The value of the EUR weakened in aggressive fashion during the course of yesterday’s sessions, dropping heavily from just below our H4 sell zone (comprised of a H4 resistance line at 1.1433 and a H4 61.8% Fib resistance at 1.1418 ). This, as you can see, cleared out bids from H4 support at 1.1367 (now acting resistance) and ended with price bottoming out just...
Reporting from the weekly chart this morning, it’s clear that the bears have been in control of this market since price connected with the underside of weekly supply carved from 1.0092-0.9928. With the next target not in view until weekly support seen at 0.9508, this pair, as far as we can see, has the potential to continue selling-off. In-line with what we’re...
Weekly gain/loss: + 182 pips
Weekly closing price: 0.7361
Weekly opening price: 0.7363
Weekly view: The past week saw the commodity currency sharply rebound from demand coming in at 0.7108-0.7186, which not only placed price within the jaws of supply at 0.7438-0.7315, but also erased three weeks’ worth of losses! In the event that the bulls continue to drive...
Weekly gain/loss: + 252 pips
Weekly closing price: 1.1361
Weekly opening price: 1.1350
Weekly view: After four weeks of continuous selling, the EUR staged a relatively impressive comeback last week. This, as you can see from the weekly chart, not only placed the pair back within the jaws of a major area of supply seen at 1.1533-1.1278, but it also clawed back...
During the course of yesterday’s sessions the commodity currency continued to drive lower, down from Wednesday’s peak at 0.7299. Mid-way through the London session, however, the Aussie clocked a new low of 0.7201, connecting with H4 channel support (0.7148) and just missing the 0.72 handle.
Now, given that weekly bulls appear to be having a little trouble pushing...
For those who read our previous report (see link below) you may recall us mentioning to watch for short entries around the H4 Harmonic bearish Gartley pattern (PRZ – yellow box ). What we also mentioned, nonetheless, was to expect a fakeout beyond the PRZ, since the USDX (U.S. Dollar index) showed a major-league H4 support lurking below current price (which at...
The value of the EUR strengthened during yesterday’s trading, bringing price to highs of 1.1193 on the day. What this also did, as can be seen from the H4 chart, was form a nice-looking H4 Harmonic bearish Gartley pattern – the potential reversal zone (PRZ – yellow box) can be drawn from 1.1216/1.1191.
From where we’re standing, this is a very high-probability...
Coming at you directly from the pits of the weekly chart this morning, one can see that the bulls are beginning to wake up from weekly demand drawn from 0.7108-0.7186. In the event that this market continues to remain well-bid, we see little stopping the Aussie from connecting with weekly supply at 0.7438-0.7315. Sliding down into the daily chart, we can see that...
Starting from the top this morning, we can see that the EUR has been in a slump for the past four weeks since whipsawing through a major area of weekly supply at 1.1533-1.1278. Given that this weekly area has managed to cap upside in this market since May 2015, we feel further selling is possible down to weekly support drawn from 1.0796. Moving down a level, the...
Weekly gain/loss: - 38 pips
Weekly closing price: 0.7179
Weekly opening price: 0.7175
Weekly view: The AUD/USD was once again hit where it hurts, suffering its sixth consecutive weekly loss last week! From this point, it is difficult to judge whether this selling will continue this week since the bulls have yet to register any noteworthy move from the current...
During the course of yesterday’s sessions, H4 action once again respected the H4 trendline support (extended from the low 108.22) for the fifth consecutive time. From here the bulls attempted to break above the 110 handle on two occasions, but as you can see, struggled to gain ground, eventually dropping to lows of 109.52 by the day’s end.
To keep this report as...
For those who have been following the Aussie report over the past few days, you may recall that our team placed a pending buy order at 0.7150, which was filled nicely on Tuesday. Partial profits were taken just beneath the 0.72 handle and, thanks to yesterday’s push higher, our position was closed at the final take-profit line – a H4 resistance at 0.7241. Well...
Despite better-than-expected U.S. data, the EUR rallied to highs of 1.1216 yesterday, but struggled to close above the 1.12 handle. Based on this recent movement, we see the following on the H4 chart:
• The depth of each pullback has retained a certain amount of symmetry (see black lines), and the most recent pullback has, judging by past retracements, now...
Following the BoC’s decision to keep its interest rates at 0.50% the USD/CAD plunged to new depths yesterday, breaking through H4 demand at 1.3076-1.3099 (now acting supply) and closing the day just ahead of the large psychological boundary 1.30.
The 1.30 number, as you can probably see, also brings together a collection of noteworthy supports. This includes a H4...
Starting up on the weekly chart, we can see that the bears have dominated this market since whipsawing through the upper boundary of a major weekly supply zone at 1.1533-1.1278. In our estimation, the next downside target can be seen at 1.0796 – a weekly support. Zooming in and looking at the daily chart, daily demand at 1.1143-1.1179 was recently consumed and is...
Supported by a rally in the Nikkei from H4 range support at 16475 and a sturdy-looking daily demand base at 108.38-109.39 on the USD/JPY (green circle), the U.S. dollar rallied beautifully from a H4 trendline support yesterday taken from the low 108.22. Erasing all of Monday’s losses, the pair is now seen trading above the 110 handle, just ahead of a H4 Quasimodo...
For those who read our previous report on the Aussie (see link below) you may recall us mentioning that our team had placed a pending order to buy at 0.7150. This was based on the convergence of a H4 Quasimodo line at 0.7145 and a H4 channel support extended from the low 0.7299. As can be seen from the chart, our order was filled during yesterday’s sessions and...
The bearish pulse clearly continues to beat in the EUR/USD market! In the early hours of yesterday’s London session, a strong wave of offers brought price below the 1.12 handle and then eventually broke through H4 demand at 1.1168-1.1198 (now acting supply). It was only once price entered into the later hours of the American session did we see the shared currency...
