Beginning this morning’s report with a look at the weekly timeframe, we can see that the unit is ranging between supply at 115.50-113.85 and demand at 108.13-108.95. Along similar lines, daily price is also seen sandwiched between support coming in at 110.76 and resistance at 111.91.
Looking across to the H4 candles, the market failed to generate much follow...
After momentarily surpassing the 1.17 handle on Tuesday and coming within an inch of clipping the underside of a H4 AB=CD 161.8% Fib extension at 1.1713 drawn from the low 1.1370, the single currency (influenced by a much higher-than-expected US consumer confidence report) turned aggressively lower.
What’s also notable from a technical perspective is that the...
In recent trading the USD/CHF fell sharply, consequently taking out the 0.96 handle and July’s opening level at 0.9580. The unit bottomed after clocking a low of 0.9523 and has since been registering bullish candles. Helping price along its way, nevertheless, is a daily support currently in play coming in at 0.9546. While this is holding the market higher at the...
Following a bullish RBA minutes, the commodity currency aggressively bounced from the 0.78 region, which fused beautifully with a H4 trendline support etched from the high 0.7635. Prices advanced over 100 pips from here, eventually putting in a high of 0.7942 and closing the day beyond the 0.79 handle. This has, as far as we can see, cleared the path north for...
After a brief spell beneath daily demand at 1.2654-1.2734, the bulls kicked into action yesterday and ended the day on a somewhat positive note. Be that as it may, as the weekly candles clearly point out, the next area of support does not come into view until we reach 1.2538, thus the odds of further selling being seen this week, in our opinion, is relatively...
Weekly gain/loss: + 218 pips
Weekly closing price: 1.3101
Looking at the weekly timeframe, it’s clear to see that a strong succession of bids flowed into the market last week, consequently forming a near-full-bodied weekly candle within supply at 1.3120-1.2957. Assuming that the bulls continue to govern direction here, this could lead to a move being seen up to a...
Weekly gain/loss: + 65 pips
Weekly closing price: 1.1465
EUR/USD bulls gravitated higher last week despite weekly price being positioned within the walls of a major supply drawn from 1.1533-1.1278, which has capped upside since May 2015. This is the highest we’ve seen the single currency close since mid-Feb 2015, thus possibly signifying that the bears could be...
The commodity currency rallied for a fourth consecutive day on Wednesday, reaching a high of 0.7685. The move has brought the current weekly candle up to within striking distance of the weekly trendline resistance drawn from the high 0.7835. Should the unit breach this line, however, the bulls won’t have far to go to find trouble since there’s a nearby weekly...
For those who read Wednesday’s report you may recall that our desk placed a pending sell order around the lower edge of a fresh H4 supply at 1.1484. As can be seen from the H4 chart, the order filled beautifully during the early hours of yesterday’s segment and has reached the first take-profit zone: July’s opening level at 1.1417. We have taken 50% off the table...
Influenced by bearish comments from FOMC member Brainard, the EUR/USD shifted to the upside during yesterday’s US session. July’s opening level at 1.1417 as well as the H4 mid-level resistance at 1.1450 were taken out, with the major ending the day closing just ahead of a H4 supply base coming in at 1.1529-1.1484 (formed back in May 2016).
What’s interesting...
Over the last week or so, the H4 candles have been chiseling out a consolidation between resistance at 0.7615 and support located at 0.7571. According to the weekly timeframe, the commodity currency could be heading higher sometime soon given that weekly price recently connected with a support area carved from 0.7610-0.7543. There are, however, two cautionary...
The EUR/USD took on more of a sober tone during Monday’s sessions, ranging between July’s opening level at 1.1417 and a H4 support area based at 1.1372-1.1390. Should the unit violate 1.1417 today, the next hurdle in the firing range is likely to be the H4 mid-level resistance 1.1450. A break below the current H4 support area on the other hand would likely open...
The AUD/USD charts are certainly interesting this morning! Over on the weekly chart, the bears continue to dig their way into a support area marked at 0.7610-0.7543. Stepping down a level to the daily chart, however, the unit shows space for price to continue pushing lower until we reach the support area formed at 0.7556-0.7523, which happens to be glued around...
The EUR/USD bulls went on the offensive during yesterday’s segment, running through both the H4 resistance area at 1.1372-1.1390, as well as the 1.14 handle. Influenced by lower-than-expected US ADP non-farm employment numbers and weekly unemployment figures, the major managed to end the day forming a nice-looking daily full-bodied bullish candle.
While we...
Over the last few sessions, we have seen H4 price put together a consolidation zone formed by a resistance area penciled in at 1229.1-1231.6 and a demand base coming in at 1216.7-1219.3. While traders who only focus on one timeframe may feel that this market is likely headed south due to the medium-term downtrend that we are currently in on the H4 timeframe, the...
H4 bulls, as you can see, struggled to maintain a bullish presence above the 0.76 handle during the early hours of Wednesday’s trade. This was, technically speaking, largely thanks to April’s opening level at 0.7632, which sent the commodity currency aggressively lower going into the London segment, eventually taking out 0.76 and clocking a low of 0.7571....
EUR/USD prices are little changed this morning. As such, weekly flow remains loitering within the walls of a major supply zone drawn from 1.1533-1.1278 that has capped upside since May 2015. Daily action on the other hand, shows that the major connected with the top edge of a support area drawn from 1.1327-1.1253 during yesterday’s trading, and chalked up a...
In response to the RBA’s rate statement on Tuesday the commodity currency plunged south, consequently breaking through both the H4 mid-level support at 0.7650 and April’s opening level at 0.7632. It was only once price shook hands with the H4 trendline support etched from the high 0.7635 (and its converging round number 0.76/H4 61.8% Fib support at 0.7603), did...
