During the course of yesterday’s sessions Gold recovered amid U.S. dollar weakness, consequently pushing up to the H4 channel resistance taken from the high 1098.0. Directly above this line, however, sits a strong-looking H4 supply area seen at 1066.0-1070.4 (surrounds a daily swap level at 1068.8), which if hit today, could repel this market. Although this...
Isn’t that a sight for sore eyes! The single currency surged over 460 pips as the ECB surprised the markets yesterday by extending its asset program, but not expanding monthly purchases. On the docket today, however, we have the mighty NFP release which could shake things up further. The question we’d all love the answer to now is can this recent surge in buying...
• Weekly Gain/Loss: -157 pips
• Weekly closing price: 1.5028
• Weekly opening price: 1.5031
Following the bearish selling wick printed off the underside of weekly supply at 1.5506-1.5305, traders continued to short the GBP last week down into the jaws of demand at 1.4855-1.5052, consequently painting a full-bodied bearish candle.
Daily price on the other hand...
• Weekly Gain/Loss: -53 pips
• Weekly closing price: 1.0589
• Weekly opening price: 1.0588
The EUR continued to drive south last week, forcing weekly action deeper into the range demand zone seen at 1.0519-1.0798. Granted, the overall momentum on this pair has certainly diminished over the past two weeks, suggesting a last-minute rebound may be on the horizon...
The EUR/USD pair barely saw any movement during yesterday’s sessions as U.S. trade remained closed in observance of Thanksgiving.
Pushing forward, however, this pair still appears very weak at present, as over the past few weeks, price has seen very little buying interest from within the weekly range demand at 1.0519-1.0798. Meanwhile, down on the daily...
Looking at Gold’s H4 chart this morning, we can see that strong sellers stepped in from the channel resistance (1097.9 – a noted area in our previous report to look for confirmed shorts) and pummeled this market lower during the early hours of London trade. This dragged price back down into the jaws of demand coming in at 1066.0-1070.4, which, as you can see, is...
Kicking off this morning’s analysis with a look at the weekly chart shows price remains loitering between a swap support area at 122.01-121.40 and a supply area seen at 125.27-124.11. Down on the daily timeframe, however, we can see that price has begun to carve out a consolidation zone fixed between 123.59/122.22.
Turning our attention to the H4 timeframe,...
Weekly view: Since price fell from supply at 1205.6-1181.2 five weeks ago, several technical barriers have been taken out. However, over the past two weeks, downside momentum has diminished greatly since connecting with the Quasimodo support level coming in at 1074.6. Granted, last week’s action did still see a decline in value of around $5 at the close 1078.2,...
Beginning this morning’s analysis with a look at the weekly timeframe shows that even though price was able to penetrate the Quasimodo support level at 1074.6, buying pressure drove price back above this level, thus suggesting bid strength for the time being. This momentum can be clearly seen on the daily timeframe, with price rallying from just above the swap...
Following Gold’s reaction to the H4 resistance level at 1095.6 on Monday, price has been bearish ever since. At this point in time, however, the buyers and sellers are seen battling for position between a broken weekly Quasimodo level at 1074.6 and a daily swap (support) level at 1063.4.
Should the current weekly candle close beyond the this weekly Quasimodo...
At this point in time, not much change has been seen on the higher timeframe charts. Weekly action remains chewing on the underside of the recently broken weekly channel support-turned resistance line (1.4564), whilst on the daily chart, the buyers and sellers are still battling for position within a swap supply zone drawn from 1.5199-1.5245.
Down on the H4...
Kicking off this morning’s analysis with a look at the weekly timeframe shows that price has recently plugged into bids sitting at the weekly Quasimodo support level at 1074.6 for the second time in four months. Should the buyers continue to defend this level, we see very little stopping Gold advancing to connect with the underside of the swap supply zone at...
In our previous report (blog.icmarkets.com) we mentioned that we’d taken a long on the EUR pair at 1.06852, and was targeting Monday highs (pink circle) at 1.0788, followed by psychological resistance 1.0800 to take further profits (50% already closed). As shown on the chart, price did indeed continue to rally north coming so very close to hitting Monday’s highs....
For anyone who read our previous report on this pair (blog.icmarkets.com), you may remember us noting that we were looking for price to break above Friday’s high 1.0076 and attack the 4hr resistance level seen just above it at 1.0083. As can be seen from the chart, price did exactly that. For us, however, we passed on this trade completely as we were already long...
For those who read our previous report on the EUR (blog.icmarkets.com), you may recall us mentioning that we were still looking for price to drive lower and break below Friday’s lows 1.0707 into demand at 1.0664-1.0701 to enter long. As shown on the H4 chart, price did exactly that. Relatively aggressive sellers entered the market around yesterday’s London open...
Weekly view: The USD/CHF rallied higher for a third consecutive week last week, gaining around 180 pips into the close 1.0046, and jabbing into the lower limits of a stacked supply formation coming in at 1.0126-1.0044 (upper zone is seen at 1.0239-1.0131). In addition to this, we also see a nice-looking AB=CD Harmonic pattern completing around 1.0046 region, thus...
Weekly view: Following the indecision candle painted two weeks ago, the EUR currency continued lower last week, losing around 260 pips in value and driving itself into range demand at 1.0519-1.0798 by the close 1.0736. Therefore, at least from a technical standpoint, we could see this pair possibly advance from here this week.
Weekly levels to watch this week...
Kicking off this morning’s analysis with a look at the weekly timeframe shows that Gold continues to depreciate in value. Price is now trading deep within a demand zone drawn from 1098.6-1121.7. Turning our attention to the daily timeframe, however, we can see that price retested the underside of the broken Quasimodo level at 1127.7 beautifully yesterday, forcing...
