Weekly Top-Down Technical Analyses | Page 17 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Major Pairs/Crosses - Trading Scenarios, Analyses & Forecasts 15 replies

Weekly/Monthly TOP Gainers Forexfactory Traders 4 replies

Long Term Analyses - EURUSD, GOLD, and S&P 76 replies

USD/CAD - Loonie Toons, & mostly pointless analyses 2 replies

Lazy analyses thread 56 replies

Attachments: Weekly Top-Down Technical Analyses
Exit Attachments

Weekly Top-Down Technical Analyses

  • #321
  • Feb 18, 2018 3:27pm Feb 18, 2018 3:27pm
EURUSD Weekly Technical Outlook

In January 2018, price action on EURUSD entered a resistance zone (1.22550/1.25790) it last trasversed southward in December 2014. Last month’s candlestick printed bullish but with wicks at both ends; indicating that bulls were facing strong bearish resistance. Apparently, we are likely to be seeing some ranging operation of price action in the zone for quite a while.

On the weekly time frame, price action has been ranging around the 1.22290/1.25420 area for four weeks. As price action has found it difficult to break above the resistance zone, it is likely that we see an attempt by the market to bear southward and regroup for another onslaught on the zone. Last week, an inverted hammer-like candlestick was formed around the zone; which portends the likelihood of a bearish follow through of price action in the days ahead. An ascending trendline (chocolate) from the low of April 2017 is still very much in play and bears may target a retest of the trendline. Such a move southward is likely to expose the horizontal support around the 1.20500 area. However, should bears fail to break down the trendline, bulls are likely to seize the initiative to turn around price action northward.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Top-Down_Analysis_W1_18th_Feb.,_2018.png Size: 46 KB


On the H4 time frame, price action has been consolidating in an ascending channel (magenta) for quite a while. Recent price action is bearing southward from the channel rresistance area. An initial target of bears is the channel support or the horizontal support around the 1.22630 area. However, a micro-support trendline (navy) formed by recent price action may be a barrier for a southward move. So, should bears fail to clear this barrier, we may see bulls turn price action northward toward the channel resistance, perhaps to relaunch an attack on the 1.25790 area.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Top-Down_Analysis_H4_18th_Feb.,_2018.png Size: 50 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #322
  • Edited 11:29pm Feb 18, 2018 3:33pm | Edited 11:29pm
USDJPY Weekly Technical Outlook

Current market on USDJPY may disappoint traders who make buy trading decisions on the basis of ‘oversold’ indicator readings. On the weekly time frame, price action on the USDJPY has ranged in a horizontal channel (bound by magenta coloured horizontal lines) between 108.200 and 114.150 since April 2017. But between January 21, 2018 and first of February 2018, price action consolidated around the 108.360/110.275 area. Last week, a bearish candlestick broke down the channel support, moved below the major consolidation area, and drove down to hit the immediate support around the 105.460 area. However, just before the close of session, bulls resisted further move but it was clear that bears held sway. We may see bears attempt to take price action further southward this week but bulls appear poised to resist the move. Technically, the result of this struggle is likely to be a sideways operation of price action in the early part of this week before further bearish continuation. An initial target of bears is likely to be the 104.330 area, a minor support zone; this may expose the 104.300 handle.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_Top-Down_Analysis_W1_18th_Feb.,_2018.png Size: 42 KB


Technicals on the daily time frame are disposed southward. However, the present location of price action is a bit far from the mean. Therefore, we may likely see a northward pullback of price action before any further bearish momentum can be sustained. A possible target of bulls for such a pullback is the immediate resistance around the 107.380/108.040 area. This would be a retest of the horizontal channel support (magenta) broken down by price action last week and flipped as resistance.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_Top_Down_Analysis_D1_18th_Feb.,_2018.png Size: 42 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #323
  • Edited 4:11pm Feb 18, 2018 3:39pm | Edited 4:11pm
EURJPY Weekly Technical Outlook

Price action on EURJPY has been operating in an ascending channel (bound by chocolate coloured lines) for quite a while. On the weekly time frame, price action has been operating above the mid-line (magenta) since June 25, 2017. Two weeks ago, a relatively big bearish candlestick rejected the channel resistance and was followed up by a smaller bearish candlestick last week. However, last week’s candlestick barely managed to break the low of the previous week’s candlestick and was an indecision candlestick by nature. This indicates that bears were not fully in control and bulls are likely to give bears a fight, at least by market open this week. Nevertheless, short-term technicals are synced in support of bears and we may expect bears to attempt a test of the midline or the immediate horizontal support around the 130.500 area, as an initial target.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_W1_18th_Feb.,_2018.png Size: 47 KB


