An unrelenting squeeze to the upside took place yesterday, taking out several H4 technical resistances and ending the day topping out just ahead of the 0.9700 handle. From a technical standpoint, this recent surge in buying should not really have come as much of surprise, owing to price recently connecting with weekly support at 0.9508! Lower down on the daily...
Yesterday’s London open saw the single currency resume its decline against the U.S. dollar, losing around eighty pips on the day. Both daily support at 1.1460 and H4 support at 1.1447 were taken out (now acting resistances), leaving the EUR free to shake hands with H4 demand coming in at 1.1400-1.1383. Due to this barrier fusing with psychological support 1.1400...
Using a top/down approach this morning, we can see that weekly action whipsawed through the top-side of a major area of supply seen at 1.1533-1.1278 yesterday. One could, as we have done in the past, now say that this zone is not on solid footing. However, let’s be mindful to the fact that price has already whipsawed through this zone once before back in late Aug...
After price shook hands with the 0.7600 handle late last week a strong wave of bids came into this market yesterday, pushing price to highs of 0.7671 by the day’s end. What this also did was begin to form the D-leg of a potential H4 bearish Bat pattern which completes just below H4 supply (0.7765-0.7751) at around the 0.7740 mark. Technically, this H4 pattern...
The USD/JPY had a rather eventful week last week! The pair collectively erased 550 pips after price aggressively plummeted from the underside of weekly supply drawn from 113.80-111.59. In consequence, the buyers and sellers are now seen battling for position within the confines of a major weekly demand zone given at 105.19-107.54. Therefore, one has to be prepared...
Weekly Gain/Loss: 227-pip gain
Weekly closing price: 1.1445
Weekly opening price: 1.1457
As can be seen from the weekly chart the EUR bulls were on fire last week, managing to reach highs of 1.1459. This saw the pair push deeper into a major area of supply coming in at 1.1533-1.1278. Be that as it may, the bulls will still likely have their work cut out for them...
As shown on the H4 chart, Gold aggressively advanced north yesterday reaching highs of 1269.5 on the back of dollar weakness. Now, considering that the yellow metal is trading just ahead of a very tasty-looking H4 Quasimodo resistance level at 1279.7, do we have enough support from the higher timeframes to condone a short from this line? High up on the weekly...
Coming at you directly from the weekly chart this morning reveals that Cable remains trading below a broken weekly Quasimodo resistance barrier penciled in at 1.4633. With this level holding price lower back in early February, there’s a good chance we may see a re-run of this scenario in the coming weeks. Scrolling down to the daily chart, however, one can see...
The aftermath of yesterday’s FOMC meeting which ended with rates left unchanged sparked a relatively volatile reaction, with the single currency quickly striking highs of 1.1360 and lows of 1.1270. Despite this, as can be seen from the H4 chart, price remains trading between H4 resistance at 1.1338 and the psychological support 1.1300. Looking solely at the H4...
Although the precious metal ranged around $43 last week, price closed just over a $1 lower than the previous week’s close at 1231.9. What this did was form a rather large selling wick (similar to the previous week) mid-way between weekly supply drawn from 1307.4-1280.0 and demand coming in at 1205.6-1181.2. From our perspective, both areas hold approximately the...
Following a very close shave with weekly demand at 105.19-107.54 two weeks back, price extended over 300 pips higher last week. As a result, weekly resistance at 110.09 (now acting support) was taken out, ending with the market closing around the underside of weekly supply (113.80-111.59) at 111.78. So with this in mind, we could witness some sort of a sell-off...
The past week saw the single currency take its second consecutive loss from within the confines of weekly supply seen at 1.1533-1.1278, erasing around 60 pips of value and ending the week closing on its lows at 1.1218. The decline from here should not really come as much of a surprise as this area has held price lower since May 2015. Speaking from the weekly...
Traders who have been following our recent reports on the Swissy may recall us highlighting a possible selling opportunity around the 0.9750 region. As of this point, our team is currently short from 0.97515 with a stop-loss order placed above at 0.9790.
For those new to this report, we built a case for entry based on the following points:
1. Weekly price...
Thanks to yesterday’s aggressive advance north to highs of 0.9733, our outlook for today’s upcoming trade is going to be relatively straightforward. With price seen trading at a small weekly supply marked with a pink circle at 0.9787-0.9695 and daily action closing in on a supply drawn from 0.9787-0.9755, this, as we’re sure you’ll agree, casts a certain bearish...
The EUR/USD pair cascaded lower from H4 supply at 1.1400-1.1383 during the course of yesterday’s sessions. Price engulfed H4 support at 1.1338 (now acting resistance) and went on to close below psychological support 1.1300 by the day’s end. Given that price is currently trading from both a major weekly supply zone at 1.1533-1.1278, and with the daily action seen...
Kicking off our analysis with a look at the weekly chart this morning shows very little direction in this market at the moment. To the upside, price is seen capped by supply drawn from 1307.4-1280.0, while to the downside demand at 1205.6-1181.2 continues to hold the yellow metal higher. As such, we recommend keeping an eyeball on both of these zones in the coming...
Following an early break above and retest of the psychological number 1.4300 in yesterday’s trading, Cable rocketed over 100 pips north. Price surpassed a H4 mid-level resistance at 1.4350 and ended the day jabbing into H4 supply coming in at 1.4426-1.4384.
Now, given that this H4 supply converges with not only a psychological resistance at 1.4400, but also...
Starting from the top this morning, we can see that the single currency formed a bearish engulfing candle last week within the confines of a weekly supply drawn from 1.1533-1.1278. Should this area hold prices lower for a sixth consecutive time, weekly support at 1.0796 will likely be the next target in the firing range. Lower down the scale, daily action recently...
