The bullish pulse continues to beat in the EUR/USD market this morning, with the pair recording its second consecutive advance yesterday. Consequent to this, H4 price breached the upper edge of a bullish pennant (1.1075/1.1268) and the 1.12 handle, and managed to reach a high of 1.1252 on the day. Over on the bigger picture, we can see that weekly price has drawn...
While the commodity currency maintained its offered tone below the H4 mid-level resistance pegged at 0.7450 yesterday, price was relatively subdued due to US banks being closed in observance of Memorial Day. However, we did happen to short this pair yesterday at 0.7440. For those who read Monday’s report you may recall our desk mentioning that we’re waiting for a...
Weekly gain/loss: - 29 pips
Weekly closing price: 1.1178
Over the course of last week’s trading, we saw the single currency come up to within striking distance of a formidable weekly supply area coming in at 1.1533-1.1278. The zone has managed to cap upside since May 2015, so it’s not a base one should overlook. What’s also interesting is the recently formed...
The H4 candles, as you can see, failed to generate much follow-through buying after crossing the large psychological boundary 1.30 during yesterday’s London morning session. Consequent to this, the H4 mid-level support at 1.2950 was consumed and, as we write, May’s opening level seen nearby at 1.2927 is currently being challenged. Beyond this monthly level, key...
Beginning with the weekly timeframe this morning, we can see that this unit remains lurking beneath the edge of a formidable resistance area coming in at 1.1533-1.1278. The zone has managed to cap upside since May 2015, so it’s not a base one should ignore. On the daily timeframe, however, the candles are seen consolidating between a support level drawn from...
For those who read Tuesday’s report you may recall our desk highlighting that a pending buy order was placed at 1.3548 with a stop set at 1.3408. Our rationale behind setting this order was due to a very appealing H4 buy zone seen marked in green at 1.3434/1.3457. This area boasted a H4 Quasimodo support at 1.3457, a H4 61.8% Fib support at 1.3441 taken from the...
Kicking this morning’s report off with a look at the weekly timeframe reveals that price recently came within striking distance of a formidable resistance area coming in at 1.1533-1.1278. As you can see, the pair responded bearishly and has, at the time of writing, chalked up a reasonably strong selling wick.
Moving down to the daily timeframe, the single...
For those who read Monday’s report on the Aussie you may recall our desk highlighting the 0.7481/0.7470 neighborhood as a potential sell zone (green area). Our reasons for liking this area were due to the following:
• Located within a weekly resistance area at 0.7524-0.7446.
• Positioned within a daily resistance area (plotted within the said weekly zone) at...
Weekly gain/loss: + $27.3
Weekly closing price: 1255.3
As can be seen from the weekly chart, the yellow metal aggressively recovered from demand at 1194.8-1229.1 during last week’s segment. The move broke a four-week bearish phase, and could potentially drag this market back up to the two weekly Fibonacci extensions 161.8/127.2% at 1313.7/1285.2 taken from the...
Weekly gain/loss: - 200 pips
Weekly closing price: 1.3508
After a couple of weeks of hesitation between the 2016 yearly opening level at 1.3814 and weekly support at 1.3588, the bears managed to find their feet and push the unit lower last week. Shaped in the form of a full-bodied bearish candle, the pair is now within striking distance of the 2017 yearly opening...
Weekly gain/loss: + 71 pips
Weekly closing price: 0.7456
Following four weeks of downside momentum, the pair, as you can see, recovered last week and retested the underside of a weekly resistance area penciled in at 0.7524-0.7446. This structure has been in motion since mid-2016, so there’s a reasonable chance that the bears may defend this barrier in the coming...
Weekly gain/loss: + 276 pips
Weekly closing price: 1.1207
Across the board, the US dollar index plummeted last week, which, given its strong inverse correlation to the EUR/USD, helped the pair print hefty gains into the week’s close. As can be seen from the weekly chart, price is currently lurking within striking distance of a major resistance area at...
With the US dollar entering into recovery mode yesterday, the price of gold declined. Before this happened though, the unit beautifully tapped the underside of a H4 61.8% Fib resistance at 1264.5 (green line) extended from the high 1295.4. This line – coupled with a H4 supply barrier coming in at 1268.3-1262.7 and a H4 trendline resistance (again) taken from the...
Early on in yesterday’s segment, we saw Aussie employment data print better-than-expected figures. This caused the AUD/USD to aggressively advance higher and eventually close above the H4 mid-level resistance barrier at 0.7450. As you can see, the pair came within a cat’s whisker of clipping the underside of May’s opening level at 0.7481/H4 61.8% Fib resistance at...
Weighed on heavily by, what seems to be, never-ending selling pressure on the dollar, the GBP advanced higher on Wednesday. This, as you can see on the bigger picture, has lifted the unit up to both a weekly supply area at 1.3120-1.2957, as well as a daily supply zone drawn from within the weekly base at 1.3058-1.2979.
Swinging over to the H4 chart, recent action...
During the course of yesterday’s sessions, the DOW challenged the H4 supply at 21048-21015 (holds a H4 resistance at 21020 within). The reaction from this zone, as you can see, was beautiful! The momentum from this area forced the H4 candles below May’s opening level at 20929 and jabbed into a small area of support formed by March’s opening level at 20824/38.2%...
