For those who read Wednesday’s report you may recall that our desk placed a pending sell order around the lower edge of a fresh H4 supply at 1.1484. As can be seen from the H4 chart, the order filled beautifully during the early hours of yesterday’s segment and has reached the first take-profit zone: July’s opening level at 1.1417. We have taken 50% off the table...
Influenced by bearish comments from FOMC member Brainard, the EUR/USD shifted to the upside during yesterday’s US session. July’s opening level at 1.1417 as well as the H4 mid-level resistance at 1.1450 were taken out, with the major ending the day closing just ahead of a H4 supply base coming in at 1.1529-1.1484 (formed back in May 2016).
What’s interesting...
Over the last week or so, the H4 candles have been chiseling out a consolidation between resistance at 0.7615 and support located at 0.7571. According to the weekly timeframe, the commodity currency could be heading higher sometime soon given that weekly price recently connected with a support area carved from 0.7610-0.7543. There are, however, two cautionary...
The EUR/USD took on more of a sober tone during Monday’s sessions, ranging between July’s opening level at 1.1417 and a H4 support area based at 1.1372-1.1390. Should the unit violate 1.1417 today, the next hurdle in the firing range is likely to be the H4 mid-level resistance 1.1450. A break below the current H4 support area on the other hand would likely open...
The AUD/USD charts are certainly interesting this morning! Over on the weekly chart, the bears continue to dig their way into a support area marked at 0.7610-0.7543. Stepping down a level to the daily chart, however, the unit shows space for price to continue pushing lower until we reach the support area formed at 0.7556-0.7523, which happens to be glued around...
The EUR/USD bulls went on the offensive during yesterday’s segment, running through both the H4 resistance area at 1.1372-1.1390, as well as the 1.14 handle. Influenced by lower-than-expected US ADP non-farm employment numbers and weekly unemployment figures, the major managed to end the day forming a nice-looking daily full-bodied bullish candle.
While we...
Over the last few sessions, we have seen H4 price put together a consolidation zone formed by a resistance area penciled in at 1229.1-1231.6 and a demand base coming in at 1216.7-1219.3. While traders who only focus on one timeframe may feel that this market is likely headed south due to the medium-term downtrend that we are currently in on the H4 timeframe, the...
H4 bulls, as you can see, struggled to maintain a bullish presence above the 0.76 handle during the early hours of Wednesday’s trade. This was, technically speaking, largely thanks to April’s opening level at 0.7632, which sent the commodity currency aggressively lower going into the London segment, eventually taking out 0.76 and clocking a low of 0.7571....
EUR/USD prices are little changed this morning. As such, weekly flow remains loitering within the walls of a major supply zone drawn from 1.1533-1.1278 that has capped upside since May 2015. Daily action on the other hand, shows that the major connected with the top edge of a support area drawn from 1.1327-1.1253 during yesterday’s trading, and chalked up a...
In response to the RBA’s rate statement on Tuesday the commodity currency plunged south, consequently breaking through both the H4 mid-level support at 0.7650 and April’s opening level at 0.7632. It was only once price shook hands with the H4 trendline support etched from the high 0.7635 (and its converging round number 0.76/H4 61.8% Fib support at 0.7603), did...
Trade update: The short position taken from 1.2972 was recently stopped out at 1.3005.
In recent trading, we’ve seen the H4 candles punch back above the 1.30 region and tap a high of 1.3013. This move has very likely triggered a truckload of stop-loss orders, including ours! However, all may not be lost here! The current H4 candle is looking incredibly bearish...
Weekly gain/loss: - 303 pips
Weekly closing price: 1.2962
The USD/CAD suffered a nasty decline in value last week, losing over 300 pips in the process! Consequent to this, weekly price is now trading beneath the 1.3006-1.3115 area, which was a respected area of support. Worryingly for the bulls on the weekly timeframe is that the the next area of interest is a...
Weekly gain/loss: + 308 pips
Weekly closing price: 1.3026
The GBP/USD had an absolutely smashing week, netting over 300 pips! This resulted in a near-full-bodied weekly bullish candle being created, which closed within the confines of a weekly supply zone printed at 1.3120-1.2957. In the event that the bulls continue to remain dominant, the next area in the...
Weekly gain/loss: + 225 pips
Weekly closing price: 1.1417
Over the last week, the EUR/USD bulls went on the offensive and aggressively closed within the walls of a major weekly supply zone drawn from 1.1533-1.1278. Considering that this area has been in motion since May 2015, and held price lower on several occasions since then, we feel the bears will not give up...
It’s reasonably easy to see who’s been in control on the weekly timeframe over the past few weeks. Since tapping the area comprised of two weekly Fibonacci extensions 161.8/127.2% at 1313.7/1285.2 taken from the low 1188.1 (green zone), the bears have, albeit apart from one week, put on a rather dominant performance. The next downside target in the firing range...
As highlighted in Thursday’s report, the 0.9546/0.9581 green area painted on the H4 chart, which is comprised of weekly and daily support levels, continues to be a zone our desk favors for potential longs. However, what we also made clear was that in order to confirm buyer intent within the walls of this zone, a H4 bullish rotation candle in the shape of a full...
In recent trading, the AUD/USD pushed higher for a second consecutive day, breaking through a H4 resistance at 0.7676 which is now being retested as support. The next upside target from this number is the 0.77 handle. While the bulls are displaying clear strength at the moment, there could be trouble ahead!
The weekly timeframe clearly shows the bulls heading...
The GBP/USD is an interesting market at the moment, especially from a technical standpoint. The H4 timeframe shows that price recently crossed the large psychological boundary 1.30, which, as you can see, is currently being retested as support. To the left of current price, notice that we have drawn a mini down trendline. This is to represent what we believe to be...
