The single currency sustained further losses on Thursday, down 23 pips on the day. The H4 candles, as you can see, spent the majority of the day fluctuating within a narrow range between October’s opening level at 1.1788 and the 1.18 handle. It was only in the later hours of the US session did price dip lower.
According to the H4 scale, recent selling has...
Gold prices are effectively unchanged this morning, down 0.17%. After tapping the underside of August’s opening level at 1269.3 during the early hours of London, the yellow metal pushed lower and ended the day basing just ahead of a H4 AB=CD (black arrows) 161.8% ext. point at 1259.7.
Weekly price recently entered the weekly demand base at 1251.7-1269.3 and is...
After spiking to a high of 0.7630 in early Asian hours on Wednesday, the AUD/USD aggressively crunched its way through the 0.76 handle on lower-than-expected growth data. The pair attempted to recover off lows at 0.7571, but failed to print anything of note before resuming to the downside. The day concluded with the H4 candles mildly pairing losses ahead of a H4...
Early Asia chalked up a top just ahead of the H4 mid-level resistance at 1.1850 on Wednesday, which followed through with a dominant selloff, likely boosted by upbeat US ADP figures (suggesting a potentially solid NFP number on Friday). H4 price, as you can see, clocked a low of 1.1780 amid the US segment before mildly paring losses from October’s opening level at...
Weekly price recently entered the weekly demand base at 1251.7-1269.3 and is seen shaking hands with a weekly channel support etched from the low 1122.8. The ascending channel formation has been in motion for quite some time and on each occasion the limits have been challenged, it held beautifully. Therefore, history may repeat itself here.
The daily candles are...
US equities extended losses on Tuesday as investors continue to diversify their portfolios on their expectations of how the US tax reform will affect performance. Another thing that may be worth highlighting is the H4 harmonic bat pattern that completes around the 88.6% H4 Fib support at 23992. Coupled with the 24K round number acting as potential support and the...
Recent action shows that the USD/CHF extended its bounce from the weekly support level at 0.9770 on Tuesday, bidding daily price above resistance at 0.9864.This has potentially opened up the path north for further buying up to at least the daily supply base coming in at 0.9946-0.9914. Traders should expect some selling pressure to be seen from here. Not only is...
Kicking this morning’s report off from the top, weekly price shows that upside is beginning to wane after shaking hands with a weekly channel resistance taken from the high 1.2673. Regardless of the fact that this barrier was breached back in September, this ascending line has proved worthy in the past and, therefore, may continue to help suppress buying and send...
For those who read our previous report on the USD/CAD you may recall that we were looking to sell the retest of the 1.27 handle. Here’s why:
• Upside remains capped on the weekly timeframe at 1.2778. The current weekly resistance level on the USD/CAD shares a strong history that dates back to early 2004, so it is not one to ignore! Couple this with the fact that...
Following a rather aggressive 60-pip bullish gap on Monday, the USD/JPY extended early gains to a high of 113.08 before losing momentum and tumbling lower into the US segment. The selloff may have something to do with the strong-looking H4 supply at 113.14-112.86 and intersecting round number 113.
The day ended with H4 price closing beneath October’s opening...
The GBP/USD failed to sustain upside beyond 1.35 after reports emerged from the BBC stating not to expect a deal from Brexit talks on Monday. May and Juncker who met on Monday confirmed the headlines, which sent the pair tumbling to lows of 1.3413.
As we write, however, the H4 candles appear to be bolstered by a H4 channel resistance-turned support taken from the...
Weekly gain/loss: -0.36%
Weekly closing price: 0.9758
USD/CHF extended losses last week and marginally closed below weekly support at 0.9770. Before we all get too bearish this market, however, consider the base of weekly demand to the left of current price marked with a green circle at 0.9704-0.9783. This area is the reason we have yet to label the broken...
Weekly gain/loss: -0.24%
Weekly closing price: 1.2683
Upside remains capped on the weekly timeframe at 1.2778, as oil continues to reflect a bullish stance. The current weekly resistance level on the USD/CAD shares a strong history that dates back to early 2004, so it is not one to ignore! Couple this with the fact that last week’s weekly action chalked up a...
Weekly gain/loss: +0.57%
Weekly closing price: 112.16
The USD/JPY has spent the past three weeks plunging from weekly supply at 115.50-113.85. This sustained decline erased October’s gains and punched in a low of 110.84. Last week’s action, however, ran into unexpected support and consequently molded a relatively nice-looking weekly bullish engulfing candle. Is...
Weekly gain/loss: 1.01%
Weekly closing price: 1.3472
The GBP/USD chalked up a fourth consecutive gain last week, increasing its value more than 130 pips. In consequence to this, weekly price concluded the week shaking hands with a weekly channel resistance extended from the high 1.2673. Regardless of the fact that this barrier was breached back in September, this...
Weekly gain/loss: -0.28%
Weekly closing price: 1.1894
Despite registering a loss last week, the single currency remains trading with a reasonably strong bias to the upside. The weekly supply-turned support zone at 1.1880-1.1777, as you can see, kept upside buoyancy intact in the shape of a relatively strong weekly buying tail. For this reason, we believe the...
For those who read our previous report you may recall that we underlined the 1.29 handle/November’s opening level at 1.2892 seen on the H4 timeframe as a prospective base to sell from. Our rational behind selecting this area was largely due to the daily supply area seen at 1.2943-1.2885. The only concern here was the fact that weekly price was (and still is) seen...
Despite an earnest attempt to reach the 0.76 boundary after testing local H4 support at 0.7555, the bulls were unable to muster enough strength to sustain recent gains. Thursday’s action, therefore, concluded with the H4 candles closing just ahead of the noted local H4 support, marginally down on the day. As mentioned in yesterday’s report, we believe this support...
