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

  • #1,201
  • Apr 11, 2021 2:56pm Apr 11, 2021 2:56pm
USDCAD Weekly Technical Outlook

The USDCAD market is still in a bearish mode after the bearish breakdown of the 1.28100/1.27050 consolidation area (red) in March. On the monthly time frame, the March market operation surged to the near boundary of the 1.23170/1.21690 horizontal support area (green) before retracing from it. Technically, we may expect bears to make further, and determined, attempt to expose the area.

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There was a recent northward pullback on USDCAD the weekly time frame. However, recent technical patterns on the USDCAD weekly time frame favour a bearish continuation. This may start with the breaching of the 1.246160 minor horizontal support area (light green) in the early part of this week.

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On the daily time frame, price action is in a falling wedge (magenta). Presently, price action is sideways, but the general technical mode is bearish. Bears seized the initiative on Thursday after price action got to the wedge resistance trendline. The bearish inverted hammer-like candlestick printed on Friday technically portends a bearish continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily_Apr 11, 2021.png Size: 44 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,202
  • Apr 11, 2021 2:59pm Apr 11, 2021 2:59pm
USDJPY Weekly Technical Outlook

The USDJPY market is still bullish, but it is seeing an increase in bearish pressure. On the monthly time frame, the bullish tone that started in January was sustained throughout February and March. Meanwhile, the interim candlestick print in April has favoured bears. However, the liquidity in the ‘wicky’ 111.50/112.72 horizontal resistance zone (red) may be of interest to the market, favouring a bullish charge.

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The order flow context on the USDJPY weekly time frame favours bulls. Although a relatively big bearish candlestick was printed last week, it failed to break below the low of the equivalent bullish candlestick printed two weeks ago. This, technically, indicates that the USDJPY market is presently in a sideways mode. We may see bears make another attempt to re-test the 109.10/108.80 consolidation zone (green) in the early part of this week, but a bullish turnaround is technically more likely thereafter given the dominant positive order flow context.

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USDJPY price action on the daily time frame is still in a bullish market structure. Although price action has broken below an inner rising trendline (blue), the bullish candlestick printed on Friday kicks off its respect of a middle rising trendline (magenta), while an outer rising trendline (red) traceable to January 2021 is still intact. Despite recent bearish candlestick prints indicating a significant bearish pressure, technically, the ‘wicky’ areas above the present location of price action may incentivize bulls to aim for some liquidity grab. This may result in further bullish move before any significant bearish pullback.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily_Apr 11, 2021.png Size: 47 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,203
  • Apr 11, 2021 3:16pm Apr 11, 2021 3:16pm
GBPUSD Weekly Technical Outlook

Recently, the bearish pressure on the GBPUSD market has diminished. On the monthly time frame, market operation saw an increased bearish pressure in February limiting a bullish candlestick to produce marked shadows at both ends. A bearish candlestick was printed in March, signposting the intent of bears to exert further pressure in the market. But the pressure was not sustained as the resulting candlestick printed in March was relatively small and lacked directional potency. Meanwhile, the interim candlestick print in April is ambivalent, indicating a market operation in a sideways mode. Technically, on the monthly time frame, the GBPUSD market is still operating in an area of historical consolidation – the 1.40420/1.36640 area (red).

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GBPUSD market operation on the weekly time frame is presently sideways. The candlestick printed in the last three weeks have been mixed although bears have a slight edge, having printed two relatively bigger candlesticks as opposed to the bullish breaker candlestick printed two weeks ago. The recent technical pattern shows a consolidation area immediately above the present consolidation area, indicating lack of directional momentum in the market. Technically, it is advisable to await what the market does in the early part of this week before making directional commitment.

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On the daily time frame, on Friday, price action surged southwards to the minor horizontal support around 1.36640, printing a hammer-like candlestick in the area. This was a change in bearish potency, a change which began on Thursday with a doji-like print after there had been two relatively big bearish candlesticks printed on Tuesday and Wednesday. Very much likely we may see a bullish pullback to an area of value, say the 1.38380/1.38820 area (magenta), before any southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Apr 11, 2021.png Size: 39 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,204
  • Apr 11, 2021 3:34pm Apr 11, 2021 3:34pm
EURUSD Weekly Technical Outlook

The EURUSD market is in a sideways mode. On the monthly time frame, the interim April candlestick, being bullish, is in opposition to the bearish operation that dominated in March. Meanwhile, the 1.170460 area (green) is holding as a horizontal support on the monthly time frame.

