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Weekly Top-Down Technical Analyses

  • #1,481
  • May 1, 2022 3:34pm May 1, 2022 3:34pm
EURUSD Weekly Technical Outlook

EURUSD is bearish. On the monthly time frame, market operation printed a relatively big bearish continuation candlestick in April. Presently, market operation is mid-way of the 1.06400/1.03350 multi-year horizontal support zone (green).

Attached Image (click to enlarge)
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EURUSD market operation on the weekly time frame is bearish. Last week, market operation broke down the horizontal support at the 1.06400 area (green), which is the upper boundary of the bigger 1.06400/1.03350 multi-year horizontal support zone seen on the monthly time frame. Based on the order flow and preceding technical patterns, we may see a bullish retest of a value area, such as the broken-down 1.07670 reaction area (blue), before further southward drive.

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EURUSD price action on the daily time frame is bearish and operating at the upper part of the 1.06400/1.03350 multi-year horizontal support zone seen on the monthly time frame. Presently, it is in a sideway-mode with about 200 pips to the lower boundary of the zone. We may see a northward market engineering and bullish correction before a southward continuation as there is still room for further bearish drive towards the 1.03350 lower boundary.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_May 1, 2022.png Size: 35 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,482
  • May 8, 2022 2:49pm May 8, 2022 2:49pm
USDJPY Weekly Technical Outlook

USDJPY market operation has maintained a positive outlook for a bullish run for several weeks. Are we about seeing a southward turnaround or bearish correction? On the weekly time frame, market operation is now tackling the 130.60/131.78 multi-year resistance zone (purple) – a zone which was last crossed in April 2002. Two weeks ago, bullish market operation surged to the zone but met bearish pushback. Last week, another bullish attempt was made to breach the zone but failed. Although we may see further attempt by bulls for a northward push, their recent failures would incentivize bears to push for a southward correction.

Attached Image (click to enlarge)
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USDJPY price action is sideways on the daily time frame as the market tackles the 130.60/131.78 the multi-year resistance zone (purple). Although, technically, bulls still have the edge, there has been an increase in bearish pressure for several days and we may see at least a bearish correction to an area of value such as the 128.00/127.0 daily demand zone (green).

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USDJPY price action on the H4 timeframe seems poised for a bearish swing after several failed bullish attempts to breach the 130.60/131.78 multi-year resistance zone (purple). Since April 28, there has been an increase in both the significance and number of bearish technical prints compared to bullish prints.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4_May 8, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,483
  • May 8, 2022 3:05pm May 8, 2022 3:05pm
USDCAD Weekly Technical Outlook

USDCAD market operation seems poised to continue its northward outlook after printing a bullish pinbar at the 1.28876 horizontal resistance area last week. Technically, this represents an increase in bullish pressure. This increased bullish pressure at the area may lead to further northward market engineering, perhaps to test the nearby 1.30280 horizontal resistance zone (purple).

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USDCAD price action on the daily time frame has closed above the 1.28876 area – an area it had failed to close above despite several days of bullish challenge. We may see further northward move to an area of value, such as the immediate 1.30280 horizontal resistance.

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USDCAD price action on the H4 time frame has assumed a positive tone after the bearish mood that prevailed in the early part of last week. Should bulls maintain their influence, we may see further northward move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4_May 8, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,484
  • May 8, 2022 3:20pm May 8, 2022 3:20pm
GBPUSD Weekly Technical Outlook

GBPUSD bearish market operation on the weekly time frame is tackling the 1.23270/1.22460 horizontal support (green) last visited in June 2020. The bearish candlestick printed last week has a lower shadow, indicating a bullish pushback from the area. We may see some sideways of market operation or even further bullish pressure in the early part of this week.

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The GBPUSD bearish swing recently seen on the daily time frame met some bullish pushback when price action entered the 1.23270/1.22460 significant long-term horizontal support (green) on Friday, resulting in the printing of a doji-like candlestick in the zone. We may see a bullish pullback to an area of value such as the 1.26240 near-term horizontal resistance area (red).

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GBPUSD price action on the H4 time frame turned sideways when it entered the 1.23270/1.22460 significant long-term horizontal support (green) on Friday. We may see a bullish pullback to an area of value, such as the 1.26240 horizontal resistance area (red), before any further bearish drive.

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
  • #1,485
  • May 8, 2022 3:36pm May 8, 2022 3:36pm
EURUSD Weekly Technical Outlook

EURUSD market operation broke down the previous significant horizontal support at the 1.07750 area (purple) two weeks ago and surged to the multi-year horizontal support zone around 1.04930 (green). Presently, market operation is tackling the 1.04930 horizontal support, an area that was last crossed in March 2017. There was a bullish reaction in the area last week, and market operation printed a doji-like candlestick with bullish tinge in the area. We may see further bullish reaction in the early part of this week.

