Shortly after the Gold market opened (1254.5) H4 action plummeted south, breaking below Friday’s low 1247.7, followed by a drive into bids around demand chalked up at 1237.2-1243.9. The reaction from this area, other than the two candle wicks north at 1249.1/1248.1 which attacked Friday’s low as resistance, has so far not registered much meaning in our opinion....
Despite Gold closing only a mere $5 higher last week, price ranged a whopping $45 consequently causing this market to print a weekly indecision candle with a slight edge being seen to the upside. In addition to this, we see the weekly chart offering little direction at the moment due to price now loitering mid-range between supply at 1307.4-1280.0 and support...
Following back-to-back buying tails around the underside of weekly resistance at 114.12, the USD/JPY plummeted over 200 pips lower during the course of last week’s session, reaching lows of 110.66. From the weekly scale, the weekly support level at 110.09 is likely going to be the next objective to reach, since this barrier has provided significant support and...
The past week saw Cable aggressively whipsaw to a low of 1.4052 (just missing a broken weekly Quasimodo support line (BQM) at 1.4051) up to a high of 1.4515, which saw the market close around 100 pips in the green at 1.4473. Consequent to this, a nice-looking weekly pin-bar formed which firmly places the BQM weekly resistance line at 1.4633 in the picture this...
The EUR/USD market enjoyed another relatively successful week, increasing its value by a further 120 pips into the close 1.1266. Despite this, price ended the session colliding with an area of weekly supply coming in at 1.1533-1.1278, which has managed to hold this pair lower since May 2015, so it is certainly a zone we hold in respect. From this angle the next...
In our previous report on Gold (blog.icmarkets.com) we mentioned that we were looking for the yellow metal to retest the recently broken H4 resistance level at 1256.2 as support. Price clearly did as we expected but unfortunately we have been unable to pin down a lower timeframe buy setup as of yet. Well done to any of our readers who are currently long this...
Reporting from the weekly timeframe this morning, it’s quite clear to see that the EUR is once again hugging the underside of a major area of supply drawn from 1.1533-1.1278. This base, as you can probably see, has held this pair lower since May 2015 so it is certainly an area we hold in respect. Along the same vein, daily action, thanks to another round of buying...
Consequent to the recent Fed-induced sell-off, there is a clear buying opportunity presenting itself on the USD/CHF at present. The H4 demand zone chalked up at 0.9749-0.9781 not only fuses with a 78.6% Fibonacci level at 0.9754, but it’s also bolstered by the weekly trendline extended from the low 0.9071. However, as highlighted in Monday’s report, even though...
In light of the Fed’s recent actions, the USD/JPY continues to react bearishly from the underside of weekly resistance painted at 114.12. As we’ve pointed out in recent reports, if the sellers continue to dominate here the support level at 110.09 would be the next target to achieve.
Daily action on the other hand has been confined within a range since the...
Following the Fed’s decision to leave rates on hold yesterday, the single currency responded by screaming to new highs of 1.1242 on the day. For those who read our previous report (blog.icmarkets.com), you may recall us mentioning to watch for a bullish response from the 1.1065/1.1043 H4 area, which, as you can see, bounced almost to-the-pip. Well done to any of...
Following Monday’s push below H4 demand at 1.1121-1.1103, the EUR/USD spent much of yesterday consolidating around the underside of this zone as supply (converges with daily resistance at 1.1122). In light of this rather mellow price action, all eyes remain on the daily support barrier we discussed yesterday at 1.1059.
The 1.1059 daily level is quite notable from...
The USD/CHF shredded over 100 pips of value throughout last week’s session winding up closing the week at 0.9817. This move, as you can probably see from the weekly chart engulfed two prior weekly candles, firmly placing the trendline support back in view (0.9071) which has capped downside movement since May 2015. Further increasing the chances that this weekly...
Although the USD/JPY ranged around 220 pips last week, the market closed a mere two pips above the prior week’s close at 113.79 just ahead of weekly resistance at 114.12. As can be seen from the weekly chart, back-to-back buying tails have printed beneath the current weekly resistance barrier, suggesting offers might be drying up. Despite this, it will only be...
The commodity currency enjoyed another relatively successful week, gaining around 130 pips by the week’s end at 0.7557. On account of this, weekly supply (now acting demand) at 0.7438-0.7315 was taken out forcing the Aussie to close within shouting distance of a major weekly resistance line at 0.7604 (sits nicely below a 61.8% Fibonacci level at 0.7654). By the...
The past week saw the single currency rally around 150 pips by the close 1.1144. This surge in buying came about after a near-touch of a weekly support hurdle drawn from 1.0796, which, as you can see, pushed price up to below weekly supply penciled in at 1.1533-1.1278. Both areas are significant and certainly deserve a place in our watch list this week.
Following...
The yellow metal had a rather eventful session yesterday with the ECB announcing it will be cutting rates. Gold initially stabbed into the extremes of H4 demand coming in at 1237.2-1243.9 and then proceeded to rocket north, surpassing H4 resistance at 1256.2 and just recently connecting with H4 supply painted at 1285.5-1278.5.
Despite the aggressive rally north...
Following an exciting ECB press conference yesterday where Draghi cut rates to 0.0% and expanded the QE program to 80 billion Euros per month, the EUR immediately tumbled to lows of 1.0822 – hitting our H4 Quasimodo support area at 1.0809-1.0826 to-the-pip. However, shortly after this, Draghi added that he saw no need for further rate cuts from here which saw the...
From the weekly chart, the yellow metal has clearly taken on a more bearish tone following the rebound from supply at 1307.4-1280.0, which has the potential to force prices down to support chalked up at 1224.1. In-line with weekly flow, daily action also shows room for this unit to continue driving lower today down to demand given at 1224.6-1238.3.
It came as...