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EURUSD market operation took on a bullish tone on the weekly time frame with the printing of a relatively big bullish candlestick last week after the printing of a hammer-like candlestick at the 1.170460 horizontal support area (green) two weeks ago. The technical patterns of recent candlestick prints show some liquidity northward of the present area of market operation, and we may see the market make a bullish move to grab some liquidity in the area in the early part of this week.

Attached Image (click to enlarge)
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Price action on the daily time frame is in a falling wedge (magenta). Presently, price action is at the wedge resistance trendline where a long-tailed bearish candlestick was printed on Friday. Technically, recent order flow context supports bulls. A bullish follow-up in the early part of this week may be an attempt by the market to grab some liquidity around the 1.19850/1.20230 horizontal resistance area (purple).

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
  • #1,205
  • Apr 17, 2021 4:48pm Apr 17, 2021 4:48pm
XAUUSD technicals support bullish continuation in the early part of next week. I will give details on this asset and three Forex pairs before the market opens.

I may be wrong. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #1,206
  • Apr 18, 2021 2:11pm Apr 18, 2021 2:11pm
USDCAD Weekly Technical Outlook

Although the USDCAD market is still bearish, the directional momentum is in decline. On the monthly time frame, market operation is experiencing a decline in bearish momentum as the relatively strong bearish drive that was re-established in November 2020 and sustained in December 2020 gave way to sideway market operation in January and February 2021. Although, in March 2021, market operation re-established a bearish mode, the lower shadow on the bearish print in March indicates that bulls are still influential in the market. The interim market operation in April is rather ambivalent but technicals still give a slight edge to bears. The 1.22416/1.20600 area (green) is the next significant horizontal support on the monthly time frame.

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Market operation on the weekly time frame is in a falling wedge (red). The wedge is increasingly getting narrow, indicating that it is susceptible to being breached; particularly as market operation approaches the next significant area of value below the wedge. One such area of value is the 1.22410 area. Meanwhile, market operation has been sideways at the wedge resistance area, with the last two candlesticks favouring bears. Last week’s candlestick print was a bearish pin bar, and this portends the possibility of a bearish continuation.

Attached Image (click to enlarge)
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Recent price action on the daily timeframe, with largely top-wick candlesticks, shows an increase in bearish rejection of the resistance trendline of the falling wedge (red) seen on the weekly time frame. Thus, technically, we may see a bearish continuation in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily_Apr 18, 2021.png Size: 45 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,207
  • Apr 18, 2021 2:45pm Apr 18, 2021 2:45pm
XAUUSD Weekly Technical Outlook

The XAUUSD market presently has a bullish tone. On the monthly time frame, market operation in April has moved above the high of the doji-like candlestick printed in March and favours bulls. Presently, it is at the lower boundary of the 1897.23/1779.07 consolidation range (purple) created between November 2020 and February 2021. Technically, the 1779.07 area, a broken-down horizontal support area, is d susceptible to a role flip.

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XAUUSD market operation on the weekly time frame is northward. Last week, a bullish continuation candlestick broke above a minor area of consolidation that had been in place for four weeks. This was after some weeks of bearish candlestick prints. Technically, the present bullish mode may be a northward pullback for liquidity grab, and we can expect further bullish operation.

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The daily time frame shows a multi-session ‘W’ pattern, which has the potential to continue its outer upper leg northward. There was sideways of price action between Monday and Wednesday last week before bullish continuation candlesticks were printed on Thursday and Friday. Should bulls sustain their influence in the market, we may see further northward move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_Apr 18, 2021.png Size: 42 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,208
  • Apr 18, 2021 3:12pm Apr 18, 2021 3:12pm
EURUSD Weekly Technical Outlook

The bearish mode on the EURUSD market has given way to a bullish tone. On the monthly time frame, although there was a relatively strong bearish operation in March, the interim April market operation is bullish. Technically, we are in a sideways market. The 1.17240/1.20580 zone (purple) is the prevailing market operating range.

