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Weekly Top-Down Technical Analyses

  • #1,681
  • Apr 9, 2023 2:55pm Apr 9, 2023 2:55pm
GBPUSD Weekly Technical Outlook

Since the last week in November 2022, GBPUSD market operation has made three strong bullish charges at the 1.24060 horizontal resistance area (purple) without breaking it. The area aligns with the 61.8 Fib retracement area of the 1.36380/1.03340 bearish swing. Last week’s bullish charge at the area met a bearish pushback.

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On Tuesday, GBPUSD price action on the daily time frame broke above the 1.24060 horizontal resistance area (purple), the first time since 16 June 2022, before a bearish pushback that started on Wednesday. The bullish charge of Tuesday may incentivize further bullish attempt this week, but as the area is a technically strong horizontal resistance and aligns with the 61.8 Fib retracement area of the 1.36380/1.03340 bearish swing, we may not see much bullish drive.

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On Tuesday, GBPUSD price action on the H4 time frame made a brief bullish breakout from the 1.24060 horizontal resistance area (purple), seen on the weekly time frame, but turned bearish on Wednesday. Presently, price action is sideways around the area, but we cannot rule out further northward liquidity engineering before a southward rotation. The dominant technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,682
  • Apr 16, 2023 2:09pm Apr 16, 2023 2:09pm
XAUUSD Weekly Technical Outlook

Last week, XAUUSD market operation on the weekly time frame retested the 2033.100/2049.870 horizontal resistance zone (purple), technically leaving the 1968.640/1950.590 zone (green) as the operating horizontal support. As last week’s bullish candlestick left a relatively long upper shadow and closed below the previous week’s bullish close, we cannot rule out further bearish pressure this week.

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XAUUSD price action on the daily time frame is in a bearish mode. Friday’s bearish print was a rejection of the 2033.100/2049.870 horizontal resistance zone (purple), and bearishly engulfed Thursday’s bullish print. We can expect a bearish follow-up in the early part of this week.

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XAUUSD price action on the H4 time frame is bearish. Further southward move could target the 1976.700 minor horizontal support, if not the major 1968.640/1950.590 zone (green) seen on the weekly time frame.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,683
  • Apr 16, 2023 2:32pm Apr 16, 2023 2:32pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame turned sideways after a bearish retest of the 130.980/129.530 horizontal support zone (green) two weeks ago. Last week saw a limited northward push to challenge the bearish move of the previous week but, presently, market operation is tackling a horizontal resistance at the 133.770 area.

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Although USDJPY price action on the daily time frame is sideways, recent technical impulse is favorably bullish. But price action is tackling a minor horizontal resistance at the 133.770 area.

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USDJPY price action on the H4 time frame is tackling the horizontal resistance at the 133.770 area but the technical impulse is still in favour of bulls.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,684
  • Apr 16, 2023 2:50pm Apr 16, 2023 2:50pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame has failed to breach the 1.24060 horizontal resistance area (purple) after several attempts that began in the last week of November 2022. The area coincides with the 61.8 Fib retracement of the 1.36380/1.11550 bearish swing. Presently, market operation is sideways in the area and last week’s market operation printed an ambivalent candlestick in the area.

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GBPUSD price action on the daily tie frame is struggling to significantly break above the 1.24060 horizontal resistance area (purple) seen on the weekly time frame as a bearish engulfing print on Friday neutralized the bullish charge of the previous two days to retest the 1.24060 line. The area aligns with the 61.8 Fib retracement of the 1.36380/1.11550 bearish swing. Further bearish move in the early part of this week cannot be ruled out.

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Recent technical impulse of GBPUSD price action on the H4 time frame favours bears. Technically, bearish price action is retesting the 1.24060 area after a brief bullish break out.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,685
  • Apr 16, 2023 3:07pm Apr 16, 2023 3:07pm
EURUSD Weekly Technical Outlook

EURUSD market operation is disposed northwards. On the weekly time frame, it broke above the 1.08500 area, which is the lower level of the 1.08500/1.09690 horizontal resistance zone (purple). Last week’s market operation printed a bullish candlestick which closed just at the upper part of the zone. Technically, EURUSD market operation is still at the 50 Fib retracement area of the 1.22535/0.95350 bearish swing.

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EURUSD price action on the daily time frame is tackling the 50 Fib retracement area of the 1.22535/0.95350 bearish swing. Although there was a bullish move above the 1.08500/1.09690 horizontal resistance zone (purple) on Thursday, bears neutralized the move Friday. So, presently, EURUSD price action on the daily time frame is in a sideway mode.

