We can see that there is clear support at 1.5606 and a potential bearish breakout is starting to form with price breaking below our ichimoku green cloud and RSI also breaking our ascending support. The only thing left to break to trigger a potential big drop is our 1.5606 support.
Our next big support would then be at 1.5473 which is our horizontal overlap...
Bitcoin is now testing our ascending support line which has been holding price up in its recovery since the beginning of February 2018. This is definitely a key support as if price breaks it, it would be a strong precursor to a bearish move. Drawing some correlation from our Etherium (ETHUSD) idea, this level has to hold otherwise we're seeing a potential larger...
We were watching our ascending support line really closely yesterday and price has finally broken below it. This is usually a sign for a potential change in momentum to bearish. Our 1st major resistance is at 907 which is a pullback resistance level. Our next major support is at 778 which is a 50% Fibonacci retracement and a strong horizontal swing low...
AUDUSD is testing intermediate and major support at 0.7892 to 0.7875 (Fibonacci retracement, fibonacci extension, pullback support) and a bounce could occur at this level. Next major resistance level is at 0.7989 (Major 61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is approaching strong support at 4.4% where a corresponding...
Nikkei is approaching major support at 21700 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Ichimoku cloud support) and there is a potential for a bounce above this level towards 22360 resistance (Fibonacci retracement, horizontal overlap resistance).
RSI (55) sees strong support above 50% which is the level that would maintain our bullish bias.
USDCAD has broken a major resistance-turned-support line at 1.2559 which now serves as major support for a potential bounce towards 1.2645 (100% ABC Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing high resistance).
RSI (55) also sees a recent bullish exit signalling a change in momentum from bearish to bullish. This is in line with the...
Ethereum is approaching major resistance at 997.75 (Multiple fibonacci retracements, fibonacci extensions, horizontal overlap resistance).
We can also see an ascending support line squeeze price against the 997.75 ceiling signalling that a major break in either direction could be expected.
If price breaks the ascending support line, our next major levels of...
The Aussie market traded flat on Monday, with China and the US both on vacation. As you can see, though, the unit refused to give up the 0.79 handle, despite several breaches prior.
On the bigger picture, the commodity currency is seen standing tall off the 2018 yearly opening level at 0.7801. Sustained upside from this point may eventually pull the unit back up...
For those who follow our analysis on a regular basis you may recall that the team highlighted a potential sell zone between the 0.79 handle and a H4 Quasimodo resistance level at 0.7888. As you can see, the Aussie tested this level and declined over 100 pips amid the first half of Wednesday’s trading on the back of dollar strength. So, well done to any of our...
Since the commodity-linked currency peaked at 0.8135 on Jan 26, the Aussie has suffered consecutive daily losses.
In early trading on Thursday, the pair took a hit following less-than-stellar Chinese trade balance data. After driving through the 0.78 handle, the day ended with price bottoming around the top edge of a H4 demand base drawn from 0.7762-0.7779,...
Despite printing a healthy recovery from the top edge of a daily demand base at 0.7807-0.7841 on Tuesday, the commodity currency came under renewed pressure during yesterday’s segment. The daily base, as you can see, remains in play but appears as though it’s on the verge of giving way, which may call for a downside move to daily support pegged at 0.7732.
H4...
Across the board, the US dollar rose higher against the majority of its trading peers (currently trading at 90.26 on the US dollar index) on Wednesday, consequently placing the single currency under pressure. The euro, as you can see, engulfed both a H4 channel support extended from the low 1.2336 and a psychological support at 1.23, finishing the day at lows of...
Breaking a six-day bearish phase, the commodity-linked currency printed a healthy recovery during Tuesday’s segment from the top edge of a daily demand base penciled in at 0.7807-0.7841. From the daily scale, technicals suggest further buying up to a daily resistance area at 0.7986-0.7951 is a possibility.
H4 price found a pocket of strong bids around the H4...
After retesting the underside of the large psychological band 1.40 (H4) amid early London hours, the British pound, in one fell swoop, surpassed both 1.39 and the daily support at 1.3878, registering a session low of 1.3836.
What was also brought into play, however, was a daily AB=CD (see black arrows) 127.2% correction point at 1.3883 and a 38.2% daily Fib...
