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Weekly Top-Down Technical Analyses

  • #821
  • Dec 15, 2019 2:45pm Dec 15, 2019 2:45pm
GBPAUD Weekly Technical Outlook

The GBPAUD market is disposed northwards. On the weekly time frame, market operation is within a rising channel (black) and bulls are heading towards the channel resistance trendline. The bullish candlestick printed last week nestled at the channel resistance trendline but ended up with shadows at both ends. Should bulls breach the channel resistance trendline northwards, they will have to contend with the 1.96050 horizontal resistance area.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDWeekly_December 15, 2019.png Size: 145 KB


On the daily time frame, market operation has seen an increase in bullish momentum since price action rejected an outer rising trendline (green) traceable to July 2019 to respect an inner rising trendline (blue) from more recent higher lows. The candlestick printed last week Friday broke and closed above the rising channel (black) seen on the weekly time frame. However, its upper shadow is an indication of a weakness in bullish momentum. But, should there be a bullish follow through in the early part of this week, the 1.96050 area (red) is a potential horizontal resistance.

Attached Image (click to enlarge)
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The H4 time frame shows a northward gap of price action above the inner trendline (blue) seen on the daily time frame owing to the UK General election. A bearish correction was being initiated immediately after the election but we have to await the early part of this week for clarity of price action.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDH4_December 15, 2019.png Size: 111 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #822
  • Dec 15, 2019 2:53pm Dec 15, 2019 2:53pm
EURJPY Weekly Technical Outlook

The EURJPY is bullish in mode but market operation is still disposed southwards overall. On the weekly time frame, bulls are taking market operation northwards towards the resistance trendline of a falling channel (black). Last week, price action printed a bullish candlestick with an upper tail which nestled at the channel resistance line; the upper tail indicating a weakness in bullish momentum. However, should bulls breach the channel resistance trendline northwards, they will have to contend with a horizontal channel that spans the 123.210/124.770 zone (bound by red horizontal lines). But failure of price action to break out of the falling channel will result in a southward drive within the channel.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYWeekly_December 15, 2019.png Size: 135 KB


On the daily time frame, recent price action is operating in a rising channel (blue) within the larger falling channel (black) seen on the weekly time frame. Last week Friday, a long upper-tailed indecision candlestick was printed below the intersection of the falling channel resistance trendline and the rising channel resistance trendline. The area is also in confluence with the 123.210 horizontal resistance and the 61.8 Fib retracement zone of the dominant down leg from April 18, 2019. It is technically an area susceptible to potential southward turnaround of price action.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYDaily_Decemberv15, 2019.png Size: 137 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #823
  • Edited 3:55pm Dec 15, 2019 3:27pm | Edited 3:55pm
USDJPY Weekly Technical Outlook

The USDJPY market is still consolidating. On the weekly time frame, market operation is within a falling channel (black). Presently, price action is at the channel resistance trendline and in a location which is in confluence with the 109.340 horizontal resistance. The area has experienced a sideways of price action for the last three weeks. Are we going to see a southward turnaround to within the falling channel this week or will there be a breakout of price action above the channel?

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYWeekly_December 15, 2019.png Size: 142 KB


On the daily time frame, recent price action is within a rising wedge (blue) within the larger falling channel (black) seen on the weekly time frame. Bulls have taken market operation northward towards the wedge resistance trendline and some pips below the resistance trendline of the larger falling channel (black). Last week Friday, a long doji-like candlestick was printed just below the wedge resistance trendline and at the 109.340 horizontal resistance area. How price action handles the area in the early part of this week should be watched. We may have some sideways of price action in the area before any directional clarity. Although I am looking for a bearish turnaround, I will await a confirmatory price action on a daily closing basis.