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Recent EURUSD price action on the H4 time frame is seeing an increase in bullish prints. But the bearish pressure in the last two H4 sessions on Friday hindered bullish momentum to effectively breach the 1.08500/1.09690 horizontal resistance zone (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
  • #1,686
  • Apr 23, 2023 1:51pm Apr 23, 2023 1:51pm
XAUUSD Weekly Technical Outlook

Last week saw a bearish follow-up of the XAUUSD bearish pin-bar that rejected the 2033.100/2049.870 horizontal resistance zone (purple) two weeks ago. We may see further bearish market operation to retest, and even break below, the 1968.640/1950.590 horizontal support zone (green).

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XAUUSD price action on the daily time frame is in a bearish mode. We may see further bearish price action in the early part of this week. A bearish breakdown of the 1968.640/1950.590 horizontal support zone (green) this week would incentivize further southward liquidity sweep.

Attached Image (click to enlarge)
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XAUUSD price action on the H4 time frame is tackling the 1968.640/1950.590 horizontal support zone (green) but facing bullish challenge. The recent technical impulse favours bears.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,687
  • Apr 23, 2023 2:11pm Apr 23, 2023 2:11pm
USDJPY Weekly Technical Outlook

USDJPY market operation is in a technically bullish mode but facing strong bearish pressure. On the weekly time frame, the market operation has failed to break above the 134.100 horizontal resistance area despite four weeks of bullish attack on the area. An indecision candlestick was printed in the area last week.

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USDJPY price action on the daily time frame remains sideways as it tackles the 134.100 horizontal resistance area. A bullish break out may incentivize further northward liquidity engineering. But failure may result in a retest of the 131.900 near-term horizontal support and even the 130.980/129.530 longer-term horizontal support zone (green).

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The bullish push of USDJPY price action seen on the H4 time frame, as it tackles the 134.100 horizontal resistance area, is being challenged by bears. Nevertheless, we may still see further northward liquidity engineering to an area of value in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,688
  • Apr 23, 2023 2:33pm Apr 23, 2023 2:33pm
EURUSD Weekly Technical Outlook

EURUSD market operation has been in a bullish retracement within a bearish technical structure for several weeks. Since early January, it has made several bullish attempts to breach the relatively strong 1.08500/1.09690 horizontal resistance zone (purple) without success. Last week, the market operation printed an indecision candlestick at the upper part of the zone, indicating that the relatively stronger bullish momentum of the previous week is failing to gain traction.

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EURUSD price action on the daily time frame is in a sideway mode as it tackles the relatively strong 1.08500/1.09690 horizontal resistance zone (purple). The zone coincides with the 50 Fib retracement area of the prevailing bearish swing on the weekly time frame. Nevertheless, we cannot rule out further northward liquidity engineering before a southward rotation.

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EURUSD price action on the H4 time frame is bouncing off the lower trendline of an ascending channel (magenta) as it tackles the relatively strong 1.08500/1.09690 horizontal resistance zone (purple) seen on the weekly time frame. We may see a northward push for liquidity grab in the early part of the week. But the dominant technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 18 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,689
  • Apr 23, 2023 3:00pm Apr 23, 2023 3:00pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame continues to tackle the 61.8 Fib of the most recent bearish swing. The area aligns with the 1.24400 horizontal resistance level (purple), which has seen several bullish attacks since November 2022. The last two weeks have seen the printing of indecision candlesticks in the area.

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GBPUSD price action on the daily time frame is in a sideway mode as it tackles the relatively strong 1.24400 horizontal resistance level (purple) seen on the weekly time frame. How price action handles the area in the early part of this week should be watched before any directional trading commitment.

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GBPUSD price action on the H4 time frame is grinding a bullish correction but presently tackling the relatively strong 1.24400 horizontal resistance level (purple). We cannot rule out northward liquidity engineering before a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,690
  • Apr 30, 2023 2:11pm Apr 30, 2023 2:11pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the monthly time frame retested the 2033.100/2049.870 horizontal resistance zone (purple) in April. However, there was a strong bearish pushback leading to the printing of a bearish pinbar (a long-wick candlestick with small body at the lower part). Technically, the 1962.150/1927.900 zone (green) is the operating horizontal support zone.

