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Weekly Top-Down Technical Analyses

  • #1,381
  • Edited 3:25pm Nov 14, 2021 3:12pm | Edited 3:25pm
EURUSD Weekly Technical Outlook

The EURUSD market is bearish. On the weekly time frame, market operation broke below the 1.15230 horizontal support area last week and presently tackling the 1.14400 horizontal support area (green). The 1.15910/1.16690 area (purple) is the prevailing supply, and it may see a bullish retest before a sustainable bearish drive.

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The 1.15670/1.16090 area (red) is the prevailing daily supply and nestled in a weekly supply zone. Price action is bearish on the daily time frame but has met a bullish pushback at the 1.14400 horizontal support area (green) seen on the weekly time frame. Should bulls sustain their pressure on the market we may see a bullish move in the early part of this week, maybe to retest the 1.15670/1.16090 daily supply (red) or an area of imbalance before a southward continuation.

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On the H4 timeframe, as price action tackles the 1.14400 horizontal support area (green) seen on the weekly time frame, it made a bullish move in the latter part of last week but settled into a sideways mode before the close of market on Friday. Technically, bears are favoured more than bulls, but we may see a northward corrective move for liquidity grab in the early part of this week before a southward turnaround.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,382
  • Edited 3:59pm Nov 14, 2021 3:32pm | Edited 3:59pm
GBPUSD Weekly Technical Outlook

The GBPUSD market is in a bearish mode. On the weekly time frame, market operation is in a falling channel (blue). Last week, a bearish candlestick closed at the 1.34000 horizontal support (green) after initially breaking through it. We may see some sideways, or even a brief bullish pullback, of market operation in the area before a southward continuation.

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GBPUSD price action on the daily time frame is in a falling channel (blue). On Thursday, price action made a bearish push towards the channel support area after breaking below the 1.34000 horizontal support (green) seen on the weekly time frame, but there was a bullish pushback on Friday. We may see further bullish move in the early part of this week before a southward turnaround.

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The order flow context and recent candlestick prints on the H4 time frame favour bears more than bulls. Although bulls initiated a pullback between Thursday and Friday last week as price action tackles the 1.34000 (horizontal support (green) seen on the weekly time frame, such a move is likely to be corrective and would give way to a bearish rotation.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,383
  • Nov 21, 2021 2:24pm Nov 21, 2021 2:24pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation is in a bearish mode. On the weekly time frame, last week, market operation printed a bearish candlestick just below the 1881.70/1914.60 supply area (purple) after a bullish retracement.

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XAUUSD price action on the daily time frame is bearish after a bullish retracement to retest the 1881.70/1914.0 weekly supply (purple). Meanwhile, price action is at a minor horizontal support around 1843.25 (green) and it is experiencing bullish pressure.

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On the H4 time frame, XAUUSD price action retested the supply zone at 1864.80/1875.00 (red) and it is presently in a bearish mode. It is tackling a horizontal support around 1843.25 (green) but it is experiencing a bullish pressure. A significant bearish breakdown of the area would lead to a bearish continuation. However, should bears weaken in their drive, bulls may seize on bears’ misstep to push for some northward move before a southward turnaround. A significant bearish drive would target the 1826.63/1821.82 demand area (light green).

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,384
  • Nov 21, 2021 2:40pm Nov 21, 2021 2:40pm
USDJPY Weekly Technical Outlook

The USDJPY market operation is presently sideways in a technically bullish market. On the weekly time frame, the 113.850/115.460 supply zone (purple) has been in place since March 2017. It has been retested several times but still not breached. Presently, market operation is tackling the area. Last week, market operation made a strong northward push towards the upper boundary of the zone but met with a bearish challenge, resulting in the printing of long top-shadow bullish candlestick. Technically, we may see further bullish attempt to breach the zone northward.

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USDJPY price action on the daily time frame is in a sideways mode as it tackles a multi-year horizontal resistance seen on the weekly time frame. It has formed a symmetrical triangular pattern (blue) and we should await how it breaks out.

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USDJPY price action on the H4 time frame is at the lower part of the symmetrical triangle (blue) seen on the daily time frame and retesting a demand zone within a multi-year horizontal resistance area seen on the weekly time frame. It is presently in a bullish retracement mode, perhaps, to retest a near-term supply at the 114.290/114.400 area (magenta), with the 114.770/114.920 zone (red) being a longer-term supply. A northward market engineering for liquidity may see a retest of an area of value northward, but a bearish rejection, particularly after a bullish push towards the 114.770/114.920 longer-term supply zone (red), would see a strong southward drive. The 112.910/112.770 zone (light green) is a fresh demand area and may be a target of any bearish drive.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,385
  • Nov 21, 2021 3:05pm Nov 21, 2021 3:05pm
GBPUSD Weekly Technical Outlook

The GBPUSD market is bearish but it is now at a major horizontal support area, the 1.34400 area (green) that was last visited in October 2020. On the weekly time frame, two weeks ago a relatively small bearish candlestick was printed in the area, but last week’s market operation issued a relatively smaller bullish print last week. Technically the market operation is in a sideways mode and we could still see some northward move before a southward continuation.

