Well done to those who held shorts from 113.71/113.65
For those who read Wednesday’s report you may recall that we felt further selling was on the cards, as nearby H4 demand appeared to be consumed (check out the H4 buying tails marked with a green arc). Weak US inflation and a somewhat dovish Yellen helped force the US dollar aggressively lower on Wednesday. Well done to any of our readers who held shorts from 113.71/113.65 (H4 Quasimodo resistance/November’s opening line).
The 113 handle, despite an earnest attempt seen from the bulls, was eventually engulfed; allowing the unit to cross swords with December/October’s opening levels seen on the H4 timeframe at 112.58/112.64. Traders may have also noticed that these monthly levels are bolstered by a daily demand at 111.99-112.57.
Direction:
• Long: In view of the current H4 monthly open levels in play, alongside the aforesaid daily demand at 111.99-112.57, a retest of the 113 handle is likely to be seen today. Buying the unit is tricky; nevertheless, since we have to take into account that weekly price is seen trading from the underside of a weekly supply zone at 115.50-113.85.
• Short: Although weekly price is seen trading from the underside of a weekly supply zone, selling this market is just as awkward as buying given that we know a daily demand was recently brought into the fray!
Data points to consider: US retail sales m/m and weekly unemployment claims at 1.30pm GMT.
Areas worthy of attention:
Supports: 112.58; 112.64; 111.99-112.57.
Resistances: 113 handle; 113.91-113.45; 115.50-113.85.
The 113 handle, despite an earnest attempt seen from the bulls, was eventually engulfed; allowing the unit to cross swords with December/October’s opening levels seen on the H4 timeframe at 112.58/112.64. Traders may have also noticed that these monthly levels are bolstered by a daily demand at 111.99-112.57.
Direction:
• Long: In view of the current H4 monthly open levels in play, alongside the aforesaid daily demand at 111.99-112.57, a retest of the 113 handle is likely to be seen today. Buying the unit is tricky; nevertheless, since we have to take into account that weekly price is seen trading from the underside of a weekly supply zone at 115.50-113.85.
• Short: Although weekly price is seen trading from the underside of a weekly supply zone, selling this market is just as awkward as buying given that we know a daily demand was recently brought into the fray!
Data points to consider: US retail sales m/m and weekly unemployment claims at 1.30pm GMT.
Areas worthy of attention:
Supports: 112.58; 112.64; 111.99-112.57.
Resistances: 113 handle; 113.91-113.45; 115.50-113.85.
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