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Recent bullish efforts of XAUUSD market operation on the weekly time frame to breach the 2033.100/2049.870 horizontal resistance zone (purple) have not succeeded as they have been met with bearish pushback. Presently, XAUUSD market operation is in a sideway mode, and we cannot rule out further bearish pushback.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame rejected the 2033.100/2049.870 horizontal resistance zone (purple) after a bullish charge at the zone. Presently, price action is sideways. But as the prevailing technical impulse favours bears, we may see further southward market engineering.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,691
  • Apr 30, 2023 2:28pm Apr 30, 2023 2:28pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the monthly time frame retested the 61.8 Fib retracement of the 114.640/151.940 bullish swing in March, an area which aligns with the 130.980/129.530 horizontal support zone (green). However, it met bullish resistance. In April, bulls sustained their defense of the area with a bullish print that closed at the open of the previous month’s bearish print.

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Last week’s bullish candlestick printed by USDJPY market operation on the weekly time frame broke above the minor consolidation that was in place for three weeks. Technically, USDJPY is in a bullish mode after a bearish retest of the130.980/129.530 horizontal support zone (green) six weeks ago. The zone aligns with the 61.8 Fib retracement of the 114.640/151.940 bullish swing.

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USDJPY price action on the daily time frame is in a bullish mode. It issued a bullish continuation candlestick on Friday, technically breaking out of an area of consolidation that has been in place for nine days. We can expect further northward market engineering. Any southward move would be corrective as the dominant technical structure is bullish.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,692
  • Apr 30, 2023 2:47pm Apr 30, 2023 2:47pm
EURUSD Weekly Technical Outlook

EURUSD market operation in April printed a bullish candlestick at the 50 Fib retracement area of the 1.22535/0.95350 bearish swing that began in June 2021. The area also aligns with the 1.09300/1.10500 horizontal resistance zone (purple).

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EURUSD market operation on the weekly time frame is tackling the 1.09300/1.10500 horizontal resistance zone (purple) seen on the monthly time frame. Although there have been some bullish efforts to breach the zone, bears have been resisting such efforts, and the last three weeks have seen limited bullish move within the zone.

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EURUSD price action on the daily time frame is sideways as it tackles the 1.09300/1.10500 horizontal resistance zone (purple) seen on the monthly time frame. The area aligns with the 50 Fib retracement area of the 1.22535/0.95350 bearish swing that began in June 2021. Personally, I will await significant momentum break on a daily closing basis, followed by a liquidity sweep on a lower time frame, before looking for a swing trading opportunity.

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
  • #1,693
  • Apr 30, 2023 3:10pm Apr 30, 2023 3:10pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation in April printed a bullish candlestick at the 61.8 Fib retracement area of the 1.36430/1.03340 bearish swing. The area also aligns with the 1.23490/1.26170 horizontal resistance zone (purple).

Attached Image (click to enlarge)
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GBPUSD market operation printed a bullish candlestick last week, breaking above a minor area of consolidation that was in place for the previous three weeks within the 1.23490/1.26170 horizontal resistance zone (purple). The area is in confluence with the 61.8 Fib retracement area of the 1.36430/1.03340 bearish swing, but we cannot rule out some northward market engineering before a southward rotation.

Attached Image (click to enlarge)
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GBPUSD price action on the daily time frame is maintaining a bullish tone, but it is within a significant horizontal resistance zone, the 1.23490/1.26170 horizontal resistance zone (purple) seen on the monthly time frame. As the area aligns with the 61.8 Fib retracement area of the 1.36430/1.03340 bearish swing, it is susceptible to a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 13 KB



I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,694
  • Edited 2:22pm May 7, 2023 2:09pm | Edited 2:22pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame produced a bullish candlestick last week that broke above the 2033.100/2049.870 horizontal zone (purple) before retracing far below it, producing a relatively long top wick in the process. We can expect further bullish move, but a southward rotation is in the offing.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame made a bearish rejection of the 2033.100/2049.870 horizontal zone (purple) on Friday. But the prominent tail on the candlestick suggests that bulls are pushing back. And we may see further northward move before a southward rotation.

Attached Image (click to enlarge)
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XAUUSD price action on the H4 time frame shows bulls challenging the recent bearish drive from the 2033.100/2049.870 horizontal channel (purple). Although we may still see further northward move, the dominant technical impulse is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,695
  • May 7, 2023 2:32pm May 7, 2023 2:32pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame has turned sideways as it retests the 134.200/136.390 horizontal resistance zone (purple). Last week, the bearish print produced in the zone has shadows on both ends.

Attached Image (click to enlarge)
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USDJPY price action on the daily time frame turned sideways after making a bearish rejection of the upper part of the 134.200/136.390 horizontal resistance zone (purple) seen on the weekly time frame. It is presently located at the lower part of the zone.