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Eight days ago, GBPUSD price action on the daily time frame broke below the major 1.34400 horizontal support (green) seen on the weekly time frame before giving way to a bullish retracement. Meanwhile it is in a sideway mode as it tackles the area. We may see further sideways of price action or even a bullish move to an area of value in the early part of this week. I will be interested in how price action handles the 1.36160/1.36830 supply zone (red).

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GBPUSD price action on the H4 time frame is running a corrective rising channel (blue) in a technically bearish environment. It is presently at the intersection of the channel support trendline, and the 1.34400 major horizontal support (green) seen on the weekly time frame. Meanwhile, we can expect bulls to engineer liquidity grab northward, which may see a retest of the 1.35440/1.35700 supply (magenta). But any such move would be temporary in nature, and we would see a southward rotation.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,386
  • Nov 21, 2021 3:28pm Nov 21, 2021 3:28pm
EURUSD Weekly Technical Outlook

EURUSD market operation is bearish. On the weekly time frame, it has broken below the former horizontal support around 1.14400 and created a supply zone at the 1.15150/1.16150 area (purple). A bullish retracement to an area of value would give way to further bearish drive.

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EURUSD price action on the daily time frame entered a horizontal support area around 1.12840 (green) last week Wednesday and went sideways. The long bottom wick on Friday’s bearish candlestick indicates that bulls are still in contention. Technically, this may mean a northward pullback to an area of value for liquidity grab before a southward rotation.

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EURUSD price action on the H4 time frame is sideways under a bearish environment as it tackles the 1.12840 horizontal support area (green) seen on the daily time frame. The long lower wicks on some recent bearish candlesticks show the intent of bears to push further southwards, but we can expect a bullish retracement to an area of value or price action imbalance northward before a southward turnaround.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,387
  • Nov 28, 2021 2:37pm Nov 28, 2021 2:37pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame went sideways for five weeks around a horizontal resistance area. Last week, it surged further northward, apparently for liquidity grab, at the nearby, 115.430/116.030 multi-year horizontal resistance zone (purple) and printed a bearish rejection candlestick with a long upper shadow. However, technically, bulls are still favoured to exert more influence than bears as recent candlesticks are still respecting the bullish master candlestick printed seven weeks ago.

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On the daily time frame, last Friday, the USDJPY price action made a bearish drop from a multi-year horizontal resistance, creating a supply at the 115.130/115.500 area (red). It surged to the 113.190/ 112.700 demand zone (green) where it met a bullish push back. The technical structure and order flow still favour bulls more than bears, and we may see a northward move in the early part of this week.

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Price action on the H4 time frame made a bearish dash from the 115.500/115.150 supply zone (red) to retest the 113.190/ 112.700 demand zone (green) seen on the daily time frame but met with a bullish push back. The ‘wicky tops’ of recent bearish candlesticks and areas of imbalance northwards could incentivize bullish market engineering for liquidity grab. We may see further bullish drive in the early part of this week.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,388
  • Nov 28, 2021 3:05pm Nov 28, 2021 3:05pm
XAUUSD Weekly Technical Outlook

The XAUUSD market is bearish. On the weekly time frame, three weeks ago, market operation made a bullish retest of the 1878.09/1912.77 supply zone (purple) but rejected it the next week with a bearish candlestick. There was a bearish continuation print last week and presently market operation is tackling a mini horizontal support around the 1788.00 area. The 1728.45/1682.80 area (green) is the operating demand zone.

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XAUUSD price action on the daily time frame is presently sideways in a technically bearish environment. The last three days have seen the printing of indecision candlesticks as price action attempts a retest of the 1787.83/1757.70 demand zone. The long-upper shadow on the doji-like candlestick printed on Friday is indicative of bears’ intent to regain market influence. Technically, there is room for further bearish market engineering to address the imbalance left by the bullish candlestick of November 4.

