The single currency sustained further losses on Wednesday, consequently forcing price through the H4 mid-level support at 1.1750 and on to a session low of 1.1717. As of current price, the H4 candles have established resistance around the underside of 1.1750 and may look to approach the 1.17 handle today, followed closely by a Quasimodo support registered at...
Kicking this morning’s report off with a look at the weekly timeframe, we can clearly see that price is now within shouting distance of connecting with a support area marked at 0.7849-0.7752. Meanwhile, daily action shows the recently engulfed support at 0.7955 is holding ground as resistance. Provided that the bears continue to defend this line, daily demand at...
Sizing up the weekly chart this morning, we can see that the candles remain trading between a major resistance coming in at 1.3683 and a broken Quasimodo line at 1.3371/channel resistance-turned support extended from the high 1.2706.
On the H4 timeframe, recent events show the 1.35 handle was taken out amid yesterday’s US open, forcing price to clock a session...
Despite a strong bounce materializing from the 1.19 handle in opening trade on Monday, the single currency remained under pressure from the results of the German elections. After H4 price conquered the 1.19 support in early London the unit aggressively tumbled lower, consequently ending the day bottoming just ahead of August’s opening level at 1.1830. Also...
The value of the EUR strengthened on Thursday, consequently erasing 50% of Wednesday’s Fed-induced losses. As the US dollar found refuge beneath USDX weekly resistance at 11854, the single currency conquered both the 1.19 handle and September’s opening level at 1.1913, allowing H4 price to shake hands with the mid-level resistance marked at 1.1950.
Aside from...
Thanks to a healthy bout of buying above the H4 mid-level number 1.1950 yesterday, the single currency was able to shake hands with the widely watched 1.20 handle. As expected, price marginally whipsawed through this psychological boundary and came into contact with nearby H4 supply pegged at 1.2029-1.2007.
For those who read Tuesday’s report you may recall that...
As expected, the 111 handle failed to provide resistance on Monday, consequently opening up the path north to H4 supply at 112.19-111.75.
Apart from weekly price, which is seen trading from a support area coming in at 105.19-107.54, daily and H4 price show there’s a possibility for a pullback today/this week. On the daily timeframe, we have a nearby resistances...
Weekly gain/loss: + 300 pips
Weekly closing price: 110.83
After clipping the top edge of a weekly support area at 105.19-107.54, USD/JPY bulls staged an aggressive recovery last week, completely engulfing the prior week’s losses. Although the USDX formed a bearish pin bar from weekly resistance at 11854 last week, the path north on the USD/JPY appears reasonably...
Weekly gain/loss: + 395 pips
Weekly closing price: 1.3583
Cable printed another impressive weekly candle last week, consequently breaking through the weekly Quasimodo resistance level at 1.3371 and landing the unit within touching distance of a major resistance coming in at 1.3683 (seen as far back as 2001). With USDX weekly action printing a bearish pin bar last...
Weekly gain/loss: - 94 pips
Weekly closing price: 1.1940
Over the past three weeks, upward momentum has somewhat diminished thanks to the weekly resistance pegged at 1.2044. Despite this, weekly bulls managed to chalk up a mild end-of-week correction last week from weekly support seen below at 1.1871, possibly encouraging buyers into the market. In addition to...
In recent news, US inflation data reported a hotter-than-expected month, instantly sending the single currency lower and dollar higher. In spite of this the pair was unable to hold its bearish tone, and reversed immediate losses in a matter of minutes from just ahead of August’s opening level pegged at 1.1830.
For those who follow our analysis regularly you may...
The DOW, as you can see on the H4 chart, edged its way above the Quasimodo resistance at 22138 on Wednesday and has maintained a bullish footing. As highlighted in yesterday’s report, we believe this H4 barrier was the last remaining resistance stopping the index from achieving fresh record highs. So, with this line out of the picture and currently holding as a...
Across the board, the US dollar rallied against the majority of its trading peers on Wednesday amid tax reform talks, consequently pushing the single currency south. After crushing the 1.19 handle, the pair ended the day bottoming around the 1.1873 mark.
With yesterday’s aggressive slide, technical traders are likely watching for September’s opening level at...
In recent activity, the US dollar pressed higher against its Canadian counterpart. Offers at the H4 mid-level resistance 1.2150 were consumed, allowing the unit to tap a high of 1.2189 into the closing bell. The important thing to consider here, however, is the H4 AB=CD bearish formation topping at 1.22 (H4 Fib ext. point at 127.2%), which boasts a H4 38.2% Fib...
UK inflation data came in hotter than expected on Tuesday, sparking another wave of buying. Price ran through offers at the H4 Quasimodo resistance level plotted from 1.3245, and ended the day extending to a high of 1.3299. With the 1.33 handle lurking within touching distance at the moment, could this number be enough to halt further buying today? Through the...
Following a breakdown through the H4 mid-level support at 1.1950, the single currency lost steam on Tuesday as price managed to find a fresh pocket of bids just ahead of H4 demand at 1.1907-1.1926. This saw the unit springboard itself back above 1.1950 to a high of 1.1973 on the day.
Looking at the weekly chart, we can clearly see that since the beginning of...
Weekly gain/loss: + $21.4
Weekly closing price: 1346.0
Since early July, the yellow metal has been on a tear! Of late, we’ve seen weekly price drive through offers at resistance drawn from 1337.3 (now acting support), potentially opening up the trapdoor north to resistance visible at 1375.5. Also noteworthy is 1375.5 converges nicely with an AB=CD bearish...
Weekly gain/loss: + 173 pips
Weekly closing price: 1.2034
Over the course of last week’s trading, the single currency maintained a bullish posture from weekly support pegged at 1.1871. Rallying close to 200 pips on the week, the move chalked up a fresh high of 1.2092 and revisited weekly resistance at 1.2044. Interestingly, the weekly USDX chart shows price...
