During the early hours of yesterday morning the commodity currency sold-off, quickly bringing price down into the jaws of a H4 demand zone coming in at 0.7299-0.7315. As can be seen on the H4 chart, price tested this area multiple times throughout the day, and was unable to close lower or produce any meaningful advance.
So, where does this leave us? Well, up on...
Ok, taking it from the top this morning, we can see that weekly action has yet to register anything concrete following last week’s bearish selling wick seen within the weekly supply zone at 1.1533-1.1278. What we will say, however, is this area has managed to hold the single currency lower since May 2015, so the bulls will likely have their work cut out for them...
U.S. stocks took a right clobbering going into yesterday’s American session, dropping around 140 points by the session’s end. In our previous report on the DOW, our team highlighted that they were interested in shorting from the H4 resistance line at 17920, but would not commit to a position unless there was lower timeframe confirmation to support a sell....
Following six consecutive losing days, a steady wave of bids flooded this market during yesterday’s trading. Consequent to this, the EUR clocked new highs of 1.1446 on the day, just missing the H4 resistance seen at 1.1447 by a mere pip! The reason we believe this bounce took place, other than the fact that the U.S. dollar fell across the board, was price was also...
In previous writings, we mentioned that we took a long from 17576 on Friday. 70% of our position was cashed in just before the week’s close and the remaining 30% has now been liquidated at 17909 around H4 resistance coming in at 17920 with very nice risk/reward locked in! Well done to any of our readers who joined us!
On the subject of this H4 resistance, notice...
Upon reaching the psychological threshold 0.7300 on Tuesday, a steady wave of bids piled into the AUD. This resulted in price driving into the jaws of a H4 supply zone fixed at 0.7385-0.7364. Well done to any of our readers who managed to lock down a long position from 0.7300 yesterday as this was a noted move to watch for in our previous report (see link below)....
Weekly Gain/Loss: - 53 points
Weekly closing price: 17738
Weekly opening price: 17763
Weekly view: The previous week’s trading saw the DOW range around 360 points (high/low), but only managed to close 53 points lower into the weekend. As can be seen from the chart, active bids defended support at 17606 forcing price to form a relatively clear indecision candle....
Weekly Gain/Loss: + 356 pips
Weekly closing price: 1.2906
Weekly opening price: 1.2950
Weekly view: Last week’s action saw the USD/CAD correct sharply higher from support penciled in at 1.2538, pushing price above resistance seen at 1.2833 (now acting support) by the close. If the bull-side of this market continues to dominate, further upside could be seen...
Weekly Gain/Loss: - 47 pips
Weekly closing price: 1.1398
Weekly opening price: 1.1392
Weekly view: From the top, we can see that the most recently closed weekly candle formed a beautiful-looking bearish selling wick within the confines of a major area of supply coming in at 1.1533-1.1278. Seeing as how this zone has managed to hold the single currency lower...
The DOW shows that early morning trade in London saw the unit sell-off from the 17759 mark yesterday – the high for the day. This, as you can see, brought the index to lows of 17609 by the close. In an attempt to keep this report short and sweet, let’s get right to the meat and potatoes! Over on the weekly chart, weekly support at 17606 is now in play, while...
An unrelenting squeeze to the upside took place yesterday, taking out several H4 technical resistances and ending the day topping out just ahead of the 0.9700 handle. From a technical standpoint, this recent surge in buying should not really have come as much of surprise, owing to price recently connecting with weekly support at 0.9508! Lower down on the daily...
Yesterday’s London open saw the single currency resume its decline against the U.S. dollar, losing around eighty pips on the day. Both daily support at 1.1460 and H4 support at 1.1447 were taken out (now acting resistances), leaving the EUR free to shake hands with H4 demand coming in at 1.1400-1.1383. Due to this barrier fusing with psychological support 1.1400...
Using a top/down approach this morning, we can see that weekly action whipsawed through the top-side of a major area of supply seen at 1.1533-1.1278 yesterday. One could, as we have done in the past, now say that this zone is not on solid footing. However, let’s be mindful to the fact that price has already whipsawed through this zone once before back in late Aug...
After price shook hands with the 0.7600 handle late last week a strong wave of bids came into this market yesterday, pushing price to highs of 0.7671 by the day’s end. What this also did was begin to form the D-leg of a potential H4 bearish Bat pattern which completes just below H4 supply (0.7765-0.7751) at around the 0.7740 mark. Technically, this H4 pattern...
The USD/JPY had a rather eventful week last week! The pair collectively erased 550 pips after price aggressively plummeted from the underside of weekly supply drawn from 113.80-111.59. In consequence, the buyers and sellers are now seen battling for position within the confines of a major weekly demand zone given at 105.19-107.54. Therefore, one has to be prepared...
Weekly Gain/Loss: 227-pip gain
Weekly closing price: 1.1445
Weekly opening price: 1.1457
As can be seen from the weekly chart the EUR bulls were on fire last week, managing to reach highs of 1.1459. This saw the pair push deeper into a major area of supply coming in at 1.1533-1.1278. Be that as it may, the bulls will still likely have their work cut out for them...
As shown on the H4 chart, Gold aggressively advanced north yesterday reaching highs of 1269.5 on the back of dollar weakness. Now, considering that the yellow metal is trading just ahead of a very tasty-looking H4 Quasimodo resistance level at 1279.7, do we have enough support from the higher timeframes to condone a short from this line? High up on the weekly...
Coming at you directly from the weekly chart this morning reveals that Cable remains trading below a broken weekly Quasimodo resistance barrier penciled in at 1.4633. With this level holding price lower back in early February, there’s a good chance we may see a re-run of this scenario in the coming weeks. Scrolling down to the daily chart, however, one can see...
