Wednesday 14th October: Technical Outlook and Review
The US dollar rebounded sharply Tuesday, guiding EUR/USD into a bearish environment. Technical price action on the H4 lost grip north of 1.18, and subsequently overthrew August’s opening value at 1.1771 and a trend line support, extended from the low 1.1684.
Tuesday 13th October: Technical Outlook and Review
Key risk events today: UK Employment Data; US CPI m/m. (Previous […]
Monday 12th October: Weekly Technical Outlook and Review
Stirred by the US dollar index receding to levels not seen since September 21 (in danger of potentially losing 93.00 status), Europe’s shared currency outperformed over the course of last week.
Friday 9th October: Technical Outlook and Review
A day after FOMC and the VP Presidential debate, financial markets echoed a subdued tone Thursday. The Australian dollar chalked up modest gains against the US dollar, following an early retest at August’s opening value from 0.7128 on the H4 timeframe. Upside momentum, though, as you can see, slowed as price crossed swords with October’s opening value at 0.7169.
Thursday 8th October: Technical Outlook and Review
Bolstered on the back of underlying support from a weaker buck amid an improvement in risk sentiment, Europe’s shared currency defended October’s opening value at 1.1730 on the H4 timeframe Wednesday and drove price into August’s opening value at 1.1771.
Wednesday 7th October: Technical Outlook and Review
Pound sterling took a step back on Tuesday after shaking hands with the key figure 1.30, consequently delivering H4 candles to October’s opening value at 1.2925. Additional resistance was, as noted in recent analysis, seen around 1.30: H4 resistance at 1.3009 and daily resistance at 1.3017 (red).
Tuesday 6th October: Technical Outlook and Review
Europe’s single currency kicked off the week in fine form against a broadly softer US counterpart, largely backed on a revival of risk appetite. Technically, H4 confronted trend line resistance, extended from the high 1.1900, after climbing August’s opening value at 1.1771
Monday 5th October: Weekly Technical Outlook and Review
Bullion is seen attempting to regain some status above support at $1,882, despite leaving behind channel resistance-turned support, etched from the high $1,703. If buyers maintain a dominant position north of $1,882 this week, are traders likely to seek all-time peaks at $2,075?
Friday 25th September: Technical Outlook and Review
On the weekly timeframe, we have the gold price currently testing support at the 1882.7 price level. This can be seen as a healthy pullback as gold has been pushing higher since May 2019 and even broke out of its ascending channel to the upside.