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame entered a sideway mode after a bullish push from the lower part of the 134.200/136.390 horizontal resistance zone (purple) seen on the weekly time frame. We may still see further bullish move, perhaps to an area of value such as a market imbalance or the breaker area aligned to the upper part of the 134.200/136.390 horizontal channel (purple).

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,696
  • May 7, 2023 3:06pm May 7, 2023 3:06pm
EURUSD Weekly Technical Outlook

EURUSD market operation has been sideways within the 1.09300/1.10500 horizontal resistance zone (purple) for four weeks. Last week, market operation printed an indecision candlestick in the zone. The dominant technical structure is bearish, and the zone is aligned with the 50 Fib area of the recent bearish swing.

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EURUSD price action on the daily time frame has been consolidating in the 1.09300/1.10500 horizontal channel (purple) for several days. Technically, this represents a pause in bullish corrective drive, but we cannot rule out northward liquidity sweep to an area of value before a southward rotation.

Attached Image (click to enlarge)
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Recent EURUSD price action on the H4 time frame has been ambivalent. But as the dominant technical structure is bearish, it is safer to await a northward liquidity sweep first before looking for a feasible sell trading opportunity.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,697
  • May 7, 2023 3:42pm May 7, 2023 3:42pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is in a bullish mode. But it is presently tackling the 61.8 Fib area of the recent bearish swing, which is within the 1.23490/1.26170 horizontal resistance zone (purple).

Attached Image (click to enlarge)
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GBPUSD price action on the daily time frame is bullish but it is presently located at the upper boundary of the 1.23490/1.26170 horizontal resistance zone (purple). A significant bullish momentum in the early part of this week may incentivize further northward market engineering but the dominant technical structure is bearish.

Attached Image (click to enlarge)
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The recent bullish impulse of GBPUSD price action on the H4 time frame is being challenged by bears. However, should bulls succeed in significantly breaking out of the 1.23490/1.26170 horizontal resistance zone (purple), seen on the weekly time frame, we may see further northward move to an area of value.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,698
  • May 14, 2023 1:59pm May 14, 2023 1:59pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame issued a bearish pinbar last week to reject the 2033.100/2049.870 horizontal resistance zone (purple). There was a bullish attempt to fill the liquidity gap registered in the previous week, but bears pushed back to put the market operation in a bearish mode. A bearish follow-through would initially tackle the 1980.00 order block/breaker area (blue). The 1962.150/1927.900 zone (green) is a significant horizontal support.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame is in a bearish mode. A bearish follow-through would initially test the 1980.00 horizontal support area (blue). The 1962.150/1927.900 zone (green) is a major horizontal support on the weekly time frame.

Attached Image (click to enlarge)
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Recent candlestick prints on the H4 time frame, with long-top wicks, favour a bearish liquidity drive to an area of value, such as the 1980.00 horizontal support area (blue).

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,699
  • May 14, 2023 2:35pm May 14, 2023 2:35pm
USDJPY Weekly Technical Outlook

USDJPY market operation is tackling the 134.200/136.390 horizontal resistance zone (purple). The last three weeks have seen a sideway operation in the zone. Last week, market operation printed a bullish candlestick in opposition to the bearish print of the previous week.

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USDJPY price action on the daily time frame has made a bullish push above a minor area of consolidation but it is still within the 134.200/136.390 horizontal resistance zone (purple) seen on the weekly time frame. Nevertheless, we may still see further northward move in the early part of the week.

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USDJPY price action on the H4 time frame is in a bullish mode.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,700
  • May 14, 2023 2:47pm May 14, 2023 2:47pm
GBPUSD Weekly Technical Outlook

In the last six weeks, GBPUSD market operation on the weekly time frame has been operating in the 1.23490/1.26170 horizontal resistance zone (purple). The zone incorporates the 68.2 Fib area of the recent bearish swing, and thus, a technically strong zone. Last week, market operation printed a bearish candlestick in the zone, the first time in six weeks. Apparently, bears are increasing pressure to defend the zone from being breached by bulls.

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GBPUSD price action on the daily time frame is in a bearish mode. However, it is still within the 1.23490/1.26170 horizontal resistance zone (purple) seen on the weekly time frame. Thus, we may not see sustainable bearish drive yet.

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GBPUSD price action on the H4 time frame is bearish. However, there is a pause in southward drive as price action tackles the 1.24460 minor horizontal support area and we may see a bullish retracement before further southward drive.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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