Despite solid gains recorded on the EUR and a considerable decline in the US dollar on Thursday, the British pound failed to sustain gains beyond the 1.31 handle. Continued rejection from 1.31 may see the H4 candles revisit the 1.3053-1.3037 area (a recently broken supply turned support area), whereas a move above 1.31 will almost immediately bring price into the...
Bolstered by a fading US dollar, the commodity currency shifted northbound on Tuesday. The move saw price aggressively break through the 0.80 psychological boundary and come within a few pips of testing a daily Quasimodo resistance level at 0.8030. As of current price, the unit remains above 0.80, despite an earnest attempt from sellers to push lower during the US...
A spineless greenback helped GBP bulls find their feet early on in yesterday’s London morning segment. The advance, shaped by a number of strong consecutive H4 bull candles, ran through multiple tech resistances and ended the day kissing the underside of a supply penciled in at 1.3053-1.3037. Despite this, we may see this area faked before sellers step into the...
Weekly gain/loss: - 88 pips
Weekly closing price: 1.2392
The USD/CAD managed to retain its offered tone last week, after weekly price hammered its way through a long-term weekly trendline support extended from the low 0.9633. Technically speaking, this has likely set the stage for further selling this week at least until we reach weekly demand penciled in at...
Weekly gain/loss: + 35 pips
Weekly closing price: 0.7963
Since weekly price linked with the support area at 0.7849-0.7752 three weeks ago, the commodity currency has remained reasonably well-bid. The next objective, assuming that price continues to push north, can be seen around resistance drawn from 0.8075. Before weekly action can reach the noted resistance,...
Weekly gain/loss: - 58 pips
Weekly closing price: 1.1861
After seeing the EUR/USD shake hands with the weekly resistance level at 1.2044, a strong succession of sell orders reigned over this market last week. As a result of this, the week ended with price marginally closing beyond weekly support pegged at 1.1871. Inversely, we also saw the USDX weekly support at...
Going into the early hours of yesterday’s US segment, we can see that the single currency bottomed around August’s opening level at 1.1830. Soft US data, along with a USDX resistance at 11960 and daily supply at 11969-11938, helped lift the pair north, consequently ending the day closing beyond the 1.19 handle.
Similar to the USDX daily supply (only inverse), we...
For those who read Monday’s report you may recall our team stating that should the H4 Harmonic bat pattern complete at 1.2455, we will be interested buyers here. As you can see, price tested the 1.2450 region beautifully and rallied higher. Well done to any of our readers who jumped on board alongside us here.
We executed a trade at 1.2455 and initially had our...
Weekly gain/loss: - 102 pips
Weekly closing price: 1.2480
The USD/CAD sustained further losses last week, consequently pushing the weekly candles deeper into the weekly support area coming in at 1.2433-1.2569 (unites with a trendline support etched from the low 0.9633).
Since daily price struck the underside of a resistance zone drawn from 1.2831-1.2763, the...
Weekly gain/loss: + 4 pips
Weekly closing price: 0.7928
Weekly bulls, as can be seen from the weekly timeframe, continued to defend the support area at 0.7849-0.7752 last week. Further buying from this vicinity could eventually see the bulls shake hands with resistance carved from 0.8075 (a resistance line that stretches as far back as 2008).
Turning over a...
Weekly gain/loss: + 161 pips
Weekly closing price: 1.1919
The EUR was seen flexing its financial muscle last week, as weekly action crossed above resistance at 1.1871. Providing that the bulls can continue to dominate above this line, the next port of call will likely be the resistance line printed at 1.2044 (not seen on the screen). Something else that’s worth...
EUR buyers managed to find their feet early on in the day on Wednesday, bolstered by the H4 mid-level support at 1.1750. As a result of this, H4 price broke and eventually closed above the 1.18 handle. As you can see though, the unit failed to generate much follow through after this, due to a nearby Quasimodo resistance level at 1.1823 (shadowed closely by...
Across the board, we saw the US dollar decline on Monday against the majority of its trading peers. This drove the EUR/USD higher, consequently clearing multiple tech resistances on the H4 timeframe. The single currency settled for the day challenging a H4 Quasimodo resistance pegged at 1.1823, which, as you can see, is shadowed closely by August’s opening level...
Weekly gain/loss: - 95 pips
Weekly closing price: 1.2582
Despite the stronger-than-expected rebound seen from the weekly support area given at 1.2433-1.2569 three weeks ago, weekly sellers came into the fray last week and retested the top edge of this zone.
Technically speaking, the selloff was likely due to the daily resistance area coming in at 1.2831-1.2763....
Weekly gain/loss: + 32 pips
Weekly closing price: 0.7924
Over the course of last week’s trading, the commodity currency remained above the weekly support area coming in at 0.7849-0.7752. Providing that the bulls continue to bid this market higher from here, the next upside target can be seen at 0.8075: a resistance that stretches as far back as September...
Weekly gain/loss: - 138 pips
Weekly closing price: 1.2870
Last week’s sharp run to the downside pushed the British pound into further losses, stripping close to 150 pips off its value. From the weekly timeframe, the next notable area to keep an eye on is the demand base coming in at 1.2589-1.2759. What’s also notable from a technical perspective on this chart is...
Weekly gain/loss: - 63 pips
Weekly closing price: 1.1758
Despite weekly action seen trading from resistance at 1.1871, price has yet to generate anything noteworthy to the downside. A similar picture can be seen on the US dollar index (USDX), only inverse from a weekly support drawn in at 11854. A violation of the current resistance level directly exposes another...
The US equity market came under considerable pressure on Thursday. The H4 trendline support etched from the low 21273, alongside August’s opening level at 21913, was engulfed as a result of this. Traders may have also noticed that daily action closed below a channel support line extended from the low 20494. With that being said, however, the daily candles are now...
