US equities advanced to a fresh record high of 24548 on Tuesday, after conquering the H4 Quasimodo resistance level coming in at 24476. At this point, sellers’ stop-loss orders are likely filled, with this line now likely to offer a base of support.
Direction:
• Long: Traders may want to consider exercising a bit of patience here and waiting for H4 price to...
In recent trading, H4 action lifted the pair to highs of 113.75 on the back of upbeat US PPI data. As can be seen from the H4 timeframe, however, price failed to sustain gains beyond 113.71/113.65 (H4 Quasimodo resistance/November’s opening line) going into the US session and retreated to lows of 113.37.
For those who read previous reports, you may recall that...
The AUD/USD managed to extend gains on Tuesday; consequently surpassing December’s opening level seen on the H4 timeframe at 0.7562 and reaching a session high of 0.7580. It was at this point, things started to turn sour for the commodity currency. Helped by better-than-expected US PPI data, H4 price mildly pared gains as we entered the US segment, forcing the...
Coming in from the top this morning, we can see that weekly price continues to paint a bearish image from the weekly channel resistance extended from the high 1.2673. According to the daily timeframe, further selling is likely to be seen up until the candles shake hands with a nearby broken daily Quasimodo support at 1.3279, which is positioned directly above a...
Weekly gain/loss: -1.33%
Weekly closing price: 0.7507
The AUD suffered a nasty decline amidst trading last week, chopping 107 pips off its value. This has, as you can see on the weekly timeframe, positioned weekly price around the weekly channel support extended from the low 0.6827. What’s interesting about this line is that it merges closely with a weekly 50.0%...
Weekly gain/loss: -0.98%
Weekly closing price: 1.1769
The single currency sustained additional losses last week, consequently closing the session a few pips beneath a weekly support area formed at 1.1880-1.1777. Potentially filling stop-loss orders here, we could either see a rotation back to the upside as bigger players look to buy into these orders or a...
Kicking this morning’s report off with a look at the weekly timeframe, we can see that price recently engulfed both the weekly demand base at 1251.7-1269.3 and its intersecting weekly channel support etched from the low 1122.8. Assuming that the bears remain in the driving seat here, the next weekly downside target to have on the radar is the support level coming...
The AUD/USD suffered further losses on Thursday amid a strong dollar across the board. As can be seen from the H4 timeframe, the pair is currently lurking a few pips ahead of the 0.75 handle. As highlighted in previous reports, the 0.75 handle is an area that continues to stand out. Here’s why:
• On the weekly timeframe, the weekly channel support extended from...
The British pound delivered a strong performance on Thursday on the back of recent developments surrounding the ‘Brexit’ situation. According to Reuters, Britain and Ireland are very close to reaching a border deal after the British PM delivered an updated offer in a bid to solve the current border dispute.
Several H4 tech resistances were consumed as a result of...
The single currency sustained further losses on Thursday, down 23 pips on the day. The H4 candles, as you can see, spent the majority of the day fluctuating within a narrow range between October’s opening level at 1.1788 and the 1.18 handle. It was only in the later hours of the US session did price dip lower.
According to the H4 scale, recent selling has...
Gold prices are effectively unchanged this morning, down 0.17%. After tapping the underside of August’s opening level at 1269.3 during the early hours of London, the yellow metal pushed lower and ended the day basing just ahead of a H4 AB=CD (black arrows) 161.8% ext. point at 1259.7.
Weekly price recently entered the weekly demand base at 1251.7-1269.3 and is...
After spiking to a high of 0.7630 in early Asian hours on Wednesday, the AUD/USD aggressively crunched its way through the 0.76 handle on lower-than-expected growth data. The pair attempted to recover off lows at 0.7571, but failed to print anything of note before resuming to the downside. The day concluded with the H4 candles mildly pairing losses ahead of a H4...
Early Asia chalked up a top just ahead of the H4 mid-level resistance at 1.1850 on Wednesday, which followed through with a dominant selloff, likely boosted by upbeat US ADP figures (suggesting a potentially solid NFP number on Friday). H4 price, as you can see, clocked a low of 1.1780 amid the US segment before mildly paring losses from October’s opening level at...
Weekly price recently entered the weekly demand base at 1251.7-1269.3 and is seen shaking hands with a weekly channel support etched from the low 1122.8. The ascending channel formation has been in motion for quite some time and on each occasion the limits have been challenged, it held beautifully. Therefore, history may repeat itself here.
The daily candles are...
US equities extended losses on Tuesday as investors continue to diversify their portfolios on their expectations of how the US tax reform will affect performance. Another thing that may be worth highlighting is the H4 harmonic bat pattern that completes around the 88.6% H4 Fib support at 23992. Coupled with the 24K round number acting as potential support and the...
Recent action shows that the USD/CHF extended its bounce from the weekly support level at 0.9770 on Tuesday, bidding daily price above resistance at 0.9864.This has potentially opened up the path north for further buying up to at least the daily supply base coming in at 0.9946-0.9914. Traders should expect some selling pressure to be seen from here. Not only is...
Kicking this morning’s report off from the top, weekly price shows that upside is beginning to wane after shaking hands with a weekly channel resistance taken from the high 1.2673. Regardless of the fact that this barrier was breached back in September, this ascending line has proved worthy in the past and, therefore, may continue to help suppress buying and send...
For those who read our previous report on the USD/CAD you may recall that we were looking to sell the retest of the 1.27 handle. Here’s why:
• Upside remains capped on the weekly timeframe at 1.2778. The current weekly resistance level on the USD/CAD shares a strong history that dates back to early 2004, so it is not one to ignore! Couple this with the fact that...
