Buyers appear in fine form north of 0.70
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June’s follow-through, has supply at 0.7029/0.6664 echoing a vulnerable tone in July, particularly as intersecting long-term trendline resistance (1.0582) demonstrates signs of giving way.
Despite this, the market’s primary trend points south, demonstrating a series of lower lows and lower highs since mid-2011.
Daily timeframe:
Brought forward from previous analysis -
Since ousting resistance at 0.6931 the level has been featured as support, with two nearby trendline resistances (prior supports – 0.6744/0.6671) visible to the upside.
Moves under 0.6931 positions support at 0.6755 in the frame, while exploring higher levels has 0.7197 resistance to target.
In terms of the RSI oscillator, the value has been hovering south of overbought levels since mid-June.
H4 timeframe:
Partially altered from previous analysis -
Supply at 0.7058/0.7029 is a base that deserves attention, an area that held price lower last Wednesday and an active zone since the beginning of the year. Traders will also note a break of the aforesaid supply leads candles to nearby supply at 0.7102/0.7018.
Well-grounded support exists at 0.6926, located a few pips under trendline support (0.6776) and forms a close connection to daily support at 0.6931.
H1 timeframe:
Recent intraday activity travelled through 0.70 resistance, a widely watched psychological level, and also conquered local resistance at 0.7011.
The biggest challenge facing buyers on the H1 is possible resistance emerging from the 0.7037 high (July 15), and 0.7050 resistance.
Indicator-based traders will also want to note the RSI oscillator is seen fast approaching overbought levels.
Structures of Interest:
H1 traders considering longs north of 0.7011 may find the lower ledge of H4 supply challenging (0.7029). On the other hand, though, the previous reaction out of the noted supply on July 15 failed to produce much of a downside move, suggesting potential seller weakness. This, coupled with room to advance on the daily timeframe and monthly revealing the possibility of closing above supply at 0.7029/0.6664, could be enough to pull things through current H4 supply.
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
May’s extension, together with June’s follow-through, has supply at 0.7029/0.6664 echoing a vulnerable tone in July, particularly as intersecting long-term trendline resistance (1.0582) demonstrates signs of giving way.
Despite this, the market’s primary trend points south, demonstrating a series of lower lows and lower highs since mid-2011.
Daily timeframe:
Brought forward from previous analysis -
Since ousting resistance at 0.6931 the level has been featured as support, with two nearby trendline resistances (prior supports – 0.6744/0.6671) visible to the upside.
Moves under 0.6931 positions support at 0.6755 in the frame, while exploring higher levels has 0.7197 resistance to target.
In terms of the RSI oscillator, the value has been hovering south of overbought levels since mid-June.
H4 timeframe:
Partially altered from previous analysis -
Supply at 0.7058/0.7029 is a base that deserves attention, an area that held price lower last Wednesday and an active zone since the beginning of the year. Traders will also note a break of the aforesaid supply leads candles to nearby supply at 0.7102/0.7018.
Well-grounded support exists at 0.6926, located a few pips under trendline support (0.6776) and forms a close connection to daily support at 0.6931.
H1 timeframe:
Recent intraday activity travelled through 0.70 resistance, a widely watched psychological level, and also conquered local resistance at 0.7011.
The biggest challenge facing buyers on the H1 is possible resistance emerging from the 0.7037 high (July 15), and 0.7050 resistance.
Indicator-based traders will also want to note the RSI oscillator is seen fast approaching overbought levels.
Structures of Interest:
H1 traders considering longs north of 0.7011 may find the lower ledge of H4 supply challenging (0.7029). On the other hand, though, the previous reaction out of the noted supply on July 15 failed to produce much of a downside move, suggesting potential seller weakness. This, coupled with room to advance on the daily timeframe and monthly revealing the possibility of closing above supply at 0.7029/0.6664, could be enough to pull things through current H4 supply.
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