Tuesday 2nd February: Daily Technical Outlook and Review
On the daily time frame, prices are seeing limited upside, echoing the same view on the weekly time frame. There was a reversal below the daily resistance at 1.37630 although the uptrend remains intact as prices are holding nicely above the ascending trend line seen on the daily chart.
Monday 1st February: Weekly Technical Outlook and Review
Trend studies reveal upside has remained favoured since price bottomed at 1.0637 in March 2020, movement which eventually overthrew trend line resistance, extended from the high 1.2555. For that reason, long-term dip-buyers may surface from 1.2004 if tested.
Friday 29th January: Technical Outlook
Amidst a broadly weak USD (a reaction to risk), Europe’s single currency clawed higher on Thursday. This followed Wednesday’s hammer pattern that whipsawed through 1.21 into the jaws of H4 demand at 1.2040-1.2064
Thursday 28th January: Technical Outlook
Key risk events today: US Advance GDP q/q; US Advance GDP […]
Wednesday 27th January: Technical Outlook
Despite price recently consolidating gains, the weekly timeframe shows AUD/USD has scope to reach as far north as resistance at 0.8127. In order to climb, however, daily Quasimodo resistance at 0.7784 must be conquered (shines the spotlight on another daily Quasimodo resistance at 0.7893).
Tuesday 26th January: Technical Outlook
Those long from daily demand at 30,310-30,637 or the H4 support zone at 30,578-30,633 (both areas were noted in Monday’s technical briefing) have likely reduced risk to breakeven, and perhaps liquidated a portion of their position.
Monday 25th January: Weekly Technical Outlook and Review
Supply at 1.2420-1.2214 remains in focus. This, as you can probably see, is an area boasting healthy downside momentum out of its base. The 2018 yearly opening value at 1.2004 is in the crosshairs as potential support, should sellers make an appearance this week.
Friday 22nd January: Technical Outlook
The round number 1.21 and trend line support combination (taken from the high 1.2344) persuaded a short-term bullish scenario on Thursday, elevating EUR/USD to 1.2150 resistance.
Thursday 21st January: Technical Outlook
Price action on the daily timeframe, despite recently establishing a bullish pivot reversal formation (green arrow), formed a clear-cut shooting star pattern on Wednesday—a bearish signal. Levels to be conscious of on the daily chart are trend line support, taken from the low 1409, and resistance at 1.3763.
