Weekly gain/loss: - 98 pips
Weekly closing price: 1.3033
Despite weekly price violently piercing through the top edge of a weekly supply at 1.3120-1.2957, last week’s action concluded by chalking up a strong-looking selling wick that managed to firmly close back within the walls of the noted supply. Providing that the bears continue to dominate here, this would...
Weekly gain/loss: + 24 pips
Weekly closing price: 1.1773
Following three consecutive weekly bullish candles, the shared currency stamped in an eye-catching weekly selling wick during the course of last week’s trading. Could this, even though price closed the week a tad beyond weekly resistance at 1.1759, be enough to encourage further selling this week? If this...
The BoE kept its monetary policy unchanged on Thursday, consequently sending the pair sharply lower. As can be seen from the H4 chart, price bottomed just ahead of the 1.31 handle, buoyed by a channel support line etched from the low 1.2932. As we write, the balance between bids/offers appear to be even between the current channel support and the nearby mid-level...
During the course of yesterday’s segment, the single currency traded the first half of the London session sub 1.1850. Following a close above this number, however, H4 price retested the line as support and rose to a high of 1.1893 on the day.
Weekly bulls continue to show promise above weekly resistance at 1.1759. Should the major conclude the week closing beyond...
Of late, we can see that the GBP/USD extended higher, reaching fresh highs of 1.3223 in the process. As a result of this, weekly price is now seen trading beyond the walls of supply at 1.3120-1.2957. However, technically speaking, it is far too early in the week to tell if this move north suggests further upside to the Quasimodo resistance planted at 1.3371.
Down...
Weekly gain/loss: + 229 pips
Weekly closing price: 0.9685
A stronger-than-expected bounce was seen from the weekly support area at 0.9443-0.9515 last week, consequently lifting the market to a high of 0.9726. As you can see, the move erased all of the prior week’s losses and engulfed two additional weekly candles in the process. What’s also interesting is price...
Weekly gain/loss: - 43 pips
Weekly closing price: 110.69
From the weekly timeframe it’s clear to see that the pair sustained further losses last week, registering its third weekly bearish close. Technically speaking, the market looks as though it could continue to press lower until we reach the small demand base seen at 108.13-108.95.
Zooming in and looking at...
Weekly gain/loss: + 86 pips
Weekly closing price: 1.1749
The EUR/USD market enjoyed another relatively successful week, chalking in its third consecutive weekly bullish candle. In order for the bulls to continue pushing higher this week, however, weekly resistance at 1.1759 will need to be taken out. A decisive close above this line will likely see the major...
A stronger-than-expected bounce has been seen from the weekly support area at 0.9443-0.9515, consequently forcing daily action to challenge supply at 0.9738-0.9691. This area also happens to converge with a daily channel resistance extended from the high 0.9808 and a daily 38.2% Fib resistance at 0.9693 taken from the high 1.0099.
Although weekly price looks bull...
Four reasons to be looking to short the daily supply at 1.3278-1.3209:
. Daily channel resistance.
. Daily AB=CD 127.2% ext.
. Daily trendline resistance.
. Nearby psychological band at 1.32.
Beginning this morning’s report with a look at the weekly timeframe, we can see that the unit is ranging between supply at 115.50-113.85 and demand at 108.13-108.95. Along similar lines, daily price is also seen sandwiched between support coming in at 110.76 and resistance at 111.91.
Looking across to the H4 candles, the market failed to generate much follow...
After momentarily surpassing the 1.17 handle on Tuesday and coming within an inch of clipping the underside of a H4 AB=CD 161.8% Fib extension at 1.1713 drawn from the low 1.1370, the single currency (influenced by a much higher-than-expected US consumer confidence report) turned aggressively lower.
What’s also notable from a technical perspective is that the...
In recent trading the USD/CHF fell sharply, consequently taking out the 0.96 handle and July’s opening level at 0.9580. The unit bottomed after clocking a low of 0.9523 and has since been registering bullish candles. Helping price along its way, nevertheless, is a daily support currently in play coming in at 0.9546. While this is holding the market higher at the...
Following a bullish RBA minutes, the commodity currency aggressively bounced from the 0.78 region, which fused beautifully with a H4 trendline support etched from the high 0.7635. Prices advanced over 100 pips from here, eventually putting in a high of 0.7942 and closing the day beyond the 0.79 handle. This has, as far as we can see, cleared the path north for...
After a brief spell beneath daily demand at 1.2654-1.2734, the bulls kicked into action yesterday and ended the day on a somewhat positive note. Be that as it may, as the weekly candles clearly point out, the next area of support does not come into view until we reach 1.2538, thus the odds of further selling being seen this week, in our opinion, is relatively...
Weekly gain/loss: + 218 pips
Weekly closing price: 1.3101
Looking at the weekly timeframe, it’s clear to see that a strong succession of bids flowed into the market last week, consequently forming a near-full-bodied weekly candle within supply at 1.3120-1.2957. Assuming that the bulls continue to govern direction here, this could lead to a move being seen up to a...
Weekly gain/loss: + 65 pips
Weekly closing price: 1.1465
EUR/USD bulls gravitated higher last week despite weekly price being positioned within the walls of a major supply drawn from 1.1533-1.1278, which has capped upside since May 2015. This is the highest we’ve seen the single currency close since mid-Feb 2015, thus possibly signifying that the bears could be...
The commodity currency rallied for a fourth consecutive day on Wednesday, reaching a high of 0.7685. The move has brought the current weekly candle up to within striking distance of the weekly trendline resistance drawn from the high 0.7835. Should the unit breach this line, however, the bulls won’t have far to go to find trouble since there’s a nearby weekly...
