontal overlap resistance).
We can also see an ascending support line squeeze price against the 997.75 ceiling signalling that a major break in either direction could be expected.
If price breaks the ascending support line, our next major levels of...
The Aussie market traded flat on Monday, with China and the US both on vacation. As you can see, though, the unit refused to give up the 0.79 handle, despite several breaches prior.
On the bigger picture, the commodity currency is seen standing tall off the 2018 yearly opening level at 0.7801. Sustained upside from this point may eventually pull the unit back up...
For those who follow our analysis on a regular basis you may recall that the team highlighted a potential sell zone between the 0.79 handle and a H4 Quasimodo resistance level at 0.7888. As you can see, the Aussie tested this level and declined over 100 pips amid the first half of Wednesday’s trading on the back of dollar strength. So, well done to any of our...
Since the commodity-linked currency peaked at 0.8135 on Jan 26, the Aussie has suffered consecutive daily losses.
In early trading on Thursday, the pair took a hit following less-than-stellar Chinese trade balance data. After driving through the 0.78 handle, the day ended with price bottoming around the top edge of a H4 demand base drawn from 0.7762-0.7779,...
Despite printing a healthy recovery from the top edge of a daily demand base at 0.7807-0.7841 on Tuesday, the commodity currency came under renewed pressure during yesterday’s segment. The daily base, as you can see, remains in play but appears as though it’s on the verge of giving way, which may call for a downside move to daily support pegged at 0.7732.
H4...
Across the board, the US dollar rose higher against the majority of its trading peers (currently trading at 90.26 on the US dollar index) on Wednesday, consequently placing the single currency under pressure. The euro, as you can see, engulfed both a H4 channel support extended from the low 1.2336 and a psychological support at 1.23, finishing the day at lows of...
Breaking a six-day bearish phase, the commodity-linked currency printed a healthy recovery during Tuesday’s segment from the top edge of a daily demand base penciled in at 0.7807-0.7841. From the daily scale, technicals suggest further buying up to a daily resistance area at 0.7986-0.7951 is a possibility.
H4 price found a pocket of strong bids around the H4...
After retesting the underside of the large psychological band 1.40 (H4) amid early London hours, the British pound, in one fell swoop, surpassed both 1.39 and the daily support at 1.3878, registering a session low of 1.3836.
What was also brought into play, however, was a daily AB=CD (see black arrows) 127.2% correction point at 1.3883 and a 38.2% daily Fib...
The commodity-linked currency began the day on a strong footing, after whipsawing below the 0.79 handle and connecting with a H1 demand base at 0.7882-0.7895 (this was a noted zone for possible longs – well done to any of our readers who managed to take advantage of this area). The move, as you can see, lifted the pair up the H4 mid-level resistance at 0.7950,...
The British pound resumed its downside trajectory on Monday, forming a full-bodied daily bearish candle in the process. This move, which looks to have begun following a lower-than-expected UK services PMI reading, eventually dragged price beneath multiple tech supports, including weekly support at 1.4079 (now acting resistance).
Also worth noting is that daily...
Weekly gain/loss: -1.25%
Weekly closing price: 1332.4
Despite weekly price managing to chalk up a rather convincing close above weekly resistance at 1337.3 two weeks back, the yellow metal failed to generate much follow-through movement and ended last week back below 1337.3.
Further downside from current price could eventually see the unit tackle the 2018 yearly...
