Across the board, we saw the US dollar extend higher yesterday, consequently pressuring the shared currency to fresh lows of 1.0709 on the day. What this move also accomplished was a clean break through weekly support at 1.0819, which, as you can see from the chart, has now positioned the weekly candle around a trendline support drawn from the low 0.8231. In...
Weekly gain/loss: + 957 points
Weekly closing price: 18841
Weekly opening price: 18841
Weekly view: During the course of last week’s session, US equities tapped the yearly opening level at 17554 and ended the week closing over 950 points in the green! Impacted largely by Trump’s presidential win over Clinton, the index closed the week out above a trendline...
Weekly gain/loss: + 350 pips
Weekly closing price: 106.59
Weekly opening price: 106.88
Weekly view: The aftermath of last week’s US election allowed the recently closed weekly candle to form a reasonably large bullish engulfing formation. Before candlestick enthusiasts get too excited, nonetheless, you may want to take into account that the week ended with price...
Weekly gain/loss: + 80 pips
Weekly closing price: 1.2595
Weekly opening price: 1.2567
Weekly view: GBP bulls, once again, went on the offensive last week, consequently bringing the pair to highs of 1.2673 by the close. This, as you can see, is the second consecutive weekly gain. Providing the bulls continue to dominate, we might, just might see price connect with...
Yesterday’s action was FULL of surprises! Donald Trump was elected as the 45th President of the US. In addition, the dollar also advanced against the majority of its major trading peers, which is not something our desk was expecting in the case of a Trump win! The EUR clocked a high of 1.1299 during the event and ended the day closing nearby its daily lows at...
During the course of yesterday’s sessions, the commodity currency firmly established itself around the 0.77 figure and subsequently rose to a high of 0.7778 by the day’s close. Riskier assets are clearly the favored approach among investors for the time being, supporting a Clinton win who, at the time of writing, currently leads by 7 points in the polls.
From a...
Weekly gain/loss: + $28.5
Weekly closing price: 1304.2
Weekly view: From the weekly viewpoint, we can see that bullion pressed higher into the resistance area coming in at 1307.4-1280.0 last week. This move marks the third consecutive weekly gain for this market since bottoming out at lows of 1241.2. A decisive close above the current barrier could bring about a...
Weekly gain/loss: - 195 pips
Weekly closing price: 0.9679
Weekly view: Recent action shows that the Swissy extended its bounce from the underside of the supply at 1.0092-0.9928 last week, chalking up an impressive full-bodied bearish candle into the close. To our way of seeing things, as long as the bears continue to dig lower here there’s a possibility that the...
Weekly gain/loss: - 157 pips
Weekly closing price: 103.09
Weekly view: After connecting with the underside of a resistance area drawn from 105.19-107.54 two weeks ago, the buyers, as you can see, took a backseat. Engulfing three prior weekly candles, last week’s run to the downside has, in our estimation, possibly set the stage for a continuation move south to...
Weekly gain/loss: + 76 pips
Weekly closing price: 0.7670
Weekly view: Following two bearish back-to-back selling wicks, the commodity currency changed course last week and rallied higher. This, as you can see, forced the market to close above a trendline resistance taken from the high 0.8295 (now acting support) which has potentially opened the trapdoor for a...
Weekly gain/loss: + 157 pips
Weekly closing price: 1.1138
Weekly view: The US dollar continued to sag against the EUR last week, resulting in the pair connecting with the underside of a supply area seen at 1.1327-1.1139. Not only does this zone boast strong downside momentum, it also happens to be glued to the underside of a major resistance area drawn from...
Following news that a British court ruled a vote must be held in Parliament prior to Brexit proceedings, along with the BoE stating that rates will not likely be cut again this year, the GBP benefitted hugely.
In consequence to this, yesterday’s daily candle aggressively closed above the consolidation fixed between 1.2118-1.2292 and now, at least from a...
The value of the USD/JPY weakened in aggressive fashion on Wednesday, consequently taking out multiple H4 supports in the process. It was only as US traders entered the fray ahead of the 103 handle/H4 demand at 102.80-102.97 did we see price action begin to stabilize.
In addition to this, the daily support area at 103.50-103.89 (now acting resistance) was also...
With the US dollar taking a hit yesterday, we saw the yellow metal react by rallying higher. H4 supply at 1277.1-1272.4 (now acting demand) was taken out as a result, and this allowed bullion to clock a high of 1291.7 into the close. We initially reported that should price retest this H4 boundary as demand followed by a reasonably sized H4 bull candle, one could...
Kicking things off with a look at the weekly chart this morning, we can see that price extended last week’s bounce from the supply at 1.0092-0.9928 down to lows of 0.9728 yesterday. In the event that the bears remain in the driving seat here, the next barrier of interest falls in at 0.9581: a support level. Slipping down to the daily chart, yesterday’s bearish...
Weekly gain/loss: - 10 pips
Weekly closing price: 0.7594
Weekly view: Despite the Aussie remaining relatively unchanged by the week’s close, the unit chalked up its second consecutive selling wick that pierced through a trendline resistance extended from the high 0.8295. As a result of this, the bears may look to head down to an ascending channel support line...
Weekly gain/loss: - 42 pips
Weekly closing price: 1.2185
Weekly view: Although the pair ranged around 200 pips last week, there was little development seen on the weekly chart which resulted in the market printing an indecision candle. While there’s a strong possibility that the pound may head back down to support at 1.1904, let’s keep in mind that on the monthly...
Weekly gain/loss: + 99 pips
Weekly closing price: 1.0981
Weekly view: Leaving the support at 1.0819 unchallenged, the shared currency bottomed out around the 1.0850 neighborhood last week and closed the session above resistance coming in at 1.0970. Seeing as how the close above this barrier was marginal, we remain unsure as to whether this is a genuine signal to...
