The value of the EUR strengthened during yesterday’s trading, bringing price to highs of 1.1193 on the day. What this also did, as can be seen from the H4 chart, was form a nice-looking H4 Harmonic bearish Gartley pattern – the potential reversal zone (PRZ – yellow box) can be drawn from 1.1216/1.1191.
From where we’re standing, this is a very high-probability...
Coming at you directly from the pits of the weekly chart this morning, one can see that the bulls are beginning to wake up from weekly demand drawn from 0.7108-0.7186. In the event that this market continues to remain well-bid, we see little stopping the Aussie from connecting with weekly supply at 0.7438-0.7315. Sliding down into the daily chart, we can see that...
Starting from the top this morning, we can see that the EUR has been in a slump for the past four weeks since whipsawing through a major area of weekly supply at 1.1533-1.1278. Given that this weekly area has managed to cap upside in this market since May 2015, we feel further selling is possible down to weekly support drawn from 1.0796. Moving down a level, the...
Weekly gain/loss: - 38 pips
Weekly closing price: 0.7179
Weekly opening price: 0.7175
Weekly view: The AUD/USD was once again hit where it hurts, suffering its sixth consecutive weekly loss last week! From this point, it is difficult to judge whether this selling will continue this week since the bulls have yet to register any noteworthy move from the current...
During the course of yesterday’s sessions, H4 action once again respected the H4 trendline support (extended from the low 108.22) for the fifth consecutive time. From here the bulls attempted to break above the 110 handle on two occasions, but as you can see, struggled to gain ground, eventually dropping to lows of 109.52 by the day’s end.
To keep this report as...
For those who have been following the Aussie report over the past few days, you may recall that our team placed a pending buy order at 0.7150, which was filled nicely on Tuesday. Partial profits were taken just beneath the 0.72 handle and, thanks to yesterday’s push higher, our position was closed at the final take-profit line – a H4 resistance at 0.7241. Well...
Despite better-than-expected U.S. data, the EUR rallied to highs of 1.1216 yesterday, but struggled to close above the 1.12 handle. Based on this recent movement, we see the following on the H4 chart:
• The depth of each pullback has retained a certain amount of symmetry (see black lines), and the most recent pullback has, judging by past retracements, now...
Following the BoC’s decision to keep its interest rates at 0.50% the USD/CAD plunged to new depths yesterday, breaking through H4 demand at 1.3076-1.3099 (now acting supply) and closing the day just ahead of the large psychological boundary 1.30.
The 1.30 number, as you can probably see, also brings together a collection of noteworthy supports. This includes a H4...
Starting up on the weekly chart, we can see that the bears have dominated this market since whipsawing through the upper boundary of a major weekly supply zone at 1.1533-1.1278. In our estimation, the next downside target can be seen at 1.0796 – a weekly support. Zooming in and looking at the daily chart, daily demand at 1.1143-1.1179 was recently consumed and is...
Supported by a rally in the Nikkei from H4 range support at 16475 and a sturdy-looking daily demand base at 108.38-109.39 on the USD/JPY (green circle), the U.S. dollar rallied beautifully from a H4 trendline support yesterday taken from the low 108.22. Erasing all of Monday’s losses, the pair is now seen trading above the 110 handle, just ahead of a H4 Quasimodo...
For those who read our previous report on the Aussie (see link below) you may recall us mentioning that our team had placed a pending order to buy at 0.7150. This was based on the convergence of a H4 Quasimodo line at 0.7145 and a H4 channel support extended from the low 0.7299. As can be seen from the chart, our order was filled during yesterday’s sessions and...
The bearish pulse clearly continues to beat in the EUR/USD market! In the early hours of yesterday’s London session, a strong wave of offers brought price below the 1.12 handle and then eventually broke through H4 demand at 1.1168-1.1198 (now acting supply). It was only once price entered into the later hours of the American session did we see the shared currency...
During the course of yesterday’s sessions, we can see that the commodity currency whipsawed above H4 resistance at 0.7241 and sold-off. This clawed back Friday’s gains and went on to fill bids around the 0.72 handle. To keep this analysis short and sweet, we’re going to jump in and show what we have our eye on at the moment:
• The Aussie is now seen testing...
Weekly gain/loss: - $21
Weekly closing price: 1251.8
Weekly opening price: 1251.8
Weekly view: Beginning with the weekly timeframe this morning, we can see that price, once again, was hammered lower last week, reaching lows of 1243.7. Some will very likely disagree with us when we say that we think the yellow metal still has potential to decline further over the...
Weekly gain/loss: + 145 pips
Weekly closing price: 1.4495
Weekly opening price: 1.4503
Weekly view: The past week saw the GBP connect with the broken Quasimodo resistance line at 1.4633 for third time this year, which, as you can see, resulted in price selling off going into the week’s end. As long as the sellers remain in good shape from here, we see little...
For those who read our previous report on the USD/JPY you may recall us mentioning to watch for price to retest the 110 handle and look for a lower timeframe buy entry. There was confirmation seen on the M30 yesterday (tops around the 110.24 region were taken out which followed with a reversal to enter long around the 110 mark), which gave one a chance for a small...
Thanks to yesterday’s FOMC-induced rally, H4 action is currently trading just ahead of a nice-looking H4 sell zone. A broken H4 Quasimodo level at 1.3062, a psychological resistance at 1.31 and also a 161.8% Fib extension at 1.3080 (green circle) taken from the base of the H4 AB=CD bearish pattern collectively form a tight resistance zone. What is more, this H4...
The USD/JPY remained well-bid during most of yesterday’s sessions, even more so after the FOMC release which pushed this pair above the 110 handle into the close. In light of this recent move, we see little reason on the H4 chart for price not to continue rallying up to the 111.00/110.84 area today (formed by a H4 resistance at 110.84, a daily resistance at 110.96...
