Yesterday we highlighted the H4 demand zone at 1315.6-1319.6 as being a considerable area to keep an eyeball on. So much so, our team set a pending buy order at 1319.8. As should be evident from the H4 chart, the order was filled mid-way through yesterday’s London trading and has since rallied to highs of 1324.0 at the time of writing. For those who missed our...
With the US dollar index seen appreciating yesterday, the gold market tumbled lower. H4 support at 1332.3 was taken out during this onslaught with price ending the day tagging the 78.6% H4 Fib support at 1322.8. This Fibonacci level represents the top edge of a H4 harmonic Gartley reversal zone (X point comes in at 1310.7), and given that it unites with the...
For those who’ve been following our recent reports on the EUR you may recall that our team took a short position from 1.1362 last Thursday. 50% of this position was banked just ahead of the 1.13 handle on Friday, with a final take-profit objective set around the 1.1250/1.1237 range (H4 mid-way support/H4 support). As can be seen from the H4 chart, this was...
The buyers managed to find their feet early on in the day yesterday, bidding sterling up to the 1.32 handle going into the early hours of the European open, which shortly after saw price consolidate for the remainder of the trading day. Looking at the H4 candle action, it appears that the bulls remain in the driving seat for the time being.
With that being said,...
From a technical standpoint the USD/JPY pair has entered into a phase of consolidation fixed between the key figure 100 and the 101 handle. The 101 band is likely to remain a strong resistance with it having been a solid support on several occasions from the beginning of August. Nevertheless, the 100 hurdle is also proving to be a stubborn beast!
However, with...
Shortly after the week’s open, cable rocketed north from a H4 support line seen at 1.3034. Going into yesterday’s London’s session the pair closed above the 1.31 band, but it was not until the US session kicked in did we see price reach highs of 1.3157.
With price action stabilizing around the 1.3150 region at the moment, let’s see how the land lies on the...
Coming in from the weekly chart this morning, the Swissy is currently lurking fifty or so pips ahead of a major weekly support level coming in at 0.9508, which merges with a weekly trendline support extended from the low 0.8703. Sliding down into the daily chart, daily support at 0.9584 was recently wiped out (now acting resistance), potentially opening up the...
In our previous report, our team mentioned that we had set a pending sell order at 1.1362 with a stop placed at 1.1432. As you can see, this order was recently filled and is currently sitting in the green. For those who missed the report, here’s our reasoning behind our current trade:
• H4 Quasimodo resistance at 1.1382.
• Nice-looking H4 harmonic bearish Bat...
Similar to its bigger brother the EUR/USD, the GBP/USD also rallied on broad US dollar weakness yesterday along with a better than expected UK CPI print. For those who read our previous report on this pair you may recall our team felt a bounce higher from the 1.2864/1.29 (Quasimodo support/round number) region was likely on the cards, due to price residing within...
The EUR outperformed on Tuesday, reaching highs of 1.1322 by the day’s end. Broad US dollar weakness aided this recent move pushing the US dollar index to lows of 94.43. However, following a poor US CPI reading, the EUR rotated from session highs to touch base with the H4 mid-way support at 1.1250 going into the close. Now, given that price is effectively lodged...
Weekly gain/loss: - 53 pips
Weekly closing price: 101.26
Weekly opening price: 101.11
Weekly view: From this viewpoint, we can see that weekly action remains hovering just ahead of a weekly support level at 100.61. There is clearly some buying interest seen around this area, how much though is difficult to judge at this point. On the assumption that the buyers do...
Weekly gain/loss: - 148 pips
Weekly closing price: 1.2916
Weekly open price: 1.2920
Weekly view: Following a clear-cut weekly bearish engulfing candle, the GBP followed-through last week with a sell off, bringing the currency to lows of 1.2903. As far as weekly structure is concerned we can see that there’s a weekly resistance area at 1.3501-1.3804, while to the...
For those who read our previous report you may recall that our team mentioned to watch for shorting opportunities around the underside of the recently broken H4 channel support extended from the low 1.2767. As is shown on the H4 chart, price responded just beautifully from this line, selling off heavily into the day’s close. Well done to any of our readers who...
As we moved into yesterday’s US session the USD/JPY pair came alive! A strong wave of bids flooded the market, consequently consuming the H4 resistance at 101.40 (now acting support) and ended the day touching gloves with the psychological number 102. Beyond 102, we can see that there’s a nearby H4 supply found at 102.83-102.43, followed closely by the 103...
Once again working our way from the top, weekly price is currently seen respecting the weekly trendline resistance extended from the high 0.8895. As mentioned in the previous analysis, should offers hold ground here, a push back down to test the weekly support boundary at 0.7604 may be on the cards.
Climbing down into the daily chart, back-to-back daily selling...
The EUR currency settled below the H4 mid-way support at 1.1150 yesterday, following a modest sell off from just ahead of the H4 sell zone (green area) seen at 1.12/1.1192. This move erased more than fifty percent of Wednesday’s gains, and was likely boosted by price bouncing from H4 support at 95.48 over on the USDX.
Given the strong close beyond 1.1150 and the...
During the course of yesterday’s sessions, price tagged offers around the daily resistance level given at 1354.6, which, as you can see, managed to rotate the yellow metal to the downside. At the time of writing, the buyers and sellers are seen battling for position within a H4 support area at 1347.0-1342.4. However, in view of the rebound seen from the current...
Going into the early hours of yesterday’s London session, the USD/CAD retested the underside of the recently broken H4 channel support (1.2767) and sold off down to the key figure 1.30. For those who read our previous report on the loonie you may recall that this was a noted move to watch for. We also went on to highlight 1.30 as a particularly interesting buy...