Looking left on the weekly time frame, as a technical trader I am particularly impressed by a larger ascending channel (bound by black coloured lines) earlier formed and the bearish impulse of the larger trend. I see a similarity of price action in the current ascending channel and the previous one; which gives further weight to a bearish tone of the EURJPY market.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_W1_2_18th_Feb.,_2018.png Size: 53 KB


On the H4 time frame, price action is operating in a descending channel (bound by black lines) but a consolidation pattern (bound by magenta horizontal lines) prevailed on the H4 time for much of last week. Nevertheless, technicals on the H4 time frame are favorably synced for a bearish continuation. The immediate horizontal support around the 130.490 area is a likely target of bears. However, as price action has just broken an area of consolidation, we may see a retest of the area before momentum for a southward move is sustained.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_H4_18th_Feb.,_2018.png Size: 46 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #324
  • Feb 18, 2018 3:50pm Feb 18, 2018 3:50pm
On a short-term basis, I am bearish on this pair. A southward break of the micro trendline (navy) on the H4 time frame would get me interested in looking for a feasible sell trade setup. Alternatively, should bears fail to break down this micro trendline on a daily or H4 closing basis, this will negate my bearish outlook.

KP

Quoting KeenPips
EURUSD Weekly Technical Outlook In January 2018, price action on EURUSD entered a resistance zone (1.22550/1.25790) it last trasversed southward in December 2014. Last month’s candlestick printed bullish but with wicks at both ends; indicating that bulls were facing strong bearish resistance. Apparently, we are likely to be seeing some ranging operation of price action in the zone for quite a while. On the weekly time frame, price action has been ranging around the 1.22290/1.25420 area for four weeks. As price action has found it difficult to break...
Do your homework, follow the footprints of smart money
  • #325
  • Edited 11:34pm Feb 18, 2018 3:58pm | Edited 11:34pm
The technical outlook is still bearish on the USDJPY but we should be expecting periods of sideways operation and pullbacks along the way, perhaps until the 100.500 area is reached; still a long way off though.

I may be wrong. Trade safe and prosper.

KP

Quoting KeenPips
USDJPY Weekly Technical Outlook Current market on USDJPY may disappoint traders who make buy trading decisions on the basis of ‘oversold’ indicator readings.On the weekly time frame, price action on the USDJPY has ranged in a horizontal channel (bound by magenta coloured horizontal lines) between 108.200 and 114.150 since April 2017. But between January 21, 2018 and first of February 2018, price action consolidated around the 108.360/110.275 area. Last week, a bearish candlestick broke down the channel support, moved below the major consolidation...
Do your homework, follow the footprints of smart money
  • #326
  • Feb 25, 2018 3:25pm Feb 25, 2018 3:25pm
USDJPY Weekly Technical Outlook

Price action on the USDJPY continues to be disposed southward. On the weekly time frame, after a period of consolidation in late January 2018 to the first week in February, bears took price action southward two weeks ago, printing a relatively large bearish candlestick which inched to the immediate support zone around the 105.140 area (magenta). Last week, bulls took price action further northward but the attempt was checkmated by bears, leading to the printing of an inside candlestick; a strong indication that bears are intent on taking price action further southward. We may see bears target the 103.180 area as they push through the 105.140 area (purple) this week. This may expose the 102.350 handle (red). The technical structure on the weekly time frame favours the bears.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_Top-Down_Analysis_W1_Feb._25,_2018.png Size: 39 KB


Price action on the daily time frame is operating in a descending channel (navy).The candlestick formation and the technical structure are very much in favour of bears. As long as price action does not break out above the channel resistance trendline on a daily closing basis, we can expect bears to continue targetting further southward levels.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_Top-Down_Analysis_D1_Feb._25,_2018.png Size: 40 KB


