Kicking this morning’s report off with a quick look-see at the weekly chart shows that the pair remains hovering above the 2016 yearly opening level at 1.0873/ resistance at 1.0819. However, it might be worth waiting for the weekly candle to close shop before presuming that these said resistances are consumed. Down on the daily candles we can see that price has...
The value of the US dollar strengthened in aggressive fashion against the Japanese yen yesterday, despite US consumer confidence coming in lower than expected. As can be seen from the H4 chart, the day ended with price closing above the 111 handle. Should the bulls remain in the driving seat here, there’s a good chance that the pair will strike April’s opening...
Going into the early hours of yesterday’s US segment, H4 price cleared the 1.09 handle on lower-than-expected US consumer confidence and ended the day touching gloves with mid-level resistance at 1.0950. While the bulls certainly appear in fine form this morning, traders may want to take into account that not only is 1.0950 now in play, but twenty or so pips above...
The EUR, as you can see, gapped 200 pips north at the open after a win by centrist Emmanuel Macron at the French presidential elections on Sunday. Despite this, H4 price very quickly entered into a phase of consolidation between 1.0877/1.0831.
Over on the daily timeframe, we can see that the major recently found support at 1.0850. Should the bulls continue to...
Weekly gain/loss: + 39 pips
Weekly closing price: 108.95
Looking at this market from the weekly scale, the pair clearly remains in bearish territory. Following the break of the support area at 111.44-110.10 two weeks back, the runway south still appears clear for the unit to test the support area coming in at 105.19-107.54 (holds an AB=CD 161.8% ext. at 107.14...
Weekly gain/loss: - 31 pips
Weekly closing price: 0.7543
As can be seen from the weekly chart, the bulls failed to generate much follow through after the prior week’s bounce from the support area marked at 0.7524-0.7446. Should the buyers eventually regain consciousness here, however, the next upside hurdle can be seen at a trendline resistance taken from the...
Weekly gain/loss: + 285 pips
Weekly closing price: 1.2806
The weekly trendline resistance extended from the high 1.2774 was aggressively taken out last week, thus allowing weekly price to marginally close beyond resistance at 1.2789. This could, technically speaking, imply that the buyers might look to challenge supply this week at 1.3120-1.2957.
Since Tuesday,...
Weekly gain/loss: + 122 pips
Weekly closing price: 1.0724
Downside momentum diminished last week as weekly buyers actively defended 1.0493-1.0605: a demand area that’s beautifully positioned around the top edge of the 2017 yearly opening level at 1.0515/support zone at 1.0333-1.0502. Looking above, the next areas to keep an eyeball on this week are resistance at...
For those who read Thursday’s report you may recall that we showed interest in shorting from the 1.35 handle. Ultimately, we wanted to see H4 price print a selling wick that pierced above the H4 supply at 1.3495-1.3485 into 1.35. While this did come to fruition, we chose not to enter for the simple reason that the same H4 candle also boasted an incredibly large...
As we highlighted in Thursday’s report, the single currency was likely to find resistance within the H4 (green) sell zone at 1.0777/1.0750. The area comprised of a H4 supply zone at 1.0773-1.0751, a H4 mid-level resistance at 1.0750 and a H4 61.8% Fib resistance at 1.0777 (taken from the high 1.0905). Also of note was the daily resistance found within the upper...
In recent sessions, the yellow metal continued to drive lower after touching base with a H4 supply zone seen at 1292.5-1289.2. The move, as you can see, completed at a H4 AB=CD 127.2% ext. at 1274.2, which happens to be housed within a H4 demand area at 1271.8-1275.2. Although this zone has already done a fine job of supporting the bulls, both weekly and daily...
The EUR/USD, as you can see, recently ran through multiple H4 tech resistances amid a generally well-bid EUR and a beaten US dollar. With 1.07 now out of the picture, the next area of interest falls in around 1.0773-1.0751: a supply zone that sits in between a mid-level resistance at 1.0750/161.8% Fib extension at 1.0743 (drawn from the low 1.0569) and a 61.8% Fib...
Weekly gain/loss: - 250 pips
Weekly closing price: 108.56
Following two weeks of struggle within the weekly support area seen at 111.44-110.10, the bears recently took control and forced price below this zone. The move could, in our humble opinion, force the piece to cross swords with the weekly support area coming in at 105.19-107.54.
Turning our attention to...
Recent action shows that the USD/JPY extended its downside move from April’s opening level at 111.41 yesterday, taking out the 110 handle and clipping a low of 109.60 on the day. Despite this aggressive selloff, H4 price is seen testing an AB=CD (see black arrows) 127.2% Fib ext. at 109.54, which is shadowed closely by the mid-level support at 109.50.
Although...
During the course of yesterday’s sessions H4 price swallowed the 1.06 handle and rallied into the upper limits of a resistance area at 1.0607-1.0632. As you can see, the market established a resistance from within this barrier around the AB=CD 161.8% Fib ext. plugged at 1.0630 (taken from the low 1.0569), and retraced back to the 1.06 handle going into the...
Weekly gain/loss: - 177 pips
Weekly closing price: 1.2369
Breaking a three-week bullish phase, weekly bears rose up and took charge last week bringing the pound to within striking distance of the 2017 yearly opening level at 1.2329. Also of particular interest on the weekly timeframe is the potential bearish pennant currently in motion (1.2774/1.1986).
Climbing...
Weekly gain/loss: - 67 pips
Weekly closing price: 1.0589
Last week’s action shows that the EUR/USD extended its pullback from the 2016 yearly opening level at 1.0873, which could force the major to test the 2017 yearly opening level at 1.0515/support area at 1.0333-1.0502 sometime this week. With this area having been a considerable support and resistance zone in...
Of late, the GBP/USD has been seen ranging between the H4 mid-way support at 1.2450 and the psychological band 1.25. Of particular interest on the H4 chart, however, is the potential AB=CD bearish pattern that terminates around the upper edge of supply coming in at 1.2596-1.2568. Still, before this can come to fruition, April’s opening line at 1.2541 and the...
