Across the page on the daily timeframe, support at $1,919 appears to be hanging by a thread. This level is key. Clearance of this base would technically hand the baton to sellers to run for support from $1,866, which shares chart space with the 200-day simple moving average (red – $1,850). Technicians will also note…
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Conversely, the chart would suggest a correction sooner or later, with overbought conditions having dominated in recent weeks. Friday’s peak above ¥182 was the highest price for pound-yen in more than seven years, even before the Brexit referendum, and with all three saturation signals clearly visible it would traditionally be a big risk to buy…
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On the daily timeframe, however, support is not visible until $1.2665, indicating that further downside could be seen for the pair. In terms of resistances, $1.3001 calls for attention on the daily timeframe, followed by weekly resistance at $1.3134. From the H1 chart, the US cash open welcomed an AB=CD harmonic support level at $1.2722…
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EURUSD Euro doesn’t have any significant driving narrative against the US dollar, that’s why it’s likely to observe a reversal after the interest rate publication. The overall dynamics of EURUSD remain to be “technical”, as there’s no clear fundamental narrative is detected. AUDUSD The Australian dollar gained significant momentum after RBA raised the interest rate…
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$1.25 Resistance? Out of the H1 timeframe, I see the unit elbowed through $1.25 recently and is poised to retest the lower boundary as resistance. I know some traders will be watching the structure to the left of the price between $1.2427 and $1.2453 to form potential support (blue curve), though trendline support taken from…
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AUDUSD The Australian dollar had performed an uptick following the unexpected rise of the interest rate from RBA. This reaction might be temporary, though now Aussie is of the few currencies, gaining higher yields in real-time. Considering the position of AUDUSD at the intermediate-term resistance area, it may pull back as shown on the chart,…
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EURUSD, daily This will likely be a rather volatile week for the pair since there is major data related to EUR and USD in 3 consecutive days this week with the peak on Friday where the “king” of publications the NFP is set to be released. FOMC minutes last week confirmed that the main objective…
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Short-Term Support Breach? While the bigger picture (daily chart) displays room to push lower, H1 support at $1,945 is vulnerable. Overhead resistance at $1,955 remains on the radar, but the zone surrounding the base (often recommended to draw support/resistance as a zone rather than a defined price point) has been tested. Therefore, a decisive H1…
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GBP/USD Direction Given the scope to post additional underperformance, GBP/USD is likely to cross beneath H1 support from $1.2356 and target $1.23, followed by daily support mentioned above at $1.2272. A H1 close lower, therefore, could ignite breakout selling. (Chart: TradingView) Last week's report: Daily Report: Commodities displaying bearish tone... Read More Disclaimer: The information…
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If there are signs of hawkishness from the RBNZ this week, NZDUSD might have significant room to gain in the medium term. The current area slightly below 63c coincides with the 23.6% weekly Fibonacci retracement, but a breakout from here probably wouldn’t face significant for several cents upward except for this month’s earlier highs around…
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