Broad-based USD selling, along with an influx of safe-haven CHF buying on the back of US equities aggressively exploring lower ground, overwhelmed the USD/CHF market Thursday, concluding the day down 0.67%.
Down an overall 1.07% on the week so far, weekly price could, according to structure, potentially press as far south as the 2018 yearly opening level at...
Employing a top-down approach this morning, the research team notes weekly price is currently crossing paths with the upper limits of supply at 1.3540-1.3387. In support of this area, daily movement came within three pips of testing resistance priced in at 1.3533. Combined, the two are likely to provide a ceiling.
Lower down on the curve, the H4 candles reclaimed...
USD/JPY:
A broadly weaker dollar as well as US equities falling sharply Thursday weighed considerably on the USD/JPY. The market declined in excess of 1.00% yesterday, carrying its total weekly loss to 1.91% thus far.
Weekly price action, as you can see, washed through orders at its 2018 yearly opening level drawn from 112.65, pulling the unit into the walls of...
AUDCHF is approaching its support at (61.8% Fibonacci extension x2, horizontal swing low support) where it could potentially bounce to its resistance at 0.7102 (23.6% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 1.3% where a corresponding bounce could occur.
NZDUSD is approaching its support at 0.6759 (61.8% Fibonacci extension, 78.6% & 38.2%Fibonacci retracement, horizontal swing low support) where price could potentially to bounce up to its resistance at 0.6822 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is testing its support at 4.2% where a corresponding bounce may occur.
EURAUD is testing its resistance at 1.5998 (61.8% Fibonacci extension , 61.8 % Fibonacci retracement , horizontal overlap resistance) it could potentially reversal to its support at 1.5825 (61.8% Fibonacci retracement , horizontal overlap support).
Stochastic (55, 5, 3) has reversed off its resistance at 98% where a corresponding drop may occur.
XAUUSD is approaching its support at 1233.53 (61.8% Fibonacci extension , 50% & 38.2% Fibonacci retracement , horizontal overlap support) where it could potentially bounce to its resistance at 1245.25 (50% Fibonacci retracement , horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 2.3% where a corresponding bounce could occur.
Wednesday’s FOMC session provided the USD/CHF a ledge to pull itself towards highs of 0.9955, consequently breaking a two-day bearish phase. H4 support at 0.9918 remained firmly in the fold, with the candles appearing poised to now approach December’s opening level sited overhead at 0.9977, shadowed closely by H4 supply coming in at 1.0007-0.9988 which happens to...
AUD/USD:
The commodity currency fell sharply following FOMC announcements Wednesday, chalking up a 1.00% loss on the day. In one fell swoop, H4 price swept through orders at daily support drawn from 0.7151 (now acting resistance) and mildly surpassed 0.71 to bring in buyers off a 161.8% Fibonacci ext. point at 0.7092. Note the 161.8% Fibonacci extension forms...
CHFJPY is testing its support at 113.09 (100%, 61.8% Fibonacci extension, 50% Fibonacci retracement) where it could potentially bounce to its resistance at 113.74 (38.2% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its support at 4.6% where a corresponding bounce could occur.
AUDUSD bounced nicely off its support at 0.7159 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.7240 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 1.7% where a corresponding rise could occur.
AUDCHF is testing its support at 0.7118 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.7163 (61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 2.8% where a corresponding bounce could occur.
EURAUD is approaching its resistance at 1.5876 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse down to its support at 1.5750 (61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal may occur.
XAU/USD (Gold):
Although the price of gold advanced 0.30% Tuesday, much of the technical landscape remains unaffected.
Kicking things off from the weekly timeframe this morning, buyers appear in good health off swing resistance-turned support at 1236.6. Further buying from current price draws in resistance at 1260.8. What’s also interesting about 1260.8 from a...
Dow Jones Industrial Average:
Further selling transpired on Tuesday, pulling the market to losses of 0.55% on the day. Crude oil’s selloff was a major catalyst for the stock market's performance, overriding upbeat macroeconomic data out of the US revealing both housing starts and building permits rebounded in November following October's decline.
Although the...
USD/CAD:
Although the US dollar index continued to explore lower ground Tuesday, the USD/CAD enjoyed another day in the sun. Crude oil ended the session down a whopping 6.50%+, therefore weighing on the Canadian dollar while simultaneously bolstering the US dollar.
As is evident from the H4 timeframe this morning, the candles established support on a retest of...
AUDUSD is approaching its resistance at 0.7200 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse down to its support at 0.7105 (76.4% Fibonacci retracement, 100%, 61.8% fibonacci extension).
Stochastic (34, 5, 3) is approaching its resistance at 91% where a corresponding reversal may occur.
EURUSD is approaching its resistance at 1.1376 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse down to its support at 1.1337 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal may occur.
