Having fallen so aggressively from H4 resistance at 0.7561 on Wednesday (sparked by the slightly hawkish words of Fed Chair Janet Yellen), the commodity currency caught a fresh bid from the 0.75 handle going into the early hours of yesterday’s session. This, as far as we can see, was reinforced by Aussie employment data which came in relatively positive, adding...
The EUR, as you can see, made considerable ground against its US counterpart yesterday, conquering both the H4 supply area at 1.0670-1.0639 (now acting support zone) and the psychological band 1.07. Providing that the bulls remain in the driving seat above this number today, we could very well see price challenge 1.0796 – a H4 Quasimodo resistance line that’s...
Following Monday’s 200-pip gap to the downside, we can see that the pair partially recovered some of its losses yesterday, reaching highs of 1.2084 on the day. In Monday’s report, the desk commented on the likelihood that this instrument would find a ceiling between the lower edge of the weekly resistance area at 1.2082 and the psychological level 1.21. As...
As is shown on the weekly chart, the EUR was seen flexing its financial muscle somewhat last week with price tapping highs of 1.0684. Should we see a similar picture this week, it’s likely that the unit will shake hands with the long-term weekly trendline resistance extended from the low 0.8231. Therefore, do keep an eyeball on this line this week.
Daily supply...
Following Wednesday’s close above H4 supply at 0.7430-0.7413, yesterday’s Asia segment saw the unit retest the top edge of this area as support and register bullish intent (seen clearer on the H1). Fueled by strong commodity prices, the Aussie aggressively rallied against its US counterpart, consequently surpassing the 0.75 handle and touching gloves with H4...
With the dollar recently losing ground against most of its traded pairs (see the US dollar index), it was no surprise to see the USD/JPY follow suit. Following an aggressive two-(H4) candle whipsaw through a H4 trendline taken from the high 118.40, the unit crashed below both January’s opening level at 116.97 and nearby psychological band 117. This, as can be seen...
Weekly gain/loss: - 8 pips
Weekly closing price: 116.89
During the course of last week’s session, the pair printed a clear-cut weekly indecision candle. With a range stretching over 350 pips, price touched the underside of a weekly supply at 121.68-118.61, pierced weekly support at 116.08 and closed the week just below the 2017 yearly opening level at 116.97....
Weekly gain/loss: - 50 pips
Weekly closing price: 1.2279
As can be seen from the weekly chart, candle action is currently sandwiched between the 2017 yearly opening level at 1.2329 and weekly demand chiseled in at 1.2082-1.2214. In the event that the yearly opening level is violated this week, the next objective to reach will likely be weekly resistance drawn in...
Weekly gain/loss: + 14 pips
Weekly closing price: 1.0531
Since mid-December, weekly action has been drifting around a long-term weekly support area drawn from 1.0333-1.0502. Over the last week, however, despite candle action printing somewhat of an indecision candle, the major managed to close above the 2017 yearly opening level at 1.0515, which could lead to a...
Weekly gain/loss: - 148 pips
Weekly closing price: 0.7298
Weekly view: Although the weekly candles established a base around the support area coming in at 0.7438-0.7315 in recent weeks, the bid-side of this market came under significant pressure last week. As can be seen from the chart, the strength behind the downside move was enough to force the pair beyond the...
Weekly gain/loss: - 89 pips
Weekly closing price: 1.2482
Weekly view: Following the selloff from just ahead of resistance seen at 1.2789 two weeks back, the pair, bolstered by the Fed’s decision to hike rates, continued to slide lower last week. Since July 2014, this market has been entrenched within a downward trajectory. Providing that the current resistance...
Weekly gain/loss: - 103 pips
Weekly closing price: 1.0451
Weekly view: Motivated by the Fed’s decision to increase the benchmark interest rate 25 bps on Wednesday, the shared currency sustained further losses last week. This, as you can see, drove the pair deeper into a major support area chiseled in at 1.0333-1.0502, which can be seen stretching as far back as...
Further selling was seen in the gold market during the course of yesterday’s sessions, on the back of continued dollar strength. In consequence to this, the daily candles are now seen trading within shouting distance of demand coming in at 1108.2-1117.8. Despite this, up on the weekly chart, the unit shows room to continue past the above said daily demand to a...
Following yesterday’s retest to the underside of the 1.27 handle, the pair underwent a stern downside correction. The move was reinforced by the FOMC raising its Fed funds target rate 25bps to 0.75%. The 1.26 handle, as well as the H4 mid-way support barrier at 1.2550 were both taken out, leaving price free to touch gloves with the top edge of our pre-determined...
As anticipated, the FOMC decided to hike its target rate by 25bps yesterday. In consequence to this, the dollar advanced across the board and sent the shared currency aggressively lower. A number of H4 tech supports were engulfed during this bearish assault, with price concluding the day filling bids around the 1.05 handle.
To our way of seeing things, there are...
Underpinned by a better-than-expected UK inflation print, yesterday’s action saw the GBP squeeze shorts out from the 1.27 boundary as well as fill breakout buyers’ orders. Be that as it may, the pair failed to push much past this region, reaching highs of only 1.2727 before collapsing to lows of 1.2653 throughout the course of the US session. In view of price...
Across the board, we saw the US dollar fade from highs of 101.78 on Monday (see the US dollar index), consequently sending the shared currency over 100 pips north. Leaving the H4 Quasimodo support at 1.0518 unchallenged, several H4 resistances were consumed during yesterday’s bullish assault. The major ended the day claiming the H4 supply area at 1.0629-1.0616...
Weekly gain/loss: - 96 pips
Weekly closing price: 1.3169
Weekly view: Following a decisive close below support at 1.3381 two weeks back, the sellers extended this decline last week in the shape of a near-full-bodied bearish candle. To our way of seeing things, weekly price action below here looks relatively cramped. The only level that really catches our eye...
