Kicking things off from the top this morning, weekly action continues to consolidate sub 1.2579: the 2018 yearly opening level. Further selling from this point could eventually see the unit tackle a weekly demand area coming in at 1.1919-1.2074. Moving down to the daily candles, we can see that the buyers and sellers remain confined between daily supply at...
After successfully defending the large psychological number 0.80 during the early hours of trading on Wednesday, the pair took another stab at the number going into the later hours of the US segment as the US dollar probed lower. As you can see, though, H4 price failed to sustain gains past the 0.8022 point, quickly rotating back to lows of 0.7967 on the back of...
US dollar recovery going into the later hours of Wednesday’s US session brought about a sizeable drop in the EUR/USD market from the underside of a H4 broken Quasimodo line at 1.2276.
The selloff, reinforced by a weekly broken Quasimodo line at 1.2287 and two converging weekly trendline resistances (1.1641/1.6038), dragged the euro beneath the 1.22 handle (H4)...
Over the past 24 hours, Bitcoin has taken a steep hit.
A few weeks back we highlighted the potential AB=CD 127.2% pattern at 8236.3, which is close to completing. We also highlighted the broken Quasimodo line at 7592.0.
Right now, however, the unit appears to be finding a big just ahead of demand planted at 8821.0-9907.0.
Is a recovery a possibility from here,...
After failing to reach the H4 broken Quasimodo line at 0.9683 on Tuesday, the pair turned south and eventually thundered its way through the 0.96 handle seen on the H4 timeframe.
While the break of 0.96 has likely attracted a truckload of breakout sellers, one should exercise caution! Daily action shows price is currently reacting from a daily AB=CD (see black...
After topping at highs of 0.7978 on Monday, the commodity-linked currency dropped lower during Tuesday’s segment and retested a H4 support area plotted at 0.7948-0.7926. Two back-to-back H4 buying tails were seen printed from within this zone amid London/US trading yesterday, indicating a possible move up to the large psychological band 0.80.
On the bigger...
Weekly gain/loss: -0.80%
Weekly closing price: 0.9676
Despite a brief pause around the 2018 yearly opening level at 0.9744 two weeks ago, in the shape of a weekly indecision candle, the pair was incapable of mustering enough strength to defend the line last week and therefore descended lower. Provided that the bears remain in the driving seat, a gradual approach...
Weekly gain/loss: +0.41%
Weekly closing price: 1.2455
During the course of last week’s session, weekly movement beautifully retested the underside of the 2018 yearly opening level seen on the weekly timeframe at 1.2579. With the level holding firm, the week ended printing a strong-looking selling wick. Whether this selling is sustainable over the coming weeks is...
Weekly gain/loss: +1.39%
Weekly closing price: 1.2203
The euro was seen flexing its financial muscle once again last week, gaining over 170 pips. Weekly price crushed weekly resistance at 1.2044 (now acting support) and ended the week closing just ahead of a weekly AB=CD (black arrows) 161.8% Fib ext. point at 1.2222. Extra credibility is given to this line not...
Across the board, we saw the US dollar plummet against the majority of its trading peers on Thursday. This provided an already upbeat gold market a boost, pulling the yellow metal to highs of 1323.9 and positioning the H4 candles within striking distance of a H4 AB=CD completion area (127.2%: 1331.6/1325.4).
Now, going by the structure presented on the weekly...
In our previous report, we underlined a significant resistance zone between the 1.26 handle seen on the H4 timeframe and a H4 resistance band placed at 1.2580 (green rectangle). The reasoning behind selecting this area was due to the resistance holding back the buyers on Wednesday, as well as additional resistance coming in from the 2018 yearly opening level seen...
As can be seen from the H4 timeframe this morning, the commodity-linked currency found active buyers around H4 support coming in at 0.7869. On the back of a disappointing round of US economic data, the H4 candles were able to wind up closing the day just ahead of the 0.79 handle.
Over on the bigger picture, this translates to a push higher within the walls of a...
The US dollar came under fresh selling pressure on Thursday, following a disappointing round of US economic data. Producer Price Index numbers came in weaker than expected in December. In addition to this, the figure for seasonally adjusted initial unemployment claims printed at 261K vs. an expected 246K. The US dollar index fell to lows of 91.79 as a result of...
The US dollar came under fresh selling pressure on Thursday, following a disappointing round of US economic data. Producer Price Index numbers came in weaker than expected in December. In addition to this, the figure for seasonally adjusted initial unemployment claims printed at 261K vs. an expected 246K. The US dollar index fell to lows of 91.79 as a result of...
After retesting the H4 mid-level number at 1.2450 on Wednesday, the USD/CAD drove aggressively skywards. The Canadian dollar took a hit following a report (Reuters) that Canadian government officials say there’s an increasing likelihood US President Donald Trump will give six-month’s notice to withdraw from Nafta.
This lifted the H4 candles beyond the 1.25 handle...
The Aussie dollar took to the downside in early London hours on Tuesday, following a modest push to highs of 0.7864 on the back of stronger-than-expected AUD building approvals m/m. The move, as you can see on the H4 timeframe, posted a nice-looking H4 selling wick and a dominant full-bodied H4 bearish candle that swallowed both H4 support at 0.7843, and a H4...
The dollar recently tapped a weekly AB=CD (see black arrows) 127.2% Fib ext. point at 91.81. Price is showing promise from this angle thus far. Meanwhile, over on the monthly chart, the USDX is seen shaking hands with monthly support logged at 92.29, which unites closely with an impressive Fib support cluster.
Gold prices, once again, took on more of a subdued tone on Monday, despite the US dollar printing a healthy advance. Ranging a little over $7, the yellow metal remains capped around the underside of a daily supply at 1334.3-1323.3, and has been since the 4th January. Why are the bears finding it difficult to pursue lower prices from here? Could it be the fact...
