Further shorting opps beyond the 0.9680 region...
Weekly gain/loss: + 229 pips
Weekly closing price: 0.9685
A stronger-than-expected bounce was seen from the weekly support area at 0.9443-0.9515 last week, consequently lifting the market to a high of 0.9726. As you can see, the move erased all of the prior week’s losses and engulfed two additional weekly candles in the process. What’s also interesting is price reacted nicely to a trendline resistance extended from the low 0.9257, which is something we failed to see before.
Turning over a page to the daily timeframe, price recently connected with supply logged at 0.9738-0.9691. This area also happens to converge with a channel resistance extended from the high 0.9808 and a 38.2% Fib resistance at 0.9693 taken from the high 1.0099.
For those who read Friday’s report you will likely remember that our desk took a short from 0.9694 and placed a stop above the current daily supply at 0.9740. From the H4 chart, you’ll notice that the unit also reacted from a nice-looking minor trendline resistance extended from the low 0.9675 seen positioned just above 0.97. Once our position hit one times our risk following US growth data, we moved the stop-loss order to breakeven since we were not keen (unless price was over two times the risk) on leaving the trade open over the weekend. Unfortunately, shortly after moving to breakeven we were stopped out!
Our suggestions: With H4 price currently seen bolstered by June’s opening level at 0.9680, we would not advise selling this market right now. A decisive H4 close below this number on the other hand would, in our humble opinion, be a valid sell signal. Be that as it may, before we’d consider selling we would need to see the pair retest 0.9680 as resistance and hold firm in the shape of a full or near-full-bodied bear candle. The initial take-profit target on this scale would be the 0.96 handle, followed closely by July’s opening level at 0.9580 and then daily support positioned at 0.9546.
Data points to consider: No high-impacting news events scheduled on the docket today.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: Watch for H4 price to engulf 0.9680 and then look to trade any retest seen thereafter (waiting for a full or near-full-bodied bearish candle to emerge following the retest is advised, stop loss: ideally beyond the candle wick).
Weekly closing price: 0.9685
A stronger-than-expected bounce was seen from the weekly support area at 0.9443-0.9515 last week, consequently lifting the market to a high of 0.9726. As you can see, the move erased all of the prior week’s losses and engulfed two additional weekly candles in the process. What’s also interesting is price reacted nicely to a trendline resistance extended from the low 0.9257, which is something we failed to see before.
Turning over a page to the daily timeframe, price recently connected with supply logged at 0.9738-0.9691. This area also happens to converge with a channel resistance extended from the high 0.9808 and a 38.2% Fib resistance at 0.9693 taken from the high 1.0099.
For those who read Friday’s report you will likely remember that our desk took a short from 0.9694 and placed a stop above the current daily supply at 0.9740. From the H4 chart, you’ll notice that the unit also reacted from a nice-looking minor trendline resistance extended from the low 0.9675 seen positioned just above 0.97. Once our position hit one times our risk following US growth data, we moved the stop-loss order to breakeven since we were not keen (unless price was over two times the risk) on leaving the trade open over the weekend. Unfortunately, shortly after moving to breakeven we were stopped out!
Our suggestions: With H4 price currently seen bolstered by June’s opening level at 0.9680, we would not advise selling this market right now. A decisive H4 close below this number on the other hand would, in our humble opinion, be a valid sell signal. Be that as it may, before we’d consider selling we would need to see the pair retest 0.9680 as resistance and hold firm in the shape of a full or near-full-bodied bear candle. The initial take-profit target on this scale would be the 0.96 handle, followed closely by July’s opening level at 0.9580 and then daily support positioned at 0.9546.
Data points to consider: No high-impacting news events scheduled on the docket today.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: Watch for H4 price to engulf 0.9680 and then look to trade any retest seen thereafter (waiting for a full or near-full-bodied bearish candle to emerge following the retest is advised, stop loss: ideally beyond the candle wick).
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