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On the H4 time frame, price action has mitigated the 1812.60/1815.60 area of imbalance (magenta) after the bullish pullback on Friday and it is presently bearish. Technically, we may see further bearish continuation in the early part of this week.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,389
  • Nov 28, 2021 3:18pm Nov 28, 2021 3:18pm
EURUSD Weekly Technical Outlook

The EURUSD market operation has been on a bearish run for quite a while. On the weekly time frame, last week, it entered the 1.12350/1.11600 demand zone (green) and rejected it with a bullish pinbar. Technically, we are in a bearish market until the 1.15150/1.16140 supply zone (purple) is breached. Therefore, as a swing trader, I will be positioning myself for a sell trading opportunity should market operation issue a significant bearish setup after a northward retracement to an area of value.

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EURUSD price action on the daily time frame is in a bullish retracement from a demand zone seen on the weekly time frame, and it is retesting a daily supply at the 1.13150/1.13720 area (red). We may see further bullish move to grab liquidity before a southward turnaround. The 1.15150/1.16140 area (purple) is a weekly supply zone.

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The EURUSD price action on the H4 time fame is in a bullish corrective mode under a bearish environment. Technically, there are still some liquidity areas northward, e.g., horizontal resistance and area of imbalance, that may interest bulls, and we may see further northward market engineering for liquidity grab in the early part of this week 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
  • #1,390
  • Nov 28, 2021 3:37pm Nov 28, 2021 3:37pm
GBPUSD Weekly Technical Outlook

The GBPUSD market operation is within a horizontal support, 1.34500/1.32600 (green). On the weekly time frame, market operation has been sideways in the area for three weeks. Last week produced a bearish candlestick that failed to break below the area, as bulls resisted further southward move, resulting in the candlestick closing with a lower shadow. Technically, we may still see some sideways of market operation or a northward retracement preparatory to another strong bearish attempt to break down the zone.

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On the daily time frame, the bearish drive of GBPUSD price action declined as it tackles a significant horizontal support at the 1.34500/1.32600 area (green). Presently, bulls have initiated a northward corrective move. This may see market engineering for liquidity grab northward in the early part of this week before a southward rotation. The broader technical outlook favours bears more than bulls, and so any bullish drive would be temporary in nature.

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GBPUSD price action on the H4 time frame is in a consolidation mode in a bearish market. The technical impulse favours bears, but there is a bullish retracement in place. We may see further northward move 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
  • #1,391
  • Dec 5, 2021 2:21pm Dec 5, 2021 2:21pm
AUDUSD Weekly Technical Outlook

The AUDUSD market is bearish. On the monthly time frame, in November, market operation broke down the 0.72230 horizontal support (purple). Meanwhile, market operation in December is in a bearish mode. However, it is presently tackling the 0.69780 horizontal support area (green). The area has held as support since November 2020, and we may expect a struggle for market control in the area before any directional momentum.

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AUDUSD market operation on the weekly time frame is bearish, but as it is tackling a major horizontal support around the 0.69780 area (green) we may see a bullish pullback to an area of value before a bearish turnaround. Such an area of value is the neckline of an extended ‘M’ pattern around 0.72230 (purple), an area which corresponds to a broken-down horizontal support on the monthly time frame.

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AUDUSD price action on the daily time frame is bearish. On Friday, it broke down the technical structure around 0.71740 (magenta) and surged to the 0.69780 long-term, major horizontal support (green); an area that is susceptible to a bullish corrective pullback. Such a pullback may retest an area of value before bears make another strong push to break down the 0.69780 horizontal support area (green).

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
  • #1,392
  • Dec 5, 2021 2:36pm Dec 5, 2021 2:36pm
USDCAD Weekly Technical Outlook

The USDCAD market is bullish. On the monthly time frame, in November 2020, market operation made a bearish drive from the 1.30800/1.33800 supply zone (purple) for a bearish outlook. Presently, market operation is on a bullish pullback and may attempt a retest of the 1.30800/1.33800 supply zone (purple). Last month, market operation printed a bullish print that broke above the 1.26700 former horizontal resistance area and, meanwhile, the December market operation is maintaining a bullish mode.

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The USDCAD market operation on the weekly time frame is bullish. The last five weeks have seen the printing of bullish continuation candlesticks after a bullish breakout from a minor area of consolidation. Presently, market operation is at a horizontal resistance area, an area which has seen top-wicky prints recently and may be attractive for further northward market engineering. This may incentivize bulls to attempt a retest of the 1.30300/1.31720 weekly supply zone (red), which is nestled in the 1.30800/1.33800 monthly supply zone (purple), before a southward rotation.

