With the US dollar entering into recovery mode yesterday, the price of gold declined. Before this happened though, the unit beautifully tapped the underside of a H4 61.8% Fib resistance at 1264.5 (green line) extended from the high 1295.4. This line – coupled with a H4 supply barrier coming in at 1268.3-1262.7 and a H4 trendline resistance (again) taken from the...
Early on in yesterday’s segment, we saw Aussie employment data print better-than-expected figures. This caused the AUD/USD to aggressively advance higher and eventually close above the H4 mid-level resistance barrier at 0.7450. As you can see, the pair came within a cat’s whisker of clipping the underside of May’s opening level at 0.7481/H4 61.8% Fib resistance at...
Weighed on heavily by, what seems to be, never-ending selling pressure on the dollar, the GBP advanced higher on Wednesday. This, as you can see on the bigger picture, has lifted the unit up to both a weekly supply area at 1.3120-1.2957, as well as a daily supply zone drawn from within the weekly base at 1.3058-1.2979.
Swinging over to the H4 chart, recent action...
During the course of yesterday’s sessions, the DOW challenged the H4 supply at 21048-21015 (holds a H4 resistance at 21020 within). The reaction from this zone, as you can see, was beautiful! The momentum from this area forced the H4 candles below May’s opening level at 20929 and jabbed into a small area of support formed by March’s opening level at 20824/38.2%...
Beginning with a look at the weekly timeframe this morning, it’s clear that the bears are beginning to make an appearance around supply at 115.50-113.85. Should this area hold firm, the next downside target, apart from the weekly low of 108.13, is the support area coming in at 105.19-107.54. Daily price on the other hand, shows us that the unit is trading within...
In the early hours of yesterday’s segment, the RBA released its latest meeting minutes. The bank highlighted concern regarding the housing market bubble which in turn saw the Aussie decline in value, eventually bringing the unit down to the 0.74 handle which happens to merge with a H4 trendline support etched from the low 0.7475. The bounce from this number was...
Overall, yesterday’s UK inflation figures came in better than expected. Despite this, the pair failed to sustain gains beyond the H4 mid-level resistance at 1.2950 and tumbled to a low of 1.2865, bouncing nicely off of a H4 trendline support taken from the low 1.2804.With the H4 candles currently responding to the underside of May’s opening level at 1.2927, we...
The value of the EUR strengthened in aggressive fashion on Tuesday, as the US dollar continued to plummet. Several H4 tech resistances were wiped out during the assault, with key resistance now resting around the 1.11 handle.
Alongside this, daily action ran through a trendline resistance extended from the high 1.1616, and is now seen within striking distance of...
Weekly gain/loss: + 61 pips
Weekly closing price: 1.3708
Over the course of the last two weeks, the weekly candles have been sandwiched between the 2016 yearly opening level seen at 1.3814 and support chiseled in at 1.3588, leaving upside momentum somewhat weakened. A violation of 1.3814 could lead to a colossal move up to supply drawn from 1.4666-1.4428. Yet, a...
Weekly gain/loss: - 29 pips
Weekly closing price: 0.7385
The AUD/USD sustained further losses last week, bringing price down to within close proximity of a weekly trendline support extended from the low 0.6827/2016 yearly opening level at 0.7282. The week, however, concluded forming a moderately sized weekly buying tail, which could portend a retest at the weekly...
Weekly gain/loss: - 67 pips
Weekly closing price: 1.0931
The previous week’s action saw the single currency dive lower from 1.1016/1.0954 (red zone), which is made up of two weekly 127.2% Fib extensions taken from the lows 1.0340/1.0493.As you can see though, it was not smooth sailing for the bears as the 2016 yearly opening level at 1.0873 elbowed its way into...
The technical picture on the AUD/USD is interesting. Up on the weekly chart, price shows room to continue selling off until we reach the trendline support extended from the low 0.6827/2016 yearly opening level at 0.7282. Down on the daily chart, the unit also displays room to trade lower to a support area drawn from 0.7284-0.7326.
Looking over to the H4 chart,...
GBP/USD prices are little changed this morning, despite an earnest attempt seen from the bears to push this market lower. As we write, the bulls look poised to break back above the H4 mid-level resistance barrier coming in at 1.2950. This is not really something our team anticipated given that both weekly and daily action are currently seen trading around the...
Going into the early hours of yesterday’s US segment, the single currency gathered momentum and broke above a multi-day H4 range fixed between 1.0861/1.0950. With the major now seen within striking distance of the large psychological number 1.10, where do we go from here? Well, technically speaking, 1.10 looks as if it could be an ideal neighborhood to consider...
In recent trading, the 1.29 handle was taken out with price managing to reach a low of 1.2865 on the day. With 1.29 out of the picture for the moment this Fed-induced move has brought our attention down to the H4 mid-level support at 1.2850. To make a long story short, we like this region due to the following: a H4 61.8% Fib support at 1.2835, a H4 support at...
Following a somewhat hawkish FOMC yesterday, the EUR collapsed back below the 1.09 handle as the dollar broke to fresh highs. Despite this recent movement, the pair remains trading within a H4 consolidation fixed between 1.0861/1.0950.
To our way of seeing things, downside is heavily restricted! Not only is the lower edge of the H4 range now in view at 1.0861,...
The EUR/USD, as you can see, remains somewhat muted as the major continues to trade within a H4 consolidation fixed between 1.0816/1.0950. Of particular interest here, however, is the long wick seen formed on the 28th April at 1.0947 (green arrow). This candle’s extreme has potentially consumed a large amount of offers within the current range, which could see...
Weekly gain/loss: + 158 pips
Weekly closing price: 1.3652
The US dollar made considerable ground against its Canadian counterpart last week, consequently smashing through weekly resistance at 1.3588 and reaching a high of 1.3696. Looking at the strength of the bulls at the moment, a continuation move up to the 2016 yearly opening level at 1.3814 is likely in...
