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Attachments: Weekly Top-Down Technical Analyses
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Weekly Top-Down Technical Analyses

  • #361
  • Apr 29, 2018 2:19pm Apr 29, 2018 2:19pm
GBPAUD Weekly Technical Outlook

GBPAUD has been in consolidation for a few weeks around a resistance zone. Last week, price action printed a bearish pinbar around the resistance. This indicates the likelihood of a southward disposition of price action. A likely target for bears is a retest of the support trendline (black) from the low of August 2017.

Attached Image (click to enlarge)
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On the daily time frame, price action is operating in an ascending wedge (black). However, since the beginning of 2018, price action has been respecting an inner support trendline (red) from the low of January 11, 2018. Since late March 2018, price action has been in a consolidation around the distal part of the wedge. Last week Friday, a strong bearish engulfing candlestick was printed by price action which spanned the high and low of the consolidation zone. We may expect bears to take price action further southward in the days ahead. A first target for bears is likely to be the inner support trendline (red) or the minor horizontal support around the 1.79640 area.

Attached Image (click to enlarge)
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On the H4 time frame, it can be seen that the location of recent price action is far from the mean. Therefore, we may expect a northward pullback before further southward continuation. Such a pullback is likely to target the 1.83320 area, which is around the 50 Fib zone of the bearish engulfing candlestick formed last week Friday.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_H4_29th_Apr.,_2018_Top-Down.png Size: 59 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #362
  • Apr 29, 2018 2:30pm Apr 29, 2018 2:30pm
GBPCAD Weekly Technical Outlook

In March 2018, price action on GBPCAD printed a pin-bar like pattern with a bearish tinge. This month, price action made a 61.8 Fib retracement of the printed candlestick before turning southward.

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On the weekly time frame, price action has printed a series of bearish candlesticks and bears are disposed to targeting the support trendline (navy) from the low of September 2017. The bearish candlestick printed last week was relatively bigger than those printed earlier; an indication of the intent of bears to push price action further southward in the days ahead. The horizontal support around the 1.74110 area is likely to be exposed once bears breach the support trendline.

Attached Image (click to enlarge)
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On the H4 time frame, price action has breached an ascending trendline (red) which has been acting as support. It is now operating in a descending channel (green). The momentum has been largely bearish and price action is heading toward channel support. The technicals are in support of further bearish move. However, as price action is located around a minor horizontal support (magenta) we may expect some sideways operations or a brief northward pullback before a southward continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD_H4_29th_Apr.,_2018_Top-Down.png Size: 62 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #363
  • Apr 29, 2018 3:02pm Apr 29, 2018 3:02pm
AUDUSD Weekly Technical Outlook

The AUDUSD market has been in consolidation for quite a while. On the weekly time frame, price action has been operating in an ascending channel (red) since the middle of 2016. Looking left on the W1 chart, this consolidation seems to be a complex correction of the impulsive downtrend whch began in April 2013. In the past few weeks, price action has turned southward from the middle of the channel. Last week, a bearish candlestick broke below the channel support and moved into a horizontal support zone around the 0.75250 area before it retraced a bit northward. We may expect bears to take price action further southward this week.

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On the daily time frame, price action is operating in a mini descending channel (black). The most recent price action last week Friday printed a bullish candlestick which retested the support trendline of the bigger ascending channel (red) seen on the weekly time frame. As the location of price action is far from the mean, we may expect bulls to attempt to take price action further northward, perhaps to target the next horizontal resistance around the 0.76660 area before bears could effect a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_D1_29th_Apr.,_2018_Top-Down.png Size: 57 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #364
  • Apr 29, 2018 3:06pm Apr 29, 2018 3:06pm
I am bearish on this pair but I will stay on the sidelines until price action has given up its northward retracement. I will be interested in a sell trade should price action give a setup on the H4 time frame around last week high (0.76830).

