Following the close below weekly support at 0.7035 two weeks back, last week’s weekly action responded by retesting this level as resistance, consequently forcing this pair to close the week out deep within demand formed back in early 2009 (0.6768-0.6942) at 0.6854. It will be interesting to see what the lower timeframes have on offer…
Looking to the daily chart,...
The EUR/USD market remained pretty much unchanged by the close 1.0906 last week, consequently printing a weekly indecision candle. As such, price is still confined between 1.0983/1.0851 (blue/red lines), which, as you can see, has been the case since Dec 7th 2015. Beyond this tight range, however, there’s weekly demand seen penciled in below at 1.0333-1.0502...
Following three H4 selling wicks printed around the underside of H4 resistance at 1095.6, the yellow metal spiraled south yesterday. This, as is evident from the H4 chart, saw bids around both the daily support (now resistance) at 1084.5 and also at the H4 demand zone taken from 1074.8-1077.1 (sits just below a minor daily support at 1078.0) wiped out.
Now, given...
For those who read our previous report (blog.icmarkets.com), you may recall that we mentioned to keep an eye on the H4 Quasimodo resistance level at 1.0984 for sells and the daily support barrier painted at 1.0813 for buys.
As you can see, price reacted beautifully to our buy zone (formed from both a 61.8% Fibonacci level at 1.0808 and psychological support...
Although price moved very little throughout the course of the day yesterday, the structure of price action is interesting. Psychological resistance 118.00 was clearly well-offered during the day. However, notice what price was doing below this number… Check out the lows printed at 117.92/117.22/117.38. These are, as far as we see, demand consumption tails. In...
The GBP/USD pair, as you can see, cascaded lower during the course of yesterday’s sessions, engulfing bids around psychological support 1.4500, and ending the day stamping in a vicious-looking buying tail off the back of 1.4400/1.4350.
As can be seen from both the weekly and daily charts, this recent sell-off also brought Cable into the jaws of a major weekly...
Although the USD/CHF lost 53 pips at the close 0.9941, last week’s range stretched over 200 pips. Price came within seven pips of shaking hands with a recently faked supply at 1.0239-1.0131, before selling off down to just above a weekly support area at 0.9796-0.9902.
Branching lower to the daily chart, demand at 0.9851-0.9926 has so far done a pretty good job of...
Like the AUD/USD, the USD/JPY also had a miserable start to 2016. A heavy round of safe-haven buying pushed this pair 300 pips lower by the close 117.20 last week. Support (now resistance) at 118.84 was well and truly engulfed as a result of this, and has likely cleared the path lower this week for price to connect with bids sitting around support painted at...
Beginning with the weekly timeframe, we can see that last week’s trade ended with the EUR printing a nice-looking buying tail, closing 56 pips in the green at 1.0919. Since Dec 7th 2015, weekly action has been confined between 1.0983/1.0851 (blue/red lines), which, as you can see, still remains to be the case. Beyond this tight range, however, there’s demand seen...
During the course of yesterday’s sessions, Gold was well-bid as investors flee to safety. This third daily consecutive gain, as you can see, took out daily resistance (now support) at 1084.5, and is now trading within shouting distance of both weekly and daily supplies (1098.6-1121.7/ 1098.6-1108.6). Alongside the higher timeframe structures, H4 action can be seen...
Kicking off our analysis this morning with a peek at the weekly chart shows the Aussie has recently drove into the jaws of demand fixed between 0.6935-0.7046. Could this be enough to stop this 2016 sell-off we’re seeing at the moment? Well, it could well be, as down in the pits of the daily timeframe price is trading within touching distance of a major support...
The EUR continued to sink against the U.S. dollar on Tuesday, consequently punching through bids around daily support (now resistance) at 1.0813, psychological support 1.0800 and mid-level support 1.0750. Trade ended with price defending a daily support level coming in at 1.0725, which, as you can see, merges beautifully with the 61.8% Fibonacci level at...
Similar to the EUR/USD, mid-way through the London session Cable also sold off from psychological resistance 1.4800. This, as you can see, forced price to snap through bids at psychological support 1.4700, just missing H4 demand at 1.4603-1.4657 before turning higher into the close 1.4711.
Although this market is currently respecting 1.4700 as support, entering...
As can be seen from the H4 chart, despite negative U.S manufacturing and construction data, the single currency sold off from just below mid-level resistance (1.0946) 1.0950 going into American trade yesterday. This 160-pip or so drop took out a couple of technical supports before ending the day whipsawing through both daily support at 1.0813 and psychological...
Following Gold’s open 1065.9, the precious metal continued its unrelenting march north, ending the day rebounding from a H4 trendline resistance taken from the high 1097.9. As a result of this recent movement, bids/offers are seen capped between the above said trendline, and a H4 swap (demand) zone seen at 1077.4-1076.2.
In light of the above, what’s the vibe...
Although last week’s trading saw the yellow metal lose close to $10 in value at the close 1065.9, price continues to find supportive bids around demand at 1026.5-1054.8 (merges with the lower limit of a long-term wedge pattern from the low 1180.1). Assuming that the buyers remain defensive here, the next upside target in the firing range can be seen at...
The DOW suffered further losses last week, closing 165 points in the red below a weekly swap (support-turned resistance) at 17135. Contingent upon the sellers remaining dominant below this level this week, the next downside target to keep an eye on can be seen at 16935 – a minor weekly swap (support) level.
By contrast, the daily picture shows that price is now...
Like the Aussie dollar, the USD/JPY also had a relatively busy week ranging over 300 pips all in all. The closing difference, however, was a mere twenty pips or so at 121.09, as the pair continued to hold above the weekly swap (support) level at 120.29. Should bids fail here this week, do keep a close watch on the support area seen directly below it at...
