Using a top-down approach this morning, we can see that price action on the weekly timeframe has so far rebounded nicely from weekly support coming in at 16051. Moving down to the daily timeframe, however, price remains hovering between daily support at 15723 and daily resistance at 16705.
Turning our attention to the 4hr timeframe shows price currently flirting...
Early on in yesterday’s trade an unrelenting squeeze to the upside took place reaching highs of 1.5412 on the day. Consequent to this recent advance, offers at 1.5256-1.5294 and also 1.5300 were taken out. It was only once price connected with 1.5400 mid-ways through the London session did we see things begin to calm down.
The overall structure of this pair is...
For those who read our previous report on the EUR/USD blog.icmarkets.com you may recall us mentioning to keep a close eye on 1.1150 for potential buy trades yesterday. As can be seen from the chart, price reacted nicely to this barrier and did in fact reach target. Well done to any of our readers who managed to lock in some green pips from this small move!
In...
Weekly view: Last week’s action saw the USD/JPY plummet south, which, as can be seen from the chart, pushed prices down to test a weekly support barrier coming in at 118.22-119.25. Consequent to this, the pair shredded close to 270 pips off its value into the close 119.02. Given the ferocity of the prior week’s pin-bar (black arrow) through this weekly support, we...
Weekly view: The AUD/USD pair suffered a nasty decline in value last week, losing a little over 250 pips into the close 0.6908. This assault ended with price taking out a large weekly demand at 0.6951-0.7326, and connecting with a small weekly demand just below it at 0.6768-0.6942. In the event that the buyers manage to hold this never-ending downside momentum...
Weekly view: Pound Sterling sustained further losses for a second straight week, erasing a little over 215 pips. This decline in value saw the pair plow through bids around weekly support at 1.5235, and close on its lows at 1.5167. The break of this weekly level has very likely opened the gates for price to challenge the weekly ascending channel support extended...
Weekly view: Following the spike above weekly supply at 1.1532-1.1278, the sellers managed to hold this market lower last week by pinning the underside of the above said weekly area. As a result, the EUR currency erased a little over thirty pips of value into the close 1.1145. Given the lack of buying interest here, this week’s action may see price drive itself...
The EUR/USD fell sharply mid-way through London trade after ECB President Draghi warns of risks to the economy and potential increases in QE. This sell-off plowed through psychological support at 1.1200 and ended with price faking below 4hr demand (1.1106-1.1143) into the jaws of 1.1100.
Considering only the 4hr timeframe for the moment, we feel, at least from a...
After price shook hands with the 4hr demand area at 1.5256-1.5294 yesterday, a strong ceiling of offers were hit around the 1.5320 mark. In the event that price fails to overcome this 4hr intraday resistance level today, it is likely we’ll see the GBP drive lower.
This, at least to us, is a relatively good thing as twenty pips below the aforementioned 4hr demand...
Despite the bounce seen from just above the 4hr swap (support) level at 1135.1 early on during trade yesterday, Gold tumbled lower going into the London session. Price eventually took out 1135.1 and retested it as resistance, which then saw this market head lower to consume buyers around the 4hr ascending trendline taken from the low 1118.1.
Now, for those of you...
Weekly view: Following two weeks of gains, renewed selling interest came into the Gold market last week from a weekly swap (resistance) level at 1157.4, bringing price down to test a weekly swap (support) level at 1130.1. As a result, Gold suffered around a $26 decline in value closing the week out at 1134.0.
Daily view: Rolling a page lower to the daily...
Weekly view: What a week the USD/JPY pair has had! This has to be one of the most vicious buying tails (pin-bar candles) we’ve seen in a long time! Although price was actually stretched close to 600 pips during last week’s trade, the market closed a mere thirty or so pips below the prior week’s close (122.01) at 121.68 within a weekly swap (support) barrier at...
Weekly view: Pound Sterling took a turn for the worst last week; erasing a little over 300 pips of value which saw the GBP conclude trade at 1.5384. As a result of this recent downfall, the pair not only engulfed eight weekly candle bodies, but also closed below a weekly swap (support) level at 1.5451. With bids likely consumed around this weekly level, we could...
Weekly view: Weekly action shows that early on into last week’s trade the EUR/USD began positively. Price traded to fresh highs of 1.1712, breaking above a weekly supply zone at 1.1532-1.1278 which just missed connecting with an ignored weekly Quasimodo level at 1.1745. However, shortly after this the markets took a turn for the worst, dropping all in all a total...
Working our way from the top-down this morning, the weekly timeframe shows one very impressive buying tail printing at the moment, stretching a little over 500 pips at the time of writing! Scaling down to the daily timeframe, we can see that price has recently chalked up a third consecutive bull candle, consequently closing above the daily swap (supply) area at...
The EUR currency declined in value for a second consecutive day yesterday, losing a little over 200 pips going into yesterday’s close 1.1310. This move saw several 4hr technical levels wiped out during its onslaught, ending with price spiking through 1.1300 and missing the 4hr demand area below it at 1.1239-1.1286 by a cat’s whisker. Although price is currently...
Well, where do we start on the EUR/USD? The first thing that sprung to mind upon opening the charts this morning was simply, ‘wow’. Fundamentally, we believe the reason behind yesterday’s rally comes from the recent decline in the stock market. With the ECB’s interest rates close to zero, stock market investors have been buying up Euros to invest in U.S. dollars....
For those who read our previous report on the USD/JPY blog.icmarkets.com you may recall that we mentioned to watch for lower timeframe selling confirmation in between 123.81/124.00. As you can see, price responded beautifully to 124.00 with two clear selling wicks. It was after the close of the second candle (123.92) that we decided to enter short at market....
