In recent trading, the single currency gravitated north and found resistance around the daily Quasimodo formation pegged at 1.1382. This was a noted level to look for shorts due to this barrier being positioned within the walls of a weekly supply at 1.1533-1.1278. In addition to this, we liked the fact that the Quasimodo was (and still is) located just below a...
As anticipated, the H4 ascending channel formation (1.3165/1.3308) gave way during yesterday’s sessions. This was something we mentioned in past reports, and the reason we believed this to be the case was not only did we have daily resistance at 1.3272 in play, but let’s also not forget that the current weekly demand was also hanging on by a thin thread.
In...
With weekly price recently finding a floor of support around the 110.30 mark, we see two possible scenarios on the weekly timeframe at the moment:
• To the downside, a weekly AB=CD correction (see black arrows) that terminates within a weekly support area marked at 105.19-107.54 (stretches all the way back to early 2014) may form in the coming weeks.
• To the...
Weekly gain/loss: - 46 pips
Weekly closing price: 0.9691
Although weekly price remains buoyed above the weekly Quasimodo support level at 0.9639, the bears made an appearance last week, and thus could force the unit back down to the said weekly Quasimodo.
The view from the daily timeframe shows price trading between the aforementioned weekly Quasimodo support...
Weekly gain/loss: + 56 pips
Weekly closing price: 1.3268
Weekly demand at 1.3223-1.3395 remains under pressure. We can see that weekly bulls did attempt to advance but failed to cover much ground. In the event that the bears remain dominant here, odds are that the weekly demand base pegged below at 1.3006-1.3115, which happens to intersect with a weekly trendline...
Weekly gain/loss: - 3 pips
Weekly closing price: 1.1192
Over the past five weeks, we have seen the weekly candles cling to the underside of a major weekly supply at 1.1533-1.1278. Overlooking this zone is not something we’d advise considering that it has been in play since May 2015, and held price lower on several occasions since then. Should the bears eventually...
Similar to the EUR/USD, a market that tends to correlate well with the price of gold, the yellow metal shows a possible H4 AB=CD bearish correction at hand. The bounce from April’s opening level at 1248.0 formed a potential C-leg, and could lead to price rallying today and touching gloves with the H4 AB=CD 127.2% ext. point at 1258.3. Not only do we have this, but...
For the most part it was a relatively quiet session on Thursday. The H4 candles failed to sustain gains beyond the 1.1170 mark, and concluded the day printing a bullish buying tail off the mid-level support at 1.1150. According to the daily timeframe, which happens to be trading within the walls of a demand area coming in at 1.1075-1.1158, 1.1150 may well hold as...
For those who read Monday’s report on the USD/CAD you may recall that our desk underscored the possibility of a long trade from the 1.32 handle. As you can see, in recent hours 1.32 was challenged and has held firm. But why did we select this level? For anyone who missed Monday’s report, here’s why:
1.32 could be an option today. A break below the daily support...
Weekly gain/loss: - 250 pips
Weekly closing price: 1.3212
During the course of last week’s trading the USD/CAD plummeted lower, marginally closing beyond weekly demand at 1.3223-1.3395. While this recent break could imply that a move down to weekly demand at 1.3006-1.3115 (converges with a weekly trendline support taken from high 1.1278) may take place, there’s...
Weekly gain/loss: + 88 pips
Weekly closing price: 0.7616
Over the last week we saw the bulls continue to lift price higher, marginally closing above weekly supply at 0.7610-0.7543. However, it may be worth waiting for this week’s candle to close before presuming that the said weekly supply is consumed, since it could just as well be a fakeout.
Zooming in and...
Weekly gain/loss: 0
Weekly closing price: 1.1195
Despite the single currency ranging over 160 pips last week, there was absolutely no change registered at the close. What we did see form, however, was a clear-cut indecision weekly candle that tested the lower boundary of a major weekly supply coming in at 1.1533-1.1278.
Since the 22nd May, the daily candles...
H4 action, as you can see, appears to be chiseling out a consolidation between April’s opening level at 0.7632 and the H4 support area coming in at 0.7571-0.7557. With no top-tier Aussie data on the docket today, the pair could potentially remain within this range into the week’s end. Technically speaking, however, we could eventually see the commodity currency...
In spite of the GBP/USD ranging over 100 pips yesterday, the pair, once again, ended the day with little change. Looking over to the daily chart, this caused the unit to form a clear-cut indecision candle. Indecision is not really something one want’s to see when price recently bounced from, what we’d consider, a daily buy zone: 1.2602/1.2698 (a daily area marked...
EUR/USD prices are, once again, little changed this morning. As you can see, the buyers and sellers remain battling for position around the 1.12 handle. Directly overhead we have June’s opening level at 1.1238, followed closely by the mid-level resistance at 1.1250. Below 1.12, there’s little support until price connects with the mid-level barrier at 1.1150.
A...
As anticipated, H4 action failed to sustain gains above the mid-level support at 1.1250 yesterday, consequently bringing the unit back down to the 1.12 handle by the closing bell. Technically speaking, we would not be surprised to see the pair continue lower. Our reasoning lies within the higher-timeframe structure. Not only do we have a major weekly supply in...
In recent trading, we have seen the EUR/USD bulls go on the offensive. This brought the H4 candles back up to the 1.13/1.1279 H4 area, which, from our perspective, has potential to bounce price again. As mentioned in previous reports, we like this zone because it has formed within both weekly and daily supplies (1.1533-1.1278/1.1327-1.1253). Also of interest is...
Despite daily price printing a bearish pin bar around the underside of a daily supply zone pegged at 1288.1-1278.3 during yesterday’s segment, the bulls have continued to press higher in recent hours. What’s interesting about this daily zone is that it’s glued to the underside of an area comprised of two weekly Fibonacci extensions 161.8/127.2% at 1313.7/1285.2...