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Market operation on the weekly time frame is in a rising channel (red). Presently, a bullish operating mode is prevailing in the channel; with the printing of two bullish continuation candlesticks in the last two weeks after a bearish drive that ‘wicked’ at the channel support trendline. The ‘wicky’ prints at and above the present location of market operation may incentivize a northward liquidity grab.

Attached Image (click to enlarge)
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On the daily time frame, price action is respecting a rising trendline (blue) from recent lows. Presently, price action is sideways as the market tackles a minor horizontal resistance around the 1.20000 area (magenta). A bullish breakout from the area may see further northward push. But a bullish misstep may see bears push for a southward mode, which may see a retest of the minor horizontal support around 1.18700 (light green).

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_Apr 18, 2021.png Size: 54 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,209
  • Apr 18, 2021 3:32pm Apr 18, 2021 3:32pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation is presently sideways. On the monthly time frame, the bullish candlestick printed in February was mitigated by a bearish print in March. Presently, the April market operation is rather ambivalent.

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On the weekly time frame, two weeks ago, GBPUSD market operation broke below a rising trendline (red) traceable to March 2020. However, last week saw the printing of a bullish candlestick which surged to retest the rising trendline but did not close above it. We may see further bullish move in the early part of this week, perhaps for liquidity grab around the 1.39270/1.40070 area (purple).

Attached Image (click to enlarge)
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On the daily time frame, recent price action made a bullish rejection of the 1.36860 horizontal support (light green). This was followed on Friday by the printing of a contextually, relatively strong bullish continuation candlestick. Technically, we can expect bulls to keep the momentum going in the early part of this week. This may see the completion of a ‘W’ pattern around the 1.39270/1.40070 area (purple).

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
  • #1,210
  • Apr 18, 2021 3:43pm Apr 18, 2021 3:43pm
As always, great analysis mate. Keep up the good work.
  • #1,211
  • Apr 18, 2021 4:17pm Apr 18, 2021 4:17pm
I appreciate your kind and encouraging sentiment.

Stay safe, trade safe and prosper.

KP

Quoting Forex.z1
As always, great analysis mate. Keep up the good work.
Do your homework, follow the footprints of smart money
  • #1,212
  • Apr 24, 2021 4:34pm Apr 24, 2021 4:34pm
I have just completed my weekly pre-market screening of the pairs on my watch list. Technically, I expect the bearish retracement on the USDJPY to continue. I will give technical details on the pair and three others before market opens for the week.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,213
  • Apr 25, 2021 2:42pm Apr 25, 2021 2:42pm
USDJPY Weekly Technical Outlook

The 100.80/116.80 zone (purple) represents a major horizontal channel for USDJPY market operation on the monthly time frame. The last three months have seen a bullish market mode within the zone, but the April interim market operation has been largely influenced by bears as a technical retracement of the bullish impulsive move. Presently, market operation is at a horizontal support around the 107.90 area within the zone, but we may see further southward retracement move.

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Market operation on the weekly time frame has been bullish for quite a while before it got to a significant horizontal resistance area four weeks ago where it saw a bearish rejection. It is presently in a bearish mode after the printing of relatively significant bearish continuation candlesticks in the last three weeks. We may see further southward move this week but much likely a retracement of the predominantly bullish impulse.

Attached Image (click to enlarge)
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Price action on the daily time frame is presently on a southward mode even though the technical impulse is primarily bullish. We may see further southward move to an area of value. Without precluding an initial corrective price action (e.g., a sideways or brief upward move), such an area of value is the 106.70 horizontal support area (light green). Should that area be breached southwards by price action, the 105.40/104.90 zone (green) may be the next target of bears before a northward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily_Apr 25, 2021.png Size: 40 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,214
  • Apr 25, 2021 2:56pm Apr 25, 2021 2:56pm
Thank you for sharing your analysis KP, keep up the good work, PB
find a way to make money in your sleep or you work until you die
  • #1,215
  • Apr 25, 2021 3:02pm Apr 25, 2021 3:02pm
Thanks PB for your kind sentiment. Should you have any analysis to share on this thread feel free to do so. The more you share and get constructive and valuable feedback the better you will understand the market and improve your trading. Just check and follow the rules on post #1.

Stay safe, trade safe.

