During the course of yesterday’s sessions, traders were seen attempting to bid the EUR currency higher from the 1.1000 handle, but failed miserably reaching only a high of 1.1034 on the day. Shortly after this, the EUR plummeted on the back of Yellen’s testimony before congress, which as you can see eventually reached the 4hr demand area at 1.0886-1.0924.
With...
During the course of yesterday’s sessions, the GBP was heavily bid going into the London session from a 4hr swap area coming in at 1.5485-1.5460. This, as you can see, continued going into the U.S session which eventually forced price to close above a strong area of 4hr supply seen at 1.5627-1.5597.
This recent move has chiseled out the beginnings of a nice...
Weekly recap:
Pound Sterling sustained further losses for the third consecutive week last week, losing 50 pips into the close 1.5511. In spite of this, price was unable to close below the weekly swap level coming in at 1.5451. Looking down to the daily timeframe, we can see that additional support came into this market from a daily demand area at 1.5189-1.5345,...
Weekly recap:
Last week’s action saw the EUR currency print a bullish engulfing candle on the weekly timeframe, closing 45 pips above the prior week’s close (1.1108) at 1.1153. Despite this, price still remains somewhat capped between a weekly demand area at 1.0519-1.0798 and a weekly supply zone at 1.1532-1.1278. The daily timeframe on the other hand, shows...
During the course of yesterday’s sessions, we can see that the GBP/USD pair spent much of its time ranging between the 4hr swap area seen at 1.5440-1.5402 and the mid-level hurdle 1.5350.
In the bigger picture, the weekly chart reveals that price is now within touching distance of the weekly demand area at 1.5169-1.5289, while on the daily chart, price is...
After price shook hands with the 1.1100/1.1111 barrier yesterday, a strong wave of offers came into the market. This saw the mid-level number 1.1050 taken out and retested as resistance before price continued plummeting towards 1.1000, which as you can clearly see has so far held firm. Fundamentally, we believe this decline in value was caused by the lack of Greek...
A conservative wave of buyers came into the market during Wednesday’s sessions from the 1.1000 region which pierced and eventually closed above the mid-level number 1.1050. This move, as you can see, has now very likely opened the gates for price to challenge the 1.1100/1.1111 area.
This small area of resistance does indeed look attractive, but with a fresh 4hr...
Following Thursday’s NFP induced fakeout below 4hr demand at 1159.6-1165.6, price has been seen ping-ponging between a small 4hr supply area at 1174.9-1172.7 and 4hr support visible at 1164.9.
Now, considering that the 4hr supply zone just mentioned above is located around the lower limits of a daily swap (supply) area at 1170.4-1184.0, and the 4hr support level...
Despite the fact that Greek voters rejected austerity this weekend, the EUR/USD pair recovered well during yesterday’s trade, resulting in price filling the 120-pip weekend gap, which, as you can see, just missed connecting with the 1.1100 handle. This rebound may reflect hope that the Greek government can finally reach a deal with its creditors.
Technically, we...
Recent events show price spiked below the 4hr demand area at 1159.6-1165.6, then followed with a sharp break north capitalizing on the weak U.S employment figures. Judging from the two wicks seen at 1168.6/1169.2, we believe this market will continue to push higher today at least until 1170.4 – the lower limit of the daily swap area 1170.4-1184.0. If we get a...
The 4hr timeframe shows that as we moved into yesterday’s London session, the bulls continued to march north, chomping their way through the 0.9400 barrier and driving deep into a 4hr supply zone at 0.9500-0.9454 (located just below daily supply at 0.9597-0.9502).
We have no intention of shorting this market within the current 4hr supply area. The reason for why...
Very similar to the EUR, the GBP also sold off during the London open. This saw price wipe out the 4hr demand area coming in at 1.5624-1.5653, and drive itself into the psychological threshold 1.5600, which at the time of writing is holding firm (bullish pin-bar candle just printed).
With the weekly timeframe showing resistive pressure coming in from the...
Yesterday’s trade saw the Gold markets take a tumble, resulting in price crossing swords with a long-term 4hr swap level coming in at 1170.4 (represents the lower limit of the daily buy zone at 1170.3-1184.0). The reaction from this barrier was quite violent as price stabbed lower, and then jabbed higher (see green arrows) thrusting itself into a 4hr swap area...
Recent events on 4hr timeframe reveal that there was clearly a strong ceiling of offers sitting around the 123.00 handle which managed to hold this market lower during yesterday’s trade. As a result, price is now currently seen teasing the lower limits of the recently broken 4hr demand area at 122.44-122.75 once again (located just above a daily swap area coming...
The latest coming in from the 4hr timeframe shows that after price shook hands with the 1.1000 level, the buyers literally waited for no one! 1.1100 and 1.1200 were completely obliterated, consequently filling the weekend gap. It was only once price connected with the mid-level number 1.1250 did we see the market begin to slacken.
We have to be honest here; we...
Weekly view – The weekly timeframe shows that gold is now effectively range bound between a weekly resistance barrier at 1223.1-1204.5 and a weekly demand at 1142.5-1167.3. From a long-term perspective, however, gold is still trending south in our opinion, and It will only be once/if we see a close above the weekly trendline extended from the high 1488.0 would we...
Weekly view – Following the rebound seen from the long-term weekly demand area at 0.7449-0.7678, price connected with a minor weekly swap level coming in at 0.7845 last week, consequently forming a weekly indecision candle. Judging by the sloppy reaction seen (pink circle – 02/02/15-06/04/15) between these two aforementioned weekly areas a few months ago, things...
Weekly view: From the weekly timeframe, we can see that price is selling off from a weekly supply area at 1.1532-1.1278. This supply zone is a very significant hurdle in our opinion (held price lower since the 11th May) since if there’s a sustained break above this area, our long-term bias (currently short) on this pair will very likely shift north.
Daily view:...
