The USD/CHF shredded over 100 pips of value throughout last week’s session winding up closing the week at 0.9817. This move, as you can probably see from the weekly chart engulfed two prior weekly candles, firmly placing the trendline support back in view (0.9071) which has capped downside movement since May 2015. Further increasing the chances that this weekly...
Although the USD/JPY ranged around 220 pips last week, the market closed a mere two pips above the prior week’s close at 113.79 just ahead of weekly resistance at 114.12. As can be seen from the weekly chart, back-to-back buying tails have printed beneath the current weekly resistance barrier, suggesting offers might be drying up. Despite this, it will only be...
The commodity currency enjoyed another relatively successful week, gaining around 130 pips by the week’s end at 0.7557. On account of this, weekly supply (now acting demand) at 0.7438-0.7315 was taken out forcing the Aussie to close within shouting distance of a major weekly resistance line at 0.7604 (sits nicely below a 61.8% Fibonacci level at 0.7654). By the...
The past week saw the single currency rally around 150 pips by the close 1.1144. This surge in buying came about after a near-touch of a weekly support hurdle drawn from 1.0796, which, as you can see, pushed price up to below weekly supply penciled in at 1.1533-1.1278. Both areas are significant and certainly deserve a place in our watch list this week.
Following...
The yellow metal had a rather eventful session yesterday with the ECB announcing it will be cutting rates. Gold initially stabbed into the extremes of H4 demand coming in at 1237.2-1243.9 and then proceeded to rocket north, surpassing H4 resistance at 1256.2 and just recently connecting with H4 supply painted at 1285.5-1278.5.
Despite the aggressive rally north...
Following an exciting ECB press conference yesterday where Draghi cut rates to 0.0% and expanded the QE program to 80 billion Euros per month, the EUR immediately tumbled to lows of 1.0822 – hitting our H4 Quasimodo support area at 1.0809-1.0826 to-the-pip. However, shortly after this, Draghi added that he saw no need for further rate cuts from here which saw the...
From the weekly chart, the yellow metal has clearly taken on a more bearish tone following the rebound from supply at 1307.4-1280.0, which has the potential to force prices down to support chalked up at 1224.1. In-line with weekly flow, daily action also shows room for this unit to continue driving lower today down to demand given at 1224.6-1238.3.
It came as...
As can be seen on the H4 chart this morning, the EUR aggressively bounced from the mid-level number 1.0950 going into the U.S. session yesterday with little fundamental data backing this move. Consequent to this, price has chalked up a consolidation zone fixed between 1.0950 and 1.1043 ahead of the ECB press conference today at 1.30 pm GMT.
From a technical...
Bolstered by a relatively weak dollar yesterday, the EUR bulls took charge going into the U.S. session and rallied through H4 supply at 1.0903-1.0928 into a H4 resistance area at 1.0937-1.0984. For anyone still long from the H4 Quasimodo zone at 1.0809-1.0826, now may be a good time to think about banking the majority of your position since the single currency...
Starting from the top this morning, the broken weekly Quasimodo level at 1.4501 has now officially come into view. Whether this long-term structure holds firm or not can only really be determined by the weekly close in our opinion. Climbing down into the daily chart, nonetheless, Cable extended its recovery from daily demand at 1.3843-1.4036 for the third...
As was anticipated (blog.icmarkets.com), the single currency appears to have found a strong foothold off the top-side of a H4 Quasimodo support area seen at 1.0809-1.0826. We missed this move altogether as price hastily rotated from this zone – well done to any of our readers who managed to jump in on this one!
Evident from the H4 chart we can see that price...
Following a better-than-expected Canadian GDP report yesterday, the USD/CAD broke below and slightly retested the 1.3500 figure before thrusting into H4 demand at 1.3358-1.3396 by the close 1.3405. For those who read our previous report (blog.icmarkets.com) you may recall us speaking about this very demand being a fantastic area to go long from, due to it forming...
The USD/JPY pair saw a sharp increase in value yesterday on the back of positive U.S. data. This, as is shown on the H4 chart, dragged price back up to retest the 114.00 figure, which is where the market settled into the close 113.97. Due to this level also boasting a clear weekly resistance barrier at 114.12 and a deep 78.6% Fibonacci level at 114.05, this is, at...
Looking at the daily chart of the USD/JPY, one can clearly see renewed buying pressure formed from the Feb 11th low 110.96 on Wednesday, consequently printing a compact double-bottom formation. This ignited the buy-side of this market which saw price wrap up the week closing a few pips shy of weekly resistance (114.12) at 113.96, recording gains of over 140...
Although the Aussie dollar ranged over 140 pips last week, the market ended with price closing a mere 23 pips below the prior week’s close at 0.7121. This, as shown on the weekly chart, formed a clear bearish selling wick which could indicate that we may be heading down to revisit support at 0.7035 sometime this week.
Down on the daily timeframe, support at...
The past week saw the single currency decline a further 200 pips into the close 1.0924, resulting in a rather vicious full-bodied bearish weekly candle forming. Consequent to this, weekly support (now acting resistance) at 1.0983 was taken out, thus opening up the possibility for further downside this week to weekly support penciled in at 1.0796.
Climbing down...
As can be seen from the daily chart, the bounce from the Feb 11th low 110.96 clearly renewed buying interest in this market yesterday. This could, as long as the buyers remain in the driving seat, force this pair to retest weekly resistance drawn from 114.12.
In our previous report (blog.icmarkets.com), we discussed two possible trade scenarios: One was to wait...
The USD/CAD is seen trading markedly lower this morning, due to a relatively heavy round of selling yesterday from the underside of psychological resistance 1.3800 down to the 1.3700 region. What is more interesting, however, is the bigger picture currently being painted on the H4. Current action appears to be chalking up two H4 AB=CD bull patterns (see green...