Attached Image (click to enlarge)
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On the H4 time frame, price action is presently disposed southwards within the rising wedge (blue) seen on the daily time frame but still located a few pips below the wedge resistance trendline. This is indicative of a potential southward turnaround. But a sell trade is not likely to be feasible without a retest of the 109.540/109.630 horizontal resistance zone (bound by magenta horizontal lines). I am bearish USDJPY.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4_2_December 15, 2019.png Size: 142 KB


I may be wrong. Trade safe and prosper.

KP

Apologies for the earlier H4 chart (now updated); my platform did not fully load initially.

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #824
  • Dec 15, 2019 3:58pm Dec 15, 2019 3:58pm
GBPUSD Weekly Technical Outlook

The uncertainty surrounding the UK General Election that kept the GBPUSD sideways for long was resolved last week Thursday, and, immediately, the market went for a bullish spike to a multi-year high around the 1.35140 area. After a sprint to the 1.35140 area, market operation ended last week with a bullish print that closed at the 1.33290 zone; which was a former multi-year horizontal resistance. We should await how the market handles the zone in the early part of this week.

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On the daily time frame, the market is overextended and is due for a pullback, perhaps, to the 1.31850 zone initially; it was the area of the recent strong rally northwards.

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The rising trendline (magenta) from recent swing lows on the H4 time frame is rather acute and susceptible to a breakdown. A significant break below it and the structural low around 1.31200 on a daily closing basis will likely lead to a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_December 15, 2019.png Size: 110 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #825
  • Dec 15, 2019 4:07pm Dec 15, 2019 4:07pm
EURUSD Weekly Technical Outlook

The EURUSD market is rather ambivalent. On the weekly time frame, recent price action is ranging within the 1.09590/1.11650 zone (bound by red horizontal lines). Last week, market operation printed a bullish candlestick which pierced the upper boundary of the zone but retracted to close 35 pips below it to end up with an upper shadow, which indicates a slowdown of bullish momentum. A bigger outlook is seen in a falling trendline (black) from the high of May 2018, which was respected by the last weekly close. Apparently, any bullish move may be hindered unless the zone is significantly breached northwards.

Attached Image (click to enlarge)
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On the daily time frame, price action printed a long, upper-tailed doji-like candlestick below the 1.11650 area last week Friday, and it respected the falling trendline (black) seen on the weekly time frame. This is an indication of a weakness in bullish momentum. Recent technical patterns on the daily time frame support the likelihood of a bearish follow through.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_December 15, 2019.png Size: 148 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #826
  • Dec 22, 2019 2:03pm Dec 22, 2019 2:03pm
The upcoming holidays pose serious liquidity challenges and the technicals can be particularly flimsy. I will be analyzing only a few pairs this week. There is nothing particularly spectacular to be expected until sometime in January 2020.

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #827
  • Dec 22, 2019 3:02pm Dec 22, 2019 3:02pm
AUDUSD Weekly Technical Outlook

The AUD USD is generally disposed southward but the short-term momentum favours bulls. On the weekly time frame, a falling trendline (red) traceable to February 2018 has been breached northward and market operation is presently at the 0.69990 horizontal resistance zone (magenta). The zone was rejected for a southward move seven weeks ago and it is presently being retested. It is in confluence with the 61.8 Fib retracement of the downleg from 0.70564 to 0.66760. We may see a southward turnaround of price action at the zone. However, any significant bullish breach of the zone may see price action target the next horizontal resistance around 0.70300 (purple).

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDWeekly_December 22, 2019.png Size: 133 KB


On the daily time frame, a double top formation by recent price action can be seen at the 0.69990 zone. Last week Friday, the market printed an indecision candlestick at the second top formation, indicating a slowdown of bullish momentum. Nevertheless, we may see a brief northward move before any bearish turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDDaily_December 22, 2019.png Size: 139 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #828
  • Dec 22, 2019 3:42pm Dec 22, 2019 3:42pm
GBPUSD Weekly Technical Outlook

The bearish candlestick printed on the GBPUSD weekly time frame last week nestled a few pips to the significant 1.29400 horizontal support zone (green). Technically, we may expect a sideways or northward retracement of price action before any serious bearish attempt to tackle the zone.

