Despite a heavily bid US equity market on Tuesday and a hawkish Powell testimony, the USD/JPY had a relatively subdued session, up 0.42% on the day. As is evident from the H4 timeframe, H4 price is nearing Monday’s highs at 111.69, shadowed closely by H4 resistance at 111.70 and the daily resistance level at 111.91/112 handle. This – coupled with weekly price...
The EUR/USD sustained further losses during Tuesday’s sessions following a retest of the 1.19 handle as resistance. As you can see, the day ended with H4 price ripping through the lower edge of a H4 demand pegged at 1.1836-1.1854. One can almost feel the pain caused by this move as stop-loss orders were highly likely triggered here. Better-than-expected US...
Weekly gain/loss: -0.40%
Weekly closing price: 1.2703
Upside remains capped on the weekly timeframe at 1.2778, despite higher oil prices. This weekly resistance level shares a strong history that dates back to early 2004, so it is not one to ignore! In the event that the market continues to dip south from here this week, traders’ crosshairs will likely be fixed...
Weekly gain/loss: -0.49%
Weekly closing price: 111.50
Recent movement on the weekly timeframe shows that price extended losses last week, reaching lows of 111.06. With 111.68 (the low marked with a green arrow) now potentially out of the picture, there is, according to weekly structure, room for further downside down to as far as the weekly support area at...
Weekly gain/loss: +0.66%
Weekly closing price: 0.7610
Although the commodity currency recouped some of its recent losses last week, weekly structure, in our view, remains unchanged from the previous weekly outlook. To the downside there is a particularly interesting weekly support we have our eye on. Merging with a weekly channel support extended from the low...
Weekly gain/loss: +1.16%
Weekly closing price: 1.1929
The shared currency enjoyed another successful week, increasing its worth by an additional 140 pips into the close. The weekly supply area at 1.1880-1.1777 (now acting support zone) was demolished as a result of the recent upside move. Scope to push higher and elbow into weekly resistance at 1.2044 could,...
For those who read Thursday’s report you may recall that we highlighted a H4 resistance seen at 0.7632, which happened to converge with a H4 AB=CD 161.8% ext. point at 0.7633, along with a H4 trendline resistance taken from the high 0.8103. We also mentioned that although this level boasted strong confluence, it was a somewhat risky sell according to daily...
The single currency, as you can see, rallied for a third consecutive day on Thursday, reaching a high of 1.1855. Better-than-expected Eurozone manufacturing data provided support for the pair in early London hours, lifting H4 price up to the1.1846 neighborhood. Shortly after, however, price drifted off into a tight consolidation ahead of a H4 resistance at 1.1861,...
The bearish pulse continued to beat in the USD/CAD market on Wednesday. After breaking out of the H4 ascending channel formation, the pair retested the underside of the lower edge as resistance and extended lower, influenced further following the release of the minutes from the latest FOMC meeting.
Following on from Wednesday’s report where we highlighted a...
Following the release of the FOMC minutes on Wednesday, the commodity currency drove through offers at the 0.76 handle and tapped a session high of 0.7623. Traders may have also noticed that the recent move north completed a H4 AB=CD bearish formation at 0.7620 (see black arrows). While the H4 candles are currently displaying bearish intent, we have to be prepared...
For those who follow our reports on a regular basis you may recall the team highlighting November’s opening level seen on the H4 timeframe at 1.3290 as a high-probability base to sell from. Placed nearby the 1.33 band (which essentially represents the weekly resistance level at 1.3301) and also the daily Quasimodo resistance at 1.3279, the monthly level was likely...
The euro made considerable ground against its US counterpart on Wednesday, running through both October’s opening level seen on the H4 timeframe at 1.1788 and, after the release of the FOMC minutes, the 1.18 handle. According to the minutes, the majority of the FOMC members saw that a near-term hike was warranted, but few opposed.
As you can see on the daily...
Following a positive start to the day, US equities continued to propel higher on Tuesday. Led by Health care and information technology gains, the DJIA was able to crunch through a H4 resistance area at 23481-23455 (now acting support area) and also a H4 supply base at 23579-23556 (also now an acting support area).
With H4 price currently seen retesting...
Failing to sustain gains beyond October’s opening level seen on the H4 timeframe at 112.64, the USD/JPY spent Tuesday pressing lower, consequently concluding trade at a low of 112.17. In the event that the bears continue to push lower today/this week, the next area of concern on the H4 timeframe can be seen at last Friday’s low 111.88, followed closely by H4...
After digesting RBA Gov. Lowe’s comments, the commodity currency staged a modest recovery from lows of 0.7534. The advance hit a stumbling block, however, as price entered into the US segment, spending the remainder of the day consolidating 20 or so pips ahead of the 0.76 handle. Also worthy of mention is that the daily trendline resistance extended from the low...
Weekly gain/loss: -1.28%
Weekly closing price: 0.7563
The commodity currency boarded the pain train last week, dropping almost 100 pips. What this recent downside move did accomplish, however, was bring weekly price down to within shouting distance of a particularly interesting level. Merging with a weekly channel support extended from the low 0.6827, we have a...
Weekly gain/loss: +0.17%
Weekly closing price: 1.3214
Since early October, the GBP/USD has been consolidating beneath a weekly resistance level coming in at 1.3301. Should a breakout to the upside occur, it seems price would be all set to extend up to a weekly channel resistance taken from the high 1.2673. On the other side of the coin, a move to the downside...
Weekly gain/loss: +1.08%
Weekly closing price: 1.1787
Over the course of last week’s trading, the single currency extended its bounce from weekly support at 1.1616. This, as you can see, lifted weekly price up to a supply base coming in at 1.1880-1.1777, which has so far held ground. A violation of this area, however, would likely bring the weekly resistance...
