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.
Tuesday 22nd September: Technical Outlook and Review
The US dollar rebounded strongly across the board Monday amid a sharp pick-up in risk aversion, consequently sending EUR/USD decisively south of H4 trend line resistance, extended from the high 1.2010. 1.18 and August’s opening level at 1.1771 on the H4 timeframe came under fire, leaving the path clear for a test of weekly support at 1.1733
Monday 21st September: Weekly Technical Outlook and Review
Europe’s single currency entered an indecisive phase Friday, following Thursday’s move higher, which as we know finished in the shape of a daily hammer candlestick formation.