Attached Image (click to enlarge)
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On the daily time frame, a rising trendline (red) is acting as resistance to recent price action. A long upper-tailed doji-like candlestick was printed at the trendline on Friday, indicating a pause in bearish drive which may result in a brief northward pullback. But a significant breakdown of the trendline on a daily closing basis will likely give confidence to bears to aim for a southward drive.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_December 22, 2019.png Size: 109 KB


On the H4 time frame, presently, price action is disposed southward. But given the relatively small candlesticks recently printed after an initial bearish strength, we may have a northward pullback before any further bearish drive. A likely area which a northward pullback may target is the 1.31000 immediate horizontal support turned resistance or, by extension, the 1.31000/1.32100 zone (bound by magenta horizontal lines).

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_December 22, 2019.png Size: 95 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #829
  • Dec 22, 2019 3:57pm Dec 22, 2019 3:57pm
EURUSD Weekly Technical Outlook

The EURUSD market keeps grinding slowly southward. On the weekly time frame, presently, price action has rejected the 1.11650 horizontal resistance zone (red) southwards after a bullish retest two weeks ago. The zone was initially rejected seven weeks ago. However, the rejecting, bearish candlestick printed last week is miniature in size and has a shadow at both ends – indicating a struggle with bulls.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly_December 22, 2019.png Size: 116 KB


On the daily time frame, price action has broken below the 1.11650 zone (red) and is presently at the 1.10790 horizontal support zone (magenta), which a relatively big bearish candlestick pierced on Friday but failed to breach. Nevertheless, a significant breakdown of the zone on a daily closing basis will likely give impetus to a bearish continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_December 22, 2019.png Size: 132 KB


On the H4 time frame, price action printed a bullish candlestick at the close of the last session on Friday from a few pips below the 1.10790 area (magenta) and inched a bit above it. Any bullish follow-through in the early part of this week may see a retracement to the 38.2/61.8 Fib zone of the recent bearish impulsive move, which is at the 1.10950/1.11110 zone (bound by purple horizontal lines). Thereafter, we may see a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_December 22, 2019.png Size: 112 KB


I may be wrong.Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #830
  • Dec 29, 2019 2:54pm Dec 29, 2019 2:54pm
I will not be trading this week but I have analysed some pairs here for information purpose and to give an idea of potential market plays. I wish all members of the FF community a successful and rewarding year 2020.


KP
Do your homework, follow the footprints of smart money
  • #831
  • Dec 29, 2019 3:06pm Dec 29, 2019 3:06pm
USDCAD Weekly Technical Outlook

The USDCAD has been consolidating within the 1.30090/1.33230 horizontal channel (purple) since July 2019. On the weekly time frame, presently bears are taking market operation towards the lower boundary of the channel and the technicals are in support of further bearish move.

Attached Image (click to enlarge)
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On the H4 time frame, bulls attempted a northward push towards the end of last week Friday’s session. Nevertheless, such a move is not likely to last as the daily time frame is generally disposed southward. A falling trendline (blue) from recent highs is still in play and may act as resistance to any further bullish ambition.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4_December 29, 2019.png Size: 123 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #832
  • Dec 29, 2019 3:14pm Dec 29, 2019 3:14pm
EURNZD Weekly Technical Outlook

The EURNZD market is disposed southward. On the weekly time frame, price action has broken below the 78.6 Fib zone (red) of the downleg from the high of 1.79250 to the low of 1.63270. Presently, market operation is at the 1.66720 S/R area; where we may have a sideways of price action. However, the technicals favour a southward continuation thereafter. For example, the sideways of price action experienced three weeks ago had a bearish follow-up but the bearish momentum declined as it approached the 1.66720 horizontal support zone. An initial target of any bearish drive is the 1.64050/1.63360 horizontal support zone.

