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.
Wednesday 30th September: Technical Outlook and Review
The US dollar index, or DXY, continued to deteriorate south of daily resistance at 94.65 Tuesday, consequently providing fresh impetus for EUR/USD bulls to take on the 1.17 handle and H4 resistance coming in at 1.1723.
Tuesday 29th September: Technical Outlook and Review
After shaking hands with daily resistance at 94.65 on the US dollar index Friday, DXY price pulled back Monday and provided EUR/USD some fresh bullish legs ahead of the 1.16 handle to test Quasimodo resistance on the H4 timeframe at 1.1679.
Monday 28th September: Weekly Technical Outlook and Review
Sterling finished the week down nearly 180 points, erasing prior gains and shaking hands with support at 1.2739, a 2019 yearly opening value. Technicians will acknowledge the level also merges with trend line resistance-turned support, extended from the high 1.5930.
Friday 25th September: Technical Outlook and Review
Despite mildly surpassing H4 support at 1.1652, a level closely joined by AB=CD structure (black arrows) at 1.1660 and 1.618 BC projection at 1.1649, EUR/USD bulls went on the offensive Thursday.
Thursday 24th September: Technical Outlook and Review
The euro held the bulk of its losses against the greenback Wednesday, recording a fourth consecutive daily decline. H4 relinquished the 1.17 handle in wake of feeble sub-50 Eurozone services PMIs and the DXY crossing above 94.00. Support at 1.1652 on the H4 timeframe is next on tap should further selling develop.
Wednesday 23rd September: Technical Outlook and Review
Europe’s shared currency depreciated further against its US counterpart Tuesday, shedding nearly half a percent. Technical studies reveal H4 price retested August’s opening level at 1.1771, then followed through to shake hands with Quasimodo support at 1.1723.
