TheForexFellows

TheForexFellows

GBP/USD remained confined to its ascending daily channel structure, which catapulted price upwards for most of the week. On Thursday price closed above the channel structure and remained above on Friday. After the exceptionally bearish candle the week prior, price regained all its losses, closing the week out above the significant resistance level of 1.3480. The...

TheForexFellows

Well, it took two days of hovering around the resistance at 1.2140 but on the third day of last week EUR/USD managed to push and close above it. It was then a quick move up to the psychological level of 1.2200, which the pair broke with relative ease. The currency pair closed the week out above this psychological level so the move towards the next zone of...

TheForexFellows

EUR/GBP saw some volatile moves last week as prices swung from bearish to bullish as a result of Brexit news. After a gap lower at the start of the week, due to renewed deal optimism, prices continued to move lower and break the ascending 4H trend line that has been consistent since late-Nov. Prices fell back to the key inflexion and support zone of 0.9000, where...

TheForexFellows

The King of Consistency remained true to its word last week as the pair respected our ascending 4H trend line perfectly. Price continued its march higher, holding above the now support level at 1.0610 and then continuing upwards during the later stages of the week, eventually closing at 1.0673. AUD/NZD looks to have set itself up for a test of the descending...

TheForexFellows

USD/CHF posted its fifth consecutive bearish week as prices continued to fall, closing below the falling wedge pattern that we commented on during last weeks analysis. After a quick retest of the support now turned resistance level at 0.8910, price continued to move lower throughout the week, held in place by a descending 4H trend line. Price remained true to this...

TheForexFellows

After initially breaking the ascending 4H trend line, that was depicted during last weeks analysis, USD/JPY price spiralled down to retest the ascending weekly trend line, which supported price during the lows of 6th Nov. After a positive bounce from this support, price continued to fall for the remainder of the week, creating a new lower low on the daily...

TheForexFellows

Like NZD/USD, AUD/USD played by the book this week and gently climbed to the upside, reaching heights of 0.7620 on Thurs. After closing above 0.7500 during the week prior and as price is now well clear of the descending daily and weekly trend lines, we had little doubt that the pair was on its way to achieving 0.7670 in the near-future. After last week, we still...

TheForexFellows

Another week passes and NZD/USD reaches another new height. After pulling back slightly earlier in the week and experiencing a retest of the supporting ascending daily trend line, prices rallied higher, eventually creating a new higher high during Thursdays market. The slight breath that prices took the week prior was clearly enough to wet bullish appetite once...

TheForexFellows

After an indecisive start to the week, bullish price action continued for the EUR/GBP pair last week and seemed to be propelled upwards by the news coming out of Brussels regarding the UK:EU Brexit negotiations on Thursday and Friday. During the week prior, EUR/GBP broke free from a descending daily channel structure that had been holding price in place. After the...

TheForexFellows

Bearish price action consumed GBP/USD for much of the week, as the backdrop of Brexit came back into focus. With UK:EU negotiations reaching their final stages and with the sentiment leaning towards a No Deal Brexit, this dragged the GBP down relative to the majority of other pairs, including the USD. Price was saved from falling further in the later stages of the...

TheForexFellows

Another week passed and another long wick to the upside was posted on USD/JPY. Bearish sentiment persisted, with the weekly candle showing an extremely long wick to the upside, very similar to the weeks prior. Prices were held up by the 4H ascending trend line, which buoyed prices during the first half of the week, reaching above the resistance at 104.35. However,...

TheForexFellows

USD/CHF continued to offer little hope for USD bulls as prices continued their bearish trajectory last week. On last weeks ‘Coffee & Forex Weekly’ we mentioned that price was at the base of a daily timeframe falling wedge pattern. Last week saw price either side of this lower boundary, keeping traders guessing as to the next move. Whilst falling below on Thursday,...

TheForexFellows

AUD/NZD continued its push higher this week, breaking and closing above resistance at 1.0610. After a slow, indecisive, start to the week, price pushed higher, soaring through the near-term descending daily trend line. Price looks to be heading back to retest the secondary longer-term descending daily trend line. This is created from the highs on 20th Aug and...

TheForexFellows

AUD/USD played by the book this week, and after experiencing a small bearish pullback on the Monday and Tuesday, that retested the 0.7400 support level, price continued to push up and through the next resistance level at 0.7500. This was predicated as an easy price to achieve after price broke through the 0.7400 level. Price is now situated well above 0.7500,...

TheForexFellows

Price continued to reach new heights on NZD/USD last week, with price touching 0.7115 on Friday. A small retracement was experienced at the start of the week, which took price back down to retest the support at 0.7030. This support held and sent price back up to 0.7100, where it then sat comfortably for the remainder of last week. Although the ascending 4H trend...

TheForexFellows

EUR/USD started last week by pushing lower but was quickly brought into before reaching any clear level of support or near-term ascending trend line. Prices soared on Thursday meaning that the pair reclaimed it previous heights around the resistance at 1.2140. The pair closed the week just beneath the resistance. It is still a level where we haven’t seen a daily...

TheForexFellows

AUD/USD persisted higher this week, closing out above resistance at 0.7400. After a stumble from 0.7400 on Monday, price rallied for the remainder of the week pushing its way above the descending daily and weekly trend lines that have held price in place during previous weeks. With weekly closes now evident above these descending trend lines, a change in the...

TheForexFellows

After a very bullish end to November, NZD/USD made an indecisive start to December, with a bearish move on Friday that saw the week close out as a pin bar. Price broke and held above the resistance at 0.7030 on the daily timeframe, pushing up to a high of 0.7100 on Thurs. However, during Friday price recovered most of its gains for the week, leaving the weekly...