After dropping sharply over the past couple of days, the yellow metal found a floor of bids around August’s opening level at 1269.3 yesterday, which happened to converge with a H4 channel support chalked in from the low 1323.0. Providing that the bulls remain in control here, the next upside target on the H4 chart can be seen at resistance drawn from 1280.4.
In...
Using a top-down approach this morning, we can see that weekly bulls look to be taking back some control within the walls of the support area seen at 0.7849-0.7752. This zone has a strong history and held well as support during the month of August, thus there’s a good chance that we may see history repeat itself here. In conjunction with the current weekly zone, a...
Going into the early hours of Europe yesterday, the 1.17 handle elbowed its way into the spotlight and provided strong support. The euro, as you can see however, failed to sustain gains beyond the H4 mid-level resistance at 1.1750 as the USDX H4 candles retested support fixed at 11962.
Though weekly demand at 1.1662-1.1814 remains in play, the bulls have yet to...
The impact of Monday’s hotter-than-expected US ISM Manufacturing PMI print saw the USD/CHF springboard north. Following this, the pair remained in a bullish state and has just this minute connected with two H4 channel resistances etched from highs of 0.9705/0.9746. It might also be worth noting that directly above these lines is a H4 supply zone pegged at...
Kicking off this morning’s report with a quick look at the weekly chart, we can see that buyers and sellers remain battling for position within the walls of a support area penciled in at 0.7849-0.7752. This zone has a strong history and held well as support during the month of August, thus there’s a good chance that we may see history repeat itself here. In...
The euro, as you can see, opened the week lower against its US counterpart, consequently placing H4 price beneath the 1.18 handle. The bearish pulse continued to beat throughout the day, eventually wiping out bids around the mid-level support at 1.1750 on stronger-than-expected US ISM manufacturing data.
With 1.1750 engulfed, the 1.17 handle, followed closely by...
Weekly gain/loss: + 47 pips
Weekly closing price: 112.46
Over the course of last week’s segment, dollar bulls pushed to fresh highs of 113.25 and registered its third consecutive bullish close. As a result, the odds of price shaking hands with nearby supply at 115.50-113.85 are still high, in our humble opinion.
In conjunction with weekly flow, we can also see...
Weekly gain/loss: - 127 pips
Weekly closing price: 0.7828
The Australian dollar, as you can see, continued to spiral south last week, resulting in weekly price aggressively piling into a support area penciled in at 0.7849-0.7752. This zone has a strong history and held well as support during the month of August, thus there’s a good chance that we may see history...
The USD/JPY experienced a somewhat aggressive downside move on Thursday after whipsawing through the underside of the 113 handle. Influenced by overall dollar losses (USDX traded from H4 resistance at 11962), the pair ended the day closing 30 or so pips ahead of the 112 handle.
Although intraday movement shows bids coming into the market as we write, the 112...
In Wednesday’s analysis, our team’s focus was primarily on a potential fakeout being seen below H4 demand at 0.7866-0.7850 into a H4 Quasimodo support level at 0.7839. On this occasion, our analysis proved to be correct.
Not only did 0.7839 align nicely with the top edge of daily demand at 0.7838 and nearby the top edge of the weekly support area at 0.7849,...
The single currency sustained further losses on Wednesday, consequently forcing price through the H4 mid-level support at 1.1750 and on to a session low of 1.1717. As of current price, the H4 candles have established resistance around the underside of 1.1750 and may look to approach the 1.17 handle today, followed closely by a Quasimodo support registered at...
Kicking this morning’s report off with a look at the weekly timeframe, we can clearly see that price is now within shouting distance of connecting with a support area marked at 0.7849-0.7752. Meanwhile, daily action shows the recently engulfed support at 0.7955 is holding ground as resistance. Provided that the bears continue to defend this line, daily demand at...
Sizing up the weekly chart this morning, we can see that the candles remain trading between a major resistance coming in at 1.3683 and a broken Quasimodo line at 1.3371/channel resistance-turned support extended from the high 1.2706.
On the H4 timeframe, recent events show the 1.35 handle was taken out amid yesterday’s US open, forcing price to clock a session...
Despite a strong bounce materializing from the 1.19 handle in opening trade on Monday, the single currency remained under pressure from the results of the German elections. After H4 price conquered the 1.19 support in early London the unit aggressively tumbled lower, consequently ending the day bottoming just ahead of August’s opening level at 1.1830. Also...
The value of the EUR strengthened on Thursday, consequently erasing 50% of Wednesday’s Fed-induced losses. As the US dollar found refuge beneath USDX weekly resistance at 11854, the single currency conquered both the 1.19 handle and September’s opening level at 1.1913, allowing H4 price to shake hands with the mid-level resistance marked at 1.1950.
Aside from...
Thanks to a healthy bout of buying above the H4 mid-level number 1.1950 yesterday, the single currency was able to shake hands with the widely watched 1.20 handle. As expected, price marginally whipsawed through this psychological boundary and came into contact with nearby H4 supply pegged at 1.2029-1.2007.
For those who read Tuesday’s report you may recall that...
