In recent trading, we saw the USD plummet on the back of week US data, taking out the 103 handle, the H4 mid-way support 102.50 and just recently the H4 demand base seen at 101.74-101.90. With a truckload of buyers likely taken out from this recent move, there is space now seen to move lower down to test the H4 support 100.87. In addition to this, a minor daily...
During the course of yesterday’s sessions the pound rallied close to 140 pips against its US counterpart, aided by a weak US ISM non-manufacturing PMI print. Well done to any of our readers who caught this move as this was a noted setup to keep an eye on yesterday. As is shown on the H4 chart, price is now seen rotating from supply chalked up at 1.3480-1.3425. The...
Weekly gain/loss: + 22 pips
Weekly closing price: 0.9800
Weekly opening price: 0.9796
Weekly view: After a rather aggressive move north two weeks ago, the Swissy found renewed selling interest last week just ahead of supply seen at 1.0092-0.9928. Despite this, there is still a good chance that the pair could extend above last week’s high to connect with this...
Going into the early hours of yesterday’s US session, cable saw an increase in value on the back of lower than expected US manufacturing data. As you can see, price ended the day whipsawing through a H4 resistance area at 1.3290-1.3242, which tagged not only the 1.33 handle, but also the completion point of a H4 AB=CD bearish pattern around the 1.3316ish range....
Beginning with a look at the weekly chart this morning, traders can see that price recently collided with a resistance level seen at 103.22. A rotation from here could potentially push the pair back down to retest support coming in at 100.61. Turning our attention to the daily chart, price has also connected with a resistance area drawn from 103.50-103.89. The...
On the EUR/USD pair the balance of bids to offers appears even right now, with July’s US ADP Non-farm employment report largely being ignored during yesterday’s session. H4 candles are currently seen locked between a demand zone chalked up at 1.1131-1.1143 and a resistance area coming in at 1.1153-1.1167. A break north from here would likely prompt further upside...
Yesterday we highlighted the H4 demand zone at 1315.6-1319.6 as being a considerable area to keep an eyeball on. So much so, our team set a pending buy order at 1319.8. As should be evident from the H4 chart, the order was filled mid-way through yesterday’s London trading and has since rallied to highs of 1324.0 at the time of writing. For those who missed our...
With the US dollar index seen appreciating yesterday, the gold market tumbled lower. H4 support at 1332.3 was taken out during this onslaught with price ending the day tagging the 78.6% H4 Fib support at 1322.8. This Fibonacci level represents the top edge of a H4 harmonic Gartley reversal zone (X point comes in at 1310.7), and given that it unites with the...
For those who’ve been following our recent reports on the EUR you may recall that our team took a short position from 1.1362 last Thursday. 50% of this position was banked just ahead of the 1.13 handle on Friday, with a final take-profit objective set around the 1.1250/1.1237 range (H4 mid-way support/H4 support). As can be seen from the H4 chart, this was...
The buyers managed to find their feet early on in the day yesterday, bidding sterling up to the 1.32 handle going into the early hours of the European open, which shortly after saw price consolidate for the remainder of the trading day. Looking at the H4 candle action, it appears that the bulls remain in the driving seat for the time being.
With that being said,...
From a technical standpoint the USD/JPY pair has entered into a phase of consolidation fixed between the key figure 100 and the 101 handle. The 101 band is likely to remain a strong resistance with it having been a solid support on several occasions from the beginning of August. Nevertheless, the 100 hurdle is also proving to be a stubborn beast!
However, with...
Shortly after the week’s open, cable rocketed north from a H4 support line seen at 1.3034. Going into yesterday’s London’s session the pair closed above the 1.31 band, but it was not until the US session kicked in did we see price reach highs of 1.3157.
With price action stabilizing around the 1.3150 region at the moment, let’s see how the land lies on the...
Coming in from the weekly chart this morning, the Swissy is currently lurking fifty or so pips ahead of a major weekly support level coming in at 0.9508, which merges with a weekly trendline support extended from the low 0.8703. Sliding down into the daily chart, daily support at 0.9584 was recently wiped out (now acting resistance), potentially opening up the...
In our previous report, our team mentioned that we had set a pending sell order at 1.1362 with a stop placed at 1.1432. As you can see, this order was recently filled and is currently sitting in the green. For those who missed the report, here’s our reasoning behind our current trade:
• H4 Quasimodo resistance at 1.1382.
• Nice-looking H4 harmonic bearish Bat...
Similar to its bigger brother the EUR/USD, the GBP/USD also rallied on broad US dollar weakness yesterday along with a better than expected UK CPI print. For those who read our previous report on this pair you may recall our team felt a bounce higher from the 1.2864/1.29 (Quasimodo support/round number) region was likely on the cards, due to price residing within...
The EUR outperformed on Tuesday, reaching highs of 1.1322 by the day’s end. Broad US dollar weakness aided this recent move pushing the US dollar index to lows of 94.43. However, following a poor US CPI reading, the EUR rotated from session highs to touch base with the H4 mid-way support at 1.1250 going into the close. Now, given that price is effectively lodged...
Weekly gain/loss: - 53 pips
Weekly closing price: 101.26
Weekly opening price: 101.11
Weekly view: From this viewpoint, we can see that weekly action remains hovering just ahead of a weekly support level at 100.61. There is clearly some buying interest seen around this area, how much though is difficult to judge at this point. On the assumption that the buyers do...
Weekly gain/loss: - 148 pips
Weekly closing price: 1.2916
Weekly open price: 1.2920
Weekly view: Following a clear-cut weekly bearish engulfing candle, the GBP followed-through last week with a sell off, bringing the currency to lows of 1.2903. As far as weekly structure is concerned we can see that there’s a weekly resistance area at 1.3501-1.3804, while to the...
