Looking at the weekly timeframe this morning, the current candle looks poised to retest resistance pegged at 1.1714. The pair is likely to find some resistance here with it having been an obvious area of support from August. Cranking our way down to the daily timeframe, we can see that price has spent the week basing just ahead of a strong-looking demand area at...
Recent action shows that the GBP/USD extended Monday’s advance from the 1.32 handle, forming an additional near-full-bodied bullish daily candle. Bolstered on the back of the BoE possibly raising interest rates this week and the dollar looking somewhat fragile around the 94.54 region, will we see the British pound continue to advance against its US...
The euro made considerable ground against its US counterpart on Wednesday, despite US durable goods and new home sales figures reporting better-than-expected numbers. H4 price broke through both October’s opening level at 1.1788 and the 1.18 handle, with the pair now looking poised to challenge August’s opening level coming in at 1.1830.
1.1830, as you can...
Wednesday’s segment. Further losses were seen going into London, consequently transporting the H4 candles down to the 0.77 handle, which, as you can see, held firm throughout the remainder of the day.
Whether or not 0.77 can bounce prices back up to 0.7743 (a broken Quasimodo line that’s positioned nearby mid-level resistance 0.7750 and daily resistance at...
The impact of Wednesday’s better-than-expected UK Q3 GDP figures, as you can see, drove prices skyward. The H4 mid-level resistance 1.3150 and 1.32 handle were both submerged, clearing the path north for H4 price to shake hands with supply at 1.3287-1.3267 into the close. As you can probably see, this supply also boasts an AB=CD 127.2% extension at 1.3253, and...
The Aussie dollar sustained further losses on Tuesday, enabling the H4 candles to conquer the 0.78 handle in aggressive fashion. With 0.78 now potentially out of the picture, the commodity currency will likely be heading down to the green H4 area marked at 0.7740/0.7752. Comprised of a daily broken Quasimodo line at 0.7740 and a H4 Harmonic bat completion point...
The British pound came under pressure on Tuesday after failing to sustain gains beyond the H4 trendline resistance extended from the high 1.3657. The pair effortlessly cleared the 1.32 handle as well as the H4 mid-level support 1.3150, and concluded the day mildly paring gains just ahead of the 1.31 band/H4 trendline support etched from the low 1.3027.
The tone...
Kicking this morning’s report off with a quick look at the weekly timeframe shows us that the unit is currently shaking hands with the underside of a supply zone drawn from 1.2778-1.2653. Also from this scale, we can see that the market has been in a clear downtrend since May, and all this recent advance could be is a correction.
The story on the daily...
Weekly gain/loss: - 40 pips
Weekly closing price: 1.1777
Over the course of last week’s trading, the EUR/USD maintained its position above weekly support formed at 1.1714. Although price failed to print fresh highs, we did see a weekly bullish inside bar formation take shape. This will likely interest candlestick enthusiasts, given weekly structure and the...
The single currency is seen trading with a reasonably strong bias to the upside this morning, which resulted in daily price chalking up a near-full-bodied bull candle on Thursday.
The H4 candles, as you can see, conquered August’s opening level at 1.1830 yesterday and shortly after retested the line as support. According to H4/daily structure, the pair now finds...
The single currency continued to deteriorate on Tuesday, marking its fourth consecutive daily loss.
Despite this, weekly price remains reinforced by support pegged at 1.1714. Daily flow on the other hand, shows room to continue pressing down to at least demand printed at 1.1612-1.1684.
Across the pond on the H4 timeframe, the mid-level support 1.1750 suffered a...
US equities printed modest gains on Monday, recording a fresh record high of 22956. Technically, what this move did was form a strong-looking H4 demand base at 22885-22908 that aligns perfectly with a H4 channel support etched from the low 22736.
Should this area be tested today and form a full or near-full-bodied H4 bullish candle, we would consider entering...
As can be seen from the H4 timeframe this morning, the shared currency seized the 1.18 handle in early European trade. This consequently cleared bids and allowed price to shake hands with October’s opening level at 1.1788 and a nearby broken Quasimodo line at 1.1779.
Over on the bigger picture, the pair continues to hold ground above weekly support at 1.1714....
