Coming at you directly from the weekly timeframe this morning shows that Gold remains nibbling at the underside of weekly supply drawn from 1205.6-1181.2 . This zone, as we mentioned in our previous weekly report, is a perfect barrier to look for shorts back down to 1157.4 – now acting support. It not only converges with a bearish Harmonic AB=CD pattern (1199.4),...
For those who read our previous report (blog.icmarkets.com), you may recall that our team went short at 1.5506. 50% of our position was locked in at 1.5434 and the stop placed at breakeven. As you can see, price has yet to hit our breakeven stop, so we’re still in game. For how long though is anybody’s guess.
As of now, Cable has entered into a phase of...
Following the open 1.1356, bids established intraday support above the mid-level number 1.1350, and shortly after a ceiling of offers were seen forming around the 1.1373 mark. It was only once London opened for business did we see things begin to liven up. Strong sellers stepped in and pushed the EUR below 1.1350 and reached lows of 1.1305 on the day.
So, with...
Weekly view: The GBP/USD edged higher last week gaining around 130 pips in value at the close 1.5433. Consequent to this, price connected with the underside of supply formed from 1.5658-1.5425. This area – coupled with trendline resistance from the high 1.7190 and swap level resistance just above at 1.5733 is certainly a zone to keep an eye on this week for...
Despite the bounce from psychological resistance 1.1400 on Tuesday, the EUR pair aggressively rallied following a wave of disappointing U.S. data released mid-way through London. 1.1400 was consumed and although there were active sellers around the Quasimodo resistance line just above it at 1.1440, it was clearly not enough to withstand the flow of bids at that...
Despite weak GBP data, an unrelenting 200-pip squeeze to the upside took place amid trade yesterday, taking out several 4hr technical levels in the process and managing to reach highs of 1.5493 on the day.
In that price is lurking just below psychological resistance 1.5500 and supply just above it at 1.5528-1.5510, let’s take a peek at what this recent surge of...
Using a top-down approach this morning shows that weekly action, despite the recent rally, still remains consolidating around the base of supply drawn from 1.1532-1.1278. In the event of a break above this barrier, the ignored Quasimodo resistance level at 1.1745 would be the next limit to reach. From the pits of the daily timeframe, however, price ever so...
Weekly view: In the overall scheme of things last week’s 150-pip gain meant very little to us, as for the past six weeks now, the EUR pair has and continues to consolidate around the base of supply drawn from 1.1532-1.1278. Should price break above this zone in the coming week, the next objective to reach can be seen at 1.1745 – an ignored Quasimodo level. On the...
Going into the early hours of yesterday’s sessions, a relatively strong wave of bids came into the market consequently pushing price up to the underside of supply at 1.1329-1.1301, reaching highs of 1.1325 on the day.
This is just beautiful price action forming here guys! As we mentioned in our previous report (blog.icmarkets.com), there is just a mine field of...
Absolutely beautiful! For anyone who read our previous report on Cable (blog.icmarkets.com), you may recall us mentioning to watch for a break and (confirmed) retest of 1.5240 yesterday, which, as you can see, played out perfectly! Following the retest, an aggressive round of bids came into the market, pushing price above psychological resistance 1.5300 and into...
So, technically, there was not much action seen on the EUR pair during trade yesterday. Offers came in around the 1.1280 mark, reaching lows of 1.1211 on the day. As such, with price still lurking around supply on both the weekly and daily timeframes (1.1532-1.1278/1.1329-1.1269) at the moment, what’s likely in store for this market today?
Well, above current...
The rebound from the ignored Quasimodo level at 1134.1 saw Gold extend higher during the course of yesterday’s sessions, breaking through the swap resistance area at 1140.6-1141.9, and aggressively faking above supply at 1148.5-1145.5. As per our previous report (blog.icmarkets.com), we were looking to short the current supply. Fortunately for us, however, price...
For those who read our previous report on Cable: blog.icmarkets.com you may recall us mentioning to keep an eye out for possible (confirmed) buys at demand formed from Friday’s NFP at 1.5126-1.5142. As shown on the chart, the market rallied a very cool 100 pips off the back of this zone, consequently surpassing psychological resistance 1.5200 and once again...
Well, we did not expect price to react so beautifully to the AB=CD bullish pattern at 1.1171 yesterday! In fact, we were not expecting it to trade above 1.1200, yet, the EUR rallied a little over 100 pips reaching highs of 1.1279 on the day.
Consequent to the above, daily supply at 1.1329-1.1269 is once again seeing some action, as is the weekly supply drawn from...
Weekly view: Although Gold still remains below the swap resistance barrier at 1157.4, the rebound from this area has, at least for us, been relatively disappointing so far. This market lost around 700 pips last week at the close 1138.3, which, in the overall scheme of things means very little to us considering the size of the buying tail that printed from the low...
Weekly view: As can be seen from the chart, there’s once again very little to report on last week’s action. Market activity continued to trade in between a swap resistance zone at 122.01-121.40 and a support area drawn from 118.22-119.25.
Weekly levels to watch this week fall in at: 122.01-121.40/118.22-119.25.
Daily view: With little change being seen on the...