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EURUSD price action on the daily time frame is in a ranging mode after a bullish rejection of the 1.04930 multi-year horizontal support (green). The order flow context and technical structure favour bears, so, any northward price action may not be sustainable.

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EURUSD price action on the H4 time frame is in an expanding rising wedge (blue) in a bearish environment. Presently it is sideways, but we may still see some bullish corrective price action before any further bearish drive.

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
  • #1,486
  • May 15, 2022 2:55pm May 15, 2022 2:55pm
USDCAD Weekly Technical Outlook

USDCAD market operation on the weekly time frame is on a bullish retracement. Last week, it printed an inverted cross doji at the significant 1.28870/1.30280 horizontal resistance zone (purple); an area which is confluent to the 61.8/78.6 Fib retracement zone of the 1.33900 to 1.20010 bearish swing. Would this bring about a southward turnaround of USDCAD market operation?

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USDCAD price action on the daily time frame is in a rising channel (purple). It made a bullish retest of the upper part of the significant 1.28870/1.30280 horizontal resistance zone (purple) and rejected it with a relatively big bearish candlestick. Nevertheless, the fact that bulls are still influential in the market may hinder bearish directional drive for a while.

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USDCAD price action on the H4 time frame is operating in a rising channel (purple). Presently, it is making a bearish rejection of the major 1.28870/1.30280 horizontal resistance zone (purple). It is at the intersection of the wedge support trendline and the 1.28870 horizontal resistance lower boundary line. A significant breakdown of the rising channel and the 1.28870 lower boundary line would incentivize bears for a southward drive.

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
  • #1,487
  • May 15, 2022 3:09pm May 15, 2022 3:09pm
USDJPY Weekly Technical Outlook

USDJPY market operation has surged to 130.600/131.780 multi-year horizontal resistance zone (purple) traceable to March 2002. On the weekly time frame, market operation made a bullish drive to the zone three weeks ago but could not breach it. There was limited bullish drive two weeks ago but last week a bearish rejection candlestick was printed in the zone. The rejection candlestick printed last week drove more than 400 pips southward to retest the 128.030/126.900 horizontal support zone (green). Apparently, there is strong rejection of bullish drive, and a bearish turnaround is in the offing.

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Price action on the daily time frame made a bearish drive from the sideways that occurred after a bullish retest of the 130.600/131.780 multi-year horizontal resistance zone (purple) on May 9. Presently, it is on a bullish move to retest the daily supply created at the 129.80/130.60 area. Any bullish misstep would lead to a bearish continuation.

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On the H4 time frame, price action has made a 50 Fib bullish retracement of the 130.80 to 127.52 bearish swing. This would lead to a southward turnaround, soon or upon reaching the 61.8/78.6 Fib zone.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4_May 15, 2022.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,488
  • May 15, 2022 3:23pm May 15, 2022 3:23pm
EURUSD Weekly Technical Outlook

EURUSD market operation is bearish. It has broken down the 1.04930 multi-year horizontal support (green). On the weekly time frame, last week’s bearish candlestick that broke below the area surged to the nearby 1.03610 horizontal support (blue) before snapping back. This resulted in the printing of a lower shadow, which indicates that bulls were hindering a southward drive.

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EURUSD price action on the daily time frame has broken down a falling wedge (purple). Technically, we are in a bearish environment, but we may see a northward correction before further bearish drive.

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Technicals and the order flow on the H4 time frame favour bears more than bulls. Meanwhile, after bearish price action surged to the 1.03610 multi-year horizontal support (blue), price action is making a bullish correction and we may see a retest of an area of value before further bearish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_May 15, 2022.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,489
  • May 15, 2022 3:41pm May 15, 2022 3:41pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation is tackling the 1.23270/1.21650 long-term horizontal support zone (green). On the weekly time frame, market operation printed a bearish candlestick in the zone last week, but the candlestick has a relatively long lower shadow. So, we cannot rule out a bullish corrective market operation in the early part of this week.

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GBPUSD price action on the daily time frame is sideways as price action tackles the 1.23270/1.21650 long-term horizontal support zone (green). As the bullish print of Friday closed above the opening of the bearish candlestick of Thursday, we may see further bullish move in the early part of this week.

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GBPUSD price action on the H4 time frame is in a bullish retracement within the 1.23270/1.21650 long-term horizontal support zone (green). Very much likely, any further bullish move will soon give way to a southward turnaround, perhaps after retesting a value area.