On the H4 time frame, although the price action is operating in a descending channel, the bearish candlestick prints are more prominent than the bullish ones, a strong technical indication for further bearish influence. Bears are likely to first take out the minor support around the 105.540 area before we see much resistance from bulls.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_Top-Down_Analysis_H4_Feb._25,_2018.png Size: 42 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #327
  • Feb 25, 2018 3:37pm Feb 25, 2018 3:37pm
EURJPY Weekly Technical Outlook

Price action is consolidating in a wedge on the monthly time frame. Recent price action bore southward from a resistance zone around the 138.150 area. The immediate support zone is around 126.450 area. An inner support trendline (navy) is too far from current price action and may attract bears as a southward target.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_MN_Feb._25,_2018.png Size: 44 KB


On the daily time frame, price action has broken down an ascending channel (magenta) within which it has operated since September 2017. The technical structure on the daily time frame favours a bearish continuation. A likely target of bears is the 127.830 area, which is confluence with the lowest point of the channel support; this may extend to the 126.430 area.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_D1_Feb._25,_2018.png Size: 44 KB


On the H4 time frame, the angle of the descending trendline (navy) suggests a strong bearish mood. We may not see more than a feeble northward pullback until bears take price action further down. The technicals are synced in favour of bears.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_H4_Feb._25,_2018.png Size: 42 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #328
  • Feb 25, 2018 3:48pm Feb 25, 2018 3:48pm
GBPAUD Weekly Technical Outlook

The northward move of price action on the GBPAUD is apparently being checkmated by bears. In November 2017, price action broke out northward from a horizontal channel or range (magenta) only to enter another horizontal consolidation of a smaller range for the next three months. Currently, price action on the monthly time frame is bearing northward but with limited momentum. It has inched towards a resistance zone (bound by purple coloured horizontal lines) around the 1.80260/1.82700 but has failed to enter it. This zone is likely to be the immediate target of bulls, more so that they have labored for three months to reach it.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_Top-Down_Analysis_MN_Feb._25,_2018.png Size: 20 KB


The technicals on the weekly time frame are mixed. An outer ascending trendline (red) is still in play and an inner ascending trendline (navy) is still acting as support to price action. But a resistance trendline (magenta) from the highs of recent candlesticks may be a barrier to northward momentum. Besides, price action is struggling in an attempt to reach the next horizontal resistance. Nevertheless, we may see bulls reach this resistance but bears are likely to hinder further move; this may lead to a southward pullback thereafter.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD_Top-Down_Analysis_W1_Feb._25,_2018.png Size: 34 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #329
  • Feb 25, 2018 4:05pm Feb 25, 2018 4:05pm
Quoting KeenPips
Doing a weekly top-down technical scan and analysis of pairs ahead of each week is critical to effective, efficient and profitable trading. It helps the trader make the most of their time and spend appropriate time on the right things to do when the market is in session. What pairs to trade based on well-stipulated criteria, what to look for in tracking the market and what set-ups to best use are facilitated by proper planning and preparation which is enhanced by a thorough top-down technical analysis done ahead of the trading week, say, every Sunday....
My intention is not to interfere with your thread just to give my own opinion wich might complete the informations you present here.

Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 66 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 2.png Size: 84 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 3.png Size: 134 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 4.png Size: 82 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 5.png Size: 166 KB
Money moves the market, not an indicator.
  • #330
  • Feb 25, 2018 4:12pm Feb 25, 2018 4:12pm
Hi mate! What you did is quite in order as it is a top-down perspective. It will be good, however, if you talk through your charts or make some summary statements. I believe traders will get better value from your charts that way.

Trade safe and prosper.

KP

Quoting andoseg2
{quote} My intention is not to interfere with your thread just to give my own opinion wich might complete the informations you present here. {image} {image} {image} {image} {image}
Do your homework, follow the footprints of smart money
  • #331
  • Mar 4, 2018 3:04pm Mar 4, 2018 3:04pm
GBPJPY Weekly Technical Outlook

Yen has been technically stronger than most of its peers since December 2018. The current risk sentiment, with the uncertainties surrounding Brexit negotiation, presents a favorable fundamental condition to be bearish on GBPJPY. Of course, we should be aware that market perception is key and the prevailing market direction should guide our trading. That being said, on a technical basis, GBPJPY continues to bear southward.

