Weekly view: From this angle, we can see that the EUR/USD remained relatively unchanged last week, closing only a mere fifteen pips higher than the prior weekly close close at 1.1205. Although market action printed a relatively nice-looking selling tail off the underside of supply drawn from 1.1532-1.1278, there’s been very little change seen on this timeframe....
Following on from our previous report (blog.icmarkets.com), we can see that price reacted almost to-the-pip off of our pre-determined swap support level at 1.5114, reaching highs of 1.5180 on the day. Well done to any of our readers who managed to lock in some green pips from this move.
The sell-off from 1.5180 has nearly seen price reconnect with 1.5114, which,...
As can be seen on the 4hr chart, Cable did indeed see a decline in value during yesterday’s trade, as we reported may happen in our previous analysis (blog.icmarkets.com). Candle action beautifully retested the underside of psychological resistance 1.5200 and reached lows of 1.5129 on the day. Seeing as price has yet to hit the swap support level at 1.5114, our...
For those who read out previous report on the EUR/USD (blog.icmarkets.com) you may recall us noting to watch for a (confirmed) sell between 1.1250/1.1270. In addition to this, we also mentioned that for traders interested in shorting here need to be prepared for the possibility of a fakeout higher to take stops and connect with daily supply at 1.1329-1.1269. As...
The EUR/USD market, as you can see, plunged from psychological resistance 1.1200 and crossed swords with mid-number support 1.1150 during the beginning of London trade yesterday. It was from here, the U.S. open, that we saw the EUR currency correct itself and aggressively surge close to 100 pips up to the underside of 1.1250.
In view of price now trading below...
Weekly view: Pound Sterling suffered a rather nasty drop last week losing around 350 pips at the close (1.5172), which ended with price piercing demand coming in at 1.5169-1.5260. As can be seen, just beneath this area sits a channel support line (1.4564), followed closely by demand taken from 1.4855-1.5052. Given the fact that the current demand is likely weak...
Further selling was seen on Cable yesterday, resulting in price taking out several 4hr technical levels during its onslaught. There was little fight seen at the Quasimodo area 1.5328-1.5351, while 1.5300, however, managed to hold this market steady for a while, but did eventually gave way consequently reaching lows of 1.5220 on the day.
As can be seen from the...
As far as we see it, the USD/JPY pair is caught within a 4hr descending channel (119.65/121.31) at the moment, and to be honest, trading anywhere other than the extremes of this area is considered to be mid-range for us. With that being said, we currently see two possible scenarios in this market:
• The first is a simple AB=CD pattern into a Quasimodo support...
Despite the brief surge of (short-covering) buying seen at the beginning of yesterday’s open (1.1280), the EUR heavily sold off for the remainder of the day. Consequent to this, the Quasimodo support at 1.1257, as well as the psychological support 1.1200 was wiped out.
Should 1.1200 hold as resistance going into the more liquid sessions today, we believe the EUR...
Weekly view: Following the rebound from demand at 0.6768-0.6942, price continued to extend higher last week gaining about ninety pips in value into the close 0.7181. In addition to this, the Aussie dollar came so very close to connecting with supply at 0.7438-0.7315. In fact, it came within forty pips, which is absolutely nothing considering that this is the...
Weekly view: From this angle, we can see that despite the EUR/USD reaching highs of 1.1459 last week; price ended the week in negative territory losing forty or so pips into the close 1.1294. Technically, we’re not really surprised by this since let’s not forget that price has been seen loitering within supply at 1.1532-1.1278 for over three weeks now. Should we...
Weekly view: As can be seen from the chart, support at 15978 continues to provide a ‘floor’ to this market, but really, how long will this last? The reason we say this is because a huge amount of bids were likely removed from this level by that humongous bullish pin three weeks ago. On top of that, a bearish pin also printed last week into the close...
Weekly view: Following a three-week decline from 1157.4, last week’s action saw a heavy round of buying come into this market from the open 1107.2. Consequent to this, the price of Gold increased a little over $31 into the close 1138.3. Assuming that offers are now weak around the 1157.4 region, it is quite possible we may see Gold continue to rally up to supply...
As can be seen from the charts, the Gold market clearly benefited from the recent U.S. dollar weakness. This sent price action above daily supply at 1126.7-1118.9, and also its partner supply on the 4hr timeframe at 1126.5-1124.8. From here, we can now see price nibbling at not only the underside of a weekly swap (resistance) level at 1130.1, but also rebounding...
The FED’s decision finally arrived and it was more dovish than expected, as interest rates remained unchanged. This, as you can see, sent the EUR currency soaring higher, taking out psychological resistance 1.1400 and reaching highs of 1.1441 on the day.
Technically, this recent upsurge has opened up the floodgates for price to run higher on both the daily and...
Following the sluggish response from the 4hr swap (support) level at 1102.4 on Tuesday, price continued to hesitate above this barrier during Asia trade yesterday. It was only once we saw European traders coming into the market did price launch itself north, taking out both 1111.6/1118.1 and stabbing into a 4hr supply at 1126.5-1124.8. The rebound from this 4hr...
The USD/CHF pair, as you can see, did eventually see a sell-off from the mid-level barrier 0.9750 as reported it may do in our previous report blog.icmarkets.com This selling pressure took out bids sitting at 0.9711, and once again slam dunked itself into the ignored 4hr Quasimodo level (IQM) at 0.9670. This is the third time this hurdle has been respected as...
Finally, we have some decisive movement to report! The USD/CAD fell sharply during the course of yesterday’s sessions. Several 4hr technical levels were taken out during this onslaught and, as far as we can see, is only really beginning to find support now around the 1.3170 mark.
Take note of all those buying wicks seen to the left of current price within the...
