After retesting the underside of the large psychological band 1.40 (H4) amid early London hours, the British pound, in one fell swoop, surpassed both 1.39 and the daily support at 1.3878, registering a session low of 1.3836.
What was also brought into play, however, was a daily AB=CD (see black arrows) 127.2% correction point at 1.3883 and a 38.2% daily Fib...
The commodity-linked currency began the day on a strong footing, after whipsawing below the 0.79 handle and connecting with a H1 demand base at 0.7882-0.7895 (this was a noted zone for possible longs – well done to any of our readers who managed to take advantage of this area). The move, as you can see, lifted the pair up the H4 mid-level resistance at 0.7950,...
The British pound resumed its downside trajectory on Monday, forming a full-bodied daily bearish candle in the process. This move, which looks to have begun following a lower-than-expected UK services PMI reading, eventually dragged price beneath multiple tech supports, including weekly support at 1.4079 (now acting resistance).
Also worth noting is that daily...
Weekly gain/loss: -1.25%
Weekly closing price: 1332.4
Despite weekly price managing to chalk up a rather convincing close above weekly resistance at 1337.3 two weeks back, the yellow metal failed to generate much follow-through movement and ended last week back below 1337.3.
Further downside from current price could eventually see the unit tackle the 2018 yearly...
Weekly gain/loss: -0.26%
Weekly closing price: 0.9308
The weekly candles are in free fall right now. Literally, they look as though they were just pushed off of a cliff!
Registering its fourth consecutive weekly decline last week, the pair looks to be on course to continue driving south until we reach weekly support coming in at 0.9163 (not seen on the screen)....
Weekly gain/loss: -2.29%
Weekly closing price: 0.7920
Engulfing approximately two weeks’ worth of gains last week, weekly price shaped a strong-looking full-bodied weekly bearish candle. The move, as you can see, has firmly placed the 2018 yearly opening level seen on the weekly timeframe at 0.7801 back in view.
Turning the focus to the daily timeframe, the...
Weekly gain/loss: +0.28%
Weekly closing price: 1.2455
Over the course of last week’s movement, the single currency managed to record its seventh consecutive weekly gain!
While this is an incredibly impressive run, weekly price (once again) concluded the week closing within the walls of a strong-looking weekly supply area at 1.2569-1.2287, along with monthly...
Bitcoin crosses below daily demand at 8821.0-9907.0 - next base of contact likely to be the daily broken Quasimodo line located at 7592.0, which aligns closely with an AB=CD correction point (see black arrows).
The euro made considerable ground against its US counterpart on Thursday, after finding active bids around the 1.24 handle (H4 timeframe). Largely ignoring better-than-expected US ISM manufacturing PMI data, the pair, as you can see, concluded the day marginally closing beyond the 1.25 handle and connected with a H4 AB=CD (see black arrows) 127.2% Fib ext. point...
USD/JPY bulls went on the offensive amid Wednesday’s segment, swallowing the 109 handle and reaching highs of 109.44. This recent bout of buying also completed the D-leg to a H4 AB=CD (see blue arrows) 127.2% Fib ext. point at 109.42, located just ahead of the H4 mid-level resistance at 109.50. While selling has already been seen from this angle, it failed to...
The British pound, as you can see on the H4 timeframe, spent Wednesday’s sessions consolidating beneath the 1.42 handle. As projected, the US Federal Reserve kept interest rates unchanged which failed to generate much movement.
Meanwhile, weekly price continues to reflect a bullish stance above weekly support at 1.4079. Continued bidding from this neighborhood is...
The US Federal Reserve kept interest rates unchanged on Wednesday, as expected. The Fed, which hiked interest rates three times last year, mentioned the economy warranted ‘further gradual’ increases in rates. The target range for the federal funds rate currently is 1.25%-1.50%.
The impact of the Fed’s decision/statement was somewhat muted on the charts. The euro...
During the course of recent trading, we saw H4 price bounce beautifully from a 127.2% H4 Fib ext. point at 1335.6 and reach a high of 1348.9, before collapsing back to 1335.6. This move was likely bolstered by the fact that a daily support area at 1334.3-1323.3 is seen a few pips below 1335.6, and also considering that weekly price is re-engaging with weekly...
Leaving the 0.94 handle unchallenged, the USD/CHF edged lower on Tuesday, bottoming a few pips ahead of the 0.93 handle. Although the daily Quasimodo support at 0.9330 remains in the fray, buyers are struggling to register anything of note here. This could have something to do with the fact that weekly price shows that the market could potentially drop as far...
Despite the commodity-linked currency ranging over 70 pips on Tuesday, the unit was unable to muster enough strength to push out of its current H4 range. Since Monday, the AUD/USD has been trading between a H4 demand area at 0.8061-0.8081 and the 0.81 handle.
Taking into account that this market is entrenched within a steep uptrend at the moment, and is also...
Weekly gain/loss: -1.98%
Weekly closing price: 108.58
The USD/JPY suffered additional loss last week, wiping away 223 pips in value, or nearly 2%.Thanks to this latest bout of selling, weekly movement is seen trading within a reasonable distance of a weekly trendline support taken from the low 98.78, followed closely by a weekly support area at...
Weekly gain/loss: +1.46%
Weekly closing price: 0.8108
Since weekly price struck the weekly channel support extended from the low 0.6827 seven weeks ago, AUD/USD bulls have been on the offensive. Last week’s action dragged the commodity currency to highs of 0.8135, breaking through weekly resistance at 0.8065 (now acting support) and possibly opening the stage for...
Weekly gain/loss: +2.22%
Weekly closing price: 1.4162
In a similar fashion to the EUR/USD, the British pound performed strappingly last week. The unit managed to record its sixth consecutive weekly gain and drive beyond a weekly resistance level plotted at 1.4079 (now acting support). Despite the pullback from highs of 1.4344, last week’s move could have possibly...
