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...
The market opened five pips lower than Friday’s close at 1.1331. As you can see, early morning trade began at a steady pace; it was only once London opened for business did we see any noteworthy action. Price faked above the current 4hr supply at 1.1363-1.1332, likely stopping out a ton of traders attempting to fade this zone in the process. Not long after this,...
Weekly view: Gold suffered further losses for a third consecutive week last week, dropping over $15 in value (or 1560 pips) which saw price wrap up the week at 1107.2. We still believe Gold has further to decline yet since after bids were removed from the 1130.1 support, the next downside target from here is situated around the Quasimodo support barrier at...
Weekly view: The DOW 30 index edged higher from support at 15978 last week, increasing its value by 322 points into the close 16436. Despite this, it’s difficult for us to judge whether this advance is legit. We only say this because of that humongous weekly spike that drove though this level three weeks ago at 15193 –bid strength could potentially be vulnerable...
Weekly view: A stronger than expected rebound was seen from demand coming in at 0.6768-0.6942 last week, taking back 70% of the prior week’s losses and accumulating gains of over 180 pips into the close 0.7090. In the event that the buyers manage to sustain this momentum going into the week, we see little stopping price from advancing up to supply at...
Weekly view: The EUR/USD edged higher last week, gaining close to 200 pips into the close 1.1336. Admittedly, we were expecting more selling due to price not only positioned just below supply at 1.1532-1.1278, but also because of the recent bearish selling wicks. Instead of this renewed buying interest was seen, bringing this market back into the jaws of the...
Recent events show the value of the Aussie dollar appreciated in aggressive fashion on Thursday, clearing out several 4hr technical barriers before connecting with 0.7100. It was from this region that price began to stabilize and paint a beautiful array of 4hr selling tails into the close 0.7070.
Consequent to this recent activity, price has very nearly completed...
During the course of yesterday’s sessions, price violently retested the 1.1200 handle as support and aggressively rallied over a 100 pips during U.S. trade. This buying took out the 4hr supply at 1.1242-1.1212, and connected with offers sitting between 1.1279/1.1.1300 – a pre-determined 4hr sell zone of ours.
Alongside this 4hr buy zone, price is also shaking...
