Following a positive start to the day, US equities continued to propel higher on Tuesday. Led by Health care and information technology gains, the DJIA was able to crunch through a H4 resistance area at 23481-23455 (now acting support area) and also a H4 supply base at 23579-23556 (also now an acting support area).
With H4 price currently seen retesting...
Failing to sustain gains beyond October’s opening level seen on the H4 timeframe at 112.64, the USD/JPY spent Tuesday pressing lower, consequently concluding trade at a low of 112.17. In the event that the bears continue to push lower today/this week, the next area of concern on the H4 timeframe can be seen at last Friday’s low 111.88, followed closely by H4...
After digesting RBA Gov. Lowe’s comments, the commodity currency staged a modest recovery from lows of 0.7534. The advance hit a stumbling block, however, as price entered into the US segment, spending the remainder of the day consolidating 20 or so pips ahead of the 0.76 handle. Also worthy of mention is that the daily trendline resistance extended from the low...
Weekly gain/loss: -1.28%
Weekly closing price: 0.7563
The commodity currency boarded the pain train last week, dropping almost 100 pips. What this recent downside move did accomplish, however, was bring weekly price down to within shouting distance of a particularly interesting level. Merging with a weekly channel support extended from the low 0.6827, we have a...
Weekly gain/loss: +0.17%
Weekly closing price: 1.3214
Since early October, the GBP/USD has been consolidating beneath a weekly resistance level coming in at 1.3301. Should a breakout to the upside occur, it seems price would be all set to extend up to a weekly channel resistance taken from the high 1.2673. On the other side of the coin, a move to the downside...
Weekly gain/loss: +1.08%
Weekly closing price: 1.1787
Over the course of last week’s trading, the single currency extended its bounce from weekly support at 1.1616. This, as you can see, lifted weekly price up to a supply base coming in at 1.1880-1.1777, which has so far held ground. A violation of this area, however, would likely bring the weekly resistance...
US equities snapped its two-day losing streak on Thursday, as the index surged. After chalking up several nice-looking H4 buying tails around the H4 support area at 23261-23297, price strongly broke through offers surrounding November’s opening level at 23392. The unit mildly pared losses going into the closing bell as price struggled to breach the collection of...
As can be seen from the H4 timeframe this morning, the candles are currently encapsulated within an ascending H4 channel (1.2666/1.2741). Should price continue to climb within this formation, the 1.28 handle is likely the next resistance on the hit list.
Over on the weekly timeframe, the 1.2778 band represents a sturdy weekly resistance level. As a matter of...
After retesting the underside of 0.99 during the early hours of yesterday’s session, the USD/CHF fell to a low of 0.9846. Leaving the H4 support at 0.9837 unchallenged, the pair reclaimed earlier losses and revisited 0.99.
Right now, we believe this is a sellers’ market. Here’s why:
• Weekly price shows room to drive as far south as weekly support coming in at...
The yellow metal aggressively sold off from H4 resistance at 1288.7 going into the early hours of yesterday’s US segment. As you can see, this forced H4 price back into the H4 range shaded in yellow at 1282.5/1265.4, and also below October’s opening level at 1279.1.
The H4 resistance mentioned above at 1288.7 is proving a troublesome area to breach, considering...
During the course of Wednesday’s segment, the USD/CAD popped to a high of 1.2789. Why would H4 price not continue north and shake hands with the 1.28 boundary? Well, over on the weekly timeframe, the 1.2778 band represents a sturdy weekly resistance level! As a matter of fact, the desk highlighted the 1.28 boundary and 1.2778 as a potential sell zone yesterday....
For those who read Tuesday’s report you may recall that the team highlighted a possible buy zone at 1265.4/1269.9 (green area) seen on the H4 timeframe. The lower edge of the current H4 range at 1265.4, as well as the nearby H4 Quasimodo support at 1267.6 along with August and September’s opening levels seen just above at 1269.3/1269.9 formed a strong-looking...
A feeble US dollar, along with an advance in euro markets, sent the USD/CHF considerably lower during trade on Tuesday. The pair wrapped up the day closing beneath the 0.99 handle and also a H4 channel support line taken from the low 0.9939. As we hope is clearly demonstrated on the H4 chart, the unit recently retested the underside of 0.99 (and its fusing channel...
Following a lower-than-expected UK inflation print in the early hours of London trade yesterday, the unit cracked below the 1.31 handle and clocked a low of 1.3073. As can be seen from the H4 timeframe, nevertheless, price failed to sustain this momentum and quickly reversed. Despite a better-than-expected US PPI reading, the dollar tumbled lower, thereby...
Failing to sustain gains above November’s opening line at 0.7659 in early Asia led to a rather dominant selloff throughout the day on Monday, which ended with the H4 candles cracking below support at 0.7632 (now acting resistance). What this latest move also accomplished, however, was opening up downside to the 0.76 handle. This psychological band is attractive,...
Weekly gain/loss: -0.47%
Weekly closing price: 0.9956
After crossing swords with the 2016 yearly opening level seen on the weekly chart at 1.0029 three weeks ago, the sellers finally made an entrance last week. Wiping out all of the prior week’s gains, the downside move could extend as far south as weekly support at 0.9770 in the coming weeks.
Bouncing down to...
Weekly gain/loss: +0.89%
Weekly closing price: 1.3189
Since early October, the British pound has been consolidating underneath a weekly resistance level plotted at 1.3301. Although the market did chalk up a reasonably healthy gain last week, let’s not forget that three weeks prior to this, three consecutive bearish candles had printed, each one tapping the...
