Weekly gain/loss: - 331 pips
Weekly closing price: 1.3064
Last week’s sharp run to the downside pushed the British pound into further losses, stripping a whopping 300 pips off its value!
Weekly price, as you can see, recently re-entered the ascending channel formation (1.1986/1.2673), potentially opening up downside to as low as the demand area positioned at...
Weekly gain/loss: - 78 pips
Weekly closing price: 1.1733
Over the last week, the single currency sustained further losses against its US counterpart, consequently pulling the unit deeper into nearby demand at 1.1662-1.1814. In the event that this zone eventually gives way, the large support area seen directly below it at 1.1533-1.1278 will likely be...
For those who read Thursday’s report you may recall that our desk highlighted a possible sell trade from H4 supply at 0.9808-0.9787 (pending sell order at 0.9790 – stop loss at 0.9810).
Our reasoning behind this trade call was as follows:
• High on the curve, the weekly candles are seen bumping heads with the underside of a trendline resistance extended from the...
The EUR suffered going into Thursday’s London session, consequently driving through bids at the H4 mid-level support drawn from 1.1750. The unit ended the day approaching the 1.17 handle and formed a H4 buying tail. This, given it formed off of a psychological support, will likely attract buyers into the market.
Sweeping over to the weekly timeframe, demand at...
Influenced by Wednesday’s better-than-expected US ISM non-manufacturing print, the USD/CHF managed to print a nice-looking daily buying tail and erase Tuesday’s losses. While the bulls look to reassert their dominance, we maintain a fairly pessimistic outlook for the Swissie pair at the moment, due to the following reasons:
• High on the curve, the weekly candles...
After dropping sharply over the past couple of days, the yellow metal found a floor of bids around August’s opening level at 1269.3 yesterday, which happened to converge with a H4 channel support chalked in from the low 1323.0. Providing that the bulls remain in control here, the next upside target on the H4 chart can be seen at resistance drawn from 1280.4.
In...
Using a top-down approach this morning, we can see that weekly bulls look to be taking back some control within the walls of the support area seen at 0.7849-0.7752. This zone has a strong history and held well as support during the month of August, thus there’s a good chance that we may see history repeat itself here. In conjunction with the current weekly zone, a...
Going into the early hours of Europe yesterday, the 1.17 handle elbowed its way into the spotlight and provided strong support. The euro, as you can see however, failed to sustain gains beyond the H4 mid-level resistance at 1.1750 as the USDX H4 candles retested support fixed at 11962.
Though weekly demand at 1.1662-1.1814 remains in play, the bulls have yet to...
The impact of Monday’s hotter-than-expected US ISM Manufacturing PMI print saw the USD/CHF springboard north. Following this, the pair remained in a bullish state and has just this minute connected with two H4 channel resistances etched from highs of 0.9705/0.9746. It might also be worth noting that directly above these lines is a H4 supply zone pegged at...
Kicking off this morning’s report with a quick look at the weekly chart, we can see that buyers and sellers remain battling for position within the walls of a support area penciled in at 0.7849-0.7752. This zone has a strong history and held well as support during the month of August, thus there’s a good chance that we may see history repeat itself here. In...
The euro, as you can see, opened the week lower against its US counterpart, consequently placing H4 price beneath the 1.18 handle. The bearish pulse continued to beat throughout the day, eventually wiping out bids around the mid-level support at 1.1750 on stronger-than-expected US ISM manufacturing data.
With 1.1750 engulfed, the 1.17 handle, followed closely by...
Weekly gain/loss: + 47 pips
Weekly closing price: 112.46
Over the course of last week’s segment, dollar bulls pushed to fresh highs of 113.25 and registered its third consecutive bullish close. As a result, the odds of price shaking hands with nearby supply at 115.50-113.85 are still high, in our humble opinion.
In conjunction with weekly flow, we can also see...
Weekly gain/loss: - 127 pips
Weekly closing price: 0.7828
The Australian dollar, as you can see, continued to spiral south last week, resulting in weekly price aggressively piling into a support area penciled in at 0.7849-0.7752. This zone has a strong history and held well as support during the month of August, thus there’s a good chance that we may see history...
The USD/JPY experienced a somewhat aggressive downside move on Thursday after whipsawing through the underside of the 113 handle. Influenced by overall dollar losses (USDX traded from H4 resistance at 11962), the pair ended the day closing 30 or so pips ahead of the 112 handle.
Although intraday movement shows bids coming into the market as we write, the 112...
In Wednesday’s analysis, our team’s focus was primarily on a potential fakeout being seen below H4 demand at 0.7866-0.7850 into a H4 Quasimodo support level at 0.7839. On this occasion, our analysis proved to be correct.
Not only did 0.7839 align nicely with the top edge of daily demand at 0.7838 and nearby the top edge of the weekly support area at 0.7849,...
