Weekly gain/loss: - 1 pip
Weekly closing price: 0.7666
Despite price remaining unchanged going into the week’s closing point, there is some value we can take from last week’s movement. A strong-looking weekly selling wick took shape after price retested the weekly trendline resistance extended from the high 0.8163. In the event that follow-through selling is seen...
The pair began the session robustly, though one price struck highs of 1.0140 it spent the rest of the day receding lower. As you can see, the H4 demand at 1.0077-1.0093 is currently supporting this market which could, given that there is room to move north on both the weekly and the daily charts (up to the 2017 yearly opening level at 1.0175/ daily supply at...
Kicking this morning’s report off with a quick look at the weekly chart shows that price remains teasing the underside of a weekly trendline resistance taken from the high 0.8163. The other key thing to note here is that a few pips above this line is a weekly supply zone marked at 0.7849-0.7752, which happens to merge with a weekly trendline resistance extended...
Mid-way through yesterday’s London session, the pair caught a fresh bid off a H4 trendline support etched from low 1.2346 and managed to close the day above the nearby H4 mid-way resistance at 1.2450. Seeing as how the unit lacks higher-timeframe (structural) direction at present, our desk sees no reason why price will not continue to gravitate north and connect...
Thanks to a recent bout of buying which managed to smash through the 0.77 handle, the commodity currency is now seen trading in a beautiful spot! From the weekly chart, the Aussie is seen touching gloves with a weekly trendline resistance taken from the high 0.8163, followed closely by a weekly supply zone logged in at 0.7849-0.7752 (bolstered by yet another...
The impact of Yellen’s testimony drove the USD/JPY skywards yesterday, reaching a high of 114.49 on the day. To make a long story short, this has brought H4 price up to a nearby area of H4 supply at 114.93-114.57, which we feel will likely hold price lower today. There are a number of technical aspects that support this view:
• A H4 trendline resistance etched...
The aftermath of yesterday’s disappointing UK inflation print saw the GBP aggressively plummet lower against its US counterpart. As can be seen from the H4 scale, both December’s opening base at 1.2516 and the psychological level 1.25 were taken out during this bearish assault, and only began stabilizing once price connected with the H4 mid-way support at 1.2450....
The US dollar received a boost going into the early hours of yesterday’s US segment, as Fed Chair Yellen’s testimony was upbeat on labor market conditions. This saw the EUR plummet lower, taking out both the 1.06 handle and December’s monthly opening level at 1.0590, and consequently registering its fourth consecutive daily loss. Provided that the bears remain in...
Weekly gain/loss: + $12.4
Weekly closing price: 1232.2
From the weekly chart, we can see that the yellow metal printed its second consecutive weekly bull candle last week, enabling the unit to cross swords with a weekly resistance level penciled in at 1241.2. With an upside rejection being seen from this perimeter, it’s possible that bullion may look to shake...
Weekly gain/loss: + 67 pips
Weekly closing price: 1.3086
Although weekly demand at 1.3006-1.3115 remains intact right now, there has been very little noteworthy movement registered from this zone over the last two weeks. In the event that the demand base eventually does give way this week, the next support hurdle in view would be the weekly trendline support...
Weekly gain/loss: - 149 pips
Weekly closing price: 1.0635
Recent trade shows that the EUR/USD extended its bounce from the weekly resistance level at 1.0819, and ended the week chalking up a near-full-bodied weekly bearish candle. Provided that the bears remain in the driving seat here, the next weekly support target on tap can be seen at 1.0515: the 2017 yearly...
For those who read Thursday’s report on the yellow metal you may recall our team highlighting a short position we took from 1239.6, with a stop logged in at 1245.4. As you can see, the trade worked out beautifully, despite quite severe drawdown. We have taken 70% off the table at the H4 demand area at 1227.6-1230.5 and reduced risk to breakeven. Our next port of...
Looking at the weekly chart this morning, the yellow metal recently struck the underside of a weekly resistance level seen at 1241.2. While this may be the case, down on the daily chart the bulls convincingly closed above daily supply at 1232.9-1224.5 (now acting support area). This does, of course, create somewhat of a conflict between the two higher timeframes....
With the US dollar advancing across the board yesterday the AUD/USD tumbled lower, bottoming just ahead of the 0.76 psychological barrier. In view of this, we’re currently drawn to the 0.7577/0.76 H4 support area today. Supporting a bounce from this zone we have the following converging structures:
• A H4 AB=CD 127.2% ext. at 0.7586.
• A H4 61.8% Fib support at...
The EUR continued to sag against its US counterpart yesterday, as the US dollar advanced against the majority of its trading peers. H4 demand at 1.0684-1.0709 along with the 1.07 psychological handle housed within, were both wiped out, allowing price to clock a low of 1.0656 and retest the aforementioned H4 broken demand as a resistance area.
From a technical...
As you can see from the charts this morning, the gold market continued to accelerate to the upside yesterday. This was likely helped by the US dollar index topping out just ahead of a H4 resistance at 100.26.
At the time of writing, we believe the yellow metal to be currently underlining overbought conditions. To put it differently, the H4 candles are presently...
Kicking this morning’s report off with a quick look at the weekly chart, we can see that the current weekly candle is trading within touching distance of a weekly support area coming in at 111.44-110.10. Looking down to the daily chart, however, price is already seen trading within the walls of a daily demand area seen at 111.35-112.37. In the event that price...
Weekly gain/loss: + 94 pips
Weekly closing price: 1.0784
In spite of the prior week’s palpable selling wick, last week’s movement chalked up a nice-looking weekly bullish engulfing candle, which, as you can see, forced the pair to cross swords with a weekly resistance level coming in at 1.0819. This – coupled with the 2016 yearly opening level located just above...