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On the daily time frame, USDCAD price action is in a bullish corrective mode in a technically bearish market. We may see further northward price action for probably a bullish retest of the 1.30300/1.3172 nestled supply zone (red) 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
  • #1,393
  • Dec 5, 2021 3:17pm Dec 5, 2021 3:17pm
GBPUSD Weekly Technical Outlook

The GBPUSD market is bearish. On the monthly time frame, in November, market operation printed a bearish candlestick that broke below the 1.34450 previous horizontal support. Meanwhile, the December market operation is in a sideway mode as it tackles the 1.32370 horizontal support that has been in place since December 2020.

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On the weekly timeframe, market operation has continued its bearish mode after shaking off a sideway mode that was in place three weeks ago. However, it is tackling a horizontal support at the 1.32370 area, and we may see a bullish pullback, or sideways of market operation, in the early part of this week.

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On the daily time frame, bearish price action has surged into the 1.32230/1.31040 daily demand zone (green) that was last tested on December 21, 2020. On Tuesday and Friday last week, price action printed long-tailed bearish candlesticks at the zone, this indicating some bullish pressure. Technically, we may see a corrective northward pullback to an area of value before a southward turnaround for further bearish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Dec. 5, 2021.png Size: 48 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,394
  • Dec 5, 2021 3:38pm Dec 5, 2021 3:38pm
EURUSD Weekly Technical Outlook

The EURUSD market is bearish. On the monthly time frame, in November, market operation continued a bearish mode it started in June after a brief sideways in October. Presently, the December market operation is ambivalent as it tackles the 1.13140 horizontal support which was created in July 2020. A successful breakdown of the area may incentivize a southward drive towards the 1.10370/1.07300 demand zone (green). Of course, a corrective market operation may be in the form of a northward liquidity engineering around the 1.14720 broken down former horizontal support area.

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Market operation on the weekly time frame is sideways in a bearish market environment. The last two weeks have seen sideway candlestick prints as market operation tackles a major horizontal support at the 1.13140 area and retested the 1.12300/1.11660 weekly demand zone (blue). We may see a northward pullback before another bearish attempt to break down the 1.13140 area and to further progress the southward drive.

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EURUSD price action on the daily time frame made a northward pullback from the 1.12300/1.11660 demand zone (blue) that has been in place since July 15, 2020. The zone is also nestled to a significant horizontal support on the monthly time frame. Technically, we may see further northward move for liquidity grab before a southward rotation.

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
  • #1,395
  • Dec 12, 2021 2:07pm Dec 12, 2021 2:07pm
AUDUSD Weekly Technical Outlook

AUDUSD market operation is in a bullish retracement. On the weekly time frame, market operation printed a bullish candlestick last week which inched towards a broken down former horizontal support turned resistance around the 0.72230 area (purple). Should bulls continue to maintain their pressure in the market, we may see further northward move in the early part of this week.

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On the daily time frame, on Monday, price action began a bullish retracement of a bearish drive that recently broke down an internal technical structure, and we may see a zone retest. Presently, price action is sideways as it tackles a horizontal resistance around the 0.71670 area. We may see liquidity engineering further northward, but this would be corrective in nature. The technical structure and order flow still favour bears more than bulls.

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Price action on the H4 time frame turned sideways after a recent bullish move as it tackles the 0.71670 horizontal resistance area seen on the daily time frame. The 0.72540/0.72700 area (magenta) is a supply on the H4 time frame and may be of interest to bulls seeking liquidity grab. We may see a retest of the area or a value area near it in the early part of this week before a southward rotation.

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
  • #1,396
  • Dec 12, 2021 2:33pm Dec 12, 2021 2:33pm
USDCAD Weekly Technical Outlook

The bullish mode on the USDCAD market is being challenged by bears. On the weekly time frame, last week, market operation printed a bearish candlestick in opposition to the bullish candlesticks of the previous five weeks. However, last week’s candlestick had a long lower tail, indicating that bulls are still influential in the market. We should note that the lower long tail of the bearish candlestick printed last week was at a horizontal support, around 1.26060 (green) and in confluence with the 50 Fib retracement of the recent bullish swing that began seven weeks ago. This may yield further bullish move, possibly after a brief bearish dip to shake off weak hands.

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On the daily time frame, last week Tuesday, price action made a bearish retest of the 1.26580/1.26380 demand zone (blue) but rejected it with a bullish pinbar on Wednesday. This was followed with bullish continuation prints on Thursday and Friday. However, the candlestick printed on Friday has a long bottom wick, which indicates a drag to bullish momentum. Technically, we may still have some bearish pressure before any further bullish drive.

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USDCAD price action on the H4 time frame went sideway after the recent bullish surge. But during the last two H4 sessions on Friday, bulls regained the initiative. However, as price action is presently at a minor horizontal resistance, we should await directional momentum in the early part of this week.

