The EUR/USD fell sharply mid-way through London trade after ECB President Draghi warns of risks to the economy and potential increases in QE. This sell-off plowed through psychological support at 1.1200 and ended with price faking below 4hr demand (1.1106-1.1143) into the jaws of 1.1100.
Considering only the 4hr timeframe for the moment, we feel, at least from a...
After price shook hands with the 4hr demand area at 1.5256-1.5294 yesterday, a strong ceiling of offers were hit around the 1.5320 mark. In the event that price fails to overcome this 4hr intraday resistance level today, it is likely we’ll see the GBP drive lower.
This, at least to us, is a relatively good thing as twenty pips below the aforementioned 4hr demand...
Despite the bounce seen from just above the 4hr swap (support) level at 1135.1 early on during trade yesterday, Gold tumbled lower going into the London session. Price eventually took out 1135.1 and retested it as resistance, which then saw this market head lower to consume buyers around the 4hr ascending trendline taken from the low 1118.1.
Now, for those of you...
Weekly view: Following two weeks of gains, renewed selling interest came into the Gold market last week from a weekly swap (resistance) level at 1157.4, bringing price down to test a weekly swap (support) level at 1130.1. As a result, Gold suffered around a $26 decline in value closing the week out at 1134.0.
Daily view: Rolling a page lower to the daily...
Weekly view: What a week the USD/JPY pair has had! This has to be one of the most vicious buying tails (pin-bar candles) we’ve seen in a long time! Although price was actually stretched close to 600 pips during last week’s trade, the market closed a mere thirty or so pips below the prior week’s close (122.01) at 121.68 within a weekly swap (support) barrier at...
Weekly view: Pound Sterling took a turn for the worst last week; erasing a little over 300 pips of value which saw the GBP conclude trade at 1.5384. As a result of this recent downfall, the pair not only engulfed eight weekly candle bodies, but also closed below a weekly swap (support) level at 1.5451. With bids likely consumed around this weekly level, we could...
Weekly view: Weekly action shows that early on into last week’s trade the EUR/USD began positively. Price traded to fresh highs of 1.1712, breaking above a weekly supply zone at 1.1532-1.1278 which just missed connecting with an ignored weekly Quasimodo level at 1.1745. However, shortly after this the markets took a turn for the worst, dropping all in all a total...
Working our way from the top-down this morning, the weekly timeframe shows one very impressive buying tail printing at the moment, stretching a little over 500 pips at the time of writing! Scaling down to the daily timeframe, we can see that price has recently chalked up a third consecutive bull candle, consequently closing above the daily swap (supply) area at...
The EUR currency declined in value for a second consecutive day yesterday, losing a little over 200 pips going into yesterday’s close 1.1310. This move saw several 4hr technical levels wiped out during its onslaught, ending with price spiking through 1.1300 and missing the 4hr demand area below it at 1.1239-1.1286 by a cat’s whisker. Although price is currently...
Well, where do we start on the EUR/USD? The first thing that sprung to mind upon opening the charts this morning was simply, ‘wow’. Fundamentally, we believe the reason behind yesterday’s rally comes from the recent decline in the stock market. With the ECB’s interest rates close to zero, stock market investors have been buying up Euros to invest in U.S. dollars....
For those who read our previous report on the USD/JPY blog.icmarkets.com you may recall that we mentioned to watch for lower timeframe selling confirmation in between 123.81/124.00. As you can see, price responded beautifully to 124.00 with two clear selling wicks. It was after the close of the second candle (123.92) that we decided to enter short at market....
During the course of yesterday’s sessions the AUD fell sharply going into the early hours of European trade. This move took out bids at the 4hr range low 0.7322, and aggressively connected just above a 4hr Quasimodo support barrier at 0.7282. The buyers, as you can see were quick to react here, pushing the Aussie over 60 pips higher back up into the current 4hr...
In consequence to yesterday’s decline and rebound from 0.7322 (Thursday’s low), this pair appears to be in the process of chiseling out a consolidation zone between 0.7388 and 0.7322. Looking only at the 4hr timeframe, one could look to trade the limits of this potential 4hr range today. We would not advise simply placing a pending order at the extremes and hoping...
The EUR/USD couple declined for a third consecutive day amid yesterday’s trade, resulting in price taking out 1.1072 and slam dunking itself into 4hr demand at 1.1009-1.1039. This is no doubt a very tempting place for traders to buy. Nevertheless, our team has decided to pass on this this zone, since room to continue south is being seen on both the weekly and...
Following Sunday’s open 124.21, a conservative wave of bids entered the market yesterday; pushing prices up to a 4hr swap (resistance) level at 124.53. This, as you can see, held the market lower for the rest of the trading day stretching to a session low of 124.21. 124.53, in our opinion, appears weak at the moment. The first rebound (13/08/15) moved price around...
Following the bullish weekly pin-bar candle that formed just above the weekly ascending trendline (1.0461), the EUR currency extended higher last week, gaining close to 150 pips into the close 1.1107. Consequent to this move, price is now trading mid-range on the weekly timeframe. Buyers and sellers are not only capped by weekly demand and supply...
Despite the bounce from the 4hr Quasimodo resistance level at 1.1082, the EUR currency rallied over 150 pips amidst yesterday’s trade. It was only once price crossed paths with the 1.1200 handle in the U.S. afternoon session did we see the sellers begin to make an appearance, consequently pushing prices down to the mid-level number 1.1150.
So, with price now...
For those who read our previous report on our favorite yellow metal blog.icmarkets.com you may recall that we mentioned that there may be a long opportunity boiling up on the retest of the 4hr supply – turned demand at 1105.6-1099.2, targeting the 4hr supply zone at 1134.5-1128.9. As you can see, this has played out as expected. Well done to any of our readers who...
