Underpinned by a fading US dollar, and expectations of more parliamentary participation in the Brexit proceedings to be the result of the EU court membership ruling today at 9.30am, the pound munched through several H4 tech resistances yesterday!
Looking over to the weekly candles, we can see that price has recently peeked above the weekly trendline resistance...
Across the board, we saw the US dollar wane against the majority of its trading peers. This forced the single currency to attack and eventually close beyond the 1.07 handle on the H4 chart, and end the day closing above daily resistance coming in at 1.0710 (now acting support). In addition to this, Monday’s movement has placed weekly action within touching...
Weekly gain/loss: + 14 pips
Weekly closing price: 114.56
Although the USD/JPY ranged over 300 pips last week, the pair was little changed by the closing bell. This, as is evident from the weekly chart, formed a clear-cut weekly indecision candle. Weekly resistance levels we have our eye on this week are 116.08, followed closely by the 2017 yearly opening level at...
Weekly gain/loss: + 58 pips
Weekly closing price: 0.7551
As we can all see from the weekly chart the commodity currency had another relatively respectable week, boasting a fourth consecutive weekly gain! On top of this, price conquered the weekly supply zone sitting at 0.7524-0.7450 (now acting support area), and has potentially opened the trapdoor for the unit...
Weekly gain/loss: + 59 pips
Weekly closing price: 1.0698
Since crossing swords with the weekly support area coming in at 1.0333-1.0502, the single currency has closed in the green for five consecutive weeks. From our perspective, the weekly candles look poised to continue higher this week, with the crosshairs likely fixed on the long-term weekly trendline...
Having fallen so aggressively from H4 resistance at 0.7561 on Wednesday (sparked by the slightly hawkish words of Fed Chair Janet Yellen), the commodity currency caught a fresh bid from the 0.75 handle going into the early hours of yesterday’s session. This, as far as we can see, was reinforced by Aussie employment data which came in relatively positive, adding...
The EUR, as you can see, made considerable ground against its US counterpart yesterday, conquering both the H4 supply area at 1.0670-1.0639 (now acting support zone) and the psychological band 1.07. Providing that the bulls remain in the driving seat above this number today, we could very well see price challenge 1.0796 – a H4 Quasimodo resistance line that’s...
Following Monday’s 200-pip gap to the downside, we can see that the pair partially recovered some of its losses yesterday, reaching highs of 1.2084 on the day. In Monday’s report, the desk commented on the likelihood that this instrument would find a ceiling between the lower edge of the weekly resistance area at 1.2082 and the psychological level 1.21. As...
As is shown on the weekly chart, the EUR was seen flexing its financial muscle somewhat last week with price tapping highs of 1.0684. Should we see a similar picture this week, it’s likely that the unit will shake hands with the long-term weekly trendline resistance extended from the low 0.8231. Therefore, do keep an eyeball on this line this week.
Daily supply...
Following Wednesday’s close above H4 supply at 0.7430-0.7413, yesterday’s Asia segment saw the unit retest the top edge of this area as support and register bullish intent (seen clearer on the H1). Fueled by strong commodity prices, the Aussie aggressively rallied against its US counterpart, consequently surpassing the 0.75 handle and touching gloves with H4...
With the dollar recently losing ground against most of its traded pairs (see the US dollar index), it was no surprise to see the USD/JPY follow suit. Following an aggressive two-(H4) candle whipsaw through a H4 trendline taken from the high 118.40, the unit crashed below both January’s opening level at 116.97 and nearby psychological band 117. This, as can be seen...
Weekly gain/loss: - 8 pips
Weekly closing price: 116.89
During the course of last week’s session, the pair printed a clear-cut weekly indecision candle. With a range stretching over 350 pips, price touched the underside of a weekly supply at 121.68-118.61, pierced weekly support at 116.08 and closed the week just below the 2017 yearly opening level at 116.97....
Weekly gain/loss: - 50 pips
Weekly closing price: 1.2279
As can be seen from the weekly chart, candle action is currently sandwiched between the 2017 yearly opening level at 1.2329 and weekly demand chiseled in at 1.2082-1.2214. In the event that the yearly opening level is violated this week, the next objective to reach will likely be weekly resistance drawn in...
Weekly gain/loss: + 14 pips
Weekly closing price: 1.0531
Since mid-December, weekly action has been drifting around a long-term weekly support area drawn from 1.0333-1.0502. Over the last week, however, despite candle action printing somewhat of an indecision candle, the major managed to close above the 2017 yearly opening level at 1.0515, which could lead to a...
Weekly gain/loss: - 148 pips
Weekly closing price: 0.7298
Weekly view: Although the weekly candles established a base around the support area coming in at 0.7438-0.7315 in recent weeks, the bid-side of this market came under significant pressure last week. As can be seen from the chart, the strength behind the downside move was enough to force the pair beyond the...
Weekly gain/loss: - 89 pips
Weekly closing price: 1.2482
Weekly view: Following the selloff from just ahead of resistance seen at 1.2789 two weeks back, the pair, bolstered by the Fed’s decision to hike rates, continued to slide lower last week. Since July 2014, this market has been entrenched within a downward trajectory. Providing that the current resistance...
Weekly gain/loss: - 103 pips
Weekly closing price: 1.0451
Weekly view: Motivated by the Fed’s decision to increase the benchmark interest rate 25 bps on Wednesday, the shared currency sustained further losses last week. This, as you can see, drove the pair deeper into a major support area chiseled in at 1.0333-1.0502, which can be seen stretching as far back as...
Further selling was seen in the gold market during the course of yesterday’s sessions, on the back of continued dollar strength. In consequence to this, the daily candles are now seen trading within shouting distance of demand coming in at 1108.2-1117.8. Despite this, up on the weekly chart, the unit shows room to continue past the above said daily demand to a...