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I may be wrong. Trade safe and prosper.

KP
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Do your homework, follow the footprints of smart money
  • #1,397
  • Dec 12, 2021 3:01pm Dec 12, 2021 3:01pm
EURUSD Weekly Technical Outlook

The EURUSD market operation turned sideways after making a bearish run to the 1.12300/1.11660 major horizontal support area (blue). On the weekly time frame, the last three weeks have produced long-tailed indecision candlesticks in the area but with a bullish tinge; indicating a significant bullish pressure. Should bulls intensify their pressure, we may see a northward pullback to an area of value before another bearish attempt to break down the zone.

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Price action on the daily time frame has made a bullish rejection of the 1.12300/1.11660 major horizontal support zone (blue) seen on the weekly time frame. It is presently disposed northwards and we may see further bullish move for liquidity engineering before a southward rotation. The 1.15720/1.16100 supply zone (red) is still active.

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On the H4 time frame, price action retested the 1.12770/1.12250 demand area (light green) and bounced off it with a bullish move. This area is nestled within a major horizontal support zone on the weekly timeframe, and we may see further bullish move. As we are in a technically bearish environment, any such bullish drive is likely to be temporary in nature and may incentivize bears to make another attempt to break down the 1.12300/1.11660 major horizontal support zone.

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
  • #1,398
  • Dec 12, 2021 3:35pm Dec 12, 2021 3:35pm
GBPUSD weekly Technical Outlook

GBPUSD bearish market operation entered the 1.32230/1.31040 horizontal support zone (green) that was created in December 2020. On the weekly time frame, last week, market operation printed a bullish rejection candlestick in the area. However, the candlestick was not significant enough and we should await what market operation does this week.

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GBPUSD price action on the daily time frame took on a bullish mode after it retested the 1.32230/1.31040 major horizontal support zone (green) seen on the weekly time frame. But we should be wary that price action is still in an area of congestion, and we may still have some bearish drop before any further bullish drive.

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On the H4 time frame, during the penultimate H4 session on Friday, price action broke above an area of consolidation just above the 1.32230/1.31040 horizontal support zone (green) seen on the weekly time frame. But the last H4 session on Friday lacked a follow-through as price action tackled the 1.32720 minor horizontal resistance area and we may see a bearish retest of the 1.32230/1.31040 horizontal support zone (green) before any further bullish drive, particularly as ‘wicky’ bottoms have recently been printed in the zone.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,399
  • Dec 19, 2021 2:47pm Dec 19, 2021 2:47pm
AUDUSD Weekly Technical Outlook

The AUDUSD market is sideways. On the monthly time frame, in November, market operation printed a bearish candlestick that broke down the 0.72120 horizontal support (red) but the December interim print retested the area and went sideways. .

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On the weekly time frame, market operation went bearish after a bullish retest of the 0.72120 broken-down horizontal support (red) turning it to resistance. The bearish candlestick printed last week is an inside bar to the bullish candlestick printed two weeks ago. Further bearish pressure may be seen in the early part of this week as the technical structure favours bears more than bulls.

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AUDUSD price action on the daily time frame is in a bearish mode after a bullish retracement. Last week Thursday, bullish price action retested the broken down 0.72120 former horizontal support (red) and printed a ‘wicky’ candlestick in the area. Bears seized the initiative on Friday, resulting in the printing of a bearish rejection candlestick in the 0.72120 area. Presently, price action is retesting a daily demand zone around 0.71300/0.70870 (green) and we should await what happens in the zone upon Monday close.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,400
  • Dec 19, 2021 2:57pm Dec 19, 2021 2:57pm
USDCAD Weekly Technical Outlook

USDCAD market operation on the monthly time frame is in a bullish retracement after a bearish break down of a technical structure around 1.29500 (red).

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On the weekly time frame, last week, bullish market operation broke above a sideway-area that has been in place for the previous three weeks. The bullish move retested the 1.29500 horizontal resistance area (red) where it met some bearish challenge. This led to the printing of a bullish candlestick with short upper shadow last week. Should bulls regain market influence, we may see further northward move. The 1.31330/1.33780 (purple) is a weekly supply.

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The technical pattern and order flow context on the daily time frame favour bulls more than bears. On Thursday last week, there was a bearish tease of the 1.27510/1.26370 daily demand zone (blue). But, on Friday, bulls seized the initiative, with a relatively big bullish candlestick. As price action is presently in a minor horizontal resistance area with some ‘wicky’ tops, we may see liquidity engineering northward in the early part of this week.

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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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