KP

Quoting KeenPips
AUDUSD Weekly Technical Outlook The AUDUSD market has been in consolidation for quite a while. On the weekly time frame, price action has been operating in an ascending channel (red) since the middle of 2016. Looking left on the W1 chart, this consolidation seems to be a complex correction of the impulsive downtrend whch began in April 2013. In the past few weeks, price action has turned southward from the middle of the channel. Last week, a bearish candlestick broke below the channel support and moved into a horizontal support zone around the 0.75250...
Do your homework, follow the footprints of smart money
  • #365
  • Apr 29, 2018 3:21pm Apr 29, 2018 3:21pm
EURUSD Weekly Technical Outlook

In January 2018, the market on EURUSD completed a 61.8 Fib retracement of the downward swing from the high of May 2014 to the low of January 2017. Presently, price action on the monthly time frame is traversing southward the 50 Fib zone. Much likely bears will be targeting the low of the bullish master/control candlestick formed in January 2018, around the 1.19160 area; and we may see further southward move in the days ahead. That area is also in confluence wth a horizontal support zone (bound by magenta horizontal lines) on the monthly time frame.

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On the weekly time frame, price action has been printing wicky candlesticks for some weeks and apparently leading to a topping pattern. Last week, price action printed a bearish candlestick that breached the topping zone southward. The candlestick also broke far below the monthly pivot around which price action has operated sideways since the beginning of the month. Apparently, bears will be tempted to maintain the impetus and may target the immediate horizontal support around the 1.19200 area. It should be noted that bulls pushed back the bearish move last week and somehow curtailed the southward momentum; leading to a longer wick on the low part of the candlestick than the upper part. However, bears had taken price action to a minor support area, around 1.20510 (magenta), before bulls intervened.

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On the daily time frame, price action has broken below a support trendline (navy) that has been been in play for quite a while. As the present location of price action is far from the mean, we may expect a pullback to an area that had served as a horizontal support for a role flip, leading to an impetus of a southward move upon turning around. Such an area is around 1.22150.

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The H4 time frame shows the most recent price action on a northward retracement. A retracement to the 1.21820/1.22150 area (bound by red horizontal lines) is much likely before a southward turnaround. The area is in confluence with the 38.2/50 Fib zone of the most recent downward swing on the daily time frame.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #366
  • Apr 29, 2018 3:32pm Apr 29, 2018 3:32pm
GBPUSD Weekly Technical Outlook

On the weekly time frame, last week, price action on the GBPUSD followed through the bearish disposition which began with a bearish pinbar two weeks ago with another strong bearish candlestick. We may expect further attempt by bears to take price action further southward in the days ahead. However, we should be wary of a suppott trendline (chocolate) which is less than 100 pips away from the location of current price action.

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On the daily time frame, price action has breached a support trendline (navy) from the low of November 3, 2017. But bears will have to contend with a series of barriers on the way down. For example, current price action is located around an ascending trendline from the high of September 2017 (green), which is acting as support. Besides, a major horizontal support is located around the 1.35710 area while the ascending trendline (chocolate) seen on the weekly time frame is a few pips below.

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On the H4 time frame, price action was moving fast southward but the momentum has decreased, judging by the spatial relationship between the short-term MAs I use. Very much likely, a northward retracement is in the offing. A pullback to retest the high of last week (sandybrown) around the 1.40269 area or the broken support trendline (navy) seen on the daily time frame to turn it to resistance, is likely to give impetus for bears for a southward turnaround.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #367
  • May 1, 2018 8:09am May 1, 2018 8:09am
Price action on GBPAUD retraced to 38.2 Fib area of the candlestick printed last week and turned around. A breach of the low of the candlestick (magenta) is likely to trigger further southward drive. This is likely to expose the minor support around the 1.79880 area (purple).

