Early on during yesterday’s London trade, we saw price paint back-to-back indecision candles around the 1.5300 figure on the 4hr chart. Nevertheless, as Cable entered into the American session, buyers stepped in and pushed this market to highs of 1.5347 before aggressively plummeting lower following the FOMC statement.
As can be seen from the chart, 1.5300 was...
Initial trade saw a steady round of bids flow into the market yesterday from deep within a swap demand area coming in at 1.1055-1.1026. For all that though, the EUR took a turn for the worst dropping around 200 pips from highs of 1.1095 (13 pips away from out noted sell zone at supply 1.1138-1.1108) shortly after the Fed’s hawkish comments. This downside move, as...
Another relatively sluggish day was seen in the EUR/USD market yesterday. Whilst price was sitting deep within a swap demand area at 1.1055-1.1026, the pair peaked to highs of 1.1078 and recorded a session low around the 1.1030 mark.
Going forward, the market is now likely honing in on today’s FOMC statement, where traders/investors will breakdown the words used...
Weekly view: As can be seen from the weekly chart, the price of Gold declined over $13 in value from the underside of supply coming in at 1205.6-1181.2 last week, consequently painting a bearish inside candle going into the close 1164.4. Nevertheless, looking to sell this bearish pattern from here this week is tricky since price is now trading at a swap support...
Weekly view: Last week’s action saw the EUR decline a whopping 340 pips from range supply drawn at 1.1532-1.1278, bringing price into mid-range territory by the close 1.1011. This downside move was mainly due to ECB’s President Mario Draghi’s comments regarding the possibility of more easing in the near future. Should further selling be seen this week, traders...
Beginning with the weekly timeframe this morning, we can see that Gold is selling-off from supply taken from 1205.6-1181.2. If this bearish momentum continues, it is likely price will shake hands with swap support coming in at 1157.4. However, scrolling down one lower, daily action shows us that price is now lodged within a swap demand base drawn from...
Coming at you directly from the weekly timeframe this morning shows that Gold remains nibbling at the underside of weekly supply drawn from 1205.6-1181.2 . This zone, as we mentioned in our previous weekly report, is a perfect barrier to look for shorts back down to 1157.4 – now acting support. It not only converges with a bearish Harmonic AB=CD pattern (1199.4),...
For those who read our previous report (blog.icmarkets.com), you may recall that our team went short at 1.5506. 50% of our position was locked in at 1.5434 and the stop placed at breakeven. As you can see, price has yet to hit our breakeven stop, so we’re still in game. For how long though is anybody’s guess.
As of now, Cable has entered into a phase of...
Following the open 1.1356, bids established intraday support above the mid-level number 1.1350, and shortly after a ceiling of offers were seen forming around the 1.1373 mark. It was only once London opened for business did we see things begin to liven up. Strong sellers stepped in and pushed the EUR below 1.1350 and reached lows of 1.1305 on the day.
So, with...
Weekly view: The GBP/USD edged higher last week gaining around 130 pips in value at the close 1.5433. Consequent to this, price connected with the underside of supply formed from 1.5658-1.5425. This area – coupled with trendline resistance from the high 1.7190 and swap level resistance just above at 1.5733 is certainly a zone to keep an eye on this week for...
Despite the bounce from psychological resistance 1.1400 on Tuesday, the EUR pair aggressively rallied following a wave of disappointing U.S. data released mid-way through London. 1.1400 was consumed and although there were active sellers around the Quasimodo resistance line just above it at 1.1440, it was clearly not enough to withstand the flow of bids at that...
Despite weak GBP data, an unrelenting 200-pip squeeze to the upside took place amid trade yesterday, taking out several 4hr technical levels in the process and managing to reach highs of 1.5493 on the day.
In that price is lurking just below psychological resistance 1.5500 and supply just above it at 1.5528-1.5510, let’s take a peek at what this recent surge of...
Using a top-down approach this morning shows that weekly action, despite the recent rally, still remains consolidating around the base of supply drawn from 1.1532-1.1278. In the event of a break above this barrier, the ignored Quasimodo resistance level at 1.1745 would be the next limit to reach. From the pits of the daily timeframe, however, price ever so...
Weekly view: In the overall scheme of things last week’s 150-pip gain meant very little to us, as for the past six weeks now, the EUR pair has and continues to consolidate around the base of supply drawn from 1.1532-1.1278. Should price break above this zone in the coming week, the next objective to reach can be seen at 1.1745 – an ignored Quasimodo level. On the...
Going into the early hours of yesterday’s sessions, a relatively strong wave of bids came into the market consequently pushing price up to the underside of supply at 1.1329-1.1301, reaching highs of 1.1325 on the day.
This is just beautiful price action forming here guys! As we mentioned in our previous report (blog.icmarkets.com), there is just a mine field of...
Absolutely beautiful! For anyone who read our previous report on Cable (blog.icmarkets.com), you may recall us mentioning to watch for a break and (confirmed) retest of 1.5240 yesterday, which, as you can see, played out perfectly! Following the retest, an aggressive round of bids came into the market, pushing price above psychological resistance 1.5300 and into...
