There really is only one word we have for the USD/CHF pair this morning, and that is, ‘overbought’. Check out how price is nibbling at the underside of both a weekly swap (resistance) level at 0.9796, and also a daily supply area at 0.9861-0.9775, which, as you can see, also boasts trendline confluence extended from the high 1.0239. It does not end there! 4hr...
Recent action on the GBP shows price is currently trading within the confines of a very neatly defined bull flag taken from the high 1.5688 and low 1.5548. Trading within the limits of this flag is certainly a viable trade in our book. Nonetheless, there is a 4hr Quasimodo support level that jumped out to us and slapped us in the face this morning at 1.5564, which...
During the course of yesterday’s sessions, we saw the Euro punch through bids sitting within 4hr demand at 1.0868-1.0902 and find support at the mid-level hurdle 1.0850. Following a few hesitant stabs at this number, strong bids came into the market from here mid-way through London, consequently hitting and extending past 1.0900 into a 4hr ignored Quasimodo level...
Recent events on the EUR/USD currency pair show that price did indeed fake below 1.1021 into a small 4hr decision- point (DP) demand area at 1.0999-1.1013 (as reported it may do) yesterday, rallying to highs of 1.1078 before cascading south post FOMC. This move took price below the aforementioned 4hr (DP) area reaching as low as 1.0965, which, if you look across...
The Gold market sustained further losses for the fifth consecutive week last week, losing $35.20 off its market value. This, as you can probably see from the weekly chart, saw price swoop below the weekly swap (support) level at 1130.1 down towards a weekly Quasimodo support level at 1074.6, which held firm going into the close 1099.0.
Consequent to the above, we...
The EUR/USD pair enjoyed a relatively strong week last week as bids came into the market from just above a weekly demand area seen at 1.0519-1.0798, gaining close to 150 pips into the close 1.0975. In the event that the buyers are able to continue holding price here this week, we might, just might, see prices challenge the weekly supply area lurking above at...
The EUR/USD pair, as you can see, did indeed continue to rally during yesterday’s sessions. This saw price burst through the 4hr swap level at 1.0854, and connect up with a 4hr supply zone coming in at 1.1034-1.1000. For those who read our previous report on the Euro (blog.icmarkets.com) you may recall that we had a long position live in the market from 1.0858...
After price rubbed shoulders with the 4hr swap level at 1.0854 yesterday, we can see that price eventually declined in value down to 1.0900, which did, after a deep fake lower mind you, act as support. For those who read our previous report (blog.icmarkets.com) on the Euro, you may recall that we took a long position from 1.0858 early on Tuesday just above the...
Unlike the EUR/USD, the GBP/USD saw very little action during yesterday’s trade. Price remained teasing the top-side of the 4hr swap level sitting at 1.5544. From the 4hr timeframe alone, we feel this pair is currently at boiling point to breakout north. Take a look above current price. The four black arrows marking the following wicks: 1.5606/1.5626/1.5641/1.5589...
Going into yesterday’s London session the EUR currency rallied from the heavily confluent 4hr Harmonic AB=CD potential reversal zone (PRZ) at 1.0847-1.0800, which took prices back up to the 4hr swap level at 1.0854. Once the U.S traders begun placing orders, however, this level was broken, and price exploded north, taking out 1.0900 and connecting up with a 4hr...
Following the successful retest of the 124.00 handle, a conservative wave of bids came into the market during the course of yesterday’s sessions, which pushed price up to test the June 24th high 124.36. For those who have been following our reports on this pair for some time, you will likely recall that we are confident that this market is headed for 125.00, and...
Weekly recap: The EUR currency plunged a whopping 326 pips last week. This saw price slice through the weekly ascending trendline (forms lower limit of recent symmetrical triangle formation) taken from the low 1.0468 and close on its lows at 1.0827 just above weekly demand coming in at 1.0519-1.0798. Alongside this, we also saw daily action take out daily demand...
For those who read our previous report on Gold, you may recall us mentioning to watch for price to fakeout below Wednesday’s low 1143.2 into a 4hr support level at 1142.2. This, as you can see, played out perfectly. It was just a bummer that we could not find any suitable lower timeframe price confirmation to take advantage of this move! However, all may not be...
Focus from the Greek debt situation may well be fading on the EUR/USD as price continued to plunge even though Greece appears to have finally reached a deal with its creditors. During this sell-off, the round number 1.0900 was broken/retested and is currently seen holding firm at 1.0875 – just above a 4hr Harmonic AB=CD bullish pattern at 1.0847-1.0800. We know...
Gold dropped for a third consecutive day during the course of yesterday’s trade, resulting in price engulfing the 4hr buy zone at 1147.1-1152.2, and nearly shaking hands with a 4hr support level coming in at 1142.2.
Although this market has taken a tumble just recently, the weekly and daily timeframes still show price trading within overall demand...
During the course of yesterday’s sessions, traders were seen attempting to bid the EUR currency higher from the 1.1000 handle, but failed miserably reaching only a high of 1.1034 on the day. Shortly after this, the EUR plummeted on the back of Yellen’s testimony before congress, which as you can see eventually reached the 4hr demand area at 1.0886-1.0924.
With...
During the course of yesterday’s sessions, the GBP was heavily bid going into the London session from a 4hr swap area coming in at 1.5485-1.5460. This, as you can see, continued going into the U.S session which eventually forced price to close above a strong area of 4hr supply seen at 1.5627-1.5597.
This recent move has chiseled out the beginnings of a nice...
Weekly recap:
Pound Sterling sustained further losses for the third consecutive week last week, losing 50 pips into the close 1.5511. In spite of this, price was unable to close below the weekly swap level coming in at 1.5451. Looking down to the daily timeframe, we can see that additional support came into this market from a daily demand area at 1.5189-1.5345,...