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
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Quoting KeenPips
GBPAUD Weekly Technical Outlook GBPAUD has been in consolidation for a few weeks around a resistance zone. Last week, price action printed a bearish pinbar around the resistance. This indicates the likelihood of a southward disposition of price action. A likely target for bears is a retest of the support trendline (black) from the low of August 2017. {image} On the daily time frame, price action is operating in an ascending wedge (black). However, since the beginning of 2018, price action has been respecting an inner support trendline (red) from...
Do your homework, follow the footprints of smart money
  • #368
  • May 6, 2018 2:56pm May 6, 2018 2:56pm
GBPAUD Weekly Technical Outlook

Price action on the monthly time frame on GBPAUD printed a bearish pinbar in April 2018, which resulted from a retest of the high of the candlestick printed in March. It also marked the 61.8 Fib retracement of the downward swing from the high of May 2016 to the low of October 2016. So far in May 2018, price action is printing bearish and we can expect further southward move.

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On the daily time frame, price action is operating in an ascending channel (navy) but has turned markedly southward from the midline (magenta). The bearish continuation candlestick formed last week Friday breached the channel support. Price action is currently located around a minor horizontal support. But the order flow context favours the bears and we may expect them to target the horizontal support around the 1.77290 area.

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The order flow context, with predominant bearish candlesticks, and technicals, on the H4 time frame, including the spatial relationship of the MAs and the slope of the resistance trendline (black), favour the bears.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #369
  • May 6, 2018 3:07pm May 6, 2018 3:07pm
EURJPY Weekly Technical Outlook

On the monthly time frame, price action on the EURJPY took a strong bearish tone in February 2018 with the printing of a strong engulfing candlestick that spanned abut 800 pips and erased the gains made by bulls from September 2017 to January 2018. In March and April 2018, price action retraced northward to about the 50 Fib of the bearish engulfing candlestick. The candlestick printed so far in May 2018 is bearish and is still under the control of the candlestick formed in February 2018, much likely with bears making another attempt to breach its low (around 129.780) after the candlestick formed in March 2018 failed to do so. In fact, there was an attempt made by bears to breach the low last week but bulls hindered the move. A breach of the low is likely to lead to further southward move.

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On the weekly time frame, price action is operating in an ascending channel (black). Since mid-February 2018, price action has been operating below the midline of the channel (blue). In the last two weeks of April 2018, the market consolidated around a horizontal resistance. Last week, bears pulled southward of the consolidation with a relatively big bearish candlestick which temporarily breached the channel support until bulls intervened. The location of the most recent price action is the channel support line. Given the potency of last week’s bearish candlestick, we may see bears make another attempt to breach the channel support this week. Such a move is likely to expose the minor horizontal support around 128.820.

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On the H4 time frame, the southward momentum is apparently waning. Two bullish candlesticks which formed in the latter part of last week Friday seem to portend a northward pullback; which is likely to retest a recently broken down support zone and may flip the zone as resistance. Such a zone is around 131.680/132.000 (bound by magenta horizontal lines) and is proximal to the monthly pivot. It is also in confluence with the 50/61.8 Fib zone of the downward swing from 133.550 to 129.885. However, we may see price action turn southward after a northward retracement to the 38.2 Fib zone (around 131.220), which is near the mean. The descending trendline (red) from the high of April 26, 2018 is in play and is acting as resistance.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_H4_6th_May,_2018_Top-Down.png Size: 54 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #370
  • May 6, 2018 3:23pm May 6, 2018 3:23pm
GBPUSD Weekly Technical Outlook

The GBPUSD market continued its bearish mode after a retest of the 78.6 Fib retracement of the drop from the high of June 2016 to the low of October 2016. The initial retracement peaked at the 78.6 Fib zone in the third week of January 2018, while the retest occurred three weeks ago. Last week, a support trendline (red) which had been in play for quite a while was significantly breached by price action. This is significant and it is likely to provide impetus for a bearish continuation. However, we should note that price action is presently located around a horizontal support and we may expect some struggle in terms of a sideways operation or a brief northward pullback before a southward turnaround. The next horizontal support is located around the 1.32640 area.

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On the H4 time frame, price action is respecting a resistance trendline (magenta) but the bearish momentum is waning. Therefore, we may expect a northward retracement in the early part of this week before a southward continuation. A likely zone where price action may retrace to is the breached minor horizontal support around 1.37140/1.37910 (bound by blue horizontal lines), which may be flipped as resistance.


Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #371
  • Edited 4:00pm May 6, 2018 3:30pm | Edited 4:00pm
EURUSD Weekly Technical Outlook

After a period of sideways operation in January and February 2018, the EURUSD market has continued the bearish tone started in March. On the weekly time frame, the ‘wicky’ pattern of consolidation/topping formation has given way to a bearish disposition. The bearish rejection candlestick formed two weeks ago was followed up last week with a bearish continuation candlestick. However, as price action entered a horizontal support area towards the end of last week, bulls pushed it back. Much likely, we may have some struggle between bulls and bears in the early part of this week.

Attached Image (click to enlarge)
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On the daily time fframe, price action is now located in a significant horizontal support zone (1.19860/1.18480) and we may expect a sideways behavior or a northward retracement before any further southward momentum. A likely zone which may be a target of bulls before a southward turnaround is 1.2030/1.20930 (bound by magenta horizontal lines).

Attached Image (click to enlarge)
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On the H4 time frame, price action is respecting a resistance trendline (chocolate) from April 18, 2018 high. There was a series of indecision candlesticks/sideways price action towards the end of last week which indicates a weakening of bearish momentum. A conspicuous print of a bullish pinbar towards the end of session last week Friday is indicative of the intent of bulls to take price action northward. A likely area for such a pullback is the 1.20530/1.20930 zone (bound by blue horizontal lines); a former minor support zone and which is in confluence with the 50/68.2 Fib retracement of the the most recent downward swing on the H4 time frame.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_H4_6th_May,_2018_Top-Down.png Size: 52 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #372
  • May 13, 2018 2:58pm May 13, 2018 2:58pm
AUDCAD Weekly Technical Update

The shooting star printed on AUDCAD on the monthly time frame in March 2018 was followed up by a bearish candlestick in April. Although the southward momentum is being challenged by bulls, the technicals are still in favor of bears. A likely target of bears is the horizontal support around 0.94040. This area is also around the low of the horizontal channel in which price action has been operating since 2014.

Attached Image (click to enlarge)
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On the daily time frame, price action is bearing southward and respecting an outer descending trendline (chocolate) from the high of March 15, 2018 after recently breaching an inner resistance trendline (black). The bullish candlesticks printed on Thursday and Friday last week are indicative of the intent of bulls to take price action northward, and may retest the outer descending channel (chocolate) or the breached horizontal support around 0.97050 role-flipping it for a southward turnaround.

Attached Image (click to enlarge)
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On the H4 time frame, price action is disposed northward and the order flow is under the control of buyers. This, however, is very much a temporary northward retracement as the technicals on the monthly and daily time frames are generally disposed southward. Should bulls take price action beyond the resistance trendline (chocolate) from the high of March 15, 2018, they are likely to find some hindrance around the horizontal resistance of 0.97050. A southward turnaround is likely to see bears initially target the minor horizontal support around 0.95510 before looking for a more ambitious target around 0.94040.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD_H4_13th_May,_2018_Top-Down.png Size: 55 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #373
  • May 13, 2018 3:12pm May 13, 2018 3:12pm
NZDUSD Weekly Technical Outlook

Price action on NZDUSD has been operating in a corrective channel (black) for quite a while on the monthly time frame. The big bearish candlestick formed within the channel in April 2018 was apparently a confirmation of the bearish rejection that started in February 2018 at the 50 Fib retracement of the drop from the high of July 2014 to the low of August 2015. So far, the bearish disposition has continued in May 2018 but the momentum is being hindered by bulls, judging from the nature of the candlestick so far printed this month.

Attached Image (click to enlarge)
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On the daily time frame, price action has rejected the horizontal channel (magenta) where it has been operating between February and April 2018. A rejection pinbar was formed last week Thursday which was followed on Friday by a bullish candlestick, and we may expect a northward pullback in the early part of this week. A likely area price action can retrace to is the minor resistance around the 0.70380 area.

