Friday 4th September: Technical Outlook and Review
The British pound continued to soften against the US dollar Thursday, extending losses south of YTD pinnacles at 1.3483, following downgrades to the final UK services PMI. H4 failed to glean much impetus from 1.33 on the H4, unlocking downside to weekly support at 1.3250, the 2020 yearly opening level, which, for now, is holding.
Thursday 3rd September: Technical Outlook and Review
Europe’s shared currency tumbled for a second consecutive session on Wednesday as the US dollar index made its way back above 92.50, unfazed by the ADP reporting an increase of 428K private-sector jobs in August, a figure considerably under market consensus.
US Labour Day Trading Schedule 2020
Dear Trader, Please find our updated trading schedule for the US Labour Day Holiday on Monday, 07th September 2020. All times mentioned below are Platform time (GMT +3)
Wednesday 2nd September: Technical Outlook and Review
Sterling extended to a fresh year-to-date peak at 1.3483 against the buck Tuesday, though sharply retreated going into US hours as the DXY recovered off worst levels to modestly positive territory.
Tuesday 1st September: Technical Outlook and Review
EUR/USD activity also matched its YTD pinnacle at 1.1965 (August 18) after establishing position above the 1.19 perimeter. Upside movement also shines the spotlight on the 1.20 figure, sharing the same space with a H4 ABCD bearish approach (red arrows) at 1.2007.
Monday 31st August: Weekly Technical Outlook and Review
Recent USD softness – the US dollar index explored space beneath 92.50 – has likely side-lined hopes of a recovery, with the DXY now perhaps pushing for the 91.00 handle. As Europe’s shared currency represents the largest component in the dollar index, EUR/USD left support at 1.1733, a prior Quasimodo resistance level, unchallenged and approached higher levels last week.
Friday 28th August: Technical Outlook and Review
Thursday witnessed FOMC Chairman Jerome Powell announce the Fed’s switch to target average inflation as a new strategy, which sparked extreme volatility. During the course of the day, price action spiked to the 1.19 handle and is currently settling off the 1.18 region, closely supported by August’s opening level at 1.1771 on the H4 timeframe.
Thursday 27th August: Technical Outlook and Review
EUR/USD traded mixed on Wednesday, though finished considerably off worst levels into the European close. 1.18, as you can see, survived another downside attempt on the H4, missing August’s opening level at 1.1771 by only a handful of pips.
Wednesday 26th August: Technical Outlook and Review
Europe’s shared currency pencilled in a modest upside bias Tuesday amid renewed USD selling, despite US Treasury yields circling higher. While Tuesday took EUR/USD back above 1.18, off August’s opening level at 1.1771, buyers clearly lack enthusiasm on the H4 timeframe.
