Monday 3rd August: Weekly Technical Outlook and Review
XAU/USD bulls continue to reign supreme last week, adding more than $74 and stamping out fresh all-time peaks at 1983.1. With the yellow metal navigating unchartered territory at the moment, this remains a buyers’ market. In the event a pullback occurs this week, traders will likely be eyeballing 1921.0, the all-time peak formed in September 2011, as possible support.
Friday 31st July: Technical Outlook and Review
Sterling recorded a tenth consecutive daily gain on Thursday, receiving strong tailwinds amid broad USD weakness. After the US dollar index failed to sustain gains above 93.50, the DXY dropped to fresh 26-month lows ahead of the 93.00 handle, consequently lifting GBP/USD above the key figure 1.30 on the H4 timeframe, as well as Quasimodo resistance at 1.3017
Thursday 30th July: Technical Outlook and Review
Amidst further USD decline, the British pound made headway north of H4 support at 1.2939 (a prior Quasimodo resistance) and cornered the key figure 1.30 Wednesday, a level sited under H4 Quasimodo resistance at 1.3017.
Wednesday 29th July: Technical Outlook and Review
The Australian dollar nudged a shade higher against the US dollar Tuesday, pencilling in a range between 0.7177/0.7113. Structurally on the H4 timeframe, though, the 0.71 handle rests as nearby support, while last Wednesday’s peak at 0.7183 may form resistance, closely followed by Quasimodo resistance parked at 0.7193 and the 0.72 handle.
Tuesday 28th July: Technical Outlook and Review
The persistent downbeat tone across dollar markets Monday amid concerns regarding the resurgence of COVID-19 cases and its impact on the economy elevated GBP/USD to highs at 1.2902, near five-month peaks.
Monday 27th July: Weekly Technical Outlook and Review
Bullion retained a strong underlying bid last week, inviting a bullish close above resistance at 1882.7 and recording a seventh consecutive weekly gain. The all-time high 1921.0 is a watched border this week. Countertrend traders, therefore, will likely monitor candle action for signs of exhaustion.
Friday 24th July: Technical Outlook and Review
Snapping a four-day bullish phase, AUD/USD extended Wednesday’s slide from fresh multi-year peaks at 0.7183 on Thursday, settling around the 0.71 handle and converging H4 channel resistance-turned support, taken from the high 0.6997.
Thursday 23rd July: Technical Outlook and Review
Increased demand for Europe’s shared currency took hold Wednesday as the US dollar index tumbled through its 95.00 handle. ECB's Lagarde expressed satisfaction concerning the recent EU fund agreement, as EUR/USD recorded its fourth consecutive daily gain.
Wednesday 22nd July: Technical Outlook and Review
Europe’s single currency, as you can see, strongly rose against a sinking dollar Tuesday. The EU striking a deal for a huge stimulus plan and upbeat risk sentiment led EUR/USD to highs above 1.15.