Attached Image (click to enlarge)
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On the H4 time frame, price action is operating in a descending channel (chocolate) but currently located around the distal part of the channel. The most recent printing of candlesticks are largely in favour of a northward move, which is in line with the daily time frame. As the current location of price action is just 25 pips away from channel resistance, we may expect price action to target the minor horizontal resistance around the 0.70400 area before a southward turnaround. We should note a descending trendline (black) from the high of April 13, 2018 is in play and is likely to act as resistance along the way.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD_H4_13th_May,_2018_Top-Down.png Size: 57 KB


I may be wrong. Trade safe and prosper

KP
Do your homework, follow the footprints of smart money
  • #374
  • May 13, 2018 3:52pm May 13, 2018 3:52pm
EURUSD Weekly Technical Outlook

The EURUSD market has been southward for quite a while but it seems the momentum has waned. On the weekly time frame, three weeks ago, price action broke down a consolidation zone that has been in place since February 2018. Two weeks ago, price action retested the zone before it turned around for over 250 pips southward but bulls pushed it a bit northward. Last week, a long-tail doji was printed by price action. This is an indication of a slow down in southward momentum although further southward move cannot be ruled out. Price action has breached a support trendline (navy) and the technicals are still in favour of bears.

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On the daily time frame, price action has been in a southward mode since April 20, 2018. Last week Thursday and Friday, bulls pushed price action northward in retracement. We are likely to see bulls take price action further northward before a southward turnaround. A likely target of such a northward retracement is the 1.20540 area.

Attached Image (click to enlarge)
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On the H4 time frame, price action has turned northward and a support trendline (magenta) is in play. However, this is likely a temporary retracement given the bearish disposition of price action on the weekly time frame. A break of the support trendline on at least a four-hourly closing basis may flip it to resistance and give impetus to a southward turn around. An initial target of bears is the minor horizontal support around the 1.18210 area.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_H4_13th_May,_2018_Top-Down.png Size: 50 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #375
  • May 20, 2018 3:49pm May 20, 2018 3:49pm
EURCAD Weekly Technical Outlook

The southward move on the EURCAD since March 2018 has stalled as price action entered a congestion area.

On the weekly time frame, last week price action formed a pinbar which was in favour of bulls and we can expect a northward pullback this week. The 1.53190 area, around the high of last week’s candlestick, is likely to be a target of such a pullback. However, this is likely to be temporary and a southward turnaround is likely to see bears target the horizontal support around the 1.48925 area.

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On the daily time frame, price action is respecting a resistance trendline (black) from the high of March 2018. A retest of the trendline, perhaps around the 1.53540 area, which is confluence with a broken down horizontal support zone, is likely to role flip it for a southward momentum.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #376
  • May 20, 2018 3:54pm May 20, 2018 3:54pm
GBPUSD Weekly Technical Outlook

The high of the control bullish candlestick formed on the monthly time frame on the GBPUSD in January 2018 was tested in April. Price action in May 2018 is currently located at the low of the January 2018 candlestick and is inching towards taking it off. Between February and April 2018, price action was sideways and operated in a horizontal channel. That the channel support has been breached southward by the bearish move since the beginning of May is indicative of the intent of sellers to take price action to the next horizontal support around the 1.32510 area.

Attached Image (click to enlarge)
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On the weekly time frame, price action has rejected a support trendline (black) from the low of January 2017. A bearish pinbar was formed around a horizontal resistance zone last week and we may expect a bearish continuation this week. The 1.32640 area is likely to be a target of bears.

