The British pound found itself grappling with the large psychological band 1.40 in early trading hours on Wednesday. What followed was a sizeable pullback during London’s morning segment, reaching as far south as 1.3915. Leaving the 1.39 handle unchallenged, however, the unit managed to reclaim earlier losses and revisit 1.40 going into the closing bell.
Both...
Weekly gain/loss: +0.30%
Weekly closing price: 1.2495
Since the beginning of the year, weekly price has consolidated beneath the 2018 yearly opening level at 1.2579. Assuming that the bears notch it up a gear from this point, we do not see a whole lot stopping the unit from reaching as far south as the weekly demand base printed at 1.1919-1.2074.
Meanwhile, the...
Weekly gain/loss: +1.07%
Weekly closing price: 0.7983
Since weekly price struck the weekly channel support extended from the low 0.6827 six weeks ago, AUD/USD bulls have been on the offensive. Last week’s action dragged the commodity currency to highs of 0.8038, just missing the weekly resistance level at 0.8065 by a few pips.
We believe that the reason behind...
Weekly gain/loss: +0.94%
Weekly closing price: 1.3848
The British pound was, once again, seen flexing its financial muscle last week, cruising to a fresh high of 1.3944. While the unit chalked up its fifth consecutive weekly gain, price has shook hands with a weekly AB=CD (see black arrows) 161.8% Fib ext. point at 1.3861. A push above this line would,...
Weekly gain/loss: +0.30%
Weekly closing price: 1.2214
Although the shared currency printed a fifth consecutive weekly gain last week, weekly price failed to muster enough strength to overcome a weekly broken Quasimodo line at 1.2287 that merges with two weekly trendline resistances (1.1641/1.6038). This formed a strong-looking weekly selling wick, potentially...
Coming in from the top this morning, it is clear to see that weekly price reflects a strong bearish stance at the moment. Further losses on this scale could bring this market down to as far south as the weekly support area drawn from 0.9443-0.9515. Daily flow, on the other hand, remains flirting with the lower limits of a daily demand area at 0.9565-0.9611, which...
The British pound is on course to register its fifth consecutive weekly gain. According to the weekly timeframe, the next upside target can be clearly seen at 1.4079: a weekly broken Quasimodo line.
Possibly adding additional strength to weekly buying, daily action also recently crossed above a daily resistance at 1.3878. This, in our book, signals further...
After puncturing the 1.22 handle seen on the H4 timeframe, the EUR/USD clocked a weekly low of 1.2165. It was from here, the lower limits of a daily support area at 1.2246-1.2164, did we see the unit reclaim 1.22 and push higher yesterday.
The US dollar index was unable to extend gains on Thursday, which, as we know, is EUR/USD supportive. In addition to this,...
Kicking things off from the top this morning, weekly action continues to consolidate sub 1.2579: the 2018 yearly opening level. Further selling from this point could eventually see the unit tackle a weekly demand area coming in at 1.1919-1.2074. Moving down to the daily candles, we can see that the buyers and sellers remain confined between daily supply at...
After successfully defending the large psychological number 0.80 during the early hours of trading on Wednesday, the pair took another stab at the number going into the later hours of the US segment as the US dollar probed lower. As you can see, though, H4 price failed to sustain gains past the 0.8022 point, quickly rotating back to lows of 0.7967 on the back of...
US dollar recovery going into the later hours of Wednesday’s US session brought about a sizeable drop in the EUR/USD market from the underside of a H4 broken Quasimodo line at 1.2276.
The selloff, reinforced by a weekly broken Quasimodo line at 1.2287 and two converging weekly trendline resistances (1.1641/1.6038), dragged the euro beneath the 1.22 handle (H4)...
Over the past 24 hours, Bitcoin has taken a steep hit.
A few weeks back we highlighted the potential AB=CD 127.2% pattern at 8236.3, which is close to completing. We also highlighted the broken Quasimodo line at 7592.0.
Right now, however, the unit appears to be finding a big just ahead of demand planted at 8821.0-9907.0.
Is a recovery a possibility from here,...
After failing to reach the H4 broken Quasimodo line at 0.9683 on Tuesday, the pair turned south and eventually thundered its way through the 0.96 handle seen on the H4 timeframe.
While the break of 0.96 has likely attracted a truckload of breakout sellers, one should exercise caution! Daily action shows price is currently reacting from a daily AB=CD (see black...
After topping at highs of 0.7978 on Monday, the commodity-linked currency dropped lower during Tuesday’s segment and retested a H4 support area plotted at 0.7948-0.7926. Two back-to-back H4 buying tails were seen printed from within this zone amid London/US trading yesterday, indicating a possible move up to the large psychological band 0.80.
On the bigger...
Weekly gain/loss: -0.80%
Weekly closing price: 0.9676
Despite a brief pause around the 2018 yearly opening level at 0.9744 two weeks ago, in the shape of a weekly indecision candle, the pair was incapable of mustering enough strength to defend the line last week and therefore descended lower. Provided that the bears remain in the driving seat, a gradual approach...
Weekly gain/loss: +0.41%
Weekly closing price: 1.2455
During the course of last week’s session, weekly movement beautifully retested the underside of the 2018 yearly opening level seen on the weekly timeframe at 1.2579. With the level holding firm, the week ended printing a strong-looking selling wick. Whether this selling is sustainable over the coming weeks is...
Weekly gain/loss: +1.39%
Weekly closing price: 1.2203
The euro was seen flexing its financial muscle once again last week, gaining over 170 pips. Weekly price crushed weekly resistance at 1.2044 (now acting support) and ended the week closing just ahead of a weekly AB=CD (black arrows) 161.8% Fib ext. point at 1.2222. Extra credibility is given to this line not...
Across the board, we saw the US dollar plummet against the majority of its trading peers on Thursday. This provided an already upbeat gold market a boost, pulling the yellow metal to highs of 1323.9 and positioning the H4 candles within striking distance of a H4 AB=CD completion area (127.2%: 1331.6/1325.4).
Now, going by the structure presented on the weekly...
