For those who read Thursday’s report you may recall that we showed interest in shorting from the 1.35 handle. Ultimately, we wanted to see H4 price print a selling wick that pierced above the H4 supply at 1.3495-1.3485 into 1.35. While this did come to fruition, we chose not to enter for the simple reason that the same H4 candle also boasted an incredibly large...
As we highlighted in Thursday’s report, the single currency was likely to find resistance within the H4 (green) sell zone at 1.0777/1.0750. The area comprised of a H4 supply zone at 1.0773-1.0751, a H4 mid-level resistance at 1.0750 and a H4 61.8% Fib resistance at 1.0777 (taken from the high 1.0905). Also of note was the daily resistance found within the upper...
In recent sessions, the yellow metal continued to drive lower after touching base with a H4 supply zone seen at 1292.5-1289.2. The move, as you can see, completed at a H4 AB=CD 127.2% ext. at 1274.2, which happens to be housed within a H4 demand area at 1271.8-1275.2. Although this zone has already done a fine job of supporting the bulls, both weekly and daily...
The EUR/USD, as you can see, recently ran through multiple H4 tech resistances amid a generally well-bid EUR and a beaten US dollar. With 1.07 now out of the picture, the next area of interest falls in around 1.0773-1.0751: a supply zone that sits in between a mid-level resistance at 1.0750/161.8% Fib extension at 1.0743 (drawn from the low 1.0569) and a 61.8% Fib...
Weekly gain/loss: - 250 pips
Weekly closing price: 108.56
Following two weeks of struggle within the weekly support area seen at 111.44-110.10, the bears recently took control and forced price below this zone. The move could, in our humble opinion, force the piece to cross swords with the weekly support area coming in at 105.19-107.54.
Turning our attention to...
Recent action shows that the USD/JPY extended its downside move from April’s opening level at 111.41 yesterday, taking out the 110 handle and clipping a low of 109.60 on the day. Despite this aggressive selloff, H4 price is seen testing an AB=CD (see black arrows) 127.2% Fib ext. at 109.54, which is shadowed closely by the mid-level support at 109.50.
Although...
During the course of yesterday’s sessions H4 price swallowed the 1.06 handle and rallied into the upper limits of a resistance area at 1.0607-1.0632. As you can see, the market established a resistance from within this barrier around the AB=CD 161.8% Fib ext. plugged at 1.0630 (taken from the low 1.0569), and retraced back to the 1.06 handle going into the...
Weekly gain/loss: - 177 pips
Weekly closing price: 1.2369
Breaking a three-week bullish phase, weekly bears rose up and took charge last week bringing the pound to within striking distance of the 2017 yearly opening level at 1.2329. Also of particular interest on the weekly timeframe is the potential bearish pennant currently in motion (1.2774/1.1986).
Climbing...
Weekly gain/loss: - 67 pips
Weekly closing price: 1.0589
Last week’s action shows that the EUR/USD extended its pullback from the 2016 yearly opening level at 1.0873, which could force the major to test the 2017 yearly opening level at 1.0515/support area at 1.0333-1.0502 sometime this week. With this area having been a considerable support and resistance zone in...
Of late, the GBP/USD has been seen ranging between the H4 mid-way support at 1.2450 and the psychological band 1.25. Of particular interest on the H4 chart, however, is the potential AB=CD bearish pattern that terminates around the upper edge of supply coming in at 1.2596-1.2568. Still, before this can come to fruition, April’s opening line at 1.2541 and the...
Underpinned by a weekly support area at 111.44-110.10, the bulls are showing signs of recovery. Providing that this continues, there’s potential for price to challenge the supply zone seen at 115.50-113.85. Down on the daily timeframe, however, the unit is seen trading within a resistance area coming in at 111.35-112.37. The pair is likely to find some resistance...
The EUR/USD, as you can see, has been trading south for the past three days, down from Monday’s high at 1.0905. Yesterday’s decline aggressively swallowed both the H4 demand at 1.0705-1.0723 (now acting resistance area) and the 1.07 handle, potentially opening up the path south down to a H4 demand fixed at 1.0607-1.0632.
Over on the bigger picture, we can see...
Despite the H4 demand at 1.0752-1.0769 holding firm yesterday, the EUR is under noticeable pressure. The selloff from the 2016 yearly opening level at 1.0873 has been strong. According to the weekly timeframe, and this is assuming that price also remains below resistance at 1.0819, the next downside target does not come into view until the 2017 yearly opening...
Weekly gain/loss: + 35 pips
Weekly closing price: 1.3377
Following the selloff seen from the 2017 yearly opening level at 1.3434 two weeks back, weekly price responded with a round of buying from a low of 1.3263 last week. Technically speaking, this could encourage further buying this week back up to the yearly level. Daily flow on the other hand, offers very...
Weekly gain/loss: - 80 pips
Weekly closing price: 0.7622
After crossing paths with the underside of a weekly trendline resistance taken from the high 0.7835, the bears pushed the commodity-linked currency lower last week. On the condition that this pair remains in the red, the next port of call can be seen at 0.7524-0.7446: a weekly support zone.
Climbing down...
Weekly gain/loss: + 82 pips
Weekly closing price: 1.2472
Despite weekly price boasting its second consecutive weekly gain last week, the pair is now seen trading within the walls of a supply zone visible at 1.2569-1.2404. Another key thing to note here is the closing candle’s end-of-week correction! In the event that the bears pull the unit lower this week, price...
For those who read Thursday’s report you may recall our desk suggesting that the bears may have the upper hand in this market. As you can see, H4 price closed below the H4 support area at 1.0797-1.0780, and quickly retested it as a resistance. In view of the higher timeframes also challenging a weekly resistance level at 1.0819, we have entered short on the close...
For those who read Wednesday’s report you may recall our team highlighting the H4 sell zone seen at 1.2523/1.25. The reasons for selecting this area were as follows:
• The 1.25 handle.
• A H4 trendline resistance taken from the low 1.2346.
• An 88.6% H4 retracement seen at 1.2518.
• A daily Quasimodo resistance level coming in at 1.2523.
• All of the above...
