For the most part it was a relatively quiet session on Thursday. The H4 candles failed to sustain gains beyond the 1.1170 mark, and concluded the day printing a bullish buying tail off the mid-level support at 1.1150. According to the daily timeframe, which happens to be trading within the walls of a demand area coming in at 1.1075-1.1158, 1.1150 may well hold as...
For those who read Monday’s report on the USD/CAD you may recall that our desk underscored the possibility of a long trade from the 1.32 handle. As you can see, in recent hours 1.32 was challenged and has held firm. But why did we select this level? For anyone who missed Monday’s report, here’s why:
1.32 could be an option today. A break below the daily support...
Weekly gain/loss: - 250 pips
Weekly closing price: 1.3212
During the course of last week’s trading the USD/CAD plummeted lower, marginally closing beyond weekly demand at 1.3223-1.3395. While this recent break could imply that a move down to weekly demand at 1.3006-1.3115 (converges with a weekly trendline support taken from high 1.1278) may take place, there’s...
Weekly gain/loss: + 88 pips
Weekly closing price: 0.7616
Over the last week we saw the bulls continue to lift price higher, marginally closing above weekly supply at 0.7610-0.7543. However, it may be worth waiting for this week’s candle to close before presuming that the said weekly supply is consumed, since it could just as well be a fakeout.
Zooming in and...
Weekly gain/loss: 0
Weekly closing price: 1.1195
Despite the single currency ranging over 160 pips last week, there was absolutely no change registered at the close. What we did see form, however, was a clear-cut indecision weekly candle that tested the lower boundary of a major weekly supply coming in at 1.1533-1.1278.
Since the 22nd May, the daily candles...
H4 action, as you can see, appears to be chiseling out a consolidation between April’s opening level at 0.7632 and the H4 support area coming in at 0.7571-0.7557. With no top-tier Aussie data on the docket today, the pair could potentially remain within this range into the week’s end. Technically speaking, however, we could eventually see the commodity currency...
In spite of the GBP/USD ranging over 100 pips yesterday, the pair, once again, ended the day with little change. Looking over to the daily chart, this caused the unit to form a clear-cut indecision candle. Indecision is not really something one want’s to see when price recently bounced from, what we’d consider, a daily buy zone: 1.2602/1.2698 (a daily area marked...
EUR/USD prices are, once again, little changed this morning. As you can see, the buyers and sellers remain battling for position around the 1.12 handle. Directly overhead we have June’s opening level at 1.1238, followed closely by the mid-level resistance at 1.1250. Below 1.12, there’s little support until price connects with the mid-level barrier at 1.1150.
A...
As anticipated, H4 action failed to sustain gains above the mid-level support at 1.1250 yesterday, consequently bringing the unit back down to the 1.12 handle by the closing bell. Technically speaking, we would not be surprised to see the pair continue lower. Our reasoning lies within the higher-timeframe structure. Not only do we have a major weekly supply in...
In recent trading, we have seen the EUR/USD bulls go on the offensive. This brought the H4 candles back up to the 1.13/1.1279 H4 area, which, from our perspective, has potential to bounce price again. As mentioned in previous reports, we like this zone because it has formed within both weekly and daily supplies (1.1533-1.1278/1.1327-1.1253). Also of interest is...
Despite daily price printing a bearish pin bar around the underside of a daily supply zone pegged at 1288.1-1278.3 during yesterday’s segment, the bulls have continued to press higher in recent hours. What’s interesting about this daily zone is that it’s glued to the underside of an area comprised of two weekly Fibonacci extensions 161.8/127.2% at 1313.7/1285.2...
Weekly gain/loss: +$12.2
Weekly closing price: 1279.1
The yellow metal rallied for a third consecutive week after bouncing beautifully from weekly demand coming in at 1194.8-1229.1. This move could encourage further buying into the market and pull the unit back up to the two weekly Fibonacci extensions 161.8/127.2% at 1313.7/1285.2 taken from the low 1188.1...
Weekly gain/loss: - 119 pips
Weekly closing price: 0.9624
Following a brief pause, the USD/CHF resumed its decline south last week and consequently closed below the weekly Quasimodo support line at 0.9639 in the shape of a full-bodied bearish candle. The next downside target beyond this line is seen around a support level drawn from 0.9581.
Friday’s close below...
Weekly gain/loss: + 102 pips
Weekly closing price: 1.1280
Thanks to last week’s push to the upside (which for all you candle enthusiasts out there, formed a bullish engulfing candle) weekly supply at 1.1533-1.1278 is now in play. The zone has also managed to cap upside since May 2015, so it’s not a base one should overlook!
Glued to the underside of the said...
Coming in from the top this morning, we can see that sellers continue to stamp in their authority from weekly supply noted at 0.7524-0.7446. In the event that this continues, the next downside target can be seen at a weekly trendline support etched from the low 0.6827. Down on the daily picture, yesterday’s segment helped print a near-full-bodied bearish candle...
The bullish pulse continues to beat in the EUR/USD market this morning, with the pair recording its second consecutive advance yesterday. Consequent to this, H4 price breached the upper edge of a bullish pennant (1.1075/1.1268) and the 1.12 handle, and managed to reach a high of 1.1252 on the day. Over on the bigger picture, we can see that weekly price has drawn...
While the commodity currency maintained its offered tone below the H4 mid-level resistance pegged at 0.7450 yesterday, price was relatively subdued due to US banks being closed in observance of Memorial Day. However, we did happen to short this pair yesterday at 0.7440. For those who read Monday’s report you may recall our desk mentioning that we’re waiting for a...
