EUR/USD:
Weekly Gain/Loss: +0.64%
Weekly Close: 1.1468
Weekly perspective:
Despite clocking highs of 1.1569 last week, the pair failed to sustain gains and overpower resistance coming in at 1.1465. Taking the form of a mildly respectable bearish pin-bar pattern, price action concluded the week closing just three pips above the said resistance.
Traders are...
XAUUSD is approaching its resistance at 1298.25 (100% Fibonacci extension, horizontal swing high resistance) where it could potentially reverse down to its support at 1282.40 (Horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
EURUSD bounced nicely off its support at 1.1489 (38.2% & 23.6% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1.1567 (horizontal swing high resistance).
Stochastic (34, 5, 3) is bounced off its support at 3.2% where a corresponding rise could occur.
AUDJPY is approaching its resistance at 78.79 (61.8% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is could potentially reverse down to its support at 75.75 (38.2% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal could occur.
USDCHF reversed off its resistance at 0.9848 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could potentially drop further to its support at 0.9788 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) reversed off its resistance at 98% where a corresponding drop could occur.
Kicking this morning’s report off with a look at the weekly timeframe, the research team notes price action came within a pip of connecting with its 2017 yearly opening level at 0.7199 Thursday. Although we expect a bounce lower from here, traders still need to prepare for the possibility of a run above this level towards notable resistance standing at...
AUDCAD is approaching its resistance at 0.9537 (100% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal swing high resistance) where it may reverse down to its support at 0.9407 (50% Fibonacci retracement).
RSI (21) is approaching its resistance where a corresponding reversal may occur.
EURAUD is approaching its resistance at 1.6199 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 1.6061 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal may occur.
AUDNZD is approaching its support at 1.0525 (100% & 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.0581 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 4.2% where a corresponding bounce could occur.
EURUSD is approaching its resistance at 1.1606 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it may reverse down to its support at 1.1493 (38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal may occur.
AUDCHF is approaching its resistance at 0.7033 (100% Fibonacci extension, 50% Fibonacci retracement, Horizontal overlap resistance) where it is expected to reverse down to its support at 0.6891 (38.2% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
EURCAD is approaching its support at 1.5095 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.5304 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 1.18% where a corresponding bounce could occur.
NZDUSD is approaching its resistance at 0.6777 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it may reverse down to its support at 0.6707 (38.2% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal may occur.
CADJPY is testing its resistance at 82.12(61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 79.66 (50% Fibonacci retracement) may occur.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop may occur.
USDCAD is approaching its support at 1.3222 (100% Fibonacci extension, 50% Fibonacci retracement) where it could potentially bounce to its resistance at 1.3445 (50% Fibonacci retracement).
Stochastic (34, 5, 3) is approaching its support at 3.3% where a corresponding bounce could occur.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 78.79 (61.8% & 23.6%Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 75.82 (38.2% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal may occur.
SDJPY is approaching its resistance at 109.74 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 107.84 (38.2% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal may occur.
EURGBP is approaching its support at 0.8926 (61.8% & 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.9008 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 6.4% where a corresponding bounce could occur.
