Weekly view: Following a three-week decline from 1157.4, last week’s action saw a heavy round of buying come into this market from the open 1107.2. Consequent to this, the price of Gold increased a little over $31 into the close 1138.3. Assuming that offers are now weak around the 1157.4 region, it is quite possible we may see Gold continue to rally up to supply...
As can be seen from the charts, the Gold market clearly benefited from the recent U.S. dollar weakness. This sent price action above daily supply at 1126.7-1118.9, and also its partner supply on the 4hr timeframe at 1126.5-1124.8. From here, we can now see price nibbling at not only the underside of a weekly swap (resistance) level at 1130.1, but also rebounding...
The FED’s decision finally arrived and it was more dovish than expected, as interest rates remained unchanged. This, as you can see, sent the EUR currency soaring higher, taking out psychological resistance 1.1400 and reaching highs of 1.1441 on the day.
Technically, this recent upsurge has opened up the floodgates for price to run higher on both the daily and...
Following the sluggish response from the 4hr swap (support) level at 1102.4 on Tuesday, price continued to hesitate above this barrier during Asia trade yesterday. It was only once we saw European traders coming into the market did price launch itself north, taking out both 1111.6/1118.1 and stabbing into a 4hr supply at 1126.5-1124.8. The rebound from this 4hr...
The USD/CHF pair, as you can see, did eventually see a sell-off from the mid-level barrier 0.9750 as reported it may do in our previous report blog.icmarkets.com This selling pressure took out bids sitting at 0.9711, and once again slam dunked itself into the ignored 4hr Quasimodo level (IQM) at 0.9670. This is the third time this hurdle has been respected as...
Finally, we have some decisive movement to report! The USD/CAD fell sharply during the course of yesterday’s sessions. Several 4hr technical levels were taken out during this onslaught and, as far as we can see, is only really beginning to find support now around the 1.3170 mark.
Take note of all those buying wicks seen to the left of current price within the...
The market opened five pips lower than Friday’s close at 1.1331. As you can see, early morning trade began at a steady pace; it was only once London opened for business did we see any noteworthy action. Price faked above the current 4hr supply at 1.1363-1.1332, likely stopping out a ton of traders attempting to fade this zone in the process. Not long after this,...
Weekly view: Gold suffered further losses for a third consecutive week last week, dropping over $15 in value (or 1560 pips) which saw price wrap up the week at 1107.2. We still believe Gold has further to decline yet since after bids were removed from the 1130.1 support, the next downside target from here is situated around the Quasimodo support barrier at...
Weekly view: The DOW 30 index edged higher from support at 15978 last week, increasing its value by 322 points into the close 16436. Despite this, it’s difficult for us to judge whether this advance is legit. We only say this because of that humongous weekly spike that drove though this level three weeks ago at 15193 –bid strength could potentially be vulnerable...
Weekly view: A stronger than expected rebound was seen from demand coming in at 0.6768-0.6942 last week, taking back 70% of the prior week’s losses and accumulating gains of over 180 pips into the close 0.7090. In the event that the buyers manage to sustain this momentum going into the week, we see little stopping price from advancing up to supply at...
Weekly view: The EUR/USD edged higher last week, gaining close to 200 pips into the close 1.1336. Admittedly, we were expecting more selling due to price not only positioned just below supply at 1.1532-1.1278, but also because of the recent bearish selling wicks. Instead of this renewed buying interest was seen, bringing this market back into the jaws of the...
Recent events show the value of the Aussie dollar appreciated in aggressive fashion on Thursday, clearing out several 4hr technical barriers before connecting with 0.7100. It was from this region that price began to stabilize and paint a beautiful array of 4hr selling tails into the close 0.7070.
Consequent to this recent activity, price has very nearly completed...
During the course of yesterday’s sessions, price violently retested the 1.1200 handle as support and aggressively rallied over a 100 pips during U.S. trade. This buying took out the 4hr supply at 1.1242-1.1212, and connected with offers sitting between 1.1279/1.1.1300 – a pre-determined 4hr sell zone of ours.
Alongside this 4hr buy zone, price is also shaking...
For those who follow our analysis on a regular basis you may recall us mentioning blog.icmarkets.com to keep an eye out for potential short trades from the 1.5400 region. As shown on the 4hr chart, price sold off from this number early on in yesterday’s trade reaching lows of 1.5349 on the day. This sell-off was, however, relatively short-lived, as price quickly...
Using a top-down approach this morning, we can see that price action on the weekly timeframe has so far rebounded nicely from weekly support coming in at 16051. Moving down to the daily timeframe, however, price remains hovering between daily support at 15723 and daily resistance at 16705.
Turning our attention to the 4hr timeframe shows price currently flirting...
Early on in yesterday’s trade an unrelenting squeeze to the upside took place reaching highs of 1.5412 on the day. Consequent to this recent advance, offers at 1.5256-1.5294 and also 1.5300 were taken out. It was only once price connected with 1.5400 mid-ways through the London session did we see things begin to calm down.
The overall structure of this pair is...
For those who read our previous report on the EUR/USD blog.icmarkets.com you may recall us mentioning to keep a close eye on 1.1150 for potential buy trades yesterday. As can be seen from the chart, price reacted nicely to this barrier and did in fact reach target. Well done to any of our readers who managed to lock in some green pips from this small move!
In...
Weekly view: Last week’s action saw the USD/JPY plummet south, which, as can be seen from the chart, pushed prices down to test a weekly support barrier coming in at 118.22-119.25. Consequent to this, the pair shredded close to 270 pips off its value into the close 119.02. Given the ferocity of the prior week’s pin-bar (black arrow) through this weekly support, we...
