Kicking off our analysis this morning with a peek at the weekly chart shows the Aussie has recently drove into the jaws of demand fixed between 0.6935-0.7046. Could this be enough to stop this 2016 sell-off we’re seeing at the moment? Well, it could well be, as down in the pits of the daily timeframe price is trading within touching distance of a major support...
The EUR continued to sink against the U.S. dollar on Tuesday, consequently punching through bids around daily support (now resistance) at 1.0813, psychological support 1.0800 and mid-level support 1.0750. Trade ended with price defending a daily support level coming in at 1.0725, which, as you can see, merges beautifully with the 61.8% Fibonacci level at...
Similar to the EUR/USD, mid-way through the London session Cable also sold off from psychological resistance 1.4800. This, as you can see, forced price to snap through bids at psychological support 1.4700, just missing H4 demand at 1.4603-1.4657 before turning higher into the close 1.4711.
Although this market is currently respecting 1.4700 as support, entering...
As can be seen from the H4 chart, despite negative U.S manufacturing and construction data, the single currency sold off from just below mid-level resistance (1.0946) 1.0950 going into American trade yesterday. This 160-pip or so drop took out a couple of technical supports before ending the day whipsawing through both daily support at 1.0813 and psychological...
Following Gold’s open 1065.9, the precious metal continued its unrelenting march north, ending the day rebounding from a H4 trendline resistance taken from the high 1097.9. As a result of this recent movement, bids/offers are seen capped between the above said trendline, and a H4 swap (demand) zone seen at 1077.4-1076.2.
In light of the above, what’s the vibe...
Although last week’s trading saw the yellow metal lose close to $10 in value at the close 1065.9, price continues to find supportive bids around demand at 1026.5-1054.8 (merges with the lower limit of a long-term wedge pattern from the low 1180.1). Assuming that the buyers remain defensive here, the next upside target in the firing range can be seen at...
The DOW suffered further losses last week, closing 165 points in the red below a weekly swap (support-turned resistance) at 17135. Contingent upon the sellers remaining dominant below this level this week, the next downside target to keep an eye on can be seen at 16935 – a minor weekly swap (support) level.
By contrast, the daily picture shows that price is now...
Like the Aussie dollar, the USD/JPY also had a relatively busy week ranging over 300 pips all in all. The closing difference, however, was a mere twenty pips or so at 121.09, as the pair continued to hold above the weekly swap (support) level at 120.29. Should bids fail here this week, do keep a close watch on the support area seen directly below it at...
Following two weeks of buying from deep within a weekly range demand at 1.0519-1.0798, the single currency changed tracks last week. As a result of this, all gains accrued the week prior were erased and price was sent back down to the top-side of the above said demand into the close 1.0865. We doubt there will be much movement on the weekly timeframe this week due...
The yellow metal initially reacted bearishly to the Fed’s decision to raise interest rates yesterday, but, as you can see, quickly bounced back from H4 demand at 1058.0-1062.4, with the high for the day (1078.2) just missing the H4 Quasimodo resistance level at 1078.9. To our way of seeing things right now, Gold is considered range bound between the two above...
The impact of yesterday’s highly anticipated Fed decision saw the Fed Funds Rate increased by 25 basis points, which sent the U.S dollar higher across the board. The impact of the Fed’s action was relatively modest on the EUR/USD, as price only managed to touch base with H4 demand coming in at 1.0879-1.0899, following a rather vicious spike north towards...
Due to yesterday’s trade remaining confined between the H4 mid-level resistance 1.3750 and H4 support drawn from 1.3694, much of the following analysis will be similar to the previous…
Starting with the weekly chart this morning, price is currently showing little response from supply at 1.3818-1.3630. Daily action on the other hand saw the market print its...
Starting from the top this morning, the weekly chart shows current movement is lurking within the lower limits of its range between demand at 1.0519-1.0798 and supply drawn from 1.1532-1.1278. Moving down one level to the daily chart, however, price sold off from supply coming in at 1.1072-1.1013 (converges 50.0% Fibonacci level at 1.1011), consequently engulfing...
From the weekly chart, we can see that Gold saw no further buying last week following the rebound from demand at 1026.5-1054.8. As a result, the precious metal closed lower at 1075.1, consequently losing $11.70 in value. Admittedly, this was a losing week, but not really one that suggests further selling will follow suit. Reason being is down on the daily...
After four weeks of rather monotonous trading, the USD/JPY came alive last week! A 220-pip decline took place consequently slicing through a weekly swap support (now resistance) area at 122.01-121.40, and closing relatively near its lows at 120.92. On the condition that the sellers are able to hold this market lower from here this week, we may see the weekly...
Following a stronger-than-expected rebound from the weekly range demand two weeks ago at 1.0519-1.0798, the single currency continued to appreciate last week, gaining 110 pips by the close 1.0984. In the event that the buyers continue to push this pair higher this week, we might, just might, see the EUR fill this range up to supply coming in at 1.1532-1.1278.
On...
Like the EUR/USD, Cable also posted heavy gains (175 pips) against the weaker U.S. dollar yesterday, resulting in several H4 technical resistances being consumed and price ending the day consolidating below psychological resistance 1.5200. Considering only the H4 timeframe for a moment, 1.5200 is very interesting since it forms part of a very confluent sell zone...
Early trade saw the EUR currency close above mid-level resistance 1.0850, which, as you can see, was later used as support mid-way through London’s morning session to push prices up to psychological resistance 1.0900. This was a noted move to watch out for in our previous report (blog.icmarkets.com), well done to any of our readers who managed to lock in some...
