The EUR/USD pair barely saw any movement during yesterday’s sessions as U.S. trade remained closed in observance of Thanksgiving.
Pushing forward, however, this pair still appears very weak at present, as over the past few weeks, price has seen very little buying interest from within the weekly range demand at 1.0519-1.0798. Meanwhile, down on the daily...
Looking at Gold’s H4 chart this morning, we can see that strong sellers stepped in from the channel resistance (1097.9 – a noted area in our previous report to look for confirmed shorts) and pummeled this market lower during the early hours of London trade. This dragged price back down into the jaws of demand coming in at 1066.0-1070.4, which, as you can see, is...
Kicking off this morning’s analysis with a look at the weekly chart shows price remains loitering between a swap support area at 122.01-121.40 and a supply area seen at 125.27-124.11. Down on the daily timeframe, however, we can see that price has begun to carve out a consolidation zone fixed between 123.59/122.22.
Turning our attention to the H4 timeframe,...
Weekly view: Since price fell from supply at 1205.6-1181.2 five weeks ago, several technical barriers have been taken out. However, over the past two weeks, downside momentum has diminished greatly since connecting with the Quasimodo support level coming in at 1074.6. Granted, last week’s action did still see a decline in value of around $5 at the close 1078.2,...
Beginning this morning’s analysis with a look at the weekly timeframe shows that even though price was able to penetrate the Quasimodo support level at 1074.6, buying pressure drove price back above this level, thus suggesting bid strength for the time being. This momentum can be clearly seen on the daily timeframe, with price rallying from just above the swap...
Following Gold’s reaction to the H4 resistance level at 1095.6 on Monday, price has been bearish ever since. At this point in time, however, the buyers and sellers are seen battling for position between a broken weekly Quasimodo level at 1074.6 and a daily swap (support) level at 1063.4.
Should the current weekly candle close beyond the this weekly Quasimodo...
At this point in time, not much change has been seen on the higher timeframe charts. Weekly action remains chewing on the underside of the recently broken weekly channel support-turned resistance line (1.4564), whilst on the daily chart, the buyers and sellers are still battling for position within a swap supply zone drawn from 1.5199-1.5245.
Down on the H4...
Kicking off this morning’s analysis with a look at the weekly timeframe shows that price has recently plugged into bids sitting at the weekly Quasimodo support level at 1074.6 for the second time in four months. Should the buyers continue to defend this level, we see very little stopping Gold advancing to connect with the underside of the swap supply zone at...
In our previous report (blog.icmarkets.com) we mentioned that we’d taken a long on the EUR pair at 1.06852, and was targeting Monday highs (pink circle) at 1.0788, followed by psychological resistance 1.0800 to take further profits (50% already closed). As shown on the chart, price did indeed continue to rally north coming so very close to hitting Monday’s highs....
For anyone who read our previous report on this pair (blog.icmarkets.com), you may remember us noting that we were looking for price to break above Friday’s high 1.0076 and attack the 4hr resistance level seen just above it at 1.0083. As can be seen from the chart, price did exactly that. For us, however, we passed on this trade completely as we were already long...
For those who read our previous report on the EUR (blog.icmarkets.com), you may recall us mentioning that we were still looking for price to drive lower and break below Friday’s lows 1.0707 into demand at 1.0664-1.0701 to enter long. As shown on the H4 chart, price did exactly that. Relatively aggressive sellers entered the market around yesterday’s London open...
Weekly view: The USD/CHF rallied higher for a third consecutive week last week, gaining around 180 pips into the close 1.0046, and jabbing into the lower limits of a stacked supply formation coming in at 1.0126-1.0044 (upper zone is seen at 1.0239-1.0131). In addition to this, we also see a nice-looking AB=CD Harmonic pattern completing around 1.0046 region, thus...
Weekly view: Following the indecision candle painted two weeks ago, the EUR currency continued lower last week, losing around 260 pips in value and driving itself into range demand at 1.0519-1.0798 by the close 1.0736. Therefore, at least from a technical standpoint, we could see this pair possibly advance from here this week.
Weekly levels to watch this week...
Kicking off this morning’s analysis with a look at the weekly timeframe shows that Gold continues to depreciate in value. Price is now trading deep within a demand zone drawn from 1098.6-1121.7. Turning our attention to the daily timeframe, however, we can see that price retested the underside of the broken Quasimodo level at 1127.7 beautifully yesterday, forcing...
During the course of yesterday’s sessions, the EUR once again fell sharply against the U.S. dollar following a string of supportive U.S. data and comments from the FED chair Yellen. This, as you can see, took out both psychological support 1.0900 and Quasimodo support at 1.0868, before stabilizing around mid-level support drawn from 1.0850.
Despite the EUR’s...
Kicking off this morning’s analysis with a quick look at the weekly timeframe reveals Gold continues to plummet south, and as a result has now crossed swords with demand drawn from 1098.6-1121.7. Moving down to the daily timeframe shows that this recent decent took out bids sitting around the Quasimodo support (now resistance) level at 1127.7, and is, at the time...
Following on from our previous report (blog.icmarkets.com), we mentioned that we were targeting mid-level resistance 1.3150 as our second take-profit area from the long we took on Friday at 1.3059. As you can see, price hit this area yesterday and we proceeded to close a further 30% of our position. Following this, however, the floor was removed from this market...
Going into Yesterday’s London open, the EUR pair suffered as sellers drove this market to fresh weekly lows of 1.0936. Consequent to this, bids at both the large psychological support 1.1000 and the the swap support (now resistance) level at 1.0973 were taken out.
Now, this recent downside move has potentially opened the gates to a short trade today. Should we...
