Don’t you just love it when that happens! For those of you who are regular readers you may recall that we set a pending buy order at 0.7805, with a stop-loss order tucked beneath H4 demand (0.7786-0.7804) at 0.7784. Price came within two pips of our order and has since rallied over 100 pips! Our reasoning for this trade call was due to the following...
The US dollar made considerable ground against the Japanese yen on Monday, as geopolitical tensions eased between the US and North Korea (Bloomberg). As you can probably see, this has placed the H4 candles above the 110 handle and in-line for an attack of August’s opening level at 110.30, followed closely by the mid-level resistance at 110.50. What’s also notable...
Kicking this morning’s report off with a look at the weekly timeframe, we can see that the candles recently came into contact with a support area marked at 0.7849-0.7752. There was, as noted in Monday’s report, a mild end-of-week correction seen from the top edge of this base. Looking down to the daily timeframe, the commodity currency is seen lurking just ahead...
Weekly gain/loss: - 206 points
Weekly closing price: 21865
US equities declined in value last week, consequently breaking a two-week bullish phase. The move, influenced by escalating tensions between the US and North Korea, wiped out the majority of the prior week’s losses and very nearly formed a weekly bearish engulfing candle! Providing that the bears remain...
Weekly gain/loss: + 48 pips
Weekly closing price: 1.1821
Despite the weekly timeframe stamping in a strong-looking selling wick, price failed to generate anything noteworthy to the downside last week. Instead, what we saw was the pair decisively print a close above weekly resistance at 1.1768, which has directly exposed a weekly resistance level coming in at...
Thanks to a healthy bout of buying from just ahead of the 1.17 neighborhood on Thursday, the EUR ended the day closing back above the H4 mid-level resistance pegged at 1.1750. Traders may have also noticed that the recent bid helped form a nice-looking H4 AB=CD bearish formation that completes around the 1.1785ish range (see black arrows).
Selling this Harmonic...
In recent trading, we saw the GBP/USD cross below the large psychological band 1.30 and come within touching distance of connecting with the H4 mid-level support at 1.2950. Right now, however, the H4 candles look poised to retest 1.30 as resistance. There are several features about this number that deserves mention. Fusing closely with this number is July’s...
The 0.79 handle, as you can see, continues to provide a floor of support in this market, managing to withstand several bearish attacks over the past few weeks. Despite 0.79 fusing with two H4 trendline supports (0.7874/0.7635) and being positioned within daily demand at 0.7874-0.7922, the reactions from this psychological band appear to be weakening. This –...
Weekly gain/loss: - 98 pips
Weekly closing price: 1.3033
Despite weekly price violently piercing through the top edge of a weekly supply at 1.3120-1.2957, last week’s action concluded by chalking up a strong-looking selling wick that managed to firmly close back within the walls of the noted supply. Providing that the bears continue to dominate here, this would...
Weekly gain/loss: + 24 pips
Weekly closing price: 1.1773
Following three consecutive weekly bullish candles, the shared currency stamped in an eye-catching weekly selling wick during the course of last week’s trading. Could this, even though price closed the week a tad beyond weekly resistance at 1.1759, be enough to encourage further selling this week? If this...
The BoE kept its monetary policy unchanged on Thursday, consequently sending the pair sharply lower. As can be seen from the H4 chart, price bottomed just ahead of the 1.31 handle, buoyed by a channel support line etched from the low 1.2932. As we write, the balance between bids/offers appear to be even between the current channel support and the nearby mid-level...
During the course of yesterday’s segment, the single currency traded the first half of the London session sub 1.1850. Following a close above this number, however, H4 price retested the line as support and rose to a high of 1.1893 on the day.
Weekly bulls continue to show promise above weekly resistance at 1.1759. Should the major conclude the week closing beyond...
Of late, we can see that the GBP/USD extended higher, reaching fresh highs of 1.3223 in the process. As a result of this, weekly price is now seen trading beyond the walls of supply at 1.3120-1.2957. However, technically speaking, it is far too early in the week to tell if this move north suggests further upside to the Quasimodo resistance planted at 1.3371.
Down...
Weekly gain/loss: + 229 pips
Weekly closing price: 0.9685
A stronger-than-expected bounce was seen from the weekly support area at 0.9443-0.9515 last week, consequently lifting the market to a high of 0.9726. As you can see, the move erased all of the prior week’s losses and engulfed two additional weekly candles in the process. What’s also interesting is price...
Weekly gain/loss: - 43 pips
Weekly closing price: 110.69
From the weekly timeframe it’s clear to see that the pair sustained further losses last week, registering its third weekly bearish close. Technically speaking, the market looks as though it could continue to press lower until we reach the small demand base seen at 108.13-108.95.
Zooming in and looking at...
Weekly gain/loss: + 86 pips
Weekly closing price: 1.1749
The EUR/USD market enjoyed another relatively successful week, chalking in its third consecutive weekly bullish candle. In order for the bulls to continue pushing higher this week, however, weekly resistance at 1.1759 will need to be taken out. A decisive close above this line will likely see the major...
A stronger-than-expected bounce has been seen from the weekly support area at 0.9443-0.9515, consequently forcing daily action to challenge supply at 0.9738-0.9691. This area also happens to converge with a daily channel resistance extended from the high 0.9808 and a daily 38.2% Fib resistance at 0.9693 taken from the high 1.0099.
Although weekly price looks bull...
Four reasons to be looking to short the daily supply at 1.3278-1.3209:
. Daily channel resistance.
. Daily AB=CD 127.2% ext.
. Daily trendline resistance.
. Nearby psychological band at 1.32.
