Following Sunday’s open 0.7001 the commodity currency saw a steady stream of bids flow into the market, pushing price to highs of 0.7031. For those who read our previous report (blog.icmarkets.com), you may recall that we took a short at 0.7034 on Thursday last week and moved our stop to breakeven once partial profits were taken at the large psychological support...
Further buying was seen last week on the USD/CHF following a rebound from a weekly support area painted at 0.9796-0.9902. This increased the pair’s value by 140 pips at the close 1.0145 and drove into the teeth of a faked weekly supply area coming in at 1.0239-1.0131. As a result, traders may want to be cautious about taking medium-term longs in this market this...
The past week saw the single currency decline around 115 pips into the close 1.0792, forcing price to close below weekly range support coming in at 1.0851 (blue line). Should the sellers manage to hold ground beneath this barrier this week, there’s little to stop them, at least on this timeframe, from dragging this pair down to the long-term weekly trendline...
The USD/JPY shows that early morning trade in London was well-bid from mid-level support 116.50. This buying, as you can see, continued throughout the London session and into U.S. trade as well, resulting in price colliding with the H4 channel resistance line extended from the high 118.81.
For traders who are contemplating a sell from this barrier today, there...
Early on in U.S. trade yesterday, the Aussie was heavily bid above the H4 range resistance 0.6931 up to the large psychological resistance 0.7000. Given the selling wicks currently being printed here on the H4, would we consider this a viable platform to short today? Well, as much as we love our round numbers, no we would not. The reasons for why are as...
Based on recent price action, we can clearly see that the H4 timeframe has entered into a smaller phase of consolidation between 1.0961/1.0861. In light of this, the team decided to close the remaining 30% of our short position taken on Friday from 1.0983 at the psychological support 1.0900 – the risk/reward still worked out very nicely!
Given this newly created...
Despite Friday’s advance north Gold has seen very little action coming into this week, with price appearing to carve out a range between 1093.1/1085.6. Consequent to this somewhat lackluster trading, much of yesterday’s outlook still holds weight going into today’s sessions.
With weekly supply at 1098.6-1121.7 providing a technical ceiling for this market at the...
Beginning with a look at the weekly chart, price action shows that although two back-to-back selling wicks printed just below a faked supply at 1.0239-1.0131 last week, there were still active bids residing at the support area seen at 0.9796-0.9902. This saw the USD/CHF close the week sixty pips in the green. With price now effectively capped between these two...
Following the close below weekly support at 0.7035 two weeks back, last week’s weekly action responded by retesting this level as resistance, consequently forcing this pair to close the week out deep within demand formed back in early 2009 (0.6768-0.6942) at 0.6854. It will be interesting to see what the lower timeframes have on offer…
Looking to the daily chart,...
The EUR/USD market remained pretty much unchanged by the close 1.0906 last week, consequently printing a weekly indecision candle. As such, price is still confined between 1.0983/1.0851 (blue/red lines), which, as you can see, has been the case since Dec 7th 2015. Beyond this tight range, however, there’s weekly demand seen penciled in below at 1.0333-1.0502...
Following three H4 selling wicks printed around the underside of H4 resistance at 1095.6, the yellow metal spiraled south yesterday. This, as is evident from the H4 chart, saw bids around both the daily support (now resistance) at 1084.5 and also at the H4 demand zone taken from 1074.8-1077.1 (sits just below a minor daily support at 1078.0) wiped out.
Now, given...
For those who read our previous report (blog.icmarkets.com), you may recall that we mentioned to keep an eye on the H4 Quasimodo resistance level at 1.0984 for sells and the daily support barrier painted at 1.0813 for buys.
As you can see, price reacted beautifully to our buy zone (formed from both a 61.8% Fibonacci level at 1.0808 and psychological support...
Although price moved very little throughout the course of the day yesterday, the structure of price action is interesting. Psychological resistance 118.00 was clearly well-offered during the day. However, notice what price was doing below this number… Check out the lows printed at 117.92/117.22/117.38. These are, as far as we see, demand consumption tails. In...
The GBP/USD pair, as you can see, cascaded lower during the course of yesterday’s sessions, engulfing bids around psychological support 1.4500, and ending the day stamping in a vicious-looking buying tail off the back of 1.4400/1.4350.
As can be seen from both the weekly and daily charts, this recent sell-off also brought Cable into the jaws of a major weekly...
Although the USD/CHF lost 53 pips at the close 0.9941, last week’s range stretched over 200 pips. Price came within seven pips of shaking hands with a recently faked supply at 1.0239-1.0131, before selling off down to just above a weekly support area at 0.9796-0.9902.
Branching lower to the daily chart, demand at 0.9851-0.9926 has so far done a pretty good job of...
Like the AUD/USD, the USD/JPY also had a miserable start to 2016. A heavy round of safe-haven buying pushed this pair 300 pips lower by the close 117.20 last week. Support (now resistance) at 118.84 was well and truly engulfed as a result of this, and has likely cleared the path lower this week for price to connect with bids sitting around support painted at...
Beginning with the weekly timeframe, we can see that last week’s trade ended with the EUR printing a nice-looking buying tail, closing 56 pips in the green at 1.0919. Since Dec 7th 2015, weekly action has been confined between 1.0983/1.0851 (blue/red lines), which, as you can see, still remains to be the case. Beyond this tight range, however, there’s demand seen...
During the course of yesterday’s sessions, Gold was well-bid as investors flee to safety. This third daily consecutive gain, as you can see, took out daily resistance (now support) at 1084.5, and is now trading within shouting distance of both weekly and daily supplies (1098.6-1121.7/ 1098.6-1108.6). Alongside the higher timeframe structures, H4 action can be seen...
