TheForexFellows

TheForexFellows

The ‘King of Consistency’ AUD/NZD posted its first bullish week for a month. The change in short-term trend had to be expected as the pair has been on a death spiral for the past three weeks. Although breaking outside of the descending daily channel structure early in the week, price then broke back into the channel and continued to push back into the area of...

TheForexFellows

EUR/GBP continued to push higher this week and, more significantly, pushed above the descending daily channel structure that has been keeping price in place since mid-Sept. The pair managed to break through the structure on Weds but was subsequently dragged back to the upper boundary during the later half of the week. Without a clear break and close above this...

TheForexFellows

In comparison with the move higher from EUR/USD, USD/CHF illustrated its negative correlation with the major pair and crashed through it’s support at 0.9035, falling straight to the next level of support at 0.8910 this week. The pair is now situated well below the ascending daily, weekly and monthly trends that have buoyed price in recent weeks. Unfortunately for...

TheForexFellows

Although closing bullish, bearish sentiment persisted with USD/JPY last week, with the weekly candle showing an extremely long wick to the upside; an almost perfect pin bar. This is the fourth week that a wick to the upside has occurred and infers that, although we are getting bullish moves upwards, they are not strong enough to overcome the greater bearish...

TheForexFellows

After a bearish start to last week, GBP/USD continued to push higher, to the resistance level at 1.3480. Like EUR/USD, price is now situated well above any descending daily and weekly trendlines that may have kept price in place over the past couple of months. A higher high has also been formed on the weekly timeframe, which offers further encouragement for bulls....

TheForexFellows

Well, what can we say. EUR/USD put in an exceptionally bullish week. We were expecting a bullish push from the pair, but perhaps not as significant as the one observed. With price firstly smashing through the previous high from 1st Sept and then onwards through the resistance at 1.2143, the pair is now back up to levels not seen since Apr 2018. Price now sits...

TheForexFellows

AUD/USD continued its bullish move up from the week prior, climbing to 0.7340 on Monday last week. Although making gains early in the week, price couldn’t post a higher high on the daily timeframe. From a daily perspective price is still very much within a bullish trend, but the posting of a lower high on the daily and another rejection from the weekly descending...

TheForexFellows

This week NZD/USD fulfilled its suggestions from the week prior and posted an exceptionally bullish week. After being constrained within an ascending daily channel structure, for some weeks, price broke to the upside from this channel which catapulted it up to 0.6910. These are prices that have not been seen since March 2019. Although some bearish price action was...

TheForexFellows

Price action remained consistent this week for AUD/NZD, which continues to be constrained within a descending channel structure on the daily timeframe. Early in the week, AUD/NZD posted a convincing lower high on the daily timeframe and from there continued it’s daily bearish trend, moving from 1.075 and down through the support at 1.0610. Price found support at...

TheForexFellows

It was a week of volatility for EUR/GBP, with price sent spiralling down at the start of the week due to COVID-19 vaccine news, and the upside the UK could expect to see as a result. This pushed price all the way down to the 0.8875 support zone. Price held at this level, and with vaccine news subsiding later in the week, price then experienced a bullish day on...

TheForexFellows

Like USD/JPY, USD/CHF saw an extremely bullish move early last week. Although price had closed below our weekly trends during the week prior, this now appears to have been a bearish fakeout, with price returning back up to the 0.9190 level. Price was then held in place by the descending daily trend line from the 25th Sept and 2nd Nov highs. As a result of the...

TheForexFellows

After tumbling all the way to 103.20 the week prior, USD/JPY price recovered in a dramatic fashion last week. Price bounced from the lower boundary of the daily channel structure and the ascending weekly trend. As a result, on Monday, we saw a huge 200+ PIP move, which placed the pair back at the 105.15 level. The upper boundary of the channel held price in place...

TheForexFellows

GBP pairs saw an extremely volatile week as a result of COVID-19 vaccine news. The announcement, which was at the start of the week, saw GBP skyrocket against other currencies; JPY & CHF in particular. On GBP/USD this sent price soaring through resistance at 1.3175 and into the descending weekly trends. After touching the 1.3295 level, the weekly trends held price...

TheForexFellows

From a technical analysis standpoint, at the beginning of last week, EUR/USD price was caught in a zone of confluence composed of the resistance level at 1.1880, and the descending weekly trend lines, which have not yet been broken. The zone also fell nicely as a retest of the previously broken ascending daily trend line. Price rejected the zone convincingly, and...

TheForexFellows

CAD/CHF entered today. After a bullish break out from both weekly and daily descending trend lines, price has now returned into a strong support zone of 0.6990. We now see a good possibility of a bullish continuation from this zone. Some manipulation is expected around this strong support level hence the stop loss position below previous trend lines. Eventually...

TheForexFellows

Last week price on AUD/NZD made a bullish pullback in an overall bearish trend. Over the past two days, bullish momentum has subsided, and has made way for bearish sentiment to return. Price has remained constrained within a descending daily trend. Structure has remained consistent generating lower highs and lower lows on the daily timeframe. As a result, this...

TheForexFellows

NZD/CHF has been within a bearish weekly trend since mid-June, with price creating lower highs on the daily timeframe. More recently, price has seen a bullish return into a zone of confluence that includes sloping resistance from the weekly, daily and 4H timeframes. This zone of confluence would lead us to the conclusion, that the latest bullish run is a pullback...

TheForexFellows

EUR/GBP price has been constrained within a falling wedge pattern since testing the 0.9285 level. Yesterday price broke and closed outside of this pattern, opening up an opportunity for EUR/GBP bulls to take price higher. We have seen that price action today. From here we believe price will continue upwards once again to retest at least the 0.9285. Weekly bullish...