KP

Quoting pipbasket
Thank you for sharing your analysis KP, keep up the good work, PB
Do your homework, follow the footprints of smart money
  • #1,216
  • Apr 25, 2021 3:04pm Apr 25, 2021 3:04pm
USDCAD Weekly Technical Outlook

The USDCAD market continues its bearish tone. On the monthly time frame, market operation resumed a southward continuation after the sideways that occurred in January and February 2021. The 1.21660/1.19830 area (green) is a significant horizontal support on the monthly time frame.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADMonthly_Apr 25, 2021.png Size: 45 KB


On the weekly time frame, the last three weeks have seen bearish continuation prints after a bullish correction that started six weeks ago. Presently, market operation is at a horizontal support around 1.24750, which is around the neck of the bullish pinbar printed six weeks ago. Technically, we may see the market push southward for liquidity grab below the bullish pinbar printed six weeks ago.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADWeekly_Apr 25, 2021.png Size: 43 KB


Price action on the daily time frame is in a falling channel (red). Recent price action has been grinding southward and hugging the channel resistance trendline. Although Tuesday saw a bullish breakout of price action from the channel resistance trendline, a relatively big bearish candlestick printed on Wednesday restored the southward mode within the channel. We may see a bearish continuation in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily_Apr 25, 2021.png Size: 45 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,217
  • Apr 25, 2021 3:19pm Apr 25, 2021 3:19pm
EURUSD Weekly Technical Outlook

The EURUSD market is primarily sideways although, presently, the technical mode is bullish. On the monthly time frame, the bearish print in March is being mitigated by the interim bullish market operation in April.

Attached Image (click to enlarge)
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EURUSD market operation on the weekly time frame is bullish. The recent order flow has seen bullish continuation prints in the past three weeks. Even though the market operation is at a horizontal resistance around the 1.21000 area, the ‘wicky’ prints above the area may attract bullish interest.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly_Apr 25, 2021.png Size: 45 KB


Price action on the daily time frame has made a bullish breakout from a falling channel (red) and we may see further northward move in the early part of this week. Technically, such bullish price action may target the 1.21750/1.22200 zone (magenta).

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_Apr 25, 2021.png Size: 52 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,218
  • Apr 25, 2021 3:20pm Apr 25, 2021 3:20pm
Quoting KeenPips
Thanks PB for your kind sentiment. Should you have any analysis to share on this thread feel free to do so. The more you share and get constructive and valuable feedback the better you will understand the market and improve your trading. Just check and follow the rules on post #1. Stay safe, trade safe. KP {quote}
Thank you, i will kndly upload my analysis in near future, many thanks, PB
find a way to make money in your sleep or you work until you die
  • #1,219
  • Apr 25, 2021 3:23pm Apr 25, 2021 3:23pm
It doesn't matter how long you have been a member of FF. As you contribute helpful ideas, you make yourself more valuable to fellow members.

KP

Quoting pipbasket
{quote} Thank you, i will kndly upload my analysis in near future, many thanks, PB
Do your homework, follow the footprints of smart money
  • #1,220
  • Apr 25, 2021 3:43pm Apr 25, 2021 3:43pm
GBPUSD Weekly Technical Outlook

The GBPUSD market is presently sideways. On the monthly time frame, market operation is consolidating within the 1.37000/1.40370 zone (purple). This is an area that has not been breached northward since February 2018. Nevertheless, the interim market operation in April has a bullish mode and, technically, we cannot rule out further northward move as there is still room for bullish operation beyond the current location of market operation.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDMonthly_Apr 25, 2021.png Size: 38 KB


The technical market structure on the weekly time frame is bullish. A bullish candlestick printed last week has taken market operation above an area of consolidation within the 1.3700/1.40370 horizontal channel (purple) seen on the monthly time frame. Last week’s bullish candlestick had a long upper wick and, technically, we can expect a bullish retest of its top.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_Apr 25, 2021.png Size: 48 KB


Price action on the daily time frame has made a bearish retest of the neckline of a ‘W’ pattern which was completed on April 19. The bullish print of Friday is likely a resumption of the bullish market mode, and we may see further northward move in the early part of this week. Besides, although a rising trendline (red) traceable to September 2020 was recently broken down by price action, a bullish technical structure is supported by recent order flow context. Thus, technically, price action may attempt a retest of the broken down rising trendline (red) before we see any bearish turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Apr 25, 2021.png Size: 44 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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