Friday 11th September: Technical Outlook and Review
Plagued by heightened no-deal Brexit risk, GBP/USD is currently down by 3.5% this week and 1.5% Thursday. Selling from 1.30 is likely on the watchlist for many traders going forward. The fact we have H4 resistance at 1.3009 and daily resistance at 1.3017 located nearby offers healthy confluence to work with, targeting H4 support at 1.2939 as an initial take-profit zone.
Thursday 10th September: Technical Outlook and Review
Upbeat comments from ECB officials, together with the US dollar index receding from 93.66 session peaks, had EUR/USD switch into positive territory heading into Wednesday’s European close.
Wednesday 9th September: Technical Outlook and Review
Europe’s single currency eased further against the US dollar on Tuesday, clocking a session low at 1.1765. Technically, the weekly timeframe forecasts further downside could be in store to 1.1733, a previous Quasimodo support, following last week’s rejection off the 2018 yearly opening value at 1.2004.
Tuesday 8th September: Technical Outlook and Review
Pound sterling lost grip against the buck on Monday amid mounting concerns surrounding a no-deal Brexit. Following Friday’s impressive recovery off H4 trend line support, extended from the low 1.2257 (and 1.32 support), moves that scratched levels just ahead of 1.33, Monday reclaimed the aforementioned barriers and clocked a low at 1.3140.
Monday 7th September: Weekly Technical Outlook and Review
In terms of Friday’s employment release out of the US, a broadly positive wave of figures came through, consequently delivering an initial knee-jerk reaction higher in the USD that sent the DXY to a fresh session high of 92.88.
US Labour Day Trading Schedule 2020
Dear Trader, Please find our updated trading schedule for the US Labour Day Holiday on Monday, 07th September 2020. All times mentioned below are Platform time (GMT +3)
Wednesday 2nd September: Technical Outlook and Review
Sterling extended to a fresh year-to-date peak at 1.3483 against the buck Tuesday, though sharply retreated going into US hours as the DXY recovered off worst levels to modestly positive territory.
Tuesday 1st September: Technical Outlook and Review
EUR/USD activity also matched its YTD pinnacle at 1.1965 (August 18) after establishing position above the 1.19 perimeter. Upside movement also shines the spotlight on the 1.20 figure, sharing the same space with a H4 ABCD bearish approach (red arrows) at 1.2007.
Monday 31st August: Weekly Technical Outlook and Review
Recent USD softness – the US dollar index explored space beneath 92.50 – has likely side-lined hopes of a recovery, with the DXY now perhaps pushing for the 91.00 handle. As Europe’s shared currency represents the largest component in the dollar index, EUR/USD left support at 1.1733, a prior Quasimodo resistance level, unchallenged and approached higher levels last week.
