So, technically, there was not much action seen on the EUR pair during trade yesterday. Offers came in around the 1.1280 mark, reaching lows of 1.1211 on the day. As such, with price still lurking around supply on both the weekly and daily timeframes (1.1532-1.1278/1.1329-1.1269) at the moment, what’s likely in store for this market today?
Well, above current...
The rebound from the ignored Quasimodo level at 1134.1 saw Gold extend higher during the course of yesterday’s sessions, breaking through the swap resistance area at 1140.6-1141.9, and aggressively faking above supply at 1148.5-1145.5. As per our previous report (blog.icmarkets.com), we were looking to short the current supply. Fortunately for us, however, price...
For those who read our previous report on Cable: blog.icmarkets.com you may recall us mentioning to keep an eye out for possible (confirmed) buys at demand formed from Friday’s NFP at 1.5126-1.5142. As shown on the chart, the market rallied a very cool 100 pips off the back of this zone, consequently surpassing psychological resistance 1.5200 and once again...
Well, we did not expect price to react so beautifully to the AB=CD bullish pattern at 1.1171 yesterday! In fact, we were not expecting it to trade above 1.1200, yet, the EUR rallied a little over 100 pips reaching highs of 1.1279 on the day.
Consequent to the above, daily supply at 1.1329-1.1269 is once again seeing some action, as is the weekly supply drawn from...
Weekly view: Although Gold still remains below the swap resistance barrier at 1157.4, the rebound from this area has, at least for us, been relatively disappointing so far. This market lost around 700 pips last week at the close 1138.3, which, in the overall scheme of things means very little to us considering the size of the buying tail that printed from the low...
Weekly view: As can be seen from the chart, there’s once again very little to report on last week’s action. Market activity continued to trade in between a swap resistance zone at 122.01-121.40 and a support area drawn from 118.22-119.25.
Weekly levels to watch this week fall in at: 122.01-121.40/118.22-119.25.
Daily view: With little change being seen on the...
Weekly view: From this angle, we can see that the EUR/USD remained relatively unchanged last week, closing only a mere fifteen pips higher than the prior weekly close close at 1.1205. Although market action printed a relatively nice-looking selling tail off the underside of supply drawn from 1.1532-1.1278, there’s been very little change seen on this timeframe....
Following on from our previous report (blog.icmarkets.com), we can see that price reacted almost to-the-pip off of our pre-determined swap support level at 1.5114, reaching highs of 1.5180 on the day. Well done to any of our readers who managed to lock in some green pips from this move.
The sell-off from 1.5180 has nearly seen price reconnect with 1.5114, which,...
As can be seen on the 4hr chart, Cable did indeed see a decline in value during yesterday’s trade, as we reported may happen in our previous analysis (blog.icmarkets.com). Candle action beautifully retested the underside of psychological resistance 1.5200 and reached lows of 1.5129 on the day. Seeing as price has yet to hit the swap support level at 1.5114, our...
For those who read out previous report on the EUR/USD (blog.icmarkets.com) you may recall us noting to watch for a (confirmed) sell between 1.1250/1.1270. In addition to this, we also mentioned that for traders interested in shorting here need to be prepared for the possibility of a fakeout higher to take stops and connect with daily supply at 1.1329-1.1269. As...
The EUR/USD market, as you can see, plunged from psychological resistance 1.1200 and crossed swords with mid-number support 1.1150 during the beginning of London trade yesterday. It was from here, the U.S. open, that we saw the EUR currency correct itself and aggressively surge close to 100 pips up to the underside of 1.1250.
In view of price now trading below...
Weekly view: Pound Sterling suffered a rather nasty drop last week losing around 350 pips at the close (1.5172), which ended with price piercing demand coming in at 1.5169-1.5260. As can be seen, just beneath this area sits a channel support line (1.4564), followed closely by demand taken from 1.4855-1.5052. Given the fact that the current demand is likely weak...
Further selling was seen on Cable yesterday, resulting in price taking out several 4hr technical levels during its onslaught. There was little fight seen at the Quasimodo area 1.5328-1.5351, while 1.5300, however, managed to hold this market steady for a while, but did eventually gave way consequently reaching lows of 1.5220 on the day.
As can be seen from the...
As far as we see it, the USD/JPY pair is caught within a 4hr descending channel (119.65/121.31) at the moment, and to be honest, trading anywhere other than the extremes of this area is considered to be mid-range for us. With that being said, we currently see two possible scenarios in this market:
• The first is a simple AB=CD pattern into a Quasimodo support...
Despite the brief surge of (short-covering) buying seen at the beginning of yesterday’s open (1.1280), the EUR heavily sold off for the remainder of the day. Consequent to this, the Quasimodo support at 1.1257, as well as the psychological support 1.1200 was wiped out.
Should 1.1200 hold as resistance going into the more liquid sessions today, we believe the EUR...
Weekly view: Following the rebound from demand at 0.6768-0.6942, price continued to extend higher last week gaining about ninety pips in value into the close 0.7181. In addition to this, the Aussie dollar came so very close to connecting with supply at 0.7438-0.7315. In fact, it came within forty pips, which is absolutely nothing considering that this is the...
Weekly view: From this angle, we can see that despite the EUR/USD reaching highs of 1.1459 last week; price ended the week in negative territory losing forty or so pips into the close 1.1294. Technically, we’re not really surprised by this since let’s not forget that price has been seen loitering within supply at 1.1532-1.1278 for over three weeks now. Should we...
Weekly view: As can be seen from the chart, support at 15978 continues to provide a ‘floor’ to this market, but really, how long will this last? The reason we say this is because a huge amount of bids were likely removed from this level by that humongous bullish pin three weeks ago. On top of that, a bearish pin also printed last week into the close...
