As expected, the 111 handle failed to provide resistance on Monday, consequently opening up the path north to H4 supply at 112.19-111.75.
Apart from weekly price, which is seen trading from a support area coming in at 105.19-107.54, daily and H4 price show there’s a possibility for a pullback today/this week. On the daily timeframe, we have a nearby resistances...
Weekly gain/loss: + 300 pips
Weekly closing price: 110.83
After clipping the top edge of a weekly support area at 105.19-107.54, USD/JPY bulls staged an aggressive recovery last week, completely engulfing the prior week’s losses. Although the USDX formed a bearish pin bar from weekly resistance at 11854 last week, the path north on the USD/JPY appears reasonably...
Weekly gain/loss: + 395 pips
Weekly closing price: 1.3583
Cable printed another impressive weekly candle last week, consequently breaking through the weekly Quasimodo resistance level at 1.3371 and landing the unit within touching distance of a major resistance coming in at 1.3683 (seen as far back as 2001). With USDX weekly action printing a bearish pin bar last...
Weekly gain/loss: - 94 pips
Weekly closing price: 1.1940
Over the past three weeks, upward momentum has somewhat diminished thanks to the weekly resistance pegged at 1.2044. Despite this, weekly bulls managed to chalk up a mild end-of-week correction last week from weekly support seen below at 1.1871, possibly encouraging buyers into the market. In addition to...
In recent news, US inflation data reported a hotter-than-expected month, instantly sending the single currency lower and dollar higher. In spite of this the pair was unable to hold its bearish tone, and reversed immediate losses in a matter of minutes from just ahead of August’s opening level pegged at 1.1830.
For those who follow our analysis regularly you may...
The DOW, as you can see on the H4 chart, edged its way above the Quasimodo resistance at 22138 on Wednesday and has maintained a bullish footing. As highlighted in yesterday’s report, we believe this H4 barrier was the last remaining resistance stopping the index from achieving fresh record highs. So, with this line out of the picture and currently holding as a...
Across the board, the US dollar rallied against the majority of its trading peers on Wednesday amid tax reform talks, consequently pushing the single currency south. After crushing the 1.19 handle, the pair ended the day bottoming around the 1.1873 mark.
With yesterday’s aggressive slide, technical traders are likely watching for September’s opening level at...
In recent activity, the US dollar pressed higher against its Canadian counterpart. Offers at the H4 mid-level resistance 1.2150 were consumed, allowing the unit to tap a high of 1.2189 into the closing bell. The important thing to consider here, however, is the H4 AB=CD bearish formation topping at 1.22 (H4 Fib ext. point at 127.2%), which boasts a H4 38.2% Fib...
UK inflation data came in hotter than expected on Tuesday, sparking another wave of buying. Price ran through offers at the H4 Quasimodo resistance level plotted from 1.3245, and ended the day extending to a high of 1.3299. With the 1.33 handle lurking within touching distance at the moment, could this number be enough to halt further buying today? Through the...
Following a breakdown through the H4 mid-level support at 1.1950, the single currency lost steam on Tuesday as price managed to find a fresh pocket of bids just ahead of H4 demand at 1.1907-1.1926. This saw the unit springboard itself back above 1.1950 to a high of 1.1973 on the day.
Looking at the weekly chart, we can clearly see that since the beginning of...
Weekly gain/loss: + $21.4
Weekly closing price: 1346.0
Since early July, the yellow metal has been on a tear! Of late, we’ve seen weekly price drive through offers at resistance drawn from 1337.3 (now acting support), potentially opening up the trapdoor north to resistance visible at 1375.5. Also noteworthy is 1375.5 converges nicely with an AB=CD bearish...
Weekly gain/loss: + 173 pips
Weekly closing price: 1.2034
Over the course of last week’s trading, the single currency maintained a bullish posture from weekly support pegged at 1.1871. Rallying close to 200 pips on the week, the move chalked up a fresh high of 1.2092 and revisited weekly resistance at 1.2044. Interestingly, the weekly USDX chart shows price...
Despite solid gains recorded on the EUR and a considerable decline in the US dollar on Thursday, the British pound failed to sustain gains beyond the 1.31 handle. Continued rejection from 1.31 may see the H4 candles revisit the 1.3053-1.3037 area (a recently broken supply turned support area), whereas a move above 1.31 will almost immediately bring price into the...
Bolstered by a fading US dollar, the commodity currency shifted northbound on Tuesday. The move saw price aggressively break through the 0.80 psychological boundary and come within a few pips of testing a daily Quasimodo resistance level at 0.8030. As of current price, the unit remains above 0.80, despite an earnest attempt from sellers to push lower during the US...
A spineless greenback helped GBP bulls find their feet early on in yesterday’s London morning segment. The advance, shaped by a number of strong consecutive H4 bull candles, ran through multiple tech resistances and ended the day kissing the underside of a supply penciled in at 1.3053-1.3037. Despite this, we may see this area faked before sellers step into the...
Weekly gain/loss: - 88 pips
Weekly closing price: 1.2392
The USD/CAD managed to retain its offered tone last week, after weekly price hammered its way through a long-term weekly trendline support extended from the low 0.9633. Technically speaking, this has likely set the stage for further selling this week at least until we reach weekly demand penciled in at...
Weekly gain/loss: + 35 pips
Weekly closing price: 0.7963
Since weekly price linked with the support area at 0.7849-0.7752 three weeks ago, the commodity currency has remained reasonably well-bid. The next objective, assuming that price continues to push north, can be seen around resistance drawn from 0.8075. Before weekly action can reach the noted resistance,...
Weekly gain/loss: - 58 pips
Weekly closing price: 1.1861
After seeing the EUR/USD shake hands with the weekly resistance level at 1.2044, a strong succession of sell orders reigned over this market last week. As a result of this, the week ended with price marginally closing beyond weekly support pegged at 1.1871. Inversely, we also saw the USDX weekly support at...
