The impact of disappointing German retail sales data caused H4 price to selloff in early London hours and, once again, breach the underside of H4 demand pegged at 1.1836-1.1854. Despite lower-than-expected euro inflation figures, the pair managed to stabilize around the H4 channel support taken from the low 1.1553 (check out the nice-looking H1 pin bar –...
Comprised of a daily support at 0.8745, the lower edge of a daily range at 0.8774 and a daily AB=CD 127.2% ext. point at 0.8805, we have a very tasty area forming on the #EURGBP right now.
With oil prices softening on Wednesday, the USD/CAD pair managed to pop higher for a third consecutive day. The move, as can be seen on the H4 timeframe, cracked through offers around the H4 Quasimodo resistance at 1.2823, reaching a high of 1.2874 on the day. While on the H4 timeframe, upside shows a clear path to November’s opening level at 1.2892, followed...
Kicking this morning’s report off with a quick look at the weekly timeframe, we can see that weekly price looks poised to attack a nice-looking weekly AB=CD (see black arrows) 161.8% Fib ext. point at 0.7496. Not only does this line merge with a weekly 50.0% value at 0.7475 taken from the high 0.8125, it’s also bolstered by a weekly channel support extended from...
There has been a substantial amount of ‘Brexit’ noise this week, consequently providing support to the GBP/USD. Amid Wednesday’s sessions, October’s opening level seen on the H4 timeframe at 1.3367 was consumed, allowing the H4 candles to advance and top just ahead of the H4 mid-level resistance pegged at 1.3450. Alongside this, daily price recently crossed above...
The USD/CAD bulls went on the offensive on Tuesday, eventually breaking through the 1.28 handle and connecting with a H4 Quasimodo resistance planted at 1.2823. The Quasimodo line was highlighted in yesterday’s report as a potential sell zone, but we were looking for H4 price to chalk up a bearish selling wick that pierced through 1.28 and tapped orders around...
Despite a heavily bid US equity market on Tuesday and a hawkish Powell testimony, the USD/JPY had a relatively subdued session, up 0.42% on the day. As is evident from the H4 timeframe, H4 price is nearing Monday’s highs at 111.69, shadowed closely by H4 resistance at 111.70 and the daily resistance level at 111.91/112 handle. This – coupled with weekly price...
The EUR/USD sustained further losses during Tuesday’s sessions following a retest of the 1.19 handle as resistance. As you can see, the day ended with H4 price ripping through the lower edge of a H4 demand pegged at 1.1836-1.1854. One can almost feel the pain caused by this move as stop-loss orders were highly likely triggered here. Better-than-expected US...
Weekly gain/loss: -0.40%
Weekly closing price: 1.2703
Upside remains capped on the weekly timeframe at 1.2778, despite higher oil prices. This weekly resistance level shares a strong history that dates back to early 2004, so it is not one to ignore! In the event that the market continues to dip south from here this week, traders’ crosshairs will likely be fixed...
Weekly gain/loss: -0.49%
Weekly closing price: 111.50
Recent movement on the weekly timeframe shows that price extended losses last week, reaching lows of 111.06. With 111.68 (the low marked with a green arrow) now potentially out of the picture, there is, according to weekly structure, room for further downside down to as far as the weekly support area at...
Weekly gain/loss: +0.66%
Weekly closing price: 0.7610
Although the commodity currency recouped some of its recent losses last week, weekly structure, in our view, remains unchanged from the previous weekly outlook. To the downside there is a particularly interesting weekly support we have our eye on. Merging with a weekly channel support extended from the low...
Weekly gain/loss: +1.16%
Weekly closing price: 1.1929
The shared currency enjoyed another successful week, increasing its worth by an additional 140 pips into the close. The weekly supply area at 1.1880-1.1777 (now acting support zone) was demolished as a result of the recent upside move. Scope to push higher and elbow into weekly resistance at 1.2044 could,...
For those who read Thursday’s report you may recall that we highlighted a H4 resistance seen at 0.7632, which happened to converge with a H4 AB=CD 161.8% ext. point at 0.7633, along with a H4 trendline resistance taken from the high 0.8103. We also mentioned that although this level boasted strong confluence, it was a somewhat risky sell according to daily...
The single currency, as you can see, rallied for a third consecutive day on Thursday, reaching a high of 1.1855. Better-than-expected Eurozone manufacturing data provided support for the pair in early London hours, lifting H4 price up to the1.1846 neighborhood. Shortly after, however, price drifted off into a tight consolidation ahead of a H4 resistance at 1.1861,...
The bearish pulse continued to beat in the USD/CAD market on Wednesday. After breaking out of the H4 ascending channel formation, the pair retested the underside of the lower edge as resistance and extended lower, influenced further following the release of the minutes from the latest FOMC meeting.
Following on from Wednesday’s report where we highlighted a...
Following the release of the FOMC minutes on Wednesday, the commodity currency drove through offers at the 0.76 handle and tapped a session high of 0.7623. Traders may have also noticed that the recent move north completed a H4 AB=CD bearish formation at 0.7620 (see black arrows). While the H4 candles are currently displaying bearish intent, we have to be prepared...
For those who follow our reports on a regular basis you may recall the team highlighting November’s opening level seen on the H4 timeframe at 1.3290 as a high-probability base to sell from. Placed nearby the 1.33 band (which essentially represents the weekly resistance level at 1.3301) and also the daily Quasimodo resistance at 1.3279, the monthly level was likely...
The euro made considerable ground against its US counterpart on Wednesday, running through both October’s opening level seen on the H4 timeframe at 1.1788 and, after the release of the FOMC minutes, the 1.18 handle. According to the minutes, the majority of the FOMC members saw that a near-term hike was warranted, but few opposed.
As you can see on the daily...
