Weekly gain/loss: + 157 pips
Weekly closing price: 1.1138
Weekly view: The US dollar continued to sag against the EUR last week, resulting in the pair connecting with the underside of a supply area seen at 1.1327-1.1139. Not only does this zone boast strong downside momentum, it also happens to be glued to the underside of a major resistance area drawn from...
Following news that a British court ruled a vote must be held in Parliament prior to Brexit proceedings, along with the BoE stating that rates will not likely be cut again this year, the GBP benefitted hugely.
In consequence to this, yesterday’s daily candle aggressively closed above the consolidation fixed between 1.2118-1.2292 and now, at least from a...
The value of the USD/JPY weakened in aggressive fashion on Wednesday, consequently taking out multiple H4 supports in the process. It was only as US traders entered the fray ahead of the 103 handle/H4 demand at 102.80-102.97 did we see price action begin to stabilize.
In addition to this, the daily support area at 103.50-103.89 (now acting resistance) was also...
With the US dollar taking a hit yesterday, we saw the yellow metal react by rallying higher. H4 supply at 1277.1-1272.4 (now acting demand) was taken out as a result, and this allowed bullion to clock a high of 1291.7 into the close. We initially reported that should price retest this H4 boundary as demand followed by a reasonably sized H4 bull candle, one could...
Kicking things off with a look at the weekly chart this morning, we can see that price extended last week’s bounce from the supply at 1.0092-0.9928 down to lows of 0.9728 yesterday. In the event that the bears remain in the driving seat here, the next barrier of interest falls in at 0.9581: a support level. Slipping down to the daily chart, yesterday’s bearish...
Weekly gain/loss: - 10 pips
Weekly closing price: 0.7594
Weekly view: Despite the Aussie remaining relatively unchanged by the week’s close, the unit chalked up its second consecutive selling wick that pierced through a trendline resistance extended from the high 0.8295. As a result of this, the bears may look to head down to an ascending channel support line...
Weekly gain/loss: - 42 pips
Weekly closing price: 1.2185
Weekly view: Although the pair ranged around 200 pips last week, there was little development seen on the weekly chart which resulted in the market printing an indecision candle. While there’s a strong possibility that the pound may head back down to support at 1.1904, let’s keep in mind that on the monthly...
Weekly gain/loss: + 99 pips
Weekly closing price: 1.0981
Weekly view: Leaving the support at 1.0819 unchallenged, the shared currency bottomed out around the 1.0850 neighborhood last week and closed the session above resistance coming in at 1.0970. Seeing as how the close above this barrier was marginal, we remain unsure as to whether this is a genuine signal to...
Kicking this morning’s report off with a look at the weekly chart shows that price recently connected with the underside of a resistance area coming in at 105.19-107.54. Bearing in mind that this barrier stretches as far back as 2014, we feel the buyers will have their work cut out for them if they intend on pushing things higher from here. In conjunction with the...
During the course of yesterday’s sessions, the shared currency caught a fresh bid from the 1.09 handle and managed to clock highs of 1.0942. It was here, the US open, that we saw sellers step in and drive price below 1.09 to test an active H4 demand base at 1.0874-1.0887. Although this area remains intact for the time being, it appears vulnerable given that the...
Recent action shows that the yellow metal extended its bounce north from H4 demand at 1260.2-1263.8 up to the H4 supply base coming in at 1277.1-1272.4, where the buyers and sellers are currently seen battling for position. This recent advance can likely be credited to safe-haven buying amid uncertainty surrounding the US equity market, and speculation that demand...
Weekly gain/loss: + $15.8
Weekly closing price: 1266.0
Weekly view: Following the rather aggressive break below the support area seen at 1307.4-1280.0 three weeks ago, the metal bottomed out around the 1241.2 neighborhood, and now looks to be on course to retest the underside of this recently broken zone as resistance. Should this come into view, there’s...
Weekly gain/loss: + 196 pips
Weekly closing price: 1.3333
Weekly view: Across the board, we saw the US dollar appreciate last week, consequently bringing the USD/CAD up to within shouting distance of a resistance level drawn from 1.3381. This barrier has provided the pair significant support/resistance going back to the 1990s, thus, the buyers will likely...
Weekly gain/loss: - 9 pips
Weekly closing price: 0.7604
Weekly view: Although the pair closed the week relatively unchanged, what the candles did provide us with was a beautiful-looking bearish selling wick that pierced through a trendline resistance extended from the high 0.8295. As a result of this, the bears may look to head down to an ascending channel...
Weekly gain/loss: - 88 pips
Weekly closing price: 1.0882
Weekly view: As you can see, the shared currency continued to push lower last week, consequently breaking through support at 1.0970 (now acting resistance) and closing nearby a major support barrier drawn from 1.0819. With this level having been a considerable support since mid-May 2015, a bounce from this...
Having seen the EUR/USD pair aggressively tumble lower yesterday, it should not really come as much of surprise to see that the USD/CHF traded higher. For those who follow our reports on a regular basis you may recall that we had a pending sell order placed at 0.9926 with a stop set above the current daily supply base (0.9956-0.9921) at 0.9960. Going into...
Kicking this morning’s report off with a look at the weekly chart, the precious metal is seen pulling back to the underside of a recently broken support area at 1307.4-1280.0 (now acting resistance). As was previously highlighted in past reports, the aggressive break through this support zone likely left a truckload of sell orders unfilled, hence why it is likely...
The EUR/USD, as you can see, failed to sustain gains beyond the key figure 1.10 yesterday, ending with price clocking a low of 1.0970 by the day’s end. As a result of this, the H4 support level at 1.0948 is, once again, now likely the next barrier on the hit list. With this number having been a considerable support/resistance level in the past, and also seen...