On the monthly time frame, a bearish drop from the high of July 2007 to the low of September 2011 was served a retracement around the 61.8 Fib zone in June 2015. The drop from that zone since June 2015 to the low of October 2016 entered the 32.8/50 Fib retracement zone in January 2018. Price action in February 2018 has turned southward from this Fib zone and we may expect further bearish move this month. The bearish candlestick formed in February 2018 traversed two horizontal support zones southward and technically stronger than the most recent preceding bullish candlesticks. Price action has also breached the monthly pivot southward.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_Top-Down_Analysis_MN_Mar._4,_2018.png Size: 49 KB


On the weekly time frame, price action has been consolidating in an ascending pattern between an ascending trendline (red) from the low of January 2012 and another (navy) from the low of October 2016. Last week, price action broke below the support trendline (navy) and met a barrier at the horizontal support in the 144.810 area. Traders who include wave theory in their analyses are likely to see further southward impulsive wave. The technicals on the weekly time frame are synced in favour of bears and we may see them target the horizontal support around the 138.950 area.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_Top-Down_Analysis_W1_Mar._4,_2018.png Size: 45 KB


On the H4 time frame, price action since late February 2018 has been primarily bearish and the order flow context has been much in favour of bears. A resistance trendline (magenta) is very much at play. However, bulls attempted to take price action northward in the latter part of last week Friday; by the early part of this week, they may push for a retracement to retest the trendline or the immediate minor horizontal resistance zone around 146.39/147.370. Such a move is much likely to be corrective. But it is important to remember that there is still a support trendline (navy) below, which was seen on the weekly time frame. Therefore, we may not see a sustained southward momentum until this support trendline is broken down by price action on a daily closing basis. A breakdown of the support trendline on a four-hourly closing basis is likely to require a retest before we can have confidence in a sustained southward momentum.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_Top-Down_Analysis_H4_Mar._4,_2018.png Size: 47 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #332
  • Mar 4, 2018 3:24pm Mar 4, 2018 3:24pm
EURJPY Weekly Technical Outlook

Basically, price action on the monthly time frame is in a triangular-consolidation (red) but the mode is southward. Last month the candlestick printed on the monthly time frame was solidly bearish. Although the 132.520 area is likely to be attractive for a bullish pullback, we are likely to see further southward move. The 127.900/820 area is an initial area which bears may target as the area have a lot of low-wicks to retest. Should they succeed in this, bears may then target the next horizontal support around the 126.140 area.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_MN_Mar._4,_2018.png Size: 48 KB


On the daily time frame, price action is operating in an ascending wedge (magenta). The current location of price action is around the wedge support trendline. Should bears break down the wedge support trendline, they will have to contend with a support trendline (deep blue) from the most recent candlesicks before further southward momentum can be sustained.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_D1_Mar._4,_2018.png Size: 54 KB


Technically, the H4 time frame offers possible areas we can expect price action to retrace northward to before further southward continuation. One such area is the 131.730/133.040 zone, bound by red horizontal lines on the attached H4 chart. Price action may not get to the zone before turning around as there are a few minor barriers for bulls to deal with but that is the zone I will be watching.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_H4_Mar._4,_2018.png Size: 44 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #333
  • Mar 4, 2018 3:53pm Mar 4, 2018 3:53pm
USDJPY Weekly Technical Outlook

The bearish outlook seen in the past few weeks on the USDJPY still supervenes, basically. However, price action is just about 120 pips from a key horizontal support zone and we may have some sideways price action or a pullback to the north.

On the weekly time frame, the bearish move which broke down a consolidation zone three weeks ago continued but with limited momentum. Last week, price action barely breached the low of the bearish candlestick formed three weeks ago. An ascending trendline (chocolate) from the low of September 2012 was breached three weeks ago but was retested a week after. Last week, price action flipped the trendline to resistance. However, a descending trendline (purple) is likely to act as a confluence factor to the horizontal support zone around the 104.400 area. A break below the 104.400 area is likely to give confidence to bears to target the next support around the 102.990 area.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_Top-Down_Analysis_W1_Mar._4,_2018.png Size: 48 KB


On the H4 time frame, price action has moved away from the mean and it is very close to a support trendline (purple) seen on the weekly time frame. Bulls were able to take price action a bit northward before the closing session last Friday. Thus, we may see a pullback of price action northward in the early part of this week. A resistance trendline (magenta) on the H4 time frame may be a target of a retest by bulls. Thereafter, we are likely to see a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_Top-Down_Analysis_H4_Mar._4,_2018.png Size: 46 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #334
  • Edited 4:32pm Mar 11, 2018 4:00pm | Edited 4:32pm
EURJPY Weekly Technical Outlook

