After price shook hands with the 1.27 handle during the early hours of yesterday’s London segment, a durable wave of offers swamped the market. Stimulated by the US dollar index gathering momentum, as well as the ECB announcing that it will be reducing the quantity of QE, but prolonging the program till Dec 2017, cable wiped out the 1.26 level and touched gloves...
The EUR, as you can see, stamped in a rather savage-looking selling wick ahead of yesterday’s ECB press conference, surpassing both the 1.08 handle and a nearby H4 resistance at 1.0830, with the unit managing to clock highs of 1.0873. Following the ECB’s decision to extend the QE program till Dec 2017, but at a gentler pace, this sent the single currency screaming...
The commodity currency fell sharply in early trading yesterday on the back of disappointing Q3 GDP data. Despite this, the downside move was a short-lived one! After a few hours basing around lows of 0.7417 during Asia, the pair reversed the majority of the morning’s losses amid the London morning segment and went on to punch higher as US traders entered the fray....
Recent action shows that the EUR/USD extended its bounce from the 1.07 neighborhood, consequently placing the H4 candles just ahead of a H4 Quasimodo resistance level at 1.0771. The move was reinforced by daily support coming in at 1.0710, which has remained a noteworthy level since 1998! Technically speaking, however, we do not imagine price progressing much past...
During the course of yesterday’s sessions, the single currency tumbled lower from the H4 Quasimodo resistance level at 1.0771, and nudged into the 1.07 boundary going into the later hours of the US segment. The selloff, as far as we can see, was bolstered by a long-term weekly trendline resistance extended from the low 0.8231, and shows that the weekly candles...
The single currency, as you can see, fell sharply in early trading on news of Italian Prime Minister Matteo Renzi’s resignation amid yesterday’s constitutional referendum. The pair managed to clock lows of 1.0504 before switching tracks and rallying just as sharply against its US counterpart. Several resistances were wiped out during this bullish assault, which...
Weekly gain/loss: - 228 pips
Weekly closing price: 1.3285
Weekly opening price: 1.3282
Weekly view: Despite a beautiful-looking buying tail printed off, what was at the time, support at 1.3381, the market collapsed last week, taking out this level and thus forming a resistance. To our way of seeing things, weekly price action below here looks relatively cramped....
Weekly gain/loss: + 14 pips
Weekly closing price: 0.7452
Weekly opening price: 0.7450
Weekly view: Aussie prices were little changed by the week’s close with a mere 14-pip gain recorded! As a result, an indecision candle was chalked in, which, as you can see, is positioned around the top edge of a support area logged at 0.7438-0.7315. A continuation move higher...
Weekly gain/loss: + 68 pips
Weekly closing price: 1.0658
Weekly opening price: 1.0665
Weekly view: After coming within an inch of tagging the top edge of a support area seen at 1.0333-1.0502 two weeks back, last week’s flow extended to highs of 1.0689. Provided that the bulls continue to bid prices higher this week, the next upside target to have an eyeball on is...
Diving straight into the (technical) action this morning, we can see that price finally conquered the 1.25 handle by yesterday’s close, which had capped downside since mid-Nov. With that being said, the team’s focus is now on the H4 resistance area planted just above at 1.2525-1.2557. The area boasts a H4 61.8% Fib resistance at 1.2531, a H4 mid-way resistance at...
As can be seen from the H4 chart, the pair was recently met by strong selling pressure from supply at 1.0185-1.0161 for the second time, closing the day just ahead of the 1.01 handle. Now, buying from 1.01 and its partner H4 support seen just below it at 1.0076 is feasible according to the daily chart, as there’s support lodged in between the two H4 barriers at...
Weekly gain/loss: + 107 pips
Weekly closing price: 0.7438
Weekly view: After slightly breaching the lower edge of the support area at 0.7438-0.7315, and leaving the 2016 yearly opening level at 0.7282 unchallenged, the Aussie rallied higher last week. Erasing around 50% of the prior week’s losses, the pair looks, at least from the weekly chart, to be on course to...
Weekly gain/loss: + 7 pips
Weekly closing price: 1.0590
Weekly view: Price action took on more of a subdued tone last week, consequently chalking up an indecision candle by the close. Despite this, the shared currency did, however, come within a whisker of connecting with a major support area coming in at 1.0333-1.0502. The next upside objective from this angle...
In a similar fashion to the EUR/USD, the GBP/USD also ended yesterday relatively unchanged. Nevertheless, cable’s H4 action remains a keen focal point for our desk. The resistance zone drawn from 1.2525-1.2557 is especially striking. The area boasts a H4 61.8% Fib resistance at 1.2531, a H4 mid-way resistance at 1.2550, a potential H4 three-drive approach (waves...
The EUR managed to find momentary support around the 1.06 handle in the early hours of London yesterday on the back of stronger-than-expected Eurozone PMI data. Price managed to clock a high of 1.0636 from here, before turning bearish. Bolstered by strong US Durable goods data, the EUR closed below 1.06 and found support around the H4 mid-way point 1.0550 going...
As London sellers entered the fray yesterday, sterling took a nose dive from the underside of the 1.25 handle. This, as you can see, saw the H4 candles probe a support area at 1.24-1.2377 that displays confluence from the 1.24 hurdle, and a H4 trendline support carved from the high 1.2329. The day concluded with price chalking up a strong-looking H4 buying tail,...
Weekly gain/loss: + 426 pips
Weekly closing price: 110.85
Weekly view: The US dollar continued to soar last week following the prior week’s engulfing candle, pressuring the unit to chomp through offers at a resistance area drawn from 105.19-107.54 (now acting support), with price ending the session colliding with supply coming in at 111.44-110.10. Upbeat US data,...
Weekly gain/loss: - 208 pips
Weekly closing price: 0.7331
Weekly view: Recent weekly action shows that the AUD/USD extended its downward decline from supply at 0.7849-0.7752, resulting in price violating a channel support line extended from the low 0.6827 and diving deep into the jaws of a support area coming in at 0.7438-0.7315. As much as this area stretches...
