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

  • #381
  • May 27, 2018 1:31pm May 27, 2018 1:31pm
USDJPY Weekly Technical Outlook

The USDJPY market is still technically bearish. On the weekly time frame, price action is operating at the resistance zone of a falling channel (navy) and within a larger wedge pattern (navy). Last week, a bearish engulfing candlestick was printed which broke below a support trendline (magenta) from the low of September 2012. In actual fact, it was a retest of the trendline earlier broken in February 2018, which is apparently being flipped for a bearish continuation. If bears are able to breach the monthly pivot (108.150) southward, the horizontal support (purple) around the 105.780 may be exposed.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_W1_27th_May,_2018_Tech_Update.png Size: 52 KB


The H4 time frame shows that price action has breached a support trendline (red) after a 78.6 Fib retracement of the drop from the high of January 8, 2018 to the low of March 23, 2018. A resistance trendline (black) is in play and its retesting by price action may validate it for a southward momentum.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_H4_27th_May,_2018_Tech_Update.png Size: 49 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #382
  • May 27, 2018 1:50pm May 27, 2018 1:50pm
GBPUSD Weekly Technical Outlook

Price action on the GBPUSD has continued bearish since two weeks ago after a sideways operation a week earlier. Last week, a strong bearish continuation candlestick was printed on the weekly time frame. However, bears will have to contend with an ascending trendline (magenta) from the low of January 15, 2017 before targeting the next major horizontal support around the 1.30440 area. Should they be successful in this, the 1.27880 handle may be exposed.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_W1_27th_May,_2018_Top-Down.png Size: 45 KB


On the H4 time frame, the market is bearing southward and the order flow context favours bears. A descending trendline (black) is in play, acting as resistance. We may expect price action to move further southward before a northward correction.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_H4_28th_May,_2018_Top-Down.png Size: 48 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #383
  • Edited 1:36pm Jun 3, 2018 1:06pm | Edited 1:36pm
GBPUSD Weekly Technical Outlook

The bearish move started three weeks ago on the GBPUSD appears to be threatened with the pinbar printed by price action last week. The pinbar was formed around a support zone and in confluence with the 50 Fib retracement of the upward move since January 2017. Should bulls succeed in a follow-through this week, we may see price action retest the high of the weekly candlestick formed two weeks ago, which is around the 1.34990 area.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_W1_3rd_June,_2018_Top-Down.png Size: 46 KB


Recent price action on the daily time frame is disposed in favour of bulls. We may see bulls take price action to retest a recently broken support zone before it is flipped for a southward turnaround. Such a zone is around 1.34990/1.36000. An ascending trendline (red) from the low of January 2017 is active as a support. A break of the trendline is likely to see bears take price action to the 1.30440 area.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_D1_3rd_June,_2018_2_Top-Down.png Size: 53 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #384
  • Jun 3, 2018 1:20pm Jun 3, 2018 1:20pm
On a short-to-medium term basis, I am bullish on the pair. I expect a southward turnaround of price action after a major northward retracement, and that will see me disposed bearish. A long-term bearish disposition is likely to be kicked in when the support trendline (red) is breached on a daily closing basis.

I may be wrong. Trade safe and prosper.

KP

Quoting KeenPips
GBPUSD Weekly Technical Outlook The bearish move started three weeks ago on the GBPUSD appears to be threatened with the pinbar printed by price action last week. The pinbar was formed around a support zone and in confluence with the 50 Fib retracement of the upward move since January 2017. Should bulls succeed in a follow-through this week, we may see price action retest the high of the weekly candlestick formed two weeks ago, which is around the 1.34990 area. {image} Recent price action on the daily time frame is disposed in favour of bulls. We...
Do your homework, follow the footprints of smart money
  • #385
  • Jun 3, 2018 1:42pm Jun 3, 2018 1:42pm
EURUSD Weekly Technical Outlook

Price action on the weekly time frame on the EURUSD formed a long-tailed candlestick, hammer-like, around an S/R zone last week. The long tail covers about 158 pips of a 230-pip range candlestick, showing a strong intent of bulls to push price northward. It may be significant to note that the price action printing the hammer-like candlestick last week was around the channel support of an ascending channel (black) which is traceable to January 2017. Very much likely we may see bulls continue the northward push in the days ahead. A look at the candlestick printed in May 2018 showed that there was a bearish rejection; but as we are in the early days of a new month, we may not witness a reversal northward yet. Much likely, we may have a northward pullback to retest a significant support zone recently breached. Such a zone is around the 1.19190/1.19860 area.