Attached Image (click to enlarge)
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On the daily timeframe, the series of wicky candlesticks formed since two weeks’ ago produced a consolidating horizontal channel with a bearish tone. The bearish tone could be seen in the candlesticks formed on Thursday and Friday last week, leading to the break of a support trendline (black) seen on the weekly time frame. Although there is technical support for further southward move this week, price action may pullback to retest the high of the pinbar formed on Thursday last week (around 1.35620) or even last week’s high (around 1.36240) before a southward turnaround.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #377
  • May 20, 2018 4:01pm May 20, 2018 4:01pm
EURUSD Weekly Technical Outlook

The southward movement of price action on the EURUSD stalled towards the end of last week when it entered a horizontal support zone around the 1.17480 area. A bearish rejection of that zone this week on a daily closing basis is likely to give impetus to further southward momentum. The 1.15820 area is likely to be an easy target for bears and they may be more ambitious to expose the 1.13800 handle. Last week, price action printed a strong bearish continuation candlestick on the weekly time frame but towards the end of the session bulls curtailed the move. We may see some struggle between bulls and bears in the early part of this week, perhaps with a brief northward pullback, before a southward turnaround.

Attached Image (click to enlarge)
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From the daily time frame, it can be seen that price action is bearing south but with reduced momentum, given the mix of candlesticks and the slope of the two MAs. Besides, the location of price action is a bit far from the mean area and we are likely to see a northward pullback in the early part of the week. Such a northward pullback may be to the 1.19060/1.19340 area (bound by horizontal magenta lines), a recently broken support area which may experience a role flip for a southward continuation.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #378
  • May 20, 2018 4:11pm May 20, 2018 4:11pm
I am bearish on this pair. However, I will wait for price action to pull back northward to a significant area of value, perhaps to around 1.35620/1.36240, before looking for a sell trading opportunity.

KP

Quoting KeenPips
GBPUSD Weekly Technical Outlook The high of the control bullish candlestick formed on the monthly time frame on the GBPUSD in January 2018 was tested in April. Price action in May 2018 is currently located at the low of the January 2018 candlestick and is inching towards taking it off. Between February and April 2018, price action was sideways and operated in a horizontal channel. That the channel support has been breached southward by the bearish move since the beginning of May is indicative of the intent of sellers to take price action to the...
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  • #379
  • May 27, 2018 3:04pm May 27, 2018 3:04pm
EURJPY Weekly Technical Outlook

Price action on the EURJPY on the monthly time frame is operating in a wedge pattern (magenta). In May 2018, the EURJPY market has continued its southward disposition after a 50 Fib retracement of the bearish move that began in February 2018. We may expect the strong bearish continuation candlestick so far printed in May to extend to the 125.820 area, near the origin of an upward rally in June 2017.

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On the weekly time frame, price action has continued bearish after the 50 Fib retracement of the drop from the high of January 2018 to the low of March 2018. The bearish continuation candlestick printed last week was from the high of the indecision candlestick formed a week earlier and moved strongly southward to breach the immediate horizontal support; it was barely restrained by bulls towards the end of the session. Given the strong intent of bears, we may see them target the 125.820 area after breaching the threatened support around the 127.100 area.

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On the H4 time frame, recent price action broke below a horizontal channel (between 129.470/131.300) where it has operated for the most part of May 2018. The bearish drive has been strong and this is likely to continue to the end of this week, particularly to offer MMs the opportunity to take profit or balance their books for the month. We may have a brief northward pullback but technically the bears are largely in control. An emerging descending trendline (black) may be activated to validate and give impetus to the southward drive.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #380
  • May 27, 2018 3:23pm May 27, 2018 3:23pm
EURUSD Weekly Technical Outlook

The bearish disposition continues on the EURUSD market. Last week, a strong bearish continuation candlestick formed on the weekly timeframe. It was apparent that bears were targeting the horizontal support around the 1.15820 area which was last traversed northward in November 2017. As this is less than 50 pips southward, a more ambitious target for bears is likely to be the 1.14060 area but we will be having some bounces along the way. An ascending trendline (black) from the low of January 2017 is likely to act as support.

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On the H4 time frame, price action retested a breached minor horizontal support around the 1.17420 area on Thursday to flip it as resistance. Besides, as its current location is close to the mean we may expect further southward move before any pullback. The next horizontal support, around the 1.15820, is handy for bears. Thereafter, we may see some sideways operation or brief pullback before impetus for a southward momentum materializes. A resistance trendline (magenta) from the high of April 19, 2018 is in play.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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