Following the bullish weekly pin-bar candle that formed just above the weekly ascending trendline (1.0461), the EUR currency extended higher last week, gaining close to 150 pips into the close 1.1107. Consequent to this move, price is now trading mid-range on the weekly timeframe. Buyers and sellers are not only capped by weekly demand and supply...
Despite the bounce from the 4hr Quasimodo resistance level at 1.1082, the EUR currency rallied over 150 pips amidst yesterday’s trade. It was only once price crossed paths with the 1.1200 handle in the U.S. afternoon session did we see the sellers begin to make an appearance, consequently pushing prices down to the mid-level number 1.1150.
So, with price now...
For those who read our previous report on our favorite yellow metal blog.icmarkets.com you may recall that we mentioned that there may be a long opportunity boiling up on the retest of the 4hr supply – turned demand at 1105.6-1099.2, targeting the 4hr supply zone at 1134.5-1128.9. As you can see, this has played out as expected. Well done to any of our readers who...
Following nearly three weeks of ranging action on the 4hr timeframe between the 4hr demand at 1077.1-1083.5 and 4hr supply at 1105.6-1099.2, a heavy round of bids entered the market during yesterday’s sessions forcing price to breakout of this consolidation.
In the event that this breakout is indeed genuine, there may be a potentially humongous trade opportunity...
The USD/CHF pair, as you can see, has now entered into a minor phase of consolidation between 4hr supply coming in at 0.9903-0.9871 and round-number support at 0.9800.
Now, considering that this temporary range has set itself up within the confines of a daily supply area at 0.9861-0.9775, price will likely breakout south, right? Not necessarily. Check out the...
For those who read our previous report on Cable blog.icmarkets.com you may recall us mentioning to keep a close eye on 1.5500 for a potential break and retest buying opportunity. As you can see, this played out to perfection. Price closed above 1.5500 mid-way through the London session, and retested it as support going into the early hours of the U.S. session. We...
Mid-way through yesterday’s London morning trade, we can see that offers came into the EUR/USD market around the 4hr supply area coming in at 1.0986-1.0968. This consequently drove price down towards a 4hr swap (support) level at 1.0924, which, as you can see, was clearly enough to support a counter-attack of over 100 pips, resulting in both the aforementioned 4hr...
Weekly recap:
Ever since price crossed paths with the weekly Quasimodo support barrier at 1074.6, the Gold market has been relatively quiet with very little gains/losses to report. That being said, however, during this quiet spell, price action painted back-to-back buying tails on the weekly timeframe, which suggests there are still willing bids in and around...
Weekly recap:
Last week’s trading action shows price painted a nice-looking weekly bullish pin-bar candle off the upper limits of a weekly ascending trendline extended from the low 1.0461. As a consequence the week ended relatively neutral, losing only 18 pips into the close 1.0962. Turning our attention to the daily chart, we can see that from Wednesday...
The GBP/USD pair, as you can see, took a turn for the worst yesterday as the Bank of England kept interest rates low. This spiral south punched through several 4hr technical levels before finally showing some stabilization at the daily swap (support) level at 1.5484, consequently forcing prices to close back within the current bull flag taken from the high 1.5688...
There really is only one word we have for the USD/CHF pair this morning, and that is, ‘overbought’. Check out how price is nibbling at the underside of both a weekly swap (resistance) level at 0.9796, and also a daily supply area at 0.9861-0.9775, which, as you can see, also boasts trendline confluence extended from the high 1.0239. It does not end there! 4hr...
Recent action on the GBP shows price is currently trading within the confines of a very neatly defined bull flag taken from the high 1.5688 and low 1.5548. Trading within the limits of this flag is certainly a viable trade in our book. Nonetheless, there is a 4hr Quasimodo support level that jumped out to us and slapped us in the face this morning at 1.5564, which...
During the course of yesterday’s sessions, we saw the Euro punch through bids sitting within 4hr demand at 1.0868-1.0902 and find support at the mid-level hurdle 1.0850. Following a few hesitant stabs at this number, strong bids came into the market from here mid-way through London, consequently hitting and extending past 1.0900 into a 4hr ignored Quasimodo level...
Recent events on the EUR/USD currency pair show that price did indeed fake below 1.1021 into a small 4hr decision- point (DP) demand area at 1.0999-1.1013 (as reported it may do) yesterday, rallying to highs of 1.1078 before cascading south post FOMC. This move took price below the aforementioned 4hr (DP) area reaching as low as 1.0965, which, if you look across...
The Gold market sustained further losses for the fifth consecutive week last week, losing $35.20 off its market value. This, as you can probably see from the weekly chart, saw price swoop below the weekly swap (support) level at 1130.1 down towards a weekly Quasimodo support level at 1074.6, which held firm going into the close 1099.0.
Consequent to the above, we...
The EUR/USD pair enjoyed a relatively strong week last week as bids came into the market from just above a weekly demand area seen at 1.0519-1.0798, gaining close to 150 pips into the close 1.0975. In the event that the buyers are able to continue holding price here this week, we might, just might, see prices challenge the weekly supply area lurking above at...
The EUR/USD pair, as you can see, did indeed continue to rally during yesterday’s sessions. This saw price burst through the 4hr swap level at 1.0854, and connect up with a 4hr supply zone coming in at 1.1034-1.1000. For those who read our previous report on the Euro (blog.icmarkets.com) you may recall that we had a long position live in the market from 1.0858...
After price rubbed shoulders with the 4hr swap level at 1.0854 yesterday, we can see that price eventually declined in value down to 1.0900, which did, after a deep fake lower mind you, act as support. For those who read our previous report (blog.icmarkets.com) on the Euro, you may recall that we took a long position from 1.0858 early on Tuesday just above the...