The bearish candlestick formed on the monthly time frame of EURJPY in February 2018 is rather relatively strong, compared to the candlesticks contextual to it. That candlestick formed around the 61.8 Fib zone of the downward swing from the high of December 2014 to the low of June 2016. Much likely we may see a bearish continuation on this pair.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_MN_11th_Mar.,_2018.png Size: 47 KB


Price action on the weekly time frame continues a southward move but last week saw a retracement northward; which failed to breach the high of the bearish candlestick formed two weeks ago. The location of price action is around an S/R zone and in confluence with the 50 Fib zone of the drop from the high of December 2014 seen on the monthly time frame. We may expect further southward move after a sideways operation in the early part of this week. An initial target of bears is likely to be the immediate minor support around the 127.920 area. Should bears achieve that target, a bigger target is the major support around 122.470 area, the origin of a major northward push in June 2017.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_W1_11th_Mar.,_2018.png Size: 45 KB


On the daily time frame, price action has rejected an ascending trendline (navy) which acted as support to turn southward, respecting a resistance trendline (magenta).The most recent price action retraced towards this resistance trendline at a confluence of a horizontal resistance around the 131.740 area. The wicky nature of the candlestick formed last Friday indicates the probability of a southward turnaround, perhaps after a sideways operation in the early part of this week. The technicals are synced for a southward move.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_D1_11th_Mar.,_2018.png Size: 48 KB


Price action on the H4 time frame is operating in a descending channel. The most recent price action is at the distal part of the channel. The candlestick formation is largely with upper shadows and around the horizontal resistance, 131.740. This indicates that bears are likely to take price action further southward and the technicals are synced for this move.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_H4_11th_Mar.,_2018.png Size: 47 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #335
  • Mar 11, 2018 4:07pm Mar 11, 2018 4:07pm
GBPJPY Weekly Technical Outlook

GBPJPY is operating in a descending channel on the daily time frame (navy). Between Wednesday and Friday last week, price action consolidated around an S/R zone in the 147.490/146.860 area. Very much likely, that area will be flipped as a resistance by price action in the days ahead and bears may use that to target the next horizontal support around the 144.430 area.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_D1_11th_Mar.,_2018.png Size: 40 KB


On the H4 time frame, price action has formed three price waves in the descending channel (navy). The most recent price action is located around the channel resistance and the candlesticks are rejecting a horizontal resistance around the 147.970/147.530 area. We may see further southward move of price action in the days ahead.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_H4_11th_Mar.,_2018.png Size: 43 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #336
  • Mar 11, 2018 4:12pm Mar 11, 2018 4:12pm
USDJPY Weekly Technical Outlook

Price action on USDJPY has been consolidating for a while. A triangular consolidation pattern (red) can be seen on the weekly time frame. In the past four weeks, price action has been in consolidation around the support trendline. The current location of price action is proximal to the horizontal support around the 104.800 area. Last week bulls attempted to take price action northward and, early this week, we may see them push further upward to target the high of the bearish candlestick formed two weeks ago, around the 107.560 area; which is in confluence with the monthly pivot.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_W1_11th_Mar.,_2018.png Size: 49 KB


On the daily time frame, price action is respecting a resistance trendline (black) from the high of January 8, 2018. Last week, bulls took control of price action to retrace towards this trendlne and tested it. Bulls may be intent on taking price action further northward to at least retest the monthly pivot which is in confluence with a minor horizontal resistance around the 107.560 area. Thereafter, we are likely to see a southward turnaround of price action.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_D1_11th_Mar.,_2018.png Size: 45 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #337
  • Mar 18, 2018 3:28pm Mar 18, 2018 3:28pm
AUDUSD Weekly Technical Outlook

After a northward move in January 2018, price action on the AUDUSD turned southward in February. A period of consolidation has since set in. On the weekly time frame, last week a relatively strong bearish candlestick was formed that spanned the consolidation channel. However, the candlestick failed to significantly breach the consolidation channel southward. We may have to wait for price action in the early part of this week to see if bears could effectively follow up with a southward continuation. The immediate support is around the 0.76500 area.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_W1_Top-Down_18th_Mar.,_2018.png Size: 40 KB