Attached Image (click to enlarge)
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On the daily time frame, recent price action is very much under the influence of bulls. The bullish piercing candlestick formed last week Wednesday was followed up by two candlesticks in a consolidating pattern but with a bullish tone, given the nature of the candlestick formed last week Friday. The move saw price action entering a minor support zone earlier breached but not yet flipped as resistance. There may be a further northward move to retest a more significant S/R zone around the 1.19180 area, an area that is congruent with the 50 Fib retracement of the drop from the high of April 17, 2018 to the low of May 29, 2018.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_D1_3rd_June,_2018_Top-Down.png Size: 49 KB


On the H4 time frame, price action has been respecting a descending trendine (chocolate) from April 19, 2018 and a descending channel is clearly noticeable. However, recent price action has moved northward to consolidate around the channel resistance, from which a bullish pinbar formed last Friday. This pinbar was formed around a minor S/R zone and may lead to a bullish reaction for a northward move in the days ahead. A significant resistance zone, which may be an initial target of bulls is the 1.17610/1.17680 area, which is close to the monthly pivot. Such a move may extend to the 1.18350 area, around the high of two weeks’ ago. Any southward move is likely to see bears contend with the ascending trendline (magenta) emerging on the H4 time frame. A successful retest and bounce off it by price action is likely to see bulls take price further northward. However, should price action breach the trendline southward on a daily closing basis, we may see bears step in for a southward drive. This may expose the 1.15060 handle.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_H4_3rd_June,_2018_Top-Down.png Size: 46 KB


I am bullish on this pair on a short to medium term basis; on the long term, bears are technically favoured.

I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #386
  • Jun 3, 2018 1:50pm Jun 3, 2018 1:50pm
EURJPY Weekly Technical Outlook

Price action on the weekly time frame on the EURJPY formed a hammer-like candlestick around an S/R zone last week. The long tail of the hammer or pinbar covers about 330 pips of a 386-pip range candlestick, showing a strong intent of bulls to push price northward. It may be significant to note that last week, price action rejected a support zone just above the support trendline of a broadening wedge (red) which is traceable to April 2017. Very much likely we may see bulls continue the northward push in the days ahead. We should also note that the pinbar is settled on the monthly pivot, and its nose is just a few pips above the pivot. Besides, a consolidation or compression zone is just above the pinbar and we may see bulls push price action beyond the compression zone to retest the high of the bearish candlestick formed two weeks’ ago, which is around 131.330.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_W1_3rd_June,_2018_Top-Down.png Size: 47 KB


Recent price action on the daily time frame is technically disposed in favour of bulls, given the bullish candlesticks formed last week Wednesday through last week Friday. If bulls are able to successfully contend with the minor horizontal resistance around the 129.600 area, they will face resistance in the descending trendline (black) from the high of February 2, 2018. However, this is quite distant and a buy trade may be a feasible option in the short to medium term.

Attached Image (click to enlarge)
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The technicals on the H4 time frame favour the bulls. The candlesticks recently printed by price action are largely disposed northward. While I am bullish on this pair on a short term basis, I will be tracking how price action reacts to the ascending trendline (magenta) which is currently acting as support. A break of price action below the trendline on at least a four-hourly basis and its retest for a role flip will see me change my bias to bearish on this pair.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_H4_3rd_June,_2018_Top-Down.png Size: 44 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #387
  • Jun 3, 2018 3:52pm Jun 3, 2018 3:52pm
As always thank you for taking your time to share your TA with us KP
  • #388
  • Jun 3, 2018 4:04pm Jun 3, 2018 4:04pm
Thanks mate.

Trade safe.