Attached Image (click to enlarge)
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The daily time frame shows that a northward retracement of price action was initiated last week Friday. A possible target of such a retracement is the 1.68550/1.69500 area, where the most recent major sideways of price action took place. Besides, the falling trendline (black) is likely to act as a resistance.

Attached Image (click to enlarge)
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Price action on the H4 time frame is respecting a minor falling trendline (magenta) from recent highs. But any northward breach of the trendline will have to contend with the major trendline (black) seen on the daily time frame. At any rate any such movement is likely to be temporary in nature and will give way to a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: EURNZDH4_December 29, 2019.png Size: 110 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #833
  • Dec 29, 2019 3:29pm Dec 29, 2019 3:29pm
GBPUSD Weekly Technical Outlook

The GBPUSD market is operating in a positive mode but with limited momentum. On the monthly time frame, market operation has rejected northwards a falling trendline (blue) traceable to September 2013. However, the northward momentum has declined after the UK General Election surge of price action to the horizontal resistance zone around 1.35140 (red). Thereafter, a southward mode was initiated as bears drove market operation southward to the 1.30770 horizontal S/R area where the drive was resisted by bulls.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDMonthly_December 29, 2019.png Size: 114 KB


On the weekly time frame, two weeks ago, price action printed a relatively big bearish candlestick to retest the significant 1.29820/1.28480 horizontal congestion area (bound by purple horizontal lines), near the breached falling trendline (blue) seen on the monthly time frame. Last week, the market printed a relatively small bullish candlestick from the zone. But this candlestick is not significant enough to flip the zone for a bullish drive and we may have to await further price action.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_December 2019.png Size: 137 KB


On the daily time frame, price action is on a northward mode but located near the 1.31190/1.32000 horizontal resistance zone (bound by magenta horizontal lines). So, we have to await further price action in the area.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_December 29, 2019.png Size: 117 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #834
  • Dec 29, 2019 3:49pm Dec 29, 2019 3:49pm
EURUSD Weekly Technical Outlook

The EURSUD market is generally disposed southward on the monthly time frame (blue falling trendline). And the July 2019 downleg is still influential. However, presently, market operation is on the positive mood around its 61.8 Fib retracement zone (purple) and the 1.12560 area (magenta) represents the 78.6 Fib retracement, which may be a target of any further bullish move. However, as the market is generally bearish, that area may see a southward turnaround; also the minor falling trendline (green) may act as resistance. But any significant break above the 1.13650 area (red) may lead to further bullish momentum

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDMonthly_December 29, 2019.png Size: 136 KB


Price action on the weekly time frame is around the 1.12000 area (purple), a significant horizontal area which has been tested several times in the recent past and price action ranged below the area in the past three weeks. Last week, the market printed a bullish candlestick which touched the area but retraced, indicating a struggle with bears. We may see further struggle in the area in the early part of this week. Any bullish advantage may see bulls target the high of the bullish candlestick printed 21 weeks ago, which is around 1.12560 (magenta).

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly_December 29, 2019.png Size: 127 KB


On the daily time frame, price action has broken above a falling trendline (black) traceable to August 2018. Last week Friday, market operation printed a relatively strong bullish candlestick above the trendline. Presently, price action is located around the 61.8 Fib retracement zone of the southward drop from the high of June 25, 2019 to the low of October 1, 2019. Looking left, we can see that the area has seen a lot of topping formation and, technically, we may have a bearish challenge to any further bullish drive. Very much likely, any further bullish move will not go far; perhaps not beyond the 1.12560 zone (magenta), which is proximal to the 78.6 Fib zone of the June 25, 2019 southward drop.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_December 29, 2019.png Size: 153 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #835
  • Jan 5, 2020 2:44pm Jan 5, 2020 2:44pm
EURCAD Weekly Technical Outlook

The southward move of market operation on the EURCAD from June 2019 experienced a 61.8 Fib retracement in August of the same year. On the monthly time frame, after a bullish move in October 2019, market operation rejected the 1.46880 horizontal resistance area (purple) and is disposing southward. Besides, the market is operating below a rising trendline (red) traceable to August 2012 after breaching it southward in July 2019.

