For those who follow our analysis on a regular basis you may recall that the team highlighted a potential sell zone between the 0.79 handle and a H4 Quasimodo resistance level at 0.7888. As you can see, the Aussie tested this level and declined over 100 pips amid the first half of Wednesday’s trading on the back of dollar strength. So, well done to any of our...
Since the commodity-linked currency peaked at 0.8135 on Jan 26, the Aussie has suffered consecutive daily losses.
In early trading on Thursday, the pair took a hit following less-than-stellar Chinese trade balance data. After driving through the 0.78 handle, the day ended with price bottoming around the top edge of a H4 demand base drawn from 0.7762-0.7779,...
Despite printing a healthy recovery from the top edge of a daily demand base at 0.7807-0.7841 on Tuesday, the commodity currency came under renewed pressure during yesterday’s segment. The daily base, as you can see, remains in play but appears as though it’s on the verge of giving way, which may call for a downside move to daily support pegged at 0.7732.
H4...
Across the board, the US dollar rose higher against the majority of its trading peers (currently trading at 90.26 on the US dollar index) on Wednesday, consequently placing the single currency under pressure. The euro, as you can see, engulfed both a H4 channel support extended from the low 1.2336 and a psychological support at 1.23, finishing the day at lows of...
Breaking a six-day bearish phase, the commodity-linked currency printed a healthy recovery during Tuesday’s segment from the top edge of a daily demand base penciled in at 0.7807-0.7841. From the daily scale, technicals suggest further buying up to a daily resistance area at 0.7986-0.7951 is a possibility.
H4 price found a pocket of strong bids around the H4...
After retesting the underside of the large psychological band 1.40 (H4) amid early London hours, the British pound, in one fell swoop, surpassed both 1.39 and the daily support at 1.3878, registering a session low of 1.3836.
What was also brought into play, however, was a daily AB=CD (see black arrows) 127.2% correction point at 1.3883 and a 38.2% daily Fib...
The commodity-linked currency began the day on a strong footing, after whipsawing below the 0.79 handle and connecting with a H1 demand base at 0.7882-0.7895 (this was a noted zone for possible longs – well done to any of our readers who managed to take advantage of this area). The move, as you can see, lifted the pair up the H4 mid-level resistance at 0.7950,...
The British pound resumed its downside trajectory on Monday, forming a full-bodied daily bearish candle in the process. This move, which looks to have begun following a lower-than-expected UK services PMI reading, eventually dragged price beneath multiple tech supports, including weekly support at 1.4079 (now acting resistance).
Also worth noting is that daily...
Weekly gain/loss: -1.25%
Weekly closing price: 1332.4
Despite weekly price managing to chalk up a rather convincing close above weekly resistance at 1337.3 two weeks back, the yellow metal failed to generate much follow-through movement and ended last week back below 1337.3.
Further downside from current price could eventually see the unit tackle the 2018 yearly...
Weekly gain/loss: -0.26%
Weekly closing price: 0.9308
The weekly candles are in free fall right now. Literally, they look as though they were just pushed off of a cliff!
Registering its fourth consecutive weekly decline last week, the pair looks to be on course to continue driving south until we reach weekly support coming in at 0.9163 (not seen on the screen)....
Weekly gain/loss: -2.29%
Weekly closing price: 0.7920
Engulfing approximately two weeks’ worth of gains last week, weekly price shaped a strong-looking full-bodied weekly bearish candle. The move, as you can see, has firmly placed the 2018 yearly opening level seen on the weekly timeframe at 0.7801 back in view.
Turning the focus to the daily timeframe, the...
Weekly gain/loss: +0.28%
Weekly closing price: 1.2455
Over the course of last week’s movement, the single currency managed to record its seventh consecutive weekly gain!
While this is an incredibly impressive run, weekly price (once again) concluded the week closing within the walls of a strong-looking weekly supply area at 1.2569-1.2287, along with monthly...
Bitcoin crosses below daily demand at 8821.0-9907.0 - next base of contact likely to be the daily broken Quasimodo line located at 7592.0, which aligns closely with an AB=CD correction point (see black arrows).
The euro made considerable ground against its US counterpart on Thursday, after finding active bids around the 1.24 handle (H4 timeframe). Largely ignoring better-than-expected US ISM manufacturing PMI data, the pair, as you can see, concluded the day marginally closing beyond the 1.25 handle and connected with a H4 AB=CD (see black arrows) 127.2% Fib ext. point...
USD/JPY bulls went on the offensive amid Wednesday’s segment, swallowing the 109 handle and reaching highs of 109.44. This recent bout of buying also completed the D-leg to a H4 AB=CD (see blue arrows) 127.2% Fib ext. point at 109.42, located just ahead of the H4 mid-level resistance at 109.50. While selling has already been seen from this angle, it failed to...
The British pound, as you can see on the H4 timeframe, spent Wednesday’s sessions consolidating beneath the 1.42 handle. As projected, the US Federal Reserve kept interest rates unchanged which failed to generate much movement.
Meanwhile, weekly price continues to reflect a bullish stance above weekly support at 1.4079. Continued bidding from this neighborhood is...
The US Federal Reserve kept interest rates unchanged on Wednesday, as expected. The Fed, which hiked interest rates three times last year, mentioned the economy warranted ‘further gradual’ increases in rates. The target range for the federal funds rate currently is 1.25%-1.50%.
The impact of the Fed’s decision/statement was somewhat muted on the charts. The euro...