KP
Quoting SuperTiger
As always thank you for taking your time to share your TA with us KP
Do your homework, follow the footprints of smart money
  • #389
  • Jun 10, 2018 1:31pm Jun 10, 2018 1:31pm
GBPUSD Weekly Technical Outlook

The pinbar formed on the weekly time frame two weeks ago did not have much follow-through last week as bulls were only able to move price action about 100 pips further northward before bears resisted the move. Last week, an indecision candlestick was printed by price action and we may see some struggle between bulls and bears, i.e. a consolidation. However, looking left we can see that there is a likely supply zone around the 1.35700 area which may be a magnet for bulls. The area is also proximal to a horizontal S/R area. Much likely, we may see bulls take price action to that area if they successfully navigate the consolidation in the early part of this week. An ascending trendline (navy) from the low of January 2017 is acting as support.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_W1_10th_June,_2018_Top-Down.png Size: 44 KB


On the daily time frame, recent price action is disposed northward and we may see bulls target the resistance around the 1.36390 area. This may extend to the 1.37530 area

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_D1_10th_June,_2018_Top-Down.png Size: 50 KB


On the H4 time frame, price action has significantly broken a descending trendline (red) from the high of April 17, 2018. It is now respecting an ascending trendline (black) from the low of May 29, 2018, which is acting as support. An inner ascending trendline (magenta) from the same area is likely to be a resistance to price action. Technically, bulls are favoured but we may not see much movement northward until the minor horizontal resistance zone around 1.34745/1.35240 is breached.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_H4_10th_June,_2018_Top-Down.png Size: 50 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #390
  • Jun 10, 2018 1:47pm Jun 10, 2018 1:47pm
EURUSD Weekly Technical Outlook

On the weekly time frame, last week, there was a follow-through of bullish price action on the pinbar formed two weeks ago; resulting in more than 130 pips move beyond the high of the candlestick formed a week earlier. Although the bullish move was checkmated by bears towards the end of last week, the weekly chart is still technically disposed in favour of bulls. Price action has moved further above an outer ascending trendine (chocolate) now acting as support and is now located below an inner ascending trendline (black) which may be flipped as resistance. A break of price action above the inner ascending trendline (black) is lkely to give further impetus for a bullish move, with a possible target around the 1.20190 area which is in confluence with an S/R zone on the weekly time frame. A break below the outer ascending trendline (chocolate) is likely to signal momentum for a southward move with a possible target around the 1.15020 area, which is in confluence with the low of the candlestick formed two weeks ago and is adjoining a horizontal support.

Attached Image (click to enlarge)
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On the daily time frame, the order flow is under the control of buyers. The recent candlesticks have been predominantly bullish and relatively big. Even the pinbar-like candlestick formed last week Friday is in favour of bulls. Bulls are likely to first go for the high of the candlestick formed last week Friday, around the 1.18430 area, in the early part of this week before they proceed further to an ambitious target of the immediate horizontal resistance around the 1.19100 area. This area is in confluence with the 50 Fib retracement of the downward swing from the high of April 17, 2018 to the low of May 29, 2018. Thereafter, we may see price action struggle or consolidate for a while, and this may result in a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_D1_10th_June,_2018_Top-Down.png Size: 53 KB


On the H4 time frame, price action has breached a descending trendline (red) from the high of April 19, 2018. It is now respecting an ascending trendline (skyblue) from recent lows. We may expect bulls to take price action further northward in consonance with the bigger picture seen on the daily and weekly time frames but such a move is likely to be on a short-term basis. A likely area we may see a southward turnaround of price action is the 50/61.8 Fib retracement of the most recent downward swing on the daily time frame. This area, the 1.19570/1.20700 zone, is bound by magenta horizontal lines in the attached H4 chart. This does not mean that market cannot do otherwise or even turn southward before that area. So we have to track the price action and wait for the right setup. In fact, a break of price action below the ascending trendline (skyblue) on the H4 time frame with a retest on a four-hourly closing basis may kick off a good sell trading opportunity; a bouncing off of price action at the trendline is likely to offer a buy trading opportunity (albeit on a short term basis in my opinion).

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_H4_10th_June,_2018_Top-Down.png Size: 49 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #391
  • Jun 10, 2018 1:58pm Jun 10, 2018 1:58pm
I will be on the sidelines regarding this pair during the early part of this week and see how price action handle the minor resistane on the H4 time frame.