The order flow context on the H4 time frame is in favour of bears. The technical structure is also synced in favour of a southward continuation. A likely initial target of bears is the 0.76500 area. Should bears meet with success in reaching this target, we may see their attention turned to the minor support around the 0.75750 area. However, we may see a pullback by the bulls before the 0.75750 area is reached.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_H4_Top-Down_18th_Mar.,_2018.png Size: 42 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #338
  • Mar 18, 2018 3:33pm Mar 18, 2018 3:33pm
USDCAD Weekly Technical Outlook

On the weekly time frame, price action on USDCAD is respecting a support trendline (chocolate) from the low of September 2012. Last week, a relatively big bullish candlestick pulled away from an area of consolidation and inched towards the horizontal resistance around the 1.31730 area. Technically price action is favoured for further northward move but the resistance around 1.31730 has to be cleared by bulls before a northward momentum can be sustained. There is also a minor resistance trendline (magenta) which is in confluence. Should bulls break the resistance, they may be attracted by the next resistance zone around the 1.34390 area; which has a confluence in an ascending trendline (red) acting as resistance.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_W1_Top-Down_18th_Mar.,_2018.png Size: 48 KB


On the H4 time frame, price action is bearing northward with strong momentum and respecting a support trendline (black). But it is nearing a resistance zone around the 1.31730 area and may reach this zone before a southward pullback to around the 1.30190 area. Thereafter, we may see further northward move. The technical structure is in favour of bulls. However, should bears manage to turn around price action and breach the trendline (black) southward, flipping it to resistance, we may see them target the minor horizontal support around the 1.28730 area before seeking a bigger target around 1.27630.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_H4_Top-Down_18th_Mar.,_2018.png Size: 52 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #339
  • Mar 18, 2018 3:37pm Mar 18, 2018 3:37pm
USDJPY Weekly Technical Outlook

The USDJPY market has disposed southward for quite a while. On the weekly time frame, the order flow context has largely been in favor of bears but the southward move has witnessed some periods of consolidation. The past four weeks witnessed such a period. The bearish candlestick formed three weeks ago has been acting as a control candlestick for the two candlesticks that followed. As the bullish candlestick formed two weeks ago failed to take out the high of the control candlestick, so did the bearish candlestick formed last week fail to break below its low. A follow through of the bearish move is likely to target the next support zone around the 104.980 area. We should note the significant break of a support trendline (red) from the low of September 2012 which would act as resistance to any bullish agenda.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_W1_Top-Down_18th_Mar.,_2018.png Size: 45 KB


Price action is operating in an ascending channel (blue) on the H4 time frame. The most recent price action has disposed southward from the channel resistance but encountered a support trendline (magenta). Price action reacted to the support trendline with a tiny bullish candlestick towards the end of session last week Friday. The tiny size of the candlestick is an indication of a weakness on the part of bulls. To retain their influence, however, bears will have to break down the support trendline (red) realizing that price action is curently located in a confluence of a minor horizontal support and the support trendline. The 105.300 area is likely to be the first target of bears. Alternatively, we may see bulls regain their confidence in the early part of the week in an attempt to push price action a bit further northward from its current location, possibly targeting the minor horizontal resistance around the 106.600 area. But such a move is likely to be corrective and we may see a southward turnaround of price action from that area.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_H4_Top-Down_18th_Mar.,_2018.png Size: 47 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #340
  • Mar 18, 2018 3:58pm Mar 18, 2018 3:58pm
As the present location of price action is around the 61.8 Fib retracement zone of the downward swing from the high of May 2017 to the low of September 2017, I will stay on the sideline until there is a southward pullback of price action or a northward break of the horizontal resistance around 1.31720 on at least a four-hourly closing basis.

KP

Quoting KeenPips
USDCAD Weekly Technical Outlook On the weekly time frame, price action on USDCAD is respecting a support trendline (chocolate) from the low of September 2012. Last week, a relatively big bullish candlestick pulled away from an area of consolidation and inched towards the horizontal resistance around the 1.31730 area. Technically price action is favoured for further northward move but the resistance around 1.31730 has to be cleared by bulls before a northward momentum can be sustained. There is also a minor resistance trendline (magenta) which is...
Do your homework, follow the footprints of smart money
3 traders viewing now