Kicking off this morning’s analysis with a look at the weekly timeframe shows that price has recently plugged into bids sitting at the weekly Quasimodo support level at 1074.6 for the second time in four months. Should the buyers continue to defend this level, we see very little stopping Gold advancing to connect with the underside of the swap supply zone at...
In our previous report (blog.icmarkets.com) we mentioned that we’d taken a long on the EUR pair at 1.06852, and was targeting Monday highs (pink circle) at 1.0788, followed by psychological resistance 1.0800 to take further profits (50% already closed). As shown on the chart, price did indeed continue to rally north coming so very close to hitting Monday’s highs....
For anyone who read our previous report on this pair (blog.icmarkets.com), you may remember us noting that we were looking for price to break above Friday’s high 1.0076 and attack the 4hr resistance level seen just above it at 1.0083. As can be seen from the chart, price did exactly that. For us, however, we passed on this trade completely as we were already long...
For those who read our previous report on the EUR (blog.icmarkets.com), you may recall us mentioning that we were still looking for price to drive lower and break below Friday’s lows 1.0707 into demand at 1.0664-1.0701 to enter long. As shown on the H4 chart, price did exactly that. Relatively aggressive sellers entered the market around yesterday’s London open...
Weekly view: The USD/CHF rallied higher for a third consecutive week last week, gaining around 180 pips into the close 1.0046, and jabbing into the lower limits of a stacked supply formation coming in at 1.0126-1.0044 (upper zone is seen at 1.0239-1.0131). In addition to this, we also see a nice-looking AB=CD Harmonic pattern completing around 1.0046 region, thus...
Weekly view: Following the indecision candle painted two weeks ago, the EUR currency continued lower last week, losing around 260 pips in value and driving itself into range demand at 1.0519-1.0798 by the close 1.0736. Therefore, at least from a technical standpoint, we could see this pair possibly advance from here this week.
Weekly levels to watch this week...
Kicking off this morning’s analysis with a look at the weekly timeframe shows that Gold continues to depreciate in value. Price is now trading deep within a demand zone drawn from 1098.6-1121.7. Turning our attention to the daily timeframe, however, we can see that price retested the underside of the broken Quasimodo level at 1127.7 beautifully yesterday, forcing...
During the course of yesterday’s sessions, the EUR once again fell sharply against the U.S. dollar following a string of supportive U.S. data and comments from the FED chair Yellen. This, as you can see, took out both psychological support 1.0900 and Quasimodo support at 1.0868, before stabilizing around mid-level support drawn from 1.0850.
Despite the EUR’s...
Kicking off this morning’s analysis with a quick look at the weekly timeframe reveals Gold continues to plummet south, and as a result has now crossed swords with demand drawn from 1098.6-1121.7. Moving down to the daily timeframe shows that this recent decent took out bids sitting around the Quasimodo support (now resistance) level at 1127.7, and is, at the time...
Following on from our previous report (blog.icmarkets.com), we mentioned that we were targeting mid-level resistance 1.3150 as our second take-profit area from the long we took on Friday at 1.3059. As you can see, price hit this area yesterday and we proceeded to close a further 30% of our position. Following this, however, the floor was removed from this market...
Going into Yesterday’s London open, the EUR pair suffered as sellers drove this market to fresh weekly lows of 1.0936. Consequent to this, bids at both the large psychological support 1.1000 and the the swap support (now resistance) level at 1.0973 were taken out.
Now, this recent downside move has potentially opened the gates to a short trade today. Should we...
Weekly view: Last week’s action shows that Gold continued to decline in value following a second stab to the underside of supply at 1205.6-1181.2. As a consequence, bids at the swap support (now resistance) level 1157.4 were taken out, and price closed heavily in the red at 1141.9, losing over $22 in value by the week’s end. From here, other than a small ‘ledge’...
Weekly view: The Canadian dollar gained close to 100 pips against the Greenback last week. This sell-off began from the underside of supply at 1.3456-1.3277, consequently printing a bearish selling tail in the process and finishing the week off on its lows at 1.3071. Should the sellers remain dominant this week, we might see further shorts come into this market...
Weekly view: Cable posted a moderate gain of 115 pips by the close 1.5306 last week. This, as you can see, pushed market action back up into the jaws of supply drawn from 1.5658-1.5425 (converges with trendline resistance from the high 1.7190). A break above this barrier this week would likely force price to touch gloves with a swap resistance level seen at...
Beginning with the weekly timeframe this morning, we can see that following a second stab to the underside of supply at 1205.6-1181.2, price is now trading below the swap support level at 1157.4. Should a close form below this barrier this week, the path south is likely clear for prices to continue lower next week down to demand coming in at 1098.6-1121.7. Daily...
Early on during yesterday’s London trade, we saw price paint back-to-back indecision candles around the 1.5300 figure on the 4hr chart. Nevertheless, as Cable entered into the American session, buyers stepped in and pushed this market to highs of 1.5347 before aggressively plummeting lower following the FOMC statement.
As can be seen from the chart, 1.5300 was...
Initial trade saw a steady round of bids flow into the market yesterday from deep within a swap demand area coming in at 1.1055-1.1026. For all that though, the EUR took a turn for the worst dropping around 200 pips from highs of 1.1095 (13 pips away from out noted sell zone at supply 1.1138-1.1108) shortly after the Fed’s hawkish comments. This downside move, as...
Another relatively sluggish day was seen in the EUR/USD market yesterday. Whilst price was sitting deep within a swap demand area at 1.1055-1.1026, the pair peaked to highs of 1.1078 and recorded a session low around the 1.1030 mark.
Going forward, the market is now likely honing in on today’s FOMC statement, where traders/investors will breakdown the words used...
