Weekly gain/loss: +1.68%
Weekly closing price: 1.2428
Despite the end-of-week correction from highs of 1.2537, the euro put in another solid performance last week.
Registering its sixth consecutive weekly gain, the unit managed to advance more than 200 pips!
While this is an incredibly impressive run, we still have to take into account that weekly price...
During the course of yesterday’s segment, the price of gold was met with strong selling from H4 supply at 1364.7-1360.9. Following comments from US President Trump regarding the strength of the US dollar, the currency rallied and thereby forced the yellow metal lower. As you can see on the H4 timeframe, the move saw price marginally whipsaw through a daily broken...
In the later hours of US trading on Thursday, the USD/JPY pair printed a sharp recovery from the H4 mid-level support at 108.50, erasing daily losses and reaching a high of 109.70. The main driver behind yesterday’s buying, other than daily price trading from support at 108.78 and the US dollar index connecting with a monthly support at 88.50, was comments from US...
The commodity-linked currency came under pressure amid US trading on Thursday, following comments from US President Trump saying that his administration ultimately wants to see a stronger US dollar.
After failing to generate much follow through beyond the 0.81 handle on the H4 timeframe, the pair exploded to the downside and concluded the day connecting with a...
USDX heading into some heavy-hitting support on the monthly scale at 88.50.
Bolstering this level is a 61.8% Fib support at 88.48 and two nearby trendline supports.
With the dollar continuing to press lower, gold prices remain in a bullish stance. Up over 1% on Wednesday, the move brought weekly price into within close distance of a weekly resistance base at 1375.5. This level has a history dating back to as far as early 2014, so be prepared for sellers to make an appearance!
Following the break of the daily Quasimodo...
After a near-seven week selloff, the weekly candles shook hands with a weekly support area coming in at 0.9443-0.9515 on Wednesday. This area has been in motion since late 2015, so the bears will likely have their work cut out for them! In the event that this area yields to the selling pressure, however, the next objective seen on this scale is drawn from...
Weekly price, as you can see, continues to trade in the direction of a weekly trendline support etched from the low 98.78, followed closely by a weekly support area at 105.19-107.54. Turning our attention to the daily timeframe, however, we can see that price is currently trading within shouting distance of support at 108.78, thanks to yesterday’s break of daily...
GBP bulls, once again, were seen flexing their financial muscle on Wednesday. Up 1.66% on the day, the pair managed to chew through offers around a weekly resistance level plotted at 1.4079 (now acting support). Technically speaking, this move has possibly unlocked the door for the unit to challenge the 2016 yearly opening level at 1.4732.
Looking down on daily...
Despite the price of gold trading a tad above a weekly resistance level at 1337.3 at the moment, the H4 and daily price is seen trading at a very interesting point!
On the H4 timeframe, the yellow metal is currently working the underside of a H4 AB=CD 127.2% Fib ext. point at 1342.0. Interestingly, this level is positioned nearby a daily Quasimodo resistance...
After failing to sustain gains beyond the 111 handle the USD/JPY fell sharply on Tuesday, taking out the H4 mid-level support band at 110.50 and closing out the day in the shape of a full-bodied daily bearish candle.
Directly beneath current price, the 110 handle can be seen on the H4 timeframe. Already in play, however, is the daily support level at 110.21....
Coming at you from the top this morning, weekly action is seen trading within shouting distance of a weekly resistance level plotted at 0.8065.This is a well-established level, going back as far as early 2010. Turning our attention to the daily candles, nevertheless, price remains sandwiched between a daily Quasimodo resistance at 0.8035 and a daily support area...
The British pound found itself grappling with the large psychological band 1.40 in early trading hours on Wednesday. What followed was a sizeable pullback during London’s morning segment, reaching as far south as 1.3915. Leaving the 1.39 handle unchallenged, however, the unit managed to reclaim earlier losses and revisit 1.40 going into the closing bell.
Both...
Weekly gain/loss: +0.30%
Weekly closing price: 1.2495
Since the beginning of the year, weekly price has consolidated beneath the 2018 yearly opening level at 1.2579. Assuming that the bears notch it up a gear from this point, we do not see a whole lot stopping the unit from reaching as far south as the weekly demand base printed at 1.1919-1.2074.
Meanwhile, the...
Weekly gain/loss: +1.07%
Weekly closing price: 0.7983
Since weekly price struck the weekly channel support extended from the low 0.6827 six weeks ago, AUD/USD bulls have been on the offensive. Last week’s action dragged the commodity currency to highs of 0.8038, just missing the weekly resistance level at 0.8065 by a few pips.
We believe that the reason behind...
Weekly gain/loss: +0.94%
Weekly closing price: 1.3848
The British pound was, once again, seen flexing its financial muscle last week, cruising to a fresh high of 1.3944. While the unit chalked up its fifth consecutive weekly gain, price has shook hands with a weekly AB=CD (see black arrows) 161.8% Fib ext. point at 1.3861. A push above this line would,...
Weekly gain/loss: +0.30%
Weekly closing price: 1.2214
Although the shared currency printed a fifth consecutive weekly gain last week, weekly price failed to muster enough strength to overcome a weekly broken Quasimodo line at 1.2287 that merges with two weekly trendline resistances (1.1641/1.6038). This formed a strong-looking weekly selling wick, potentially...
Coming in from the top this morning, it is clear to see that weekly price reflects a strong bearish stance at the moment. Further losses on this scale could bring this market down to as far south as the weekly support area drawn from 0.9443-0.9515. Daily flow, on the other hand, remains flirting with the lower limits of a daily demand area at 0.9565-0.9611, which...
