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After finding support at 6.5500 the pair moved higher to test the 6.6000 handle, but has yet to manage a clear break and a hold above on a daily close basis. In fact, the pair has failed to hold above the level for two consecutive days since February. The pair continues to test higher as the price pivots around the 6.6000 level while appearing to find short term support at 6.5880, in turn creating a situation in which the price trades ...
The break below 16,000 seemed to have put the spotlight again on a prior low at around 15,800, as the level appears to be acting as support again, stalling further downside momentum for the moment. A move below might put the focus on the 15,380 support followed by a longer term range bottom around 15,000. The index seems to test the trend line and the 16,000 level for resistance. If price can manage a break above, levels of interest could ...
EUR/USD Technical Strategy: FlatEuro finds resistance above 1.14 The Euro reversed sharply lower against the US Dollar, producing the largest two-day losing streak in nearly four monthsafter finding resistance above the 1.14 figure. Prices have now erased over half of the advance triggered by May’s soft US jobs data. From here, a daily close below support at 1.1217, the 38.2% Fibonacci expansion, opens the door for a test ...
NZD/USD -FXTW wrote last week that “higher highs and higher lows since August 2015 leaves NZD/USD in an uptrend but be aware of a wall near .71. .7100 is home to a long term median line, 2011 low (.7114) and 1996 high (.7148). The higher highs and higher lows since August are contained by converging trendlines so price action since August 2015 could form a wedge.” High for the post-RBNZ move was .7147. The ‘general area’ of resistance probably ...
Friday’s NFP report had the potential to re-stoke risk aversion, and price action in the Yen indicated as such in the immediate aftermath of the print as we finally saw prices break below 121.50, printing a lower-low at 120.81 ahead of last week’s close. But since, we’ve seen bullish price action thus far on the new week, and with yet another false down-side breakout in EUR/JPY, traders should approach short-side continuation strategies with caution. ...
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