Friday 27th November: Technical Outlook and Review
USD/CAD action enters Friday a touch higher, moderately balancing off the key figure 1.30 on the H4 timeframe. WTI is seen fading nine-month highs (mildly weighing on the Canadian dollar and propping up USD) while the DXY, or US dollar index, posted modest gains off monthly lows.
Thursday 26th November: Technical Outlook and Review
Largely overlooking the lack of Brexit developments and UK Chancellor Sunak’s spending review, GBP/USD buyers went on the offensive Wednesday. Technically, H4 remains supported above the 1.33 point, recording a fourth consecutive daily advance.
Wednesday 25th November: Technical Outlook and Review
Europe’s single currency posted modest gains against the US dollar Tuesday, with H4 candles now seen touring just south of 1.19 and Quasimodo resistance at 1.1895. The scenery north of 1.19 reveals room to approach September’s opening value at 1.1937
Tuesday 24th November: Technical Outlook and Review
Sellers, as evident from the H4, failed to find acceptance beneath the 104 handle on Monday amidst stronger-than-anticipated US PMI figures. This led to price forcefully moving into November’s opening value at 104.50, piercing the level to register session peaks at 104.63.
Monday 23rd November: Weekly Technical Outlook and Review
Although cable presented indecisive posture Friday, the pair, overall, remains underpinned as EU and UK officials echo an optimistic tone surrounding a possible Brexit deal. Friday’s narrow range kept price shelved sub 1.33, with neither side willing to commit.
Friday 20th November: Technical Outlook and Review
Europe’s shared currency finished Thursday significantly off session lows at 1.1816, consequently moulding a daily hammer candlestick signal. Technical direction on the weekly timeframe remains to the upside, following healthy demand off support at 1.1621 early November.
Thursday 19th November: Technical Outlook and Review
Overall, it was a somewhat muted session Wednesday, ranging between 1.1891/1.1850, despite the DXY elbowing in the direction of daily Quasimodo support coming in at 92.15.
Monday 16th November: Weekly Technical Outlook and Review
EUR/USD, as evident from the chart, held on to the 1.18 handle Friday as the DXY failed to grip 93.00. Moderately rebounding from 1.18 in the form of support, the pair finished the week pouncing on local highs around the 1.1833ish area. Clearance of 1.1833 early this week shines the spotlight on the 1.19 handle, followed by a possible assault on September’s opening value from 1.1937.
Friday 13th November: Technical Outlook and Review
Key risk events today: US Core PPI m/m and PPI m/m; […]
