Monday 31st August: Weekly Technical Outlook and Review
Recent USD softness – the US dollar index explored space beneath 92.50 – has likely side-lined hopes of a recovery, with the DXY now perhaps pushing for the 91.00 handle. As Europe’s shared currency represents the largest component in the dollar index, EUR/USD left support at 1.1733, a prior Quasimodo resistance level, unchallenged and approached higher levels last week.
Friday 28th August: Technical Outlook and Review
Thursday witnessed FOMC Chairman Jerome Powell announce the Fed’s switch to target average inflation as a new strategy, which sparked extreme volatility. During the course of the day, price action spiked to the 1.19 handle and is currently settling off the 1.18 region, closely supported by August’s opening level at 1.1771 on the H4 timeframe.
UK Summer Bank Holiday Schedule – 2020
Dear Trader, Please find our updated trading schedule for the UK Summer Bank Holiday Schedule on 31st August, 2020.
Tuesday 25th August: Technical Outlook and Review
The start of the final full week of August had the DXY finish Monday noticeably off worst levels, with the EUR/USD daily picture printing a similar landscape, only off best levels.
Monday 24th August: Weekly Technical Outlook and Review
Having the US dollar index mildly snap an eight-week bearish phase, EUR/USD curled south of the 2018 yearly opening level at 1.2004 last week, also modestly snapping an eight-week bullish phase.
Friday 21st August: Technical Outlook and Review
Europe’s shared currency clawed back earlier losses against the US dollar Thursday to trade marginally positive into US hours – the US dollar index dived back under 93.00, fading session highs at 93.24.
Thursday 20th August: Technical Outlook and Review
The euro staged a sharp U-turn Wednesday as the DXY reclaimed fresh territory above 92.50, and US Treasury yields traded considerably off worst levels. Technically, following Tuesday’s fresh peak at 1.1965, a move that registered a sixth consecutive daily gain, EUR/USD twisted lower from daily resistance at 1.1940 Wednesday and dipped a toe in waters south of 1.19 (H4).
Wednesday 19th August: Technical Outlook and Review
The British pound extended to a fourth consecutive daily gain Tuesday amid an ongoing USD slump and sliding US Treasury yields.
Tuesday 18th August: Technical Outlook and Review
The Australian dollar outperformed Monday amidst a slump in US Treasury yields and a depreciating greenback. This witnessed H4 candles overwhelm offers residing around resistance at 0.7189 (now labelled support) and the 0.72 handle, a move that underlined daily resistance at 0.7235 as the next port of call.
