Working our way from the top-down this morning, the weekly timeframe shows one very impressive buying tail printing at the moment, stretching a little over 500 pips at the time of writing! Scaling down to the daily timeframe, we can see that price has recently chalked up a third consecutive bull candle, consequently closing above the daily swap (supply) area at...
The EUR currency declined in value for a second consecutive day yesterday, losing a little over 200 pips going into yesterday’s close 1.1310. This move saw several 4hr technical levels wiped out during its onslaught, ending with price spiking through 1.1300 and missing the 4hr demand area below it at 1.1239-1.1286 by a cat’s whisker. Although price is currently...
Well, where do we start on the EUR/USD? The first thing that sprung to mind upon opening the charts this morning was simply, ‘wow’. Fundamentally, we believe the reason behind yesterday’s rally comes from the recent decline in the stock market. With the ECB’s interest rates close to zero, stock market investors have been buying up Euros to invest in U.S. dollars....
For those who read our previous report on the USD/JPY blog.icmarkets.com you may recall that we mentioned to watch for lower timeframe selling confirmation in between 123.81/124.00. As you can see, price responded beautifully to 124.00 with two clear selling wicks. It was after the close of the second candle (123.92) that we decided to enter short at market....
During the course of yesterday’s sessions the AUD fell sharply going into the early hours of European trade. This move took out bids at the 4hr range low 0.7322, and aggressively connected just above a 4hr Quasimodo support barrier at 0.7282. The buyers, as you can see were quick to react here, pushing the Aussie over 60 pips higher back up into the current 4hr...
In consequence to yesterday’s decline and rebound from 0.7322 (Thursday’s low), this pair appears to be in the process of chiseling out a consolidation zone between 0.7388 and 0.7322. Looking only at the 4hr timeframe, one could look to trade the limits of this potential 4hr range today. We would not advise simply placing a pending order at the extremes and hoping...
The EUR/USD couple declined for a third consecutive day amid yesterday’s trade, resulting in price taking out 1.1072 and slam dunking itself into 4hr demand at 1.1009-1.1039. This is no doubt a very tempting place for traders to buy. Nevertheless, our team has decided to pass on this this zone, since room to continue south is being seen on both the weekly and...
Following Sunday’s open 124.21, a conservative wave of bids entered the market yesterday; pushing prices up to a 4hr swap (resistance) level at 124.53. This, as you can see, held the market lower for the rest of the trading day stretching to a session low of 124.21. 124.53, in our opinion, appears weak at the moment. The first rebound (13/08/15) moved price around...
Following the bullish weekly pin-bar candle that formed just above the weekly ascending trendline (1.0461), the EUR currency extended higher last week, gaining close to 150 pips into the close 1.1107. Consequent to this move, price is now trading mid-range on the weekly timeframe. Buyers and sellers are not only capped by weekly demand and supply...
Despite the bounce from the 4hr Quasimodo resistance level at 1.1082, the EUR currency rallied over 150 pips amidst yesterday’s trade. It was only once price crossed paths with the 1.1200 handle in the U.S. afternoon session did we see the sellers begin to make an appearance, consequently pushing prices down to the mid-level number 1.1150.
So, with price now...
For those who read our previous report on our favorite yellow metal blog.icmarkets.com you may recall that we mentioned that there may be a long opportunity boiling up on the retest of the 4hr supply – turned demand at 1105.6-1099.2, targeting the 4hr supply zone at 1134.5-1128.9. As you can see, this has played out as expected. Well done to any of our readers who...
Following nearly three weeks of ranging action on the 4hr timeframe between the 4hr demand at 1077.1-1083.5 and 4hr supply at 1105.6-1099.2, a heavy round of bids entered the market during yesterday’s sessions forcing price to breakout of this consolidation.
In the event that this breakout is indeed genuine, there may be a potentially humongous trade opportunity...
The USD/CHF pair, as you can see, has now entered into a minor phase of consolidation between 4hr supply coming in at 0.9903-0.9871 and round-number support at 0.9800.
Now, considering that this temporary range has set itself up within the confines of a daily supply area at 0.9861-0.9775, price will likely breakout south, right? Not necessarily. Check out the...
For those who read our previous report on Cable blog.icmarkets.com you may recall us mentioning to keep a close eye on 1.5500 for a potential break and retest buying opportunity. As you can see, this played out to perfection. Price closed above 1.5500 mid-way through the London session, and retested it as support going into the early hours of the U.S. session. We...
Mid-way through yesterday’s London morning trade, we can see that offers came into the EUR/USD market around the 4hr supply area coming in at 1.0986-1.0968. This consequently drove price down towards a 4hr swap (support) level at 1.0924, which, as you can see, was clearly enough to support a counter-attack of over 100 pips, resulting in both the aforementioned 4hr...
Weekly recap:
Ever since price crossed paths with the weekly Quasimodo support barrier at 1074.6, the Gold market has been relatively quiet with very little gains/losses to report. That being said, however, during this quiet spell, price action painted back-to-back buying tails on the weekly timeframe, which suggests there are still willing bids in and around...
Weekly recap:
Last week’s trading action shows price painted a nice-looking weekly bullish pin-bar candle off the upper limits of a weekly ascending trendline extended from the low 1.0461. As a consequence the week ended relatively neutral, losing only 18 pips into the close 1.0962. Turning our attention to the daily chart, we can see that from Wednesday...
The GBP/USD pair, as you can see, took a turn for the worst yesterday as the Bank of England kept interest rates low. This spiral south punched through several 4hr technical levels before finally showing some stabilization at the daily swap (support) level at 1.5484, consequently forcing prices to close back within the current bull flag taken from the high 1.5688...