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
  • #1,490
  • May 22, 2022 2:55pm May 22, 2022 2:55pm
USDJPY Weekly Technical Outlook

USDJPY market operation punched through a horizontal resistance zone that has been in place since April 2002. The horizontal resistance zone, incorporating the 130.30/131.63 area (purple), witnessed bearish rejection on the weekly time frame. However, the candlesticks printed in the last two weeks have shadows on both ends and we may still see bullish drag on bears.

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USDJPY price action is sideways on the daily time frame after a bearish rejection of the 130.30/131.63 horizontal resistance area (purple) seen on the weekly time frame. We may see further bullish move to retest a value area before a southward continuation.

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USDJPY on the H4 time frame has rejected a near-term horizontal support zone at the 126.870 area (blue). This is apparently a bullish corrective move after the bearish swing from the 130.30/131.63 horizontal resistance area (purple) seen on the weekly time frame. We may see further northward move before a southward rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4_May 22, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,491
  • May 22, 2022 3:11pm May 22, 2022 3:11pm
USDCAD Weekly Technical Outlook

USDCAD market operation is presently at the significant, long-term 1.29472/1.30451 horizontal resistance zone (purple) on the weekly time frame. Two weeks ago, a shooting star candlestick was printed in the zone, this was followed last week with a bearish rejection candlestick. Technically, the zone is amenable to a southward rotation, but we may still see another bullish corrective move before a bearish turnaround.

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USDCAD price action on the daily time frame is presently sideways after a bearish swing from the significant, long-term 1.29472/1.30451 horizontal resistance zone (purple) seen on the weekly time frame. We may see some bullish corrective move to a value area before further southward drive.

Attached Image (click to enlarge)
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Recent USDCAD technical pattern and candlestick prints on the H4 time frame favour bears more than bulls as price action swings bearishly from the significant, long-term 1.29472/1.30451 horizontal resistance zone (purple) seen on the weekly time frame. Nevertheless, we may see a northward market engineering to shake off weak hands before a southward drive.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4_May 22, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,492
  • May 22, 2022 3:32pm May 22, 2022 3:32pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation surged to the major 1.22770/1.21591 horizontal support zone (green) two weeks ago and met a relatively strong bullish pushback. Meanwhile, market operation is retesting the 1.24860 horizontal resistance area, which is near the origin of a bearish push three weeks ago.

Attached Image (click to enlarge)
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GBPUSD price action on the daily time frame is sideways. Seven days ago, it made a bearish retest of a significant horizontal support at the 1.22770/1.21591 zone (green) and, thereafter, retraced for a bullish drive. Technically, bulls are still favoured to make further northward push.

Attached Image (click to enlarge)
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GBPUSD price action on the H4 time frame is sideways. Generally, price action is in a bullish corrective phase of a bearish trend, and we cannot rule out further northward move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_May 22, 2022.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,493
  • May 22, 2022 3:48pm May 22, 2022 3:48pm
EURUSD Weekly Technical Outlook

EURUSD market operation is tackling the 1.04950/1.03674 multi-year horizontal support zone (green). On the weekly time frame, market operation is in a ranging mode as the bearish drop into the area two weeks ago was challenged by a bullish pushback last week.

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EURUSD price action on the daily time frame surged to the 1.04950/1.03674 multi-year horizontal support zone (green) seven days ago. It turned northward for a bullish retracement but presently it is sideways. However, bulls have a slight edge to push further northward.

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EURUSD price action is sideways after a bullish move from the 1.04950/1.03674 multi-year horizontal support zone (green). Recent candlestick prints favour bulls, and we may see further northward move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_May 22, 2022.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,494
  • May 29, 2022 3:06pm May 29, 2022 3:06pm
USDJPY Weekly Technical Outlook

USDJPY market operation surged to the 127.80/130.60 multi-year horizontal resistance zone (purple) but met with a bearish pushback. On the weekly time frame, market operation has printed consecutive bearish candlesticks in the last three weeks after the bullish push to the zone six weeks ago.

Attached Image (click to enlarge)
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USDJPY price action on the daily time frame turned bearish after the rejection of the 127.80/130.60 multi-year horizontal resistance zone (purple). However, presently, price action is in a sideway mode.

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame is ranging in a falling wedge (blue).

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4_May 29, 2022.png Size: 16 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,495
  • May 29, 2022 3:12pm May 29, 2022 3:12pm
USDCAD Weekly Technical Outlook

USDCAD market operation is tackling the 1.27470/1.29760 horizontal resistance zone (purple) which has been in place since February 2021. On the weekly time frame, three weeks ago, market operation printed a shooting star candlestick in the zone and has since been followed by bearish continuation candlesticks in the last two weeks. Technically, market operation is consolidating in a rising wedge (blue) under a bearish environment.

