Thursday 16th July: Technical Outlook and Review
EUR/USD peaked heading into US hours Wednesday after the US dollar index regained some composure and recouped a large portion of earlier losses. A mild deterioration in risk sentiment elevated the dollar back to around the 96.00 handle, albeit tentatively.
Wednesday 15th July: Technical Outlook and Review
Key risk events today: BoJ Outlook Report, Monetary Policy Statement and […]
Tuesday 14th July: Greenback Modestly Recovers Ahead of US Inflation Data
The British pound concluded a shade lower against the greenback Monday, fading H4 Quasimodo resistance at 1.2653. Downside had the unit breach channel support, taken from the low 1.2257 (and retest the underside of the latter as resistance), and compete with orders at 1.26 as well as May’s opening level at 1.2583.
Monday 13th July: Weekly Technical Outlook and Review
Europe’s single currency reclaimed earlier losses Friday, latching onto a healthy bid off 1.1255 to 1.13 against the buck, boosted by US producer prices unexpectedly declining in June.
Friday 10th July: Technical Outlook and Review
EUR/USD, based on the H4 timeframe, chalked up a two-candle fakeout through Quasimodo resistance at 1.1340, reaching highs at 1.1370, and headed marginally south of 1.13 into the European close.
Thursday 9th July: Technical Outlook and Review
Recording its fourth consecutive daily gain Wednesday, GBP/USD attracted fresh buying as the DXY dipped a toe in waters south of 96.50. May’s opening level at 1.2583 and the 1.26 handle caved under pressure on the H4 timeframe, potentially setting the stage for an approach to Quasimodo resistance at 1.2653 and, with a little enthusiasm, the 1.27 handle.
Wednesday 8th July: Technical Outlook and Review
EUR/USD, based on the H4, swung beneath 1.13 to lows at 1.1258, though corrected back to 1.13 and held into the European close. South of 1.13, traders’ crosshairs will likely be fixed on July’s opening level at 1.1235, with a break likely to see price hone in on 1.12.
Tuesday 7th July: Technical Outlook and Review
GBP/USD bulls went on the offensive last week and pencilled in healthy upside. With respect to structure on the weekly timeframe, support resides at 1.2163, a Quasimodo formation
Monday 6th July: Weekly Technical Outlook and Review
The aftermath of Thursday’s upbeat US employment data and declining unemployment rate witnessed the DXY hook a firm bid. This, following a retest at the underside of 1.13 (sited beneath Quasimodo resistance at 1.1340), directed EUR/USD lower, settling around July’s opening level at 1.1235.
