Going into the early hours of yesterday morning the yellow metal aggressively tumbled lower, consequently breaking below the H4 pennant edge (1328.0) and eventually reaching lows of 1312.4 by the day’s end. This, as is shown on the H4 chart, took out H4 demand at 1312.6-1318.5 and came within touching distance of colliding with H4 support at 1310.3.
In light of...
Since weekly action whipsawed through the weekly resistance level at 0.7604 last week, this has sent the commodity-linked currency into something of a free-fall. However, with prices now seen trading within touching distance of a weekly support area coming in at 0.7438-0.7315, we may begin to see this pair shortly bottom out. From the daily chart, the Aussie is...
From the top this morning, we can see that weekly buyers are bidding this market higher into a weekly resistance area seen at 105.19-107.54. On the grounds that this zone holds firm this week, the next downside target area comes in at 103.22 – a long-term weekly support level.
Thanks to yesterday’s advance, the safe-haven pair is also now seen flirting with the...
Weekly gain/loss: - 19 pips
Weekly closing price: 1.1028
Weekly opening price: 1.1049
Weekly view: Although the single currency ranged around 150 pips during the course of last week, price remained relatively unchanged by the close. As far as structure is concerned, weekly movement continues to trade mid-range between a long-term weekly resistance area coming in...
Going into the early hours of yesterday’s sessions, the USD/JPY bottomed out around the 104 handle and rallied over 170 pips! This impressive round of buying, as you can see, began leveling off once price tagged the H4 resistance level at 105.71 amid European trading.
The bearish response from the aforementioned H4 resistance should not really come as much of a...
With the EUR/USD recently driving lower, it came as no surprise to see that the USD/CHF had rallied. The Swissy struck the 0.98 handle as London opened their doors for business yesterday, resulting in price taking out H4 resistance at 0.9862 (now acting support) and ending the day just ahead of a H4 supply base at 0.9920-0.9899.
Now, before we get into potential...
Starting from the top this morning, we can see that the commodity currency remains trading within touching distance of a weekly resistance line drawn from 0.7604. We believe a reaction from this vicinity is likely this week, so do keep a tab on this level. In conjunction with weekly price, the daily candles also show that the next objective to reach is the...
Weekly gain/loss: + 66 pips
Weekly closing price: 0.7562
Weekly opening price: 0.7561
Weekly view: A succession of bids flowed into the market last week, extending the prior week’s bounce from deep within weekly demand coming in at 0.7438-0.7315. Thanks to this recent surge in buying, the commodity-linked currency is now seen trading within touching distance of a...
Weekly gain/loss: - 88 pips
Weekly closing price: 1.1047
Weekly opening price: 1.1045
Weekly view: From the top, we can see that weekly movement continues to trade mid-range between a long-term weekly resistance area coming in at 1.1533-1.1278, and a long-term weekly support line seen at 1.0796. Both areas have stood the test of time, and with that either one...
Starting from the top this morning, the Aussie currency continues to remain afloat above the weekly demand base drawn from 0.7438-0.7315. The next upside target from this area is seen at 0.7604 – a battle-tested weekly resistance barrier. Sliding down into the daily chart, however, one can see that price has spent the week fluctuating around daily demand painted...
Following a rather aggressive opening to the week, a strong wave of bids came into this market from the H4 mid-way support line at 0.7450. As can be seen from the H4 chart this buying continued throughout the day, with the commodity currency topping out at highs of 0.7544.
Daily supply at 0.7517-0.7451, along with its partner supply on the H4 chart at...
Weekly gain/loss: + 53 pips
Weekly closing price: 1.1135
Weekly opening price: 1.1124
Weekly view: From the weekly timeframe, we can see that price is now effectively trading mid-range between a long-term weekly resistance area coming in at 1.1533-1.1278, and a long-term weekly support line seen at 1.0796. Both areas have stood the test of time, and as such...
Going into this morning’s open, we can see the yellow metal is extremely well-bid. Consequent to this, price is currently approaching the daily Quasimodo resistance band at 1333.4, which, in our book, is a very interesting level for the following reasons:
• Weekly bears also testing a weekly Quasimodo resistance at 1331.0.
• H4 61.8% Fib resistance line at 1337.9...
The value of the USD/JPY increased for the fourth consecutive day yesterday, bringing the pair to highs of 103.29 by the close. Consequent to this, weekly price has now connected with a long-term weekly resistance line coming in at 103.22. In conjunction with this, daily action is also seen trading within touching distance of a daily supply base carved from...
Bolstered by a weaker dollar, the GBP rallied over 200 pips yesterday following a retest of the 1.33 handle as support. At the time of writing, H4 candles are seen lurking just above the 1.34 mark following a sell-off from 1.35. A retest of 1.34 will likely take place today and could potentially act as a suitable platform in which to hunt for long trades. Our...
Following Sunday’s 240-pip gap lower, the GBP continued to decline in value against the US dollar yesterday, erasing a further 200 pips in the process! In spite of price finding support around the 1.32 handle as well as trading back around referendum lows 1.3226 (marked support on the daily timeframe), this storm is far from over as political uncertainty continues...
Weekly gain/loss: - 191 pips
Weekly closing price: 1.1082
Weekly opening price: 1.1010
Weekly view: The weekly resistance area at 1.1533-1.1278, once again, played a big part in last week’s trading. Taking into consideration that this zone has primarily capped upside since May 2015 (see red arrows), we feel that price will eventually touch base with weekly...
Starting from the top this morning, it’s clear that the Aussie bulls remain on the offensive as price is now seen trading above weekly supply drawn from 0.7438-0.7315, and looks to be heading in the direction of weekly resistance at 0.7604. Meanwhile, down on the daily timeframe the commodity currency is flirting with the upper edge of daily supply coming in at...