Attached Image (click to enlarge)
Click to Enlarge Name: EURCADMonthly_January 5 2020.png Size: 145 KB


Price action on the weekly time frame is consolidating. Presently, it is at the 1.45100 horizontal support zone and we may see a slowdown in bearish movement. But, technically, bears are supported to maintain a strong influence in the market; which may expose the significant 1.41890 horizontal support zone (magenta) within a few weeks.

Attached Image (click to enlarge)
Click to Enlarge Name: EURCADWeekly_January 5 2020.png Size: 147 KB


On the daily time frame, price action is largely sideways within a rising channel (blue) but technically we are in a bearish environment. A significant breakdown of the channel on a daily closing basis will likely give way to a bearish continuation.

Attached Image (click to enlarge)
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On the H4 time frame, price action has broken below the rising channel (blue) seen on the daily time frame. However, it printed bullish candlesticks in the last three sessions on Friday, and we may see a northward retracement to an area of value before a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: EURCADH4_January 5 2020.png Size: 125 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #836
  • Jan 5, 2020 2:58pm Jan 5, 2020 2:58pm
GBPCAD Weekly Technical Outlook

The southward drop of GBPCAD market operation from the high of June 2016 to the low of October 2016 saw a series of bottoming formation before a 78.6 Fib retracement in March 2018. Since then, market operation has rejected the 78.6 Fib zone and the 61.8 Fib zone (which was retested several times). Last month, a long upper-tailed doji-like candlestick, call it a bearish pinbar or shooting star, was printed in final rejection of the 61.8 Fib zone with the lower part nestling around the 38.2 Fib zone. Technically, this favours a southward disposition of the market but we have to see what obtains on the weekly time frame.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADMonthly_January 5 2020.png Size: 128 KB


On the weekly time frame, bears have dominated market operation in the past three weeks. The strong bearish drop of three weeks ago will, however, require stronger follow-through this week for price action to break below the 1.70130/1.67160 congestion zone for any bearish momentum to be sustainable.

Attached Image (click to enlarge)
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On the daily time frame, price action is operating within a rising channel (red) and presently disposed southwards near the channel support trendline. Price action has to break down the channel support trendline and, perhaps, the 1.68690 horizontal support zone before we can have confidence in a bearish momentum. Otherwise, we may have sideways of price action and even a northward retracement this week.

Attached Image (click to enlarge)
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The H4 time frame offers some technical clarity as bulls are presently taking price action further northward within the rising channel (red) seen on the daily time frame. Technically and looking at the recent order flow context, this is potentially a temporary move and we may see a southward turnaround soon.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADH4_January 5 2020.png Size: 117 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #837
  • Edited 3:33pm Jan 5, 2020 3:10pm | Edited 3:33pm
USDCAD Weekly Technical Outlook

After a bearish move in June 2019, the USDCAD market went into consolidation for five months. In December 2019, the market printed a bearish continuation candlestick on the monthly time frame. Based on the recent technical pattern on the monthly time frame, we may expect market operation to retest the low of the bullish candlestick printed in October 2018, which is around 1.27810.

Attached Image (click to enlarge)
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On the weekly time frame, market operation has broken down a rising trendline (red) traceable to September 2017 and is presently within a falling channel (blue). It is disposed southward within the channel where it is located at the 1.30050 horizontal support. The candlestick printed last week has a lower shadow, indicating that bulls were resisting the influence of bears in the area. But we may expect a bearish continuation if price action breaks down the zone. Alternatively, a bullish influence of price action may attempt a retest of the broken down rising trendline (red) or the channel resistance trendline.

