Going into the early hours of yesterday’s US segment, we can see that the single currency bottomed around August’s opening level at 1.1830. Soft US data, along with a USDX resistance at 11960 and daily supply at 11969-11938, helped lift the pair north, consequently ending the day closing beyond the 1.19 handle.
Similar to the USDX daily supply (only inverse), we...
For those who read Monday’s report you may recall our team stating that should the H4 Harmonic bat pattern complete at 1.2455, we will be interested buyers here. As you can see, price tested the 1.2450 region beautifully and rallied higher. Well done to any of our readers who jumped on board alongside us here.
We executed a trade at 1.2455 and initially had our...
Weekly gain/loss: - 102 pips
Weekly closing price: 1.2480
The USD/CAD sustained further losses last week, consequently pushing the weekly candles deeper into the weekly support area coming in at 1.2433-1.2569 (unites with a trendline support etched from the low 0.9633).
Since daily price struck the underside of a resistance zone drawn from 1.2831-1.2763, the...
Weekly gain/loss: + 4 pips
Weekly closing price: 0.7928
Weekly bulls, as can be seen from the weekly timeframe, continued to defend the support area at 0.7849-0.7752 last week. Further buying from this vicinity could eventually see the bulls shake hands with resistance carved from 0.8075 (a resistance line that stretches as far back as 2008).
Turning over a...
Weekly gain/loss: + 161 pips
Weekly closing price: 1.1919
The EUR was seen flexing its financial muscle last week, as weekly action crossed above resistance at 1.1871. Providing that the bulls can continue to dominate above this line, the next port of call will likely be the resistance line printed at 1.2044 (not seen on the screen). Something else that’s worth...
EUR buyers managed to find their feet early on in the day on Wednesday, bolstered by the H4 mid-level support at 1.1750. As a result of this, H4 price broke and eventually closed above the 1.18 handle. As you can see though, the unit failed to generate much follow through after this, due to a nearby Quasimodo resistance level at 1.1823 (shadowed closely by...
Across the board, we saw the US dollar decline on Monday against the majority of its trading peers. This drove the EUR/USD higher, consequently clearing multiple tech resistances on the H4 timeframe. The single currency settled for the day challenging a H4 Quasimodo resistance pegged at 1.1823, which, as you can see, is shadowed closely by August’s opening level...
Weekly gain/loss: - 95 pips
Weekly closing price: 1.2582
Despite the stronger-than-expected rebound seen from the weekly support area given at 1.2433-1.2569 three weeks ago, weekly sellers came into the fray last week and retested the top edge of this zone.
Technically speaking, the selloff was likely due to the daily resistance area coming in at 1.2831-1.2763....
Weekly gain/loss: + 32 pips
Weekly closing price: 0.7924
Over the course of last week’s trading, the commodity currency remained above the weekly support area coming in at 0.7849-0.7752. Providing that the bulls continue to bid this market higher from here, the next upside target can be seen at 0.8075: a resistance that stretches as far back as September...
Weekly gain/loss: - 138 pips
Weekly closing price: 1.2870
Last week’s sharp run to the downside pushed the British pound into further losses, stripping close to 150 pips off its value. From the weekly timeframe, the next notable area to keep an eye on is the demand base coming in at 1.2589-1.2759. What’s also notable from a technical perspective on this chart is...
Weekly gain/loss: - 63 pips
Weekly closing price: 1.1758
Despite weekly action seen trading from resistance at 1.1871, price has yet to generate anything noteworthy to the downside. A similar picture can be seen on the US dollar index (USDX), only inverse from a weekly support drawn in at 11854. A violation of the current resistance level directly exposes another...
The US equity market came under considerable pressure on Thursday. The H4 trendline support etched from the low 21273, alongside August’s opening level at 21913, was engulfed as a result of this. Traders may have also noticed that daily action closed below a channel support line extended from the low 20494. With that being said, however, the daily candles are now...
Don’t you just love it when that happens! For those of you who are regular readers you may recall that we set a pending buy order at 0.7805, with a stop-loss order tucked beneath H4 demand (0.7786-0.7804) at 0.7784. Price came within two pips of our order and has since rallied over 100 pips! Our reasoning for this trade call was due to the following...
The US dollar made considerable ground against the Japanese yen on Monday, as geopolitical tensions eased between the US and North Korea (Bloomberg). As you can probably see, this has placed the H4 candles above the 110 handle and in-line for an attack of August’s opening level at 110.30, followed closely by the mid-level resistance at 110.50. What’s also notable...
Kicking this morning’s report off with a look at the weekly timeframe, we can see that the candles recently came into contact with a support area marked at 0.7849-0.7752. There was, as noted in Monday’s report, a mild end-of-week correction seen from the top edge of this base. Looking down to the daily timeframe, the commodity currency is seen lurking just ahead...
Weekly gain/loss: - 206 points
Weekly closing price: 21865
US equities declined in value last week, consequently breaking a two-week bullish phase. The move, influenced by escalating tensions between the US and North Korea, wiped out the majority of the prior week’s losses and very nearly formed a weekly bearish engulfing candle! Providing that the bears remain...
Weekly gain/loss: + 48 pips
Weekly closing price: 1.1821
Despite the weekly timeframe stamping in a strong-looking selling wick, price failed to generate anything noteworthy to the downside last week. Instead, what we saw was the pair decisively print a close above weekly resistance at 1.1768, which has directly exposed a weekly resistance level coming in at...
Thanks to a healthy bout of buying from just ahead of the 1.17 neighborhood on Thursday, the EUR ended the day closing back above the H4 mid-level resistance pegged at 1.1750. Traders may have also noticed that the recent bid helped form a nice-looking H4 AB=CD bearish formation that completes around the 1.1785ish range (see black arrows).
Selling this Harmonic...
