Weekly gain/loss: + 162 pips
Weekly closing price: 102.89
Weekly view: USD/JPY bulls went on the offensive last week, extending the prior week’s bounce off support drawn from 100.61. Be that as it may, it was not all sunshine and roses for the pair. Towards the end of the week, price struck weekly highs chalked up on the 29/08 around the 104.32ish range,...
Weekly gain/loss: - 71 pips
Weekly closing price: 0.7584
Weekly view: During the course of last week’s sessions, the commodity currency came under pressure after locking horns with the trendline resistance extended from the high 0.8295. In addition to this, we also saw price close below support registered at 0.7604 (now acting resistance). From a technical...
Weekly gain/loss: - 37 pips
Weekly closing price: 1.1196
Weekly view: As you can see, the weekly candles remain hugging the underside of a major resistance area seen at 1.1533-1.1278. While we’re confident that this zone will eventually force the pair lower, it’s difficult to judge when that will be as in the past we’ve seen price consolidate for long periods...
In recent sessions, we can see that the USD/JPY couple closed above the 103 handle during the early hours of London trading. A few hours later, going into US trading, the break above 103 was further bolstered by hotter than expected US ISM non-manufacturing PMI data, consequently pushing the pair up to a fresh H4 supply zone coming in at 103.80-103.62.
With a H4...
On the back of a Bloomberg headline reporting that the ECB was near consensus on need to taper QE before it concludes, the EUR aggressively catapulted itself north from H4 demand at 1.1131-1.1143 early on during yesterday’s US session. After connecting with the H4 trendline resistance extended from the high 1.1366, the single currency, as you can see, steadied...
Although a better than expected US PMI print hit the wire yesterday, this was clearly not enough to shake the Aussie bulls! Price continued to rally and is now, at the time of writing, seen trading just ahead of two H4 Quasimodo resistances at 0.7698/0.7695 as well as the 0.77 handle. The important thing to consider here, however, is that these levels sit just...
Weekly gain/loss: + 11 pips
Weekly closing price: 1.1233
Weekly opening price: 1.1227
Weekly view: In spite of the shared currency ranging around 130 pips last week, the market closed relatively unchanged and as a result chalked up a clear-cut indecision candle. With this, we can see that price remains hugging the underside of a major resistance area seen at...
Following reports that OPEC agreed to limit oil production yesterday saw the oil market launch itself north, reaching highs of 47.41. This, as a consequence, pushed the USD/CAD pair aggressively lower! Price wiped out multiple H4 tech supports and now looks as though it’s en route to touch gloves with the key figure 1.30 this morning. From a technical standpoint,...
The pound is seen trading with a reasonably strong bias to the upside this morning. From a technical standpoint, weekly support at 1.2942 appears to be holding ground fairly well, as is the daily demand base at 1.2789-1.2928, which happens to connect with a trendline support taken from the low 1.2789. In addition to this recent buying, we can see that the key...
Weekly gain/loss: + $26.3
Weekly closing price: 1336.0
Weekly view: The yellow metal corrected sharply higher from the support area seen at 1307.4-1280.0 last week, erasing the prior week’s losses and reaching highs of 1343.5. As far as we are concerned, there is little resistance seen to the left of current price on this timeframe to stop further buying coming...
Weekly gain/loss: - 42 pips
Weekly closing price: 1.3165
Weekly view: Things are not looking too bright for any sellers positioned within the supply zone fixed at 1.3295-1.3017 right now. Although the bears do still have a hand in this fight, offers slowly appear to be diminishing. However, it won’t be until we see a decisive close beyond the resistance level...
Weekly gain/loss: - 126 pips
Weekly closing price: 100.98
Weekly view: The past week’s performance has, as you can see, placed the USD/JPY back around the support level penciled in at 100.61. This is the pair’s third consecutive losing week. On the assumption that further selling is seen from here, the next area to watch beyond current support is a demand base...
Weekly gain/loss: +136 pips
Weekly closing price: 0.7620
Weekly view: After a rather aggressive move north seen last week, prices settled just above resistance coming in at 0.7604, following a rebound off of trendline resistance taken from the high 0.8295. Although price has effectively closed above the aforementioned resistance barrier, we feel a more decisive...
Weekly gain/loss: + 73 pips
Weekly closing price: 1.1222
Weekly view: Despite last week’s gains, price remains hugging the underside of a major resistance area seen at 1.1533-1.1278. Although we’re confident that this zone will eventually push the pair lower, it’s difficult to judge when that will be as in the past we’ve seen price consolidate for long periods...
So, for those who read our previous report on the USD/JPY pair you may recall that we highlighted the 100.00/100.21 range (green zone) as a possible buy zone. Given that it merged beautifully with a H4 88.6% Fib support at 100.07, a H4 AB=CD completion point at 100.21 and was positioned around the top edge of a daily demand base seen at 99.53-100.23, it should not...
US stocks rallied on the Fed’s decision to leave interest rates unchanged yesterday, consequently forcing price to breach and close above the current H4 consolidation fixed between 18218/18110. Now, what this also did was bring prices very close to a H4 resistance area at 18321-18349, which is complemented by a daily resistance level coming in at 18322 and also...
Thanks to both the BoJ and the Fed yesterday, the USD/JPY couple dropped close to 140 pips on the day (open/close). Several H4 technical supports were wiped out during the bearish onslaught, leaving price closing the day ahead of the key figure 100.00. Taking into consideration that 100.00 ties in nicely with a H4 88.6% Fib support at 100.07, a H4 AB=CD completion...
The EUR/USD attracted fresh buyers into the market yesterday from a H4 demand logged in at 1.1131-1.1143, following the Fed’s decision to leave monetary policy unchanged. This, as you can see from the H4 chart, saw prices eventually cross swords with a trendline resistance taken from the low 1.1045. United with a nearby psychological hurdle seen at 1.12, the team...
