Unlike the EUR/USD, the GBP/USD saw very little action during yesterday’s trade. Price remained teasing the top-side of the 4hr swap level sitting at 1.5544. From the 4hr timeframe alone, we feel this pair is currently at boiling point to breakout north. Take a look above current price. The four black arrows marking the following wicks: 1.5606/1.5626/1.5641/1.5589...
Going into yesterday’s London session the EUR currency rallied from the heavily confluent 4hr Harmonic AB=CD potential reversal zone (PRZ) at 1.0847-1.0800, which took prices back up to the 4hr swap level at 1.0854. Once the U.S traders begun placing orders, however, this level was broken, and price exploded north, taking out 1.0900 and connecting up with a 4hr...
Following the successful retest of the 124.00 handle, a conservative wave of bids came into the market during the course of yesterday’s sessions, which pushed price up to test the June 24th high 124.36. For those who have been following our reports on this pair for some time, you will likely recall that we are confident that this market is headed for 125.00, and...
Weekly recap: The EUR currency plunged a whopping 326 pips last week. This saw price slice through the weekly ascending trendline (forms lower limit of recent symmetrical triangle formation) taken from the low 1.0468 and close on its lows at 1.0827 just above weekly demand coming in at 1.0519-1.0798. Alongside this, we also saw daily action take out daily demand...
For those who read our previous report on Gold, you may recall us mentioning to watch for price to fakeout below Wednesday’s low 1143.2 into a 4hr support level at 1142.2. This, as you can see, played out perfectly. It was just a bummer that we could not find any suitable lower timeframe price confirmation to take advantage of this move! However, all may not be...
Focus from the Greek debt situation may well be fading on the EUR/USD as price continued to plunge even though Greece appears to have finally reached a deal with its creditors. During this sell-off, the round number 1.0900 was broken/retested and is currently seen holding firm at 1.0875 – just above a 4hr Harmonic AB=CD bullish pattern at 1.0847-1.0800. We know...
Gold dropped for a third consecutive day during the course of yesterday’s trade, resulting in price engulfing the 4hr buy zone at 1147.1-1152.2, and nearly shaking hands with a 4hr support level coming in at 1142.2.
Although this market has taken a tumble just recently, the weekly and daily timeframes still show price trading within overall demand...
During the course of yesterday’s sessions, traders were seen attempting to bid the EUR currency higher from the 1.1000 handle, but failed miserably reaching only a high of 1.1034 on the day. Shortly after this, the EUR plummeted on the back of Yellen’s testimony before congress, which as you can see eventually reached the 4hr demand area at 1.0886-1.0924.
With...
During the course of yesterday’s sessions, the GBP was heavily bid going into the London session from a 4hr swap area coming in at 1.5485-1.5460. This, as you can see, continued going into the U.S session which eventually forced price to close above a strong area of 4hr supply seen at 1.5627-1.5597.
This recent move has chiseled out the beginnings of a nice...
Weekly recap:
Pound Sterling sustained further losses for the third consecutive week last week, losing 50 pips into the close 1.5511. In spite of this, price was unable to close below the weekly swap level coming in at 1.5451. Looking down to the daily timeframe, we can see that additional support came into this market from a daily demand area at 1.5189-1.5345,...
Weekly recap:
Last week’s action saw the EUR currency print a bullish engulfing candle on the weekly timeframe, closing 45 pips above the prior week’s close (1.1108) at 1.1153. Despite this, price still remains somewhat capped between a weekly demand area at 1.0519-1.0798 and a weekly supply zone at 1.1532-1.1278. The daily timeframe on the other hand, shows...
During the course of yesterday’s sessions, we can see that the GBP/USD pair spent much of its time ranging between the 4hr swap area seen at 1.5440-1.5402 and the mid-level hurdle 1.5350.
In the bigger picture, the weekly chart reveals that price is now within touching distance of the weekly demand area at 1.5169-1.5289, while on the daily chart, price is...
After price shook hands with the 1.1100/1.1111 barrier yesterday, a strong wave of offers came into the market. This saw the mid-level number 1.1050 taken out and retested as resistance before price continued plummeting towards 1.1000, which as you can clearly see has so far held firm. Fundamentally, we believe this decline in value was caused by the lack of Greek...
A conservative wave of buyers came into the market during Wednesday’s sessions from the 1.1000 region which pierced and eventually closed above the mid-level number 1.1050. This move, as you can see, has now very likely opened the gates for price to challenge the 1.1100/1.1111 area.
This small area of resistance does indeed look attractive, but with a fresh 4hr...
Following Thursday’s NFP induced fakeout below 4hr demand at 1159.6-1165.6, price has been seen ping-ponging between a small 4hr supply area at 1174.9-1172.7 and 4hr support visible at 1164.9.
Now, considering that the 4hr supply zone just mentioned above is located around the lower limits of a daily swap (supply) area at 1170.4-1184.0, and the 4hr support level...
Despite the fact that Greek voters rejected austerity this weekend, the EUR/USD pair recovered well during yesterday’s trade, resulting in price filling the 120-pip weekend gap, which, as you can see, just missed connecting with the 1.1100 handle. This rebound may reflect hope that the Greek government can finally reach a deal with its creditors.
Technically, we...
Recent events show price spiked below the 4hr demand area at 1159.6-1165.6, then followed with a sharp break north capitalizing on the weak U.S employment figures. Judging from the two wicks seen at 1168.6/1169.2, we believe this market will continue to push higher today at least until 1170.4 – the lower limit of the daily swap area 1170.4-1184.0. If we get a...
The 4hr timeframe shows that as we moved into yesterday’s London session, the bulls continued to march north, chomping their way through the 0.9400 barrier and driving deep into a 4hr supply zone at 0.9500-0.9454 (located just below daily supply at 0.9597-0.9502).
We have no intention of shorting this market within the current 4hr supply area. The reason for why...
