During the course of yesterday’s sessions, the EUR once again fell sharply against the U.S. dollar following a string of supportive U.S. data and comments from the FED chair Yellen. This, as you can see, took out both psychological support 1.0900 and Quasimodo support at 1.0868, before stabilizing around mid-level support drawn from 1.0850.
Despite the EUR’s...
Kicking off this morning’s analysis with a quick look at the weekly timeframe reveals Gold continues to plummet south, and as a result has now crossed swords with demand drawn from 1098.6-1121.7. Moving down to the daily timeframe shows that this recent decent took out bids sitting around the Quasimodo support (now resistance) level at 1127.7, and is, at the time...
Following on from our previous report (blog.icmarkets.com), we mentioned that we were targeting mid-level resistance 1.3150 as our second take-profit area from the long we took on Friday at 1.3059. As you can see, price hit this area yesterday and we proceeded to close a further 30% of our position. Following this, however, the floor was removed from this market...
Going into Yesterday’s London open, the EUR pair suffered as sellers drove this market to fresh weekly lows of 1.0936. Consequent to this, bids at both the large psychological support 1.1000 and the the swap support (now resistance) level at 1.0973 were taken out.
Now, this recent downside move has potentially opened the gates to a short trade today. Should we...
Weekly view: Last week’s action shows that Gold continued to decline in value following a second stab to the underside of supply at 1205.6-1181.2. As a consequence, bids at the swap support (now resistance) level 1157.4 were taken out, and price closed heavily in the red at 1141.9, losing over $22 in value by the week’s end. From here, other than a small ‘ledge’...
Weekly view: The Canadian dollar gained close to 100 pips against the Greenback last week. This sell-off began from the underside of supply at 1.3456-1.3277, consequently printing a bearish selling tail in the process and finishing the week off on its lows at 1.3071. Should the sellers remain dominant this week, we might see further shorts come into this market...
Weekly view: Cable posted a moderate gain of 115 pips by the close 1.5306 last week. This, as you can see, pushed market action back up into the jaws of supply drawn from 1.5658-1.5425 (converges with trendline resistance from the high 1.7190). A break above this barrier this week would likely force price to touch gloves with a swap resistance level seen at...
Beginning with the weekly timeframe this morning, we can see that following a second stab to the underside of supply at 1205.6-1181.2, price is now trading below the swap support level at 1157.4. Should a close form below this barrier this week, the path south is likely clear for prices to continue lower next week down to demand coming in at 1098.6-1121.7. Daily...
Early on during yesterday’s London trade, we saw price paint back-to-back indecision candles around the 1.5300 figure on the 4hr chart. Nevertheless, as Cable entered into the American session, buyers stepped in and pushed this market to highs of 1.5347 before aggressively plummeting lower following the FOMC statement.
As can be seen from the chart, 1.5300 was...
Initial trade saw a steady round of bids flow into the market yesterday from deep within a swap demand area coming in at 1.1055-1.1026. For all that though, the EUR took a turn for the worst dropping around 200 pips from highs of 1.1095 (13 pips away from out noted sell zone at supply 1.1138-1.1108) shortly after the Fed’s hawkish comments. This downside move, as...
Another relatively sluggish day was seen in the EUR/USD market yesterday. Whilst price was sitting deep within a swap demand area at 1.1055-1.1026, the pair peaked to highs of 1.1078 and recorded a session low around the 1.1030 mark.
Going forward, the market is now likely honing in on today’s FOMC statement, where traders/investors will breakdown the words used...
Weekly view: As can be seen from the weekly chart, the price of Gold declined over $13 in value from the underside of supply coming in at 1205.6-1181.2 last week, consequently painting a bearish inside candle going into the close 1164.4. Nevertheless, looking to sell this bearish pattern from here this week is tricky since price is now trading at a swap support...
Weekly view: Last week’s action saw the EUR decline a whopping 340 pips from range supply drawn at 1.1532-1.1278, bringing price into mid-range territory by the close 1.1011. This downside move was mainly due to ECB’s President Mario Draghi’s comments regarding the possibility of more easing in the near future. Should further selling be seen this week, traders...
Beginning with the weekly timeframe this morning, we can see that Gold is selling-off from supply taken from 1205.6-1181.2. If this bearish momentum continues, it is likely price will shake hands with swap support coming in at 1157.4. However, scrolling down one lower, daily action shows us that price is now lodged within a swap demand base drawn from...
Coming at you directly from the weekly timeframe this morning shows that Gold remains nibbling at the underside of weekly supply drawn from 1205.6-1181.2 . This zone, as we mentioned in our previous weekly report, is a perfect barrier to look for shorts back down to 1157.4 – now acting support. It not only converges with a bearish Harmonic AB=CD pattern (1199.4),...
For those who read our previous report (blog.icmarkets.com), you may recall that our team went short at 1.5506. 50% of our position was locked in at 1.5434 and the stop placed at breakeven. As you can see, price has yet to hit our breakeven stop, so we’re still in game. For how long though is anybody’s guess.
As of now, Cable has entered into a phase of...
Following the open 1.1356, bids established intraday support above the mid-level number 1.1350, and shortly after a ceiling of offers were seen forming around the 1.1373 mark. It was only once London opened for business did we see things begin to liven up. Strong sellers stepped in and pushed the EUR below 1.1350 and reached lows of 1.1305 on the day.
So, with...
Weekly view: The GBP/USD edged higher last week gaining around 130 pips in value at the close 1.5433. Consequent to this, price connected with the underside of supply formed from 1.5658-1.5425. This area – coupled with trendline resistance from the high 1.7190 and swap level resistance just above at 1.5733 is certainly a zone to keep an eye on this week for...
