The past week saw the single currency decline a further 200 pips into the close 1.0924, resulting in a rather vicious full-bodied bearish weekly candle forming. Consequent to this, weekly support (now acting resistance) at 1.0983 was taken out, thus opening up the possibility for further downside this week to weekly support penciled in at 1.0796.
Climbing down...
As can be seen from the daily chart, the bounce from the Feb 11th low 110.96 clearly renewed buying interest in this market yesterday. This could, as long as the buyers remain in the driving seat, force this pair to retest weekly resistance drawn from 114.12.
In our previous report (blog.icmarkets.com), we discussed two possible trade scenarios: One was to wait...
The USD/CAD is seen trading markedly lower this morning, due to a relatively heavy round of selling yesterday from the underside of psychological resistance 1.3800 down to the 1.3700 region. What is more interesting, however, is the bigger picture currently being painted on the H4. Current action appears to be chalking up two H4 AB=CD bull patterns (see green...
Sunday’s open 1.1109 saw the single currency gap around 17 pips lower, consequently breaking below daily support at 1.1122. Following this, price struck the underside of this number twice before heavily selling-off going into yesterday’s London open. H4 support (now acting resistance) at 1.1059 put up very little fight, allowing price to reclaim the 1.1000 region...
Although Gold posted a weekly loss of around $11 by the week’s end at 1227.7, we still consider it positive. The reason for why comes from seeing price respond so beautifully from not only the weekly broken supply (now demand) at 1205.6-1181.2, but also the recently broken weekly wedge resistance (now support) taken from the high 1485.3. In the event that bids...
Another wet and rainy day for the EUR yesterday helped the pair record its fifth consecutive daily loss. The single currency smashed through both daily support at 1.1122 and also psychological support 1.1100, before changing tracks going into the U.S open (likely due to positive unemployment U.S. data) and retesting the underside of the daily support as...
Coming at you directly from the weekly chart this morning, the yellow metal is seen rebounding from not only the broken supply (now demand) at 1205.6-1181.2, but also the recently broken weekly wedge resistance taken from the high at 1485.3. Climbing down into the pits of the daily timeframe shows us that the buyers and sellers continue to battle for position...
For those who read Wednesday’s report on Cable (blog.icmarkets.com), you may recall that we spoke about entering long from the base of a H4 Harmonic Gartley pattern around the 1.4258 mark. Additional confluence was also seen here from the mid-level number at 1.4250 and a H4 Quasimodo support at 1.4230, which blends nicely with daily support drawn from 1.4231.
We...
Going into yesterday’s London session, Cable was aggressively offered following a string of disappointing U.K. data which saw the pair tumble over 200 pips in one sitting! Following this lemming-like stampede, prices began to stabilize as U.S. traders entered the market around the 1.4300 handle.
Consequent to this recent sell-off, the GBP is very close to...
The yellow metal was truly on fire last week! Several weekly resistances were taken out, before Gold finally ended the week closing at 1238.1, registering a very healthy $65 gain. In view of this recent movement, the weekly broken Quasimodo (BQM) line at 1224.1 could potentially act as support this week, as could the weekly demand just below it at 1205.6-1181.2...
Further losses were seen on the USD/CHF last week, shredding around 150 pips off its value into the close 0.9760. Throughout this bearish onslaught, the weekly support (now acting resistance) area at 0.9796-0.9902 was taken out, potentially opening the gates for prices to challenge the weekly Quasimodo support level at 0.9526 this week.
Moving down to the daily...
Last week’s sharp run to the downside pushed the USD/JPY pair into further losses, stripping around 360 pips off its value by the week’s close 113.17. This move took out both weekly supports 114.21 and 113.17 which should theoretically act as market resistances now. Assuming that the bears remain dominant this week, we might see this unit test weekly support...
From the daily chart, yesterday’s session saw the bulls once again jab into the weekly support level drawn from 0.7035, pushing the commodity currency above both Monday and Tuesday’s candle bodies. This, at least to us, indicates that the Aussie is likely going to continue to advance during today’s trading.
H4 action on the other hand, shows that the buyers and...
Consequent to yesterday’s 140-pip sell-off, we’ll begin looking at the weekly chart this morning. The support area at 0.9796-0.9902 was recently breached, potentially opening the path south for further selling down to a Quasimodo support level at 0.9526. However, it may be worth waiting for the weekly candle to close up shop before presuming that this weekly area...
For those who have been following our EUR/USD reports lately, you may recall that we had a pending sell order set at 1.1330 (stop just above our daily supply zone at 1.1395) just below a daily supply zone at 1.1385-1.1332. As can be seen from the chart, our order was filled beautifully yesterday with as little as seven pips drawdown. Why this area, and why a...
The yellow metal steam rolled itself north last week printing its third consecutive weekly candle and gaining over $55 in value at the close 1173.0. Consequent to this, weekly resistance (now acting support) at 1157.4 was taken out and price is now trading within shouting distance of a weekly supply at 1205.6-1181.2, that fuses together beautifully with the upper...
U.S. stocks shredded around 225 points during trading last week, forcing price to close the week lower at 16207. In spite of this, weekly support at 15978 remains intact and should still be on your watch lists. With that being the case, the next upside target as per the weekly timeframe can be seen around resistance coming in at 16935.
Branching lower to the...
The past week saw the weekly chart paint a rather vicious-looking selling wick from highs of 0.7242. In spite of this, price failed to close below support drawn from 0.7035 ending the week relatively unchanged by the close 0.7058. Therefore, it’s highly likely that this weekly support barrier will come into play this week, so you might want to take a note of this...
