Across the board, the US dollar declined in value yesterday, resulting in the EUR pulling back and testing the key figure 1.10 going into the US session. To our way of seeing things, 1.10 looks vulnerable. Our reasoning lies within the higher-timeframe structures. Over on the weekly chart, price is currently shaking hands with a support level coming in at 1.0970,...
Weekly gain/loss: + 132 pips
Weekly closing price: 0.9901
Weekly opening price: 0.9900
Weekly view: Since the beginning of May, the pair has been consolidating between a supply zone painted at 1.0092-0.9928 and a support band drawn from 0.9581. As you can see on the chart, however, the weekly candle is now seen trading within shouting distance of the underside of...
Weekly gain/loss: + 29 pips
Weekly closing price: 0.7613
Weekly opening price: 0.7620
Weekly view: Despite the commodity currency ranging close to 150 pips during the week, the pair ended up closing relatively unchanged. As is evident from the weekly chart, the market is in a somewhat compressed state right now. Capping upside since early May 2015, there’s a...
Weekly gain/loss: - 226 pips
Weekly closing price: 1.0970
Weekly view: Following two months of choppy price action around the lower boundary of a major resistance area seen at 1.1533-1.1278, the common currency fell sharply last week. As a consequence, this forced the candle to shake hands with a support level coming in at 1.0970 by the week’s end. In that this...
During the course of yesterday’s trading, the USD/CHF tagged the underside of the 0.99 handle and eventually pushed through these offers amid the US afternoon session. By and of itself, this is considered a bullish cue which will likely attract buyers into the market. While H4 traders are looking to buy, however, our team is looking to sell around the 0.9927...
On the back of a robust US dollar, the current weekly candle now looks set to collide with supply coming in at 1.0092-0.9928, which has capped upside in this market since mid-May 2016. The break of the daily trendline resistance extended from the high 1.0256 on Monday also seems to have played a (technical) part in yesterday’s advance. The next upside target from...
Weekly gain/loss: - $60
Weekly closing price: 1255.3
Weekly view: The gold market dropped sharply last week, resulting in price taking out the support area at 1307.4-1280.0 (now acting resistance). Given the velocity of the move, this could set the stage for a continuation move south this week down to the support area logged in at 1205.6-1181.2, which happens to...
Weekly gain/loss: + 171 pips
Weekly closing price: 1.3293
Weekly view: After seeing price action loiter within supply at 1.3295-1.3017 for the past two weeks, the zone suffered a slight break last week. As such, a continuation move up toward the resistance boundary seen at 1.3381 is now something traders need to be prepared for this week.
Daily view: Looking...
Weekly gain/loss: + 162 pips
Weekly closing price: 102.89
Weekly view: USD/JPY bulls went on the offensive last week, extending the prior week’s bounce off support drawn from 100.61. Be that as it may, it was not all sunshine and roses for the pair. Towards the end of the week, price struck weekly highs chalked up on the 29/08 around the 104.32ish range,...
Weekly gain/loss: - 71 pips
Weekly closing price: 0.7584
Weekly view: During the course of last week’s sessions, the commodity currency came under pressure after locking horns with the trendline resistance extended from the high 0.8295. In addition to this, we also saw price close below support registered at 0.7604 (now acting resistance). From a technical...
Weekly gain/loss: - 37 pips
Weekly closing price: 1.1196
Weekly view: As you can see, the weekly candles remain hugging the underside of a major resistance area seen at 1.1533-1.1278. While we’re confident that this zone will eventually force the pair lower, it’s difficult to judge when that will be as in the past we’ve seen price consolidate for long periods...
In recent sessions, we can see that the USD/JPY couple closed above the 103 handle during the early hours of London trading. A few hours later, going into US trading, the break above 103 was further bolstered by hotter than expected US ISM non-manufacturing PMI data, consequently pushing the pair up to a fresh H4 supply zone coming in at 103.80-103.62.
With a H4...
On the back of a Bloomberg headline reporting that the ECB was near consensus on need to taper QE before it concludes, the EUR aggressively catapulted itself north from H4 demand at 1.1131-1.1143 early on during yesterday’s US session. After connecting with the H4 trendline resistance extended from the high 1.1366, the single currency, as you can see, steadied...
Although a better than expected US PMI print hit the wire yesterday, this was clearly not enough to shake the Aussie bulls! Price continued to rally and is now, at the time of writing, seen trading just ahead of two H4 Quasimodo resistances at 0.7698/0.7695 as well as the 0.77 handle. The important thing to consider here, however, is that these levels sit just...
Weekly gain/loss: + 11 pips
Weekly closing price: 1.1233
Weekly opening price: 1.1227
Weekly view: In spite of the shared currency ranging around 130 pips last week, the market closed relatively unchanged and as a result chalked up a clear-cut indecision candle. With this, we can see that price remains hugging the underside of a major resistance area seen at...
Following reports that OPEC agreed to limit oil production yesterday saw the oil market launch itself north, reaching highs of 47.41. This, as a consequence, pushed the USD/CAD pair aggressively lower! Price wiped out multiple H4 tech supports and now looks as though it’s en route to touch gloves with the key figure 1.30 this morning. From a technical standpoint,...
The pound is seen trading with a reasonably strong bias to the upside this morning. From a technical standpoint, weekly support at 1.2942 appears to be holding ground fairly well, as is the daily demand base at 1.2789-1.2928, which happens to connect with a trendline support taken from the low 1.2789. In addition to this recent buying, we can see that the key...
Weekly gain/loss: + $26.3
Weekly closing price: 1336.0
Weekly view: The yellow metal corrected sharply higher from the support area seen at 1307.4-1280.0 last week, erasing the prior week’s losses and reaching highs of 1343.5. As far as we are concerned, there is little resistance seen to the left of current price on this timeframe to stop further buying coming...
