Thanks to yesterday’s FOMC-induced rally, H4 action is currently trading just ahead of a nice-looking H4 sell zone. A broken H4 Quasimodo level at 1.3062, a psychological resistance at 1.31 and also a 161.8% Fib extension at 1.3080 (green circle) taken from the base of the H4 AB=CD bearish pattern collectively form a tight resistance zone. What is more, this H4...
The USD/JPY remained well-bid during most of yesterday’s sessions, even more so after the FOMC release which pushed this pair above the 110 handle into the close. In light of this recent move, we see little reason on the H4 chart for price not to continue rallying up to the 111.00/110.84 area today (formed by a H4 resistance at 110.84, a daily resistance at 110.96...
This morning’s analysis will kick-off with a look at the weekly chart, which shows that price beautifully retested the underside of the recently broken weekly demand at 0.7438-0.7315 as supply. In the event that the bears continuing punishing the bulls here, it’s likely this pair will be shaking hands with weekly demand at 0.7108-0.7186 sometime soon. Moving down...
Although the EUR found a pocket of active bids around the small H4 demand zone at 1.1256-1.1265, the rally from here was, as you can see, short lived! Weighed on heavily by comments from yesterday’s FOMC meeting, the single currency plummeted to lows of 1.1214 going into the close. Technically, this has placed H4 price just ahead of a nice-looking H4 demand area...
Beginning with a look at the weekly chart this morning, the buyers and sellers continue to battle for position around weekly supply coming in at 1307.4-1280.0. With the oil market moving very similar to gold, we can also see that oil is currently trading within weekly supply at 50.91-47.22.
Looking down to the daily chart, nevertheless, the yellow metal has...
The AUD/USD, as can be seen from the H4 chart, is currently trading from a H4 supply drawn from 0.7367-0.7336. Now to keep this analysis straightforward, let’s dive straight in! Over on the weekly chart, the commodity currency is seen retesting the underside or a recently broken weekly demand at 0.7438-0.7315 as supply. Sliding down to the daily chart, we can also...
Weekly view: Recent action shows that Cable extended its bounce from the broken Quasimodo resistance line at 1.4633 down to lows of 1.4340 last week. In the event that the bears remain dominant here, further selling could be possible down to 1.4051 – a broken Quasimodo support level.
Daily view: From this angle, demand at 1.4297-1.4393 held firm during...
Weekly Gain/Loss: + 28 pips
Weekly closing price: 1.2934
Weekly opening price: 1.2943
Weekly view: Although the Loonie ranged around 250 pips last week, the market only managed to gain 28 pips by the close. During trade, however, price bounced from a broken resistance-turned support at 1.2833, consequently forming an indecision candle with a slight edge seen...
Weekly Gain/Loss: - 96 pips
Weekly closing price: 0.7265
Weekly opening price: 0.7245
Weekly view: Since the commodity current peaked at 0.7835, price has fallen sharply for the past three weeks. This, as can be seen from the chart, saw the Aussie take out demand painted at 0.7438-0.7315 which may lead to further selling this week down to demand coming in at...
Following Wednesday’s reaction from the H4 demand zone at 108.27-108.44, yesterday’s trading saw the USD/JPY extend its bounce from here up to H4 supply coming in at 109.26-109.49. Aided by an increase in U.S. jobless claims, the pair then fell from here down to lows of 108.62 on the day.
Despite this unit now lurking around both H4 supply and a daily supply...
During the early hours of yesterday morning the commodity currency sold-off, quickly bringing price down into the jaws of a H4 demand zone coming in at 0.7299-0.7315. As can be seen on the H4 chart, price tested this area multiple times throughout the day, and was unable to close lower or produce any meaningful advance.
So, where does this leave us? Well, up on...
Ok, taking it from the top this morning, we can see that weekly action has yet to register anything concrete following last week’s bearish selling wick seen within the weekly supply zone at 1.1533-1.1278. What we will say, however, is this area has managed to hold the single currency lower since May 2015, so the bulls will likely have their work cut out for them...
U.S. stocks took a right clobbering going into yesterday’s American session, dropping around 140 points by the session’s end. In our previous report on the DOW, our team highlighted that they were interested in shorting from the H4 resistance line at 17920, but would not commit to a position unless there was lower timeframe confirmation to support a sell....
Following six consecutive losing days, a steady wave of bids flooded this market during yesterday’s trading. Consequent to this, the EUR clocked new highs of 1.1446 on the day, just missing the H4 resistance seen at 1.1447 by a mere pip! The reason we believe this bounce took place, other than the fact that the U.S. dollar fell across the board, was price was also...
In previous writings, we mentioned that we took a long from 17576 on Friday. 70% of our position was cashed in just before the week’s close and the remaining 30% has now been liquidated at 17909 around H4 resistance coming in at 17920 with very nice risk/reward locked in! Well done to any of our readers who joined us!
On the subject of this H4 resistance, notice...
Upon reaching the psychological threshold 0.7300 on Tuesday, a steady wave of bids piled into the AUD. This resulted in price driving into the jaws of a H4 supply zone fixed at 0.7385-0.7364. Well done to any of our readers who managed to lock down a long position from 0.7300 yesterday as this was a noted move to watch for in our previous report (see link below)....
Weekly Gain/Loss: - 53 points
Weekly closing price: 17738
Weekly opening price: 17763
Weekly view: The previous week’s trading saw the DOW range around 360 points (high/low), but only managed to close 53 points lower into the weekend. As can be seen from the chart, active bids defended support at 17606 forcing price to form a relatively clear indecision candle....
Weekly Gain/Loss: + 356 pips
Weekly closing price: 1.2906
Weekly opening price: 1.2950
Weekly view: Last week’s action saw the USD/CAD correct sharply higher from support penciled in at 1.2538, pushing price above resistance seen at 1.2833 (now acting support) by the close. If the bull-side of this market continues to dominate, further upside could be seen...