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USDCAD price action on the daily time frame is consolidating in a rising wedge (blue) within a bearish technical structure. Price action had tackled the 1.27470/1.29760 horizontal resistance zone (purple), seen on the weekly time frame, tested the wedge resistance trendline, and turned bearish within the wedge.

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USDCAD price action on the H4 time frame is at the lower boundary of the 1.27470/1.29760 horizontal resistance zone (purple), seen on the weekly time frame. Presently, it is sideways in the area but technicals favour a bearish continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4_May 29, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,496
  • May 29, 2022 3:28pm May 29, 2022 3:28pm
EURUSD Weekly Technical Outlook

EURUSD market operation has retested the 1.04790/1.02880 multi-year horizontal support zone (green) traceable to January 2017. On the weekly time frame, bearish market operation surged to the zone three weeks ago but met with bullish pressure, which took it further above the zone. There was a bullish follow-through last week. Presently, a bullish correction is testing the broken-down 1.07330/1.08410 former horizontal support area (purple), possibly for a role flip as resistance. As technicals favour bears, any further northward push would be temporary.

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EURUSD price action on the daily time frame is in a bullish mode under a technically bearish market structure. It is making a retest of the 1.07330/1.08410 horizontal technical area (purple) seen on the weekly time frame. Presently, it is at the lower part of the zone, but we may see further northward market engineering for liquidity grab at a value area before a southward rotation.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame is in a rising channel (blue) under a bearish technical environment. Technically, price action is tackling the 61.8/78.6 Fib zone of the 1.09250/1.03540 bearish swing, and we may soon see a bearish 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
  • #1,497
  • Edited 3:53pm May 29, 2022 3:43pm | Edited 3:53pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly timeframe has retested the significant 1.22520/1.21420 horizontal support (green), which has been in place since June 2020. There was a bearish surge to the area three weeks ago, but a bullish pushback took over two weeks ago. The bullish candlestick printed last week surged to the 1.26740/1.28645 horizontal resistance zone (purple) but met a bearish challenge. Nevertheless, we may see further bullish attempt for liquidity grab in the early part of this week before a southward turnaround.

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GBPUSD price action on the daily time frame is in a bullish corrective mode and attempting a retest of the 1.26740/1.28645 horizontal resistance zone (purple) seen on the weekly time frame. A successful retest of the zone followed by a bearish role flip would lead to further southward drive. This may see a bearish attack on the significant 1.22520/1.21420 horizontal support (green).

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GBPUSD price action on the H4 time frame is running a bullish corrective channel (blue) in a technically bearish environment. We may soon see a bearish rotation, possibly after further northward market reengineering to an area of value in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_May 29, 2022.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,498
  • Jun 5, 2022 3:05pm Jun 5, 2022 3:05pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation turned southwards after breaking below the 1891.50 former horizontal support (purple) flipping it as resistance. On the monthly time frame, a bearish swing from the area in May surged to the 1787.50 horizontal support (green) before retracing northwards. Presently, the interim market operation in June is sideways.

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XAUUSD market operation on the weekly time frame turned sideways after a bullish retracement from the 1787.50 horizontal support (green) seen on the monthly time frame. Although technicals favour bears more than bulls, we may still have a northward market engineering before a southward turnaround.

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XAUUSD price action turned sideways on the daily time frame after a bullish retracement of the 1955.50/1786.60 bearish swing. We cannot rule out further bullish market operation 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
  • #1,499
  • Jun 5, 2022 3:20pm Jun 5, 2022 3:20pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation turned sideways after a bullish retracement from the 1.19790/1.26000 horizontal support zone (green). On the monthly time frame, a bearish swing began from the 1.34500/1.32700 horizontal resistance zone (purple) in March. There was a bearish follow-through in April but the bullish pinbar printed in May halted further southward drive.

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GBPUSD market operation on the weekly time frame turned sideways in the process of a bullish retracement of the 1.36380/1.21550 bearish swing. We may see further northward move before a southward continuation.

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GBPUSD price action on the daily timeframe is a bullish retracement of a bearish swing but presently sideways. Although technicals favour bears, we cannot rule out further northward move before a southward continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_June 5, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,500
  • Jun 5, 2022 3:44pm Jun 5, 2022 3:44pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the monthly time frame made a bearish retest of the 1.05580/1.03350 horizontal support (green) in April. But the bullish market operation in May took price further northwards above the zone. The 1.09080/1.10673 area (purple) is the prevailing horizontal resistance on the monthly time frame.

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There is a bullish retracement of EURUSD market operation on the weekly time frame. But the technical environment is bearish. So, we may soon see a southward rotation. The 1.09080/1.10673 area (purple) is the prevailing horizontal resistance.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame turned sideways after a bullish retracement of the 1.11845/1.03530 bearish swing. Much likely, any further bullish move will be temporary, giving way to 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
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