Attached Image (click to enlarge)
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On the daily time frame, the order flow context favours bears but, on Friday, bulls attempted a northward retracement of price action. Technically, this is temporary in nature and we can expect bears to seize control of the market upon retracement of price action to an area of value; such an area of value is the 1.30260/1.30890 minor horizontal resistance zone (bound by magenta horizontal lines) or the broken down rising trendline (red).

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily_January 5 2020.png Size: 144 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #838
  • Jan 5, 2020 3:24pm Jan 5, 2020 3:24pm
USDJPY Weekly Technical Outlook

The 104.540 area is a significant horizontal support zone on the USDJPY market. The technical pattern on the monthly time frame, with squeezing of price action along a falling triangle (red), points to an attempt by bears to target the zone. Apparently, a bearish environment is at play on the monthly time frame.

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On the weekly time frame, price action has made a 78.6 Fib retracement of the bearish drop from 113.514 to 104.540. It later attempted a bullish drive but failed to go beyond the 50/61.8 Fib zone. This zone witnessed a sideways of price action for a few weeks but it was breached southwards with a bearish print last week. Nevertheless, we may still have a sideways of price action, if not a brief pullback, as the present location, 108.100 is a horizontal support zone with a confluence of factors; e.g. a psychological round number and the 38.2 Fib zone of the bearish drop earlier mentioned. Thereafter, we can expect bears to attempt a southward drive.

Attached Image (click to enlarge)
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On the daily time frame, market operation has significantly broken down a rising wedge (blue) and we can expect bears to influence a southward continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily_January 5 2020.png Size: 125 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #839
  • Jan 5, 2020 3:38pm Jan 5, 2020 3:38pm
GBPUSD Weekly Technical Outlook

The GBPUSD market is under a bearish pressure following the northward rally on the UK GE. On the monthly time frame, market operation printed a bullish candlestick with a significant upper shadow in December 2019, indicating bearish resistance to the bullish drive.

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The topping candlesticks printed on the weekly time frame four and three weeks ago showed a bearish design to contain the northward rally seen in the earlier sessions. Last week, price action printed a doji-like candlestick with a long upper shadow, a further indication that bears are exercising more pressure to influence the market, particularly given the fact that a bullish candlestick was printed two weeks ago. Presently, price action is located at the 1.30810 horizontal support zone and we can expect either a sideways or a brief pullback of price action before bears continue their pressure.

Attached Image (click to enlarge)
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On the daily time frame, the evening star formation in mid-December 2019, had a follow-through for a southward drive to the 1.29140 area on December 23, 2019. Thereafter, bulls attempted a retracement to the 61.8/78.6 Fib zone before a southward turnaround. Since then, price action has disposed southward but the market is still in a bullish environment. Although it will take a significant break below the 1.29140 area for a bearish environment to kick in, technically we can expect bears to maintain the current pressure.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_January 5 2020.png Size: 116 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #840
  • Jan 5, 2020 3:48pm Jan 5, 2020 3:48pm
EURUSD Weekly Technical Outlook

The EURUSD market is consolidating along a falling channel (blue) on the monthly time frame. In December 2019, market operation printed a bullish candlestick that broke above the 1.11600 area which had hindered bullish momentum since August 2019.

Attached Image (click to enlarge)
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The weekly time frame shows the market operating within an inner falling channel (red). Two weeks ago, price action printed a bullish candlestick that broke above the channel resistance trendline. But an indecision candlestick was printed last week, indicating a slowdown of bullish momentum.

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On the daily time frame, price action printed bullish candlesticks on Tuesday and Wednesday last week that took market operation above the resistance trendline of the falling channel (red) seen on the weekly time frame. But on Thursday and Friday, bears resisted the move with the printing of bearish candlesticks taking price action back to within the falling channel (red). However, the bearish candlestick printed on Friday retraced northwards to nestle on the channel resistance trendline, resulting in being a long lower-tailed candlestick; indicating that bulls are still influential in the market. We should await how price action handles the area in the early part of this week.

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I may be wrong. Trade safe and prosper.

KP
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