USDX heading into some heavy-hitting support on the monthly scale at 88.50.
Bolstering this level is a 61.8% Fib support at 88.48 and two nearby trendline supports.
With the dollar continuing to press lower, gold prices remain in a bullish stance. Up over 1% on Wednesday, the move brought weekly price into within close distance of a weekly resistance base at 1375.5. This level has a history dating back to as far as early 2014, so be prepared for sellers to make an appearance!
Following the break of the daily Quasimodo...
After a near-seven week selloff, the weekly candles shook hands with a weekly support area coming in at 0.9443-0.9515 on Wednesday. This area has been in motion since late 2015, so the bears will likely have their work cut out for them! In the event that this area yields to the selling pressure, however, the next objective seen on this scale is drawn from...
Weekly price, as you can see, continues to trade in the direction of a weekly trendline support etched from the low 98.78, followed closely by a weekly support area at 105.19-107.54. Turning our attention to the daily timeframe, however, we can see that price is currently trading within shouting distance of support at 108.78, thanks to yesterday’s break of daily...
GBP bulls, once again, were seen flexing their financial muscle on Wednesday. Up 1.66% on the day, the pair managed to chew through offers around a weekly resistance level plotted at 1.4079 (now acting support). Technically speaking, this move has possibly unlocked the door for the unit to challenge the 2016 yearly opening level at 1.4732.
Looking down on daily...
Despite the price of gold trading a tad above a weekly resistance level at 1337.3 at the moment, the H4 and daily price is seen trading at a very interesting point!
On the H4 timeframe, the yellow metal is currently working the underside of a H4 AB=CD 127.2% Fib ext. point at 1342.0. Interestingly, this level is positioned nearby a daily Quasimodo resistance...
After failing to sustain gains beyond the 111 handle the USD/JPY fell sharply on Tuesday, taking out the H4 mid-level support band at 110.50 and closing out the day in the shape of a full-bodied daily bearish candle.
Directly beneath current price, the 110 handle can be seen on the H4 timeframe. Already in play, however, is the daily support level at 110.21....
Coming at you from the top this morning, weekly action is seen trading within shouting distance of a weekly resistance level plotted at 0.8065.This is a well-established level, going back as far as early 2010. Turning our attention to the daily candles, nevertheless, price remains sandwiched between a daily Quasimodo resistance at 0.8035 and a daily support area...
The British pound found itself grappling with the large psychological band 1.40 in early trading hours on Wednesday. What followed was a sizeable pullback during London’s morning segment, reaching as far south as 1.3915. Leaving the 1.39 handle unchallenged, however, the unit managed to reclaim earlier losses and revisit 1.40 going into the closing bell.
Both...
Weekly gain/loss: +0.30%
Weekly closing price: 1.2495
Since the beginning of the year, weekly price has consolidated beneath the 2018 yearly opening level at 1.2579. Assuming that the bears notch it up a gear from this point, we do not see a whole lot stopping the unit from reaching as far south as the weekly demand base printed at 1.1919-1.2074.
Meanwhile, the...
Weekly gain/loss: +1.07%
Weekly closing price: 0.7983
Since weekly price struck the weekly channel support extended from the low 0.6827 six weeks ago, AUD/USD bulls have been on the offensive. Last week’s action dragged the commodity currency to highs of 0.8038, just missing the weekly resistance level at 0.8065 by a few pips.
We believe that the reason behind...
Weekly gain/loss: +0.94%
Weekly closing price: 1.3848
The British pound was, once again, seen flexing its financial muscle last week, cruising to a fresh high of 1.3944. While the unit chalked up its fifth consecutive weekly gain, price has shook hands with a weekly AB=CD (see black arrows) 161.8% Fib ext. point at 1.3861. A push above this line would,...
Weekly gain/loss: +0.30%
Weekly closing price: 1.2214
Although the shared currency printed a fifth consecutive weekly gain last week, weekly price failed to muster enough strength to overcome a weekly broken Quasimodo line at 1.2287 that merges with two weekly trendline resistances (1.1641/1.6038). This formed a strong-looking weekly selling wick, potentially...
Coming in from the top this morning, it is clear to see that weekly price reflects a strong bearish stance at the moment. Further losses on this scale could bring this market down to as far south as the weekly support area drawn from 0.9443-0.9515. Daily flow, on the other hand, remains flirting with the lower limits of a daily demand area at 0.9565-0.9611, which...
The British pound is on course to register its fifth consecutive weekly gain. According to the weekly timeframe, the next upside target can be clearly seen at 1.4079: a weekly broken Quasimodo line.
Possibly adding additional strength to weekly buying, daily action also recently crossed above a daily resistance at 1.3878. This, in our book, signals further...
After puncturing the 1.22 handle seen on the H4 timeframe, the EUR/USD clocked a weekly low of 1.2165. It was from here, the lower limits of a daily support area at 1.2246-1.2164, did we see the unit reclaim 1.22 and push higher yesterday.
The US dollar index was unable to extend gains on Thursday, which, as we know, is EUR/USD supportive. In addition to this,...
Kicking things off from the top this morning, weekly action continues to consolidate sub 1.2579: the 2018 yearly opening level. Further selling from this point could eventually see the unit tackle a weekly demand area coming in at 1.1919-1.2074. Moving down to the daily candles, we can see that the buyers and sellers remain confined between daily supply at...
After successfully defending the large psychological number 0.80 during the early hours of trading on Wednesday, the pair took another stab at the number going into the later hours of the US segment as the US dollar probed lower. As you can see, though, H4 price failed to sustain gains past the 0.8022 point, quickly rotating back to lows of 0.7967 on the back of...
