Thanks to both the BoJ and the Fed yesterday, the USD/JPY couple dropped close to 140 pips on the day (open/close). Several H4 technical supports were wiped out during the bearish onslaught, leaving price closing the day ahead of the key figure 100.00. Taking into consideration that 100.00 ties in nicely with a H4 88.6% Fib support at 100.07, a H4 AB=CD completion...
The EUR/USD attracted fresh buyers into the market yesterday from a H4 demand logged in at 1.1131-1.1143, following the Fed’s decision to leave monetary policy unchanged. This, as you can see from the H4 chart, saw prices eventually cross swords with a trendline resistance taken from the low 1.1045. United with a nearby psychological hurdle seen at 1.12, the team...
While weekly price has established itself around the top edge of a support area at 1307.4-1280.0, and daily candles have taken root within a demand base at 1305.3-1322.8, medium-term direction, at least technically, is likely to be northbound. As such, with H4 movement seen consolidating within a resistance area registered at 1312.0-1316.0, a close above this zone...
In recent sessions, we can see that the USD/CAD continued to range between a daily support level chiseled in at 1.3135 and a H4 Quasimodo resistance level at 1.3244. While weekly action still occupies the upper limit of a supply zone at 1.3295-1.3017, daily price appears to be relatively well-bid from the aforementioned support level. To our way of seeing things,...
Weekly gain/loss: - 81 pips
Weekly closing price: 1.1149
Weekly opening price: 1.1152
Weekly view: From this viewpoint, we can see that last week’s weekly candle turned bearish from the underside of a major resistance area coming in at 1.1533-1.1278. Erasing all of the prior week’s gains, this bearish move could trigger further selling in this market this week....
Kicking off this morning’s analysis looking at the weekly chart, we can clearly see that price is trading just ahead of a support area logged in at 1307.4-1280.0. This, by and of itself, is considered by our team as a warning to be extra cautious about taking shorts in this market.
With this in mind, we can see that over the course of this week, the yellow metal...
A string of disappointing UK data hit the wire yesterday, forcing cable to fall sharply into the close. Several technical supports were engulfed during this assault, with price only finding support once it connected with 1.3174, which, as you can probably see, merges nicely with a H4 trendline support taken from the high 1.3371.
Now despite this support currently...
Weekly gain/loss: - 446 points
Weekly closing price: 18043
Weekly view: A succession of offers flowed into the market last week, resulting in prices punching through the support area at 18365-18158, consequently closing the week on its lows. Further selling from this point could potentially drag the equity market down to a support area carved from 17446-17606....
Weekly gain/loss: - 31 pips
Weekly closing price: 0.7535
Weekly view: The past week saw the AUD/USD pair chalk up an absolutely beautiful-looking bearish selling wick. Not only did it pierce through a resistance level seen at 0.7604 but it also managed to extend past a trendline resistance taken from the high 0.8295. From a technical perspective, this certainly...
Weekly gain/loss: - 28 pips
Weekly closing price: 1.3261
Weekly view: Following three weeks of gains, the GBP/USD printed a clear-cut bearish selling tail last week just ahead of a resistance area coming in at 1.3501-1.3804. This, along with the predominant bearish trend currently in place, could force cable back down to support at 1.2942 this week.
Daily view:...
Weekly gain/loss: + 79 pips
Weekly closing price: 1.1230
Weekly view: Although the EUR did see an increase in value last week, we have to take into account that price was unable to close above the prior week’s high, and also rejected from the underside of a major resistance area at 1.1533-1.1278. Seeing as how this zone has managed to cap upside since May 2015,...
The GBP/USD suffered further losses yesterday, following a H4 rotation from the mid-way resistance 1.3350. Wednesday’s low 1.3318 was quickly taken out, allowing cable to breach and eventually close beyond the 1.33 handle by the day’s end.
Before we discuss possible setups in this market, let’s take a look at the overall picture. Looking up to the weekly chart,...
In recent trading, we saw the USD plummet on the back of week US data, taking out the 103 handle, the H4 mid-way support 102.50 and just recently the H4 demand base seen at 101.74-101.90. With a truckload of buyers likely taken out from this recent move, there is space now seen to move lower down to test the H4 support 100.87. In addition to this, a minor daily...
During the course of yesterday’s sessions the pound rallied close to 140 pips against its US counterpart, aided by a weak US ISM non-manufacturing PMI print. Well done to any of our readers who caught this move as this was a noted setup to keep an eye on yesterday. As is shown on the H4 chart, price is now seen rotating from supply chalked up at 1.3480-1.3425. The...
Weekly gain/loss: + 22 pips
Weekly closing price: 0.9800
Weekly opening price: 0.9796
Weekly view: After a rather aggressive move north two weeks ago, the Swissy found renewed selling interest last week just ahead of supply seen at 1.0092-0.9928. Despite this, there is still a good chance that the pair could extend above last week’s high to connect with this...
Going into the early hours of yesterday’s US session, cable saw an increase in value on the back of lower than expected US manufacturing data. As you can see, price ended the day whipsawing through a H4 resistance area at 1.3290-1.3242, which tagged not only the 1.33 handle, but also the completion point of a H4 AB=CD bearish pattern around the 1.3316ish range....
Beginning with a look at the weekly chart this morning, traders can see that price recently collided with a resistance level seen at 103.22. A rotation from here could potentially push the pair back down to retest support coming in at 100.61. Turning our attention to the daily chart, price has also connected with a resistance area drawn from 103.50-103.89. The...
On the EUR/USD pair the balance of bids to offers appears even right now, with July’s US ADP Non-farm employment report largely being ignored during yesterday’s session. H4 candles are currently seen locked between a demand zone chalked up at 1.1131-1.1143 and a resistance area coming in at 1.1153-1.1167. A break north from here would likely prompt further upside...
