The recovery in risk appetite combined with positive surprises from UK data have driven a Sterling/Yen recovery, to a point at which the market is testing a confluence of key resistance. The combination of a seven week downtrend and the underside of the old 15 month uptrend channel are being challenged and the rally looks to have strong momentum behind it. The...
The market continues to consolidate the key breakout above 69.55 whilst the psychological 70 adds to the continued positive outlook. The support of a five week uptrend now comes in today at 69.50 to bolster this breakout support, whilst the rising 21 day moving average is also has supported recent corrections and comes in today around 69.40. Recent neutral daily...
An incredible strengthening on the dollar (on the back of a sharp rise in yields) pulled EUR/USD right back to the key near term support around 1.1820, which in effect held firm (only having been breached by a handful of pips). This test continues today and as yet again is hanging on, however the sharp deterioration in yesterday’s session which resulted in a huge...
In spite of a significant bout of dollar strengthening yesterday, Cable effectively continues to range sideways. There has been historic support at 1.3459 which was breached by a handful of pips (very similar to EUR/USD) only for the support to broadly hold. The market has since rebounded and the bulls are actually coming into this session in a reasonable position...
A closing breakout above 110.00 on a strong bull candle is certainly a positive signal on USD/JPY. This continues the recovery trend on the dollar and shows that consolidations continue to be bought into. Momentum indicators are ticking higher, although perhaps there is a less effusive response than maybe could have been seen, however there is still further upside...
GBP is trading in Descending Expanding pattern on the 4hr frame. There has been 3 wave formations and today we will either see a move up to complete the 4th wave to the top of structure or a move down to support, indicated by the white lines. The red lines are possible scenario if GBP takes fall today. Either way, I expect to see the 4th wave to the top of...
As can be seen in the chart, the price of this pair is approaching the next zone of value 12225-12166, which for me is the place where the current declines should end. We are waiting therefore for the market reaction to the above-mentioned support. What would be the first sign of reversal? Classic - overcoming the area of 12305, where the nearest major resistance...
