Kicking this morning’s report off with a look at the weekly chart shows that price recently connected with the underside of a resistance area coming in at 105.19-107.54. Bearing in mind that this barrier stretches as far back as 2014, we feel the buyers will have their work cut out for them if they intend on pushing things higher from here. In conjunction with the...
During the course of yesterday’s sessions, the shared currency caught a fresh bid from the 1.09 handle and managed to clock highs of 1.0942. It was here, the US open, that we saw sellers step in and drive price below 1.09 to test an active H4 demand base at 1.0874-1.0887. Although this area remains intact for the time being, it appears vulnerable given that the...
Recent action shows that the yellow metal extended its bounce north from H4 demand at 1260.2-1263.8 up to the H4 supply base coming in at 1277.1-1272.4, where the buyers and sellers are currently seen battling for position. This recent advance can likely be credited to safe-haven buying amid uncertainty surrounding the US equity market, and speculation that demand...
Weekly gain/loss: + $15.8
Weekly closing price: 1266.0
Weekly view: Following the rather aggressive break below the support area seen at 1307.4-1280.0 three weeks ago, the metal bottomed out around the 1241.2 neighborhood, and now looks to be on course to retest the underside of this recently broken zone as resistance. Should this come into view, there’s...
Weekly gain/loss: + 196 pips
Weekly closing price: 1.3333
Weekly view: Across the board, we saw the US dollar appreciate last week, consequently bringing the USD/CAD up to within shouting distance of a resistance level drawn from 1.3381. This barrier has provided the pair significant support/resistance going back to the 1990s, thus, the buyers will likely...
Weekly gain/loss: - 9 pips
Weekly closing price: 0.7604
Weekly view: Although the pair closed the week relatively unchanged, what the candles did provide us with was a beautiful-looking bearish 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...
Weekly gain/loss: - 88 pips
Weekly closing price: 1.0882
Weekly view: As you can see, the shared currency continued to push lower last week, consequently breaking through support at 1.0970 (now acting resistance) and closing nearby a major support barrier drawn from 1.0819. With this level having been a considerable support since mid-May 2015, a bounce from this...
Having seen the EUR/USD pair aggressively tumble lower yesterday, it should not really come as much of surprise to see that the USD/CHF traded higher. For those who follow our reports on a regular basis you may recall that we had a pending sell order placed at 0.9926 with a stop set above the current daily supply base (0.9956-0.9921) at 0.9960. Going into...
Kicking this morning’s report off with a look at the weekly chart, the precious metal is seen pulling back to the underside of a recently broken support area at 1307.4-1280.0 (now acting resistance). As was previously highlighted in past reports, the aggressive break through this support zone likely left a truckload of sell orders unfilled, hence why it is likely...
The EUR/USD, as you can see, failed to sustain gains beyond the key figure 1.10 yesterday, ending with price clocking a low of 1.0970 by the day’s end. As a result of this, the H4 support level at 1.0948 is, once again, now likely the next barrier on the hit list. With this number having been a considerable support/resistance level in the past, and also seen...
Across the board, the US dollar declined in value yesterday, resulting in the EUR pulling back and testing the key figure 1.10 going into the US session. To our way of seeing things, 1.10 looks vulnerable. Our reasoning lies within the higher-timeframe structures. Over on the weekly chart, price is currently shaking hands with a support level coming in at 1.0970,...
Weekly gain/loss: + 132 pips
Weekly closing price: 0.9901
Weekly opening price: 0.9900
Weekly view: Since the beginning of May, the pair has been consolidating between a supply zone painted at 1.0092-0.9928 and a support band drawn from 0.9581. As you can see on the chart, however, the weekly candle is now seen trading within shouting distance of the underside of...
Weekly gain/loss: + 29 pips
Weekly closing price: 0.7613
Weekly opening price: 0.7620
Weekly view: Despite the commodity currency ranging close to 150 pips during the week, the pair ended up closing relatively unchanged. As is evident from the weekly chart, the market is in a somewhat compressed state right now. Capping upside since early May 2015, there’s a...
Weekly gain/loss: - 226 pips
Weekly closing price: 1.0970
Weekly view: Following two months of choppy price action around the lower boundary of a major resistance area seen at 1.1533-1.1278, the common currency fell sharply last week. As a consequence, this forced the candle to shake hands with a support level coming in at 1.0970 by the week’s end. In that this...
During the course of yesterday’s trading, the USD/CHF tagged the underside of the 0.99 handle and eventually pushed through these offers amid the US afternoon session. By and of itself, this is considered a bullish cue which will likely attract buyers into the market. While H4 traders are looking to buy, however, our team is looking to sell around the 0.9927...
On the back of a robust US dollar, the current weekly candle now looks set to collide with supply coming in at 1.0092-0.9928, which has capped upside in this market since mid-May 2016. The break of the daily trendline resistance extended from the high 1.0256 on Monday also seems to have played a (technical) part in yesterday’s advance. The next upside target from...
Weekly gain/loss: - $60
Weekly closing price: 1255.3
Weekly view: The gold market dropped sharply last week, resulting in price taking out the support area at 1307.4-1280.0 (now acting resistance). Given the velocity of the move, this could set the stage for a continuation move south this week down to the support area logged in at 1205.6-1181.2, which happens to...
Weekly gain/loss: + 171 pips
Weekly closing price: 1.3293
Weekly view: After seeing price action loiter within supply at 1.3295-1.3017 for the past two weeks, the zone suffered a slight break last week. As such, a continuation move up toward the resistance boundary seen at 1.3381 is now something traders need to be prepared for this week.
Daily view: Looking...
