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
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.
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.
