Wednesday 27th January: Technical Outlook
Despite price recently consolidating gains, the weekly timeframe shows AUD/USD has scope to reach as far north as resistance at 0.8127. In order to climb, however, daily Quasimodo resistance at 0.7784 must be conquered (shines the spotlight on another daily Quasimodo resistance at 0.7893).
Tuesday 26th January: Technical Outlook
Those long from daily demand at 30,310-30,637 or the H4 support zone at 30,578-30,633 (both areas were noted in Monday’s technical briefing) have likely reduced risk to breakeven, and perhaps liquidated a portion of their position.
Monday 25th January: Weekly Technical Outlook and Review
Supply at 1.2420-1.2214 remains in focus. This, as you can probably see, is an area boasting healthy downside momentum out of its base. The 2018 yearly opening value at 1.2004 is in the crosshairs as potential support, should sellers make an appearance this week.
Friday 22nd January: Technical Outlook
The round number 1.21 and trend line support combination (taken from the high 1.2344) persuaded a short-term bullish scenario on Thursday, elevating EUR/USD to 1.2150 resistance.
Thursday 21st January: Technical Outlook
Price action on the daily timeframe, despite recently establishing a bullish pivot reversal formation (green arrow), formed a clear-cut shooting star pattern on Wednesday—a bearish signal. Levels to be conscious of on the daily chart are trend line support, taken from the low 1409, and resistance at 1.3763.
Wednesday 20th January: Technical Outlook
Canada Inflation (CPI m/m); BoC Monetary Policy Report, Rate Statement, Overnight Rate and Press Conference; US Presidential Inauguration Day.
Tuesday 19th January: Technical Outlook and Review
Despite marginally trimming losses going into the early hours of London on Monday, AUD/USD remains on the backfoot south of the 0.77 figure and January’s opening value taken from 0.7701.
Monday 18th January: Weekly Technical Outlook and Review
Friday was mostly a one-sided market, accelerating through 1.2150 and 1.21 bids. Demand (green) at 1.2040-1.2064 and connecting 38.2% Fibonacci retracement ratio at 1.2062 (green line), therefore, are within touching distance this week.
Friday 15th January: Technical Outlook and Review
Europe’s single currency concluded European trading off worst levels against the US dollar Thursday, following a spike to lows at 1.2111. To the upside (H4), possible resistance could shape at 1.22, bolstered by a collection of Fibonacci retracement levels and a Quasimodo resistance left shoulder (green arrow).
