During the course of yesterday’s sessions the USD/JPY aggressively whipsawed through the 115 handle, tapped the underside of a nearby H4 supply zone at 115.37-115.18, and proceeded to selloff going into the London segment. With the H4 candles now currently finding support just ahead of the H4 mid-way number 114.50, where do we go from here? Well, according to the...
Weekly action is currently seen defending the underside of a recently broken weekly Quasimodo line coming in at 1.22. On the condition that the pair remains bearish beyond this hurdle, then the next port of call on this scale can be seen around weekly support coming in at 1.1904. Looking down to the daily timeframe, yesterday’s candle tested daily support drawn...
Weekly gain/loss: + 49 pips
Weekly closing price: 1.0670
The EUR/USD market enjoyed another relatively successful week, increasing its value by a further 50pips into the closing bell. As you can see, the weekly support area at 1.0333-1.0502 and nearby 2017 yearly opening level at 1.0515 has so far held firm. Assuming that the bulls remain in the driving seat...
With China’s trade balance coming in at -60.4 billion CNY versus 172.5 billion expected, the Aussie dollar responded bearishly. Additional selling was seen during the early hours of London, which, as you can see, was later fuelled further by a better-than-expected US ADP print. As can be seen from the H4 chart, the pair has settled around the top edge of a H4...
Weekly gain/loss: + 187 points
Weekly closing price: 20990
The US equity market continued to climb north last week, registering its fourth consecutive weekly gain! With equities now trading at record highs, where do we go from here? Well, given that there is absolutely no weekly resistance levels in sight, the best we can do for the time being is continue looking...
Weekly gain/loss: + 62 pips
Weekly closing price: 1.0621
Following a three-week slide, renewed buying interest came into the market last week from the top edge of a major weekly support area at 1.0333-1.0502 that’s bolstered by the 2017 yearly opening level at 1.0515. In the event that the bulls continue to push forward this week, the next upside objective in...
In recent sessions, the Swissy pair aggressively pushed through the 1.01 handle and tapped a high of 1.0129. The buyers, however, failed to sustain gains beyond this number and dropped to a low of 1.0065 going into the later hours of the US segment.
As of now, we see little reason to short the 1.01 level since there is a far more attractive area above (in...
The pair, as you can see, sustained further losses during the course of yesterday’s sessions. After enduring and finally conquering the 1.23 handle in recent trade, the H4 mid-level support at 1.2250 is in firing range. What’s interesting here is the fact that this H4 level also fuses with a H4 AB=CD 127.2% Fib ext. at 1.2244 taken from the high 1.2706, and of...
For those who read Wednesday’s piece you may recall that our desk underlined the 1.05/1.0520 area (yellow H4 rectangle) as a promising buy zone. The reason for selecting this base was due to the following converging structures: a round number at 1.05, a H4 trendline support taken from the low 1.0339, January’s opening level at 1.0515, daily support at 1.0520 and...
Weekly gain/loss: - 75 pips
Weekly closing price: 112.14
Beginning with the weekly timeframe this morning, price looks to be on course to cross swords with a weekly support area drawn in at 111.44-110.10, which we believe will hold price. The reason for why simply comes from seeing the rather swift retest to the top edge of this zone following the break of this...
Weekly gain/loss: - 1 pip
Weekly closing price: 0.7666
Despite price remaining unchanged going into the week’s closing point, there is some value we can take from last week’s movement. A strong-looking weekly selling wick took shape after price retested the weekly trendline resistance extended from the high 0.8163. In the event that follow-through selling is seen...
The pair began the session robustly, though one price struck highs of 1.0140 it spent the rest of the day receding lower. As you can see, the H4 demand at 1.0077-1.0093 is currently supporting this market which could, given that there is room to move north on both the weekly and the daily charts (up to the 2017 yearly opening level at 1.0175/ daily supply at...
Kicking this morning’s report off with a quick look at the weekly chart shows that price remains teasing the underside of a weekly trendline resistance taken from the high 0.8163. The other key thing to note here is that a few pips above this line is a weekly supply zone marked at 0.7849-0.7752, which happens to merge with a weekly trendline resistance extended...
Mid-way through yesterday’s London session, the pair caught a fresh bid off a H4 trendline support etched from low 1.2346 and managed to close the day above the nearby H4 mid-way resistance at 1.2450. Seeing as how the unit lacks higher-timeframe (structural) direction at present, our desk sees no reason why price will not continue to gravitate north and connect...
Thanks to a recent bout of buying which managed to smash through the 0.77 handle, the commodity currency is now seen trading in a beautiful spot! From the weekly chart, the Aussie is seen touching gloves with a weekly trendline resistance taken from the high 0.8163, followed closely by a weekly supply zone logged in at 0.7849-0.7752 (bolstered by yet another...
The impact of Yellen’s testimony drove the USD/JPY skywards yesterday, reaching a high of 114.49 on the day. To make a long story short, this has brought H4 price up to a nearby area of H4 supply at 114.93-114.57, which we feel will likely hold price lower today. There are a number of technical aspects that support this view:
• A H4 trendline resistance etched...
The aftermath of yesterday’s disappointing UK inflation print saw the GBP aggressively plummet lower against its US counterpart. As can be seen from the H4 scale, both December’s opening base at 1.2516 and the psychological level 1.25 were taken out during this bearish assault, and only began stabilizing once price connected with the H4 mid-way support at 1.2450....
The US dollar received a boost going into the early hours of yesterday’s US segment, as Fed Chair Yellen’s testimony was upbeat on labor market conditions. This saw the EUR plummet lower, taking out both the 1.06 handle and December’s monthly opening level at 1.0590, and consequently registering its fourth consecutive daily loss. Provided that the bears remain in...
