Further losses were seen on the USD/CHF last week, shredding around 150 pips off its value into the close 0.9760. Throughout this bearish onslaught, the weekly support (now acting resistance) area at 0.9796-0.9902 was taken out, potentially opening the gates for prices to challenge the weekly Quasimodo support level at 0.9526 this week.
Moving down to the daily...
Last week’s sharp run to the downside pushed the USD/JPY pair into further losses, stripping around 360 pips off its value by the week’s close 113.17. This move took out both weekly supports 114.21 and 113.17 which should theoretically act as market resistances now. Assuming that the bears remain dominant this week, we might see this unit test weekly support...
From the daily chart, yesterday’s session saw the bulls once again jab into the weekly support level drawn from 0.7035, pushing the commodity currency above both Monday and Tuesday’s candle bodies. This, at least to us, indicates that the Aussie is likely going to continue to advance during today’s trading.
H4 action on the other hand, shows that the buyers and...
Consequent to yesterday’s 140-pip sell-off, we’ll begin looking at the weekly chart this morning. The support area at 0.9796-0.9902 was recently breached, potentially opening the path south for further selling down to a Quasimodo support level at 0.9526. However, it may be worth waiting for the weekly candle to close up shop before presuming that this weekly area...
For those who have been following our EUR/USD reports lately, you may recall that we had a pending sell order set at 1.1330 (stop just above our daily supply zone at 1.1395) just below a daily supply zone at 1.1385-1.1332. As can be seen from the chart, our order was filled beautifully yesterday with as little as seven pips drawdown. Why this area, and why a...
The yellow metal steam rolled itself north last week printing its third consecutive weekly candle and gaining over $55 in value at the close 1173.0. Consequent to this, weekly resistance (now acting support) at 1157.4 was taken out and price is now trading within shouting distance of a weekly supply at 1205.6-1181.2, that fuses together beautifully with the upper...
U.S. stocks shredded around 225 points during trading last week, forcing price to close the week lower at 16207. In spite of this, weekly support at 15978 remains intact and should still be on your watch lists. With that being the case, the next upside target as per the weekly timeframe can be seen around resistance coming in at 16935.
Branching lower to the...
The past week saw the weekly chart paint a rather vicious-looking selling wick from highs of 0.7242. In spite of this, price failed to close below support drawn from 0.7035 ending the week relatively unchanged by the close 0.7058. Therefore, it’s highly likely that this weekly support barrier will come into play this week, so you might want to take a note of this...
It’s amazing what a new week of trading can bring! For the past two months the EUR has been consolidating between weekly support at 1.0796 and resistance drawn from 1.0983. This week however, saw prices advance over 320 pips into the close 1.1152. This has, as you can see, placed price now within shouting distance of a major area of weekly supply at 1.1533-1.1278,...
Beginning with the weekly chart this morning, we can see that the commodity currency is holding steady above support drawn from 0.7035. This, as a result, forced the Aussie to recently close above daily resistance (now acting support) at 0.7178. On the assumption that the buyers can remain dominant above this number today, the path north appears clear up to supply...
The bullish pulse continues to beat in the EUR/USD market as price stamped in yet another 100+ pip gain yesterday. Early on in European trade, market action bounced nicely from a small H4 demand at 1.1065-1.1080 (an area we warned may be troublesome for shorts) and advanced up to psychological resistance 1.1200 where price is currently stalling.
The way we are...
In our previous report (blog.icmarkets.com), we spoke about entering long from the base of a H4 AB=CD pattern that completed between the 127.2%/161.8% Fibonacci extensions (yellow area at 0.6978/0.7013). Our second take-profit target at psychological resistance 0.7100 was easily reached and we took final profits at H4 supply drawn from 0.7171-0.7146. We do hope...
Based on recent price action, there appears to be a nice-looking buy setup forming. Friday’s rebound from the 61.8% Fibonacci resistance at 0.7135, coupled with Monday and Tuesday’s movement has chalked up what appears to be a H4 AB=CD pattern. What makes this pattern so attractive are the following converging structures:
• H4 support at 0.7025.
• 38.2%...
During the course of last week’s trading, Gold increased over $20 in value by the close 1117.6. This, as you can see, forced price to pierce above weekly supply coming in at 1098.6-1121.7, and has, as a result, potentially opened the path north for further buying this week up to weekly resistance penciled in at 1157.4.
Rolling a page lower to the daily timeframe,...
Despite last week’s action ranging over 180 pips, the single currency closed a mere 37 pips above the prior week’s close at 1.0829. Looking at the weekly chart, we can see that a rather vicious selling wick formed, dragging price down to support at 1.0796 (blue line) which has capped the downside in this market since the beginning of Dec 2015. Therefore, one might...
For those read our previous report (blog.icmarkets.com) you may recall us mentioning to watch for a close above and retest of the psychological number 1.0900. As shown on the H4 chart, this took place during the early hours of London. Unfortunately, we could not find any lower timeframe price action to validate buying from this level. Well done to any of our...
Despite Carney’s comments that U.K rates could be cut, Cable advanced north yesterday following a whipsaw through both H4 demand at 1.4204-1.4231 and psychological support 1.4200. This, as can be seen from the chart, saw the pair rally over 150 pips, breaking above psychological resistance 1.4300 and colliding into H4 resistance coming in at 1.4351.
Due to this...
The EUR/USD shows that early morning trade in Europe saw price aggressively whipsaw through mid-level resistance 1.0850, likely collecting a truck-load of stops in the process. Following this, a session low was stamped in at 1.0818, which is where we saw the single currency change tracks and close above 1.0850 by the day’s end.
During this scuffle around 1.0850,...
