Starting up on the weekly chart, we can see that the bears have dominated this market since whipsawing through the upper boundary of a major weekly supply zone at 1.1533-1.1278. In our estimation, the next downside target can be seen at 1.0796 – a weekly support. Zooming in and looking at the daily chart, daily demand at 1.1143-1.1179 was recently consumed and is...
Supported by a rally in the Nikkei from H4 range support at 16475 and a sturdy-looking daily demand base at 108.38-109.39 on the USD/JPY (green circle), the U.S. dollar rallied beautifully from a H4 trendline support yesterday taken from the low 108.22. Erasing all of Monday’s losses, the pair is now seen trading above the 110 handle, just ahead of a H4 Quasimodo...
For those who read our previous report on the Aussie (see link below) you may recall us mentioning that our team had placed a pending order to buy at 0.7150. This was based on the convergence of a H4 Quasimodo line at 0.7145 and a H4 channel support extended from the low 0.7299. As can be seen from the chart, our order was filled during yesterday’s sessions and...
The bearish pulse clearly continues to beat in the EUR/USD market! In the early hours of yesterday’s London session, a strong wave of offers brought price below the 1.12 handle and then eventually broke through H4 demand at 1.1168-1.1198 (now acting supply). It was only once price entered into the later hours of the American session did we see the shared currency...
During the course of yesterday’s sessions, we can see that the commodity currency whipsawed above H4 resistance at 0.7241 and sold-off. This clawed back Friday’s gains and went on to fill bids around the 0.72 handle. To keep this analysis short and sweet, we’re going to jump in and show what we have our eye on at the moment:
• The Aussie is now seen testing...
Weekly gain/loss: - $21
Weekly closing price: 1251.8
Weekly opening price: 1251.8
Weekly view: Beginning with the weekly timeframe this morning, we can see that price, once again, was hammered lower last week, reaching lows of 1243.7. Some will very likely disagree with us when we say that we think the yellow metal still has potential to decline further over the...
Weekly gain/loss: + 145 pips
Weekly closing price: 1.4495
Weekly opening price: 1.4503
Weekly view: The past week saw the GBP connect with the broken Quasimodo resistance line at 1.4633 for third time this year, which, as you can see, resulted in price selling off going into the week’s end. As long as the sellers remain in good shape from here, we see little...
For those who read our previous report on the USD/JPY you may recall us mentioning to watch for price to retest the 110 handle and look for a lower timeframe buy entry. There was confirmation seen on the M30 yesterday (tops around the 110.24 region were taken out which followed with a reversal to enter long around the 110 mark), which gave one a chance for a small...
Thanks to yesterday’s FOMC-induced rally, H4 action is currently trading just ahead of a nice-looking H4 sell zone. A broken H4 Quasimodo level at 1.3062, a psychological resistance at 1.31 and also a 161.8% Fib extension at 1.3080 (green circle) taken from the base of the H4 AB=CD bearish pattern collectively form a tight resistance zone. What is more, this H4...
The USD/JPY remained well-bid during most of yesterday’s sessions, even more so after the FOMC release which pushed this pair above the 110 handle into the close. In light of this recent move, we see little reason on the H4 chart for price not to continue rallying up to the 111.00/110.84 area today (formed by a H4 resistance at 110.84, a daily resistance at 110.96...
This morning’s analysis will kick-off with a look at the weekly chart, which shows that price beautifully retested the underside of the recently broken weekly demand at 0.7438-0.7315 as supply. In the event that the bears continuing punishing the bulls here, it’s likely this pair will be shaking hands with weekly demand at 0.7108-0.7186 sometime soon. Moving down...
Although the EUR found a pocket of active bids around the small H4 demand zone at 1.1256-1.1265, the rally from here was, as you can see, short lived! Weighed on heavily by comments from yesterday’s FOMC meeting, the single currency plummeted to lows of 1.1214 going into the close. Technically, this has placed H4 price just ahead of a nice-looking H4 demand area...
Beginning with a look at the weekly chart this morning, the buyers and sellers continue to battle for position around weekly supply coming in at 1307.4-1280.0. With the oil market moving very similar to gold, we can also see that oil is currently trading within weekly supply at 50.91-47.22.
Looking down to the daily chart, nevertheless, the yellow metal has...
The AUD/USD, as can be seen from the H4 chart, is currently trading from a H4 supply drawn from 0.7367-0.7336. Now to keep this analysis straightforward, let’s dive straight in! Over on the weekly chart, the commodity currency is seen retesting the underside or a recently broken weekly demand at 0.7438-0.7315 as supply. Sliding down to the daily chart, we can also...
Weekly view: Recent action shows that Cable extended its bounce from the broken Quasimodo resistance line at 1.4633 down to lows of 1.4340 last week. In the event that the bears remain dominant here, further selling could be possible down to 1.4051 – a broken Quasimodo support level.
Daily view: From this angle, demand at 1.4297-1.4393 held firm during...
Weekly Gain/Loss: + 28 pips
Weekly closing price: 1.2934
Weekly opening price: 1.2943
Weekly view: Although the Loonie ranged around 250 pips last week, the market only managed to gain 28 pips by the close. During trade, however, price bounced from a broken resistance-turned support at 1.2833, consequently forming an indecision candle with a slight edge seen...
Weekly Gain/Loss: - 96 pips
Weekly closing price: 0.7265
Weekly opening price: 0.7245
Weekly view: Since the commodity current peaked at 0.7835, price has fallen sharply for the past three weeks. This, as can be seen from the chart, saw the Aussie take out demand painted at 0.7438-0.7315 which may lead to further selling this week down to demand coming in at...
Following Wednesday’s reaction from the H4 demand zone at 108.27-108.44, yesterday’s trading saw the USD/JPY extend its bounce from here up to H4 supply coming in at 109.26-109.49. Aided by an increase in U.S. jobless claims, the pair then fell from here down to lows of 108.62 on the day.
Despite this unit now lurking around both H4 supply and a daily supply...
