Wednesday 29th July: Technical Outlook and Review
The Australian dollar nudged a shade higher against the US dollar Tuesday, pencilling in a range between 0.7177/0.7113. Structurally on the H4 timeframe, though, the 0.71 handle rests as nearby support, while last Wednesday’s peak at 0.7183 may form resistance, closely followed by Quasimodo resistance parked at 0.7193 and the 0.72 handle.
Tuesday 28th July: Technical Outlook and Review
The persistent downbeat tone across dollar markets Monday amid concerns regarding the resurgence of COVID-19 cases and its impact on the economy elevated GBP/USD to highs at 1.2902, near five-month peaks.
Monday 27th July: Weekly Technical Outlook and Review
Bullion retained a strong underlying bid last week, inviting a bullish close above resistance at 1882.7 and recording a seventh consecutive weekly gain. The all-time high 1921.0 is a watched border this week. Countertrend traders, therefore, will likely monitor candle action for signs of exhaustion.
Friday 24th July: Technical Outlook and Review
Snapping a four-day bullish phase, AUD/USD extended Wednesday’s slide from fresh multi-year peaks at 0.7183 on Thursday, settling around the 0.71 handle and converging H4 channel resistance-turned support, taken from the high 0.6997.
Thursday 23rd July: Technical Outlook and Review
Increased demand for Europe’s shared currency took hold Wednesday as the US dollar index tumbled through its 95.00 handle. ECB's Lagarde expressed satisfaction concerning the recent EU fund agreement, as EUR/USD recorded its fourth consecutive daily gain.
Wednesday 22nd July: Technical Outlook and Review
Europe’s single currency, as you can see, strongly rose against a sinking dollar Tuesday. The EU striking a deal for a huge stimulus plan and upbeat risk sentiment led EUR/USD to highs above 1.15.
Tuesday 21st July: Technical Outlook and Review
From the weekly timeframe, EUR/USD recently marched through long-term trend line resistance, extended from the high 1.2555, and shook hands with the 2019 yearly opening level at 1.1445. The latter is currently displaying potential as resistance. With respect to the overall trend, the pair remains southbound until breaking the 1.1495 March 9 high.
Monday 20th July: Weekly Technical Outlook and Review
GBP/USD has been tracking lower after a reversal off our Quasimodo resistance at 1.2653 on the H4 timeframe. From the weekly timeframe, following two consecutive weeks of gains, we can see the unit has price located within touching distance of considerable resistance, made up of a 61.8% Fibonacci retracement ratio at 1.2718 and the 2019 yearly opening level at 1.2739.
Friday 17th July: Technical Outlook and Review
GBP/USD has been tracking lower after a reversal off our Quasimodo resistance at 1.2653 on the H4 timeframe. From the weekly timeframe, following two consecutive weeks of gains, we can see the unit has price located within touching distance of considerable resistance, made up of a 61.8% Fibonacci retracement ratio at 1.2718 and the 2019 yearly opening level at 1.2739.
