The single currency is seen trading with a reasonably strong bias to the upside this morning, which resulted in daily price chalking up a near-full-bodied bull candle on Thursday.
The H4 candles, as you can see, conquered August’s opening level at 1.1830 yesterday and shortly after retested the line as support. According to H4/daily structure, the pair now finds...
The single currency continued to deteriorate on Tuesday, marking its fourth consecutive daily loss.
Despite this, weekly price remains reinforced by support pegged at 1.1714. Daily flow on the other hand, shows room to continue pressing down to at least demand printed at 1.1612-1.1684.
Across the pond on the H4 timeframe, the mid-level support 1.1750 suffered a...
US equities printed modest gains on Monday, recording a fresh record high of 22956. Technically, what this move did was form a strong-looking H4 demand base at 22885-22908 that aligns perfectly with a H4 channel support etched from the low 22736.
Should this area be tested today and form a full or near-full-bodied H4 bullish candle, we would consider entering...
As can be seen from the H4 timeframe this morning, the shared currency seized the 1.18 handle in early European trade. This consequently cleared bids and allowed price to shake hands with October’s opening level at 1.1788 and a nearby broken Quasimodo line at 1.1779.
Over on the bigger picture, the pair continues to hold ground above weekly support at 1.1714....
During the course of last week’s session, the GBP/USD managed to recoup more than 50% of the prior week’s losses. This transported weekly price back up to the underside of a resistance level planted at 1.3301. A response from this line might force the unit down to channel support extended from the low 1.1986 in the near future.
On the daily timeframe, GBP/USD...
The commodity currency gravitated higher for a third consecutive day on Thursday, clocking a high of 0.7836. From our technical perspective, this recent surge in buying is likely due to weekly price trading from within the walls of a support area pegged at 0.7849-0.7752. For all that though, weekly buyers may start to feel the pinch today/next week. On the H4...
Despite several attempts to break back below the 1.32 handle, the British pound ended the day clocking a fresh high. After the latest round of FOMC meeting minutes, H4 price crossed swords with a nearby supply marked at 1.3250-1.3231, which happens to be positioned within the lower limits of a daily supply base coming in at 1.3291-1.3233. Given that both aforesaid...
The single currency gathered momentum following the release of September’s FOMC meeting minutes. H4 supply at 1.1861-1.1852, as you can see, came under attack. Stop-loss orders sited above the zone’s edge have likely been filled, possibly opening up space for the pair to extend higher.
In spite of this, trouble may be ahead! Less than 20 pips above the noted H4...
For those who have been following our reports over the past week you may recall we have been banging the drum about longs from the 112 handle for quite a while now. Here’s why:
• Positioned directly above daily support at 111.91.
• Located just below July’s opening level at 112.09.
• Sited nearby a Fibonacci cluster comprised of a 38.2% support at 111.96 taken...
Weekly gain/loss: + 14 pips
Weekly closing price: 112.60
Despite the USD/JPY registering its fourth consecutive bullish close last week, the weekly candles appear somewhat exhausted ahead of supply coming in at 115.50-113.85. Although we believe dollar bulls will still likely challenge the noted supply, the back-to-back weekly selling wicks may encourage sellers...
Weekly gain/loss: - 331 pips
Weekly closing price: 1.3064
Last week’s sharp run to the downside pushed the British pound into further losses, stripping a whopping 300 pips off its value!
Weekly price, as you can see, recently re-entered the ascending channel formation (1.1986/1.2673), potentially opening up downside to as low as the demand area positioned at...
Weekly gain/loss: - 78 pips
Weekly closing price: 1.1733
Over the last week, the single currency sustained further losses against its US counterpart, consequently pulling the unit deeper into nearby demand at 1.1662-1.1814. In the event that this zone eventually gives way, the large support area seen directly below it at 1.1533-1.1278 will likely be...
For those who read Thursday’s report you may recall that our desk highlighted a possible sell trade from H4 supply at 0.9808-0.9787 (pending sell order at 0.9790 – stop loss at 0.9810).
Our reasoning behind this trade call was as follows:
• High on the curve, the weekly candles are seen bumping heads with the underside of a trendline resistance extended from the...
