The dollar recently tapped a weekly AB=CD (see black arrows) 127.2% Fib ext. point at 91.81. Price is showing promise from this angle thus far. Meanwhile, over on the monthly chart, the USDX is seen shaking hands with monthly support logged at 92.29, which unites closely with an impressive Fib support cluster.
Gold prices, once again, took on more of a subdued tone on Monday, despite the US dollar printing a healthy advance. Ranging a little over $7, the yellow metal remains capped around the underside of a daily supply at 1334.3-1323.3, and has been since the 4th January. Why are the bears finding it difficult to pursue lower prices from here? Could it be the fact...
Weekly gain/loss: +0.79%
Weekly closing price: 0.7858
The first week of 2018 has been a productive one for the commodity currency, as price extends December’s gains. The Aussie dollar managed to climb higher last week, despite the pair ending the year closing around the underside of a weekly supply zone penciled in at 0.7897-0.7813. In the event that the bulls...
Weekly gain/loss: +0.43%
Weekly closing price: 1.3563
The value of the British pound advanced for a third consecutive session during the course of last of last week’s trading. This, as you can see, lifted the pair to a weekly high of 1.3612 and saw the unit shake hands with a weekly channel resistance extended from the high 1.2673. In the case that this channel...
Weekly gain/loss: +0.26%
Weekly closing price: 1.2027
Despite the fact that the EUR/USD ended the week in the green, the pair chalked up a weekly bearish selling wick around a weekly resistance level coming in at 1.2044, and a 127.2% weekly Fib ext. point at 1.2081. This could point to a potential breach of the 2018 yearly opening level seen on the weekly...
Weekly gain/loss: +0.53%
Weekly closing price: 1254.8
Both weekly demand at 1251.7-1269.3 and the weekly channel support extended from the low 1122.8 suffered a decisive break two weeks back. In previous reports, we highlighted that this area would likely offer some resistance to the market with it having been a reasonably strong base of demand in the past. Last...
Weekly gain/loss: +1.88%
Weekly closing price: 0.7640
A small area seen comprised of a weekly channel support extended from the low 0.6827, a weekly 50.0% value at 0.7475 taken from the high 0.8125 and a nice-looking weekly AB=CD (see black arrows) 161.8% Fib ext. point situated at 0.7496, managed to rotate price beautifully and rally over 130 pips last week!...
Weekly gain/loss: -0.52%
Weekly closing price: 1.3317
After shaking hands with the weekly channel resistance extended from the high 1.2673 a few weeks back, the British pound has displayed signs of weakness. Further losses from this area could eventually see the pair complete a weekly AB=CD (see black arrows) 127.2% ext. point at 1.2882, which happens to...
EUR/USD:
Weekly gain/loss: -0.13%
Weekly closing price: 1.1746
The euro suffered its third consecutive loss last week, down from an overall peak of 1.1961. According to the weekly structure, further downside remains a strong possibility as there is little weekly support seen on the radar until we reach 1.1616. The other key thing to note on the weekly...
The bounce from the daily AB=CD 161.8% Fib ext. point at 1238.9 attracted fresh buying in recent trade, pushing the daily candles back up to a daily resistance area coming in at 1251.7-1265.2. Traders might have also noticed that surrounding this daily zone is a larger resistance area plotted on the weekly timeframe at 1251.7-1269.3 that intersects with the...
Looking at this market from the top this morning, we can see that weekly support at 1.2778 remains in the fray. A strong bid from this area could lead to weekly price challenging the weekly resistance area pegged at 1.3006-1.3115. Daily price, on the other hand, continues to form a somewhat bearish tone after selling off from a daily supply area at 1.2943-1.2885...
In the early hours of yesterday’s segment, Aussie economic data showed a strong increase (61.6K) in the labor market in November, following October’s bleak 7.8K. This prompted strong buying in the AUD/USD market, consequently ripping through both the H4 Quasimodo resistance level at 0.7639 (now acting support) and also November’s opening level at 0.7659. The pair,...
The shared currency experienced a rather aggressive selloff on Thursday after failing to muster enough strength to breach the H4 mid-level resistance at 1.1850. Upbeat US retail sales and weekly unemployment claims fuelled the decline, which eventually gnawed through both the 1.18 handle and October’s opening level on the H4 timeframe at 1.1788. At this stage,...
In Wednesday’s report, we underscored a possible buy-the-retest scenario at a recently broken H4 Quasimodo line drawn from 24476. As is evident from the H4 timeframe this morning, price retested this line beautifully during yesterday’s segment, and even chalked up a nice-looking H4 buying tail as additional confirmation. Well done to any of our readers who managed...
For those who read Wednesday’s report you may recall that we felt further selling was on the cards, as nearby H4 demand appeared to be consumed (check out the H4 buying tails marked with a green arc). Weak US inflation and a somewhat dovish Yellen helped force the US dollar aggressively lower on Wednesday. Well done to any of our readers who held shorts from...
After a somewhat aggressive retest of December’s opening level seen on the H4 timeframe at 0.7562 amid early London hours, the pair drove skywards. The first round of buying appeared to be on the back of disappointing US inflation figures, which lifted the commodity currency up to the 0.76 handle. A few hours later, the dollar sustained further losses after the...
In recent sessions, the EUR/USD extended its bounce from the H4 Quasimodo support level at 1.1722, taking out October’s opening level seen on the H4 timeframe at 1.1788 and also the 1.18 handle. The Federal Reserve, as expected, increased its benchmark interest rate by 25bps to 1.50%. However, as far as we can see, the US dollar was sold on the fact that the rate...
