September 9th 2021: Technical Market Insight

September 9th 2021: Technical Market Insight, FP Markets

Charts: Trading View


Technical observations out of the monthly chart reveal large-scale support at $1.1816-1.1299, though prime support rests at $1.1473-1.1583 which happens to share chart space with a 100% Fib projection at $1.1613. This echoes a technically bullish picture, placing the retracement slide on the daily timeframe from late July tops at $1.1909ish in question. North of $1.1909, buy-stops could fuel moves to prime resistance at $1.2115-1.1990, a place active sellers may reside.

Shorter-term flow has H4 shaking hands with demand at $1.1783-1.1810, following a three-day long decline from $1.1939-1.1902 supply. The chart has labelled this area as brittle, as prime support inhabits the $1.1764-1.1776 neighbourhood and sell-stops beneath the aforementioned demand could help fuel willing $1.1764-1.1776 bids. In conjunction with the H4, the H1 chart centres its attention on $1.18. Although $1.18 joins hands with a 61.8% Fib retracement and a 1.618% Fib projection at $1.1797, the Quasimodo resistance-turned support at $1.1775 (which converges with prime H4 support at $1.1764-1.1776) is positioned to welcome any $1.18 whipsaw.

September 9th 2021: Technical Market Insight, FP Markets


According to the weekly timeframe, August dipped a toe in prime support at $0.6968-0.7242—an area encouraging a two-week bullish phase. Despite this week turning lower, chart studies point to $0.7849-0.7599 as a potential upside objective. Consequently, further upside could be in the offing. Interestingly, from the daily timeframe, prime resistance made an entrance at $0.7506-0.7474 and recently hit its support target at $0.7286-0.7355. This could see longer-term movement attempt to scale through stacked supply between $0.7617 and $0.7408 to $0.7621: a Quasimodo support-turned resistance.

Against the backdrop of the bigger picture, the H4 scale, as expected, took hold of the lower side of the decision point from $0.7395-0.7410. Stacked demand is close by between $0.7282 and $0.7343, though prime support rests at $0.7236-0.7266. Lower on the curve, the H1 timeframe shows what appears feeble demand at $0.7331-0.7350, open to a possible whipsaw into prime support from $0.7310-0.7322, which is joined by a decision point at $0.7307-0.7324. A $0.7331-0.7350 whipsaw to $0.7310-0.7322 would be in line with the daily timeframe ‘hitting target’ and possibly reversing, as well as monthly direction.

September 9th 2021: Technical Market Insight, FP Markets


The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.

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Source - database | Page ID - 22162

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