KP

Quoting KeenPips
GBPUSD Weekly Technical Outlook The pinbar formed on the weekly time frame two weeks ago did not have much follow-through last week as bulls were only able to move price action about 100 pips further northward before bears resisted the move. Last week, an indecision candlestick was printed by price action and we may see some struggle between bulls and bears, i.e. a consolidation. However, looking left we can see that there is a likely supply zone around the 1.35700 area which may be a magnet for bulls. The area is also proximal to a horizontal S/R...
Do your homework, follow the footprints of smart money
  • #392
  • Jun 10, 2018 2:02pm Jun 10, 2018 2:02pm
My technical bias on EURUSD:
Short term: bullish
Medium/long term: Bearish

My preference is to wait for a sell trading opportunity on this pair; much likely after the 50/61.8 Fib retracement of the most recent downward swing on the daily time frame; i.e. 1.19570/1.20700 (bound by magenta horizontal lines in the attached H4 chart). However, as we should wait for the market to show its hands, if there is a bearish set-up on a daily closing basis around the 38.2 Fib area, which is around 1.18340, it may offer a feasible sell trade.

KP
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_H4_10th_June,_2018_Top-Down.png Size: 49 KB


Quoting KeenPips
EURUSD Weekly Technical Outlook On the weekly time frame, last week, there was a follow-through of bullish price action on the pinbar formed two weeks ago; resulting in more than 130 pips move beyond the high of the candlestick formed a week earlier. Although the bullish move was checkmated by bears towards the end of last week, the weekly chart is still technically disposed in favour of bulls. Price action has moved further above an outer ascending trendine (chocolate) now acting as support and is now located below an inner ascending trendline...
Do your homework, follow the footprints of smart money
  • #393
  • Edited 12:00pm Jun 17, 2018 11:29am | Edited 12:00pm
XAUUSD Weekly Technical Outlook

Gold (in USD) was much on my radar last week as its price action was hovering around the support of an ascending channel (navy) on the weekly time frame. The channel support has been breached southward but there may be need to wait for a retest of the broken down area on a daily closing basis before looking for a southward trading opportunity. I am particularly impressed by the fact that, last week, price action confirmed a 50 Fib retracement of the bearish continuation candlestick printed six weeks ago with a relatively strong bearish print.

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_W1_17th_June,_2018_Top-Down.png Size: 46 KB


The daily time frame supports the need to wait for perhaps another daily close before looking for a sell trading opportunity. The channel support is not significantly breached on the daily time frame and still very much intact. What happens on Monday or Tuesday this week is likely to give clarity of market intent.

Attached Image (click to enlarge)
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On the H4 time frame, price action is still operating within the channel but has printed candlesticks with upper wicks around a minor horizontal resistance zone. The last session last week Friday saw bulls attempted a retest of the zone. If this retest happens or continues in the early part of this week, I will see it as an opportunity to look for a sell trade; provided there is a bearish setup in that zone or within the 1308.60/1314.90 band (bound by horizontal magenta lines).

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_H4_17th_June,_2018_Top-Down.png Size: 44 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #394
  • Jun 17, 2018 12:38pm Jun 17, 2018 12:38pm
USDCAD Weekly Technical Outlook

Recent candlesticks printed by price action on the monthly time frame on the USDCAD market are in favour of bulls and the horizontal resistance around 1.33230/1.34740 is likely to be a target.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_MN_17th_June,_2018_Top-Down.png Size: 43 KB


On the weekly time frame, an ascending trendline (red) from the low of January 2018 is in play as support. A strong bullish candlestick was printed last week, which indicated an attempt by bulls to take the 1.33230/1.34740 area. Bulls attempted a test of the 1.33230/1.34740 area in March 2018 but were checkmated by bears. That failure is likely to see a strong resolve on the part of bulls to take price action to that elusive area on this second attempt, coming almost three months after the first attempt.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_W1_17th_June,_2018_Top-Down.png Size: 47 KB


Price action on the daily time frame is strongly disposed northward with a well angled inner trendline (navy) in play as support. This is an indication of a strong northward momentum. However, price action has entered a minor horizontal resistance, the 1.32080 area, and we may see a sideways operation or a brief southward retracement in the early part of this week before further momentum for a northward move. Nevertheless, as long as the inner ascending trendline (navy) holds as support, we should see further bullish continuation. An initial target of bulls is likely to be the next significant horizontal resistance around the 1.33880 area.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_D1_17th_June,_2018_Top-Down.png Size: 53 KB


I am bullish on this pair.

I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #395
  • Jun 17, 2018 1:30pm Jun 17, 2018 1:30pm
AUDUSD Weekly Technical Outlook

AUDUSD price action on the weekly time frame bore southward last week, printing a relatively big bearish candlestick. Its strong momentum erased much of the bullish gains since the first week of May 2018. Such a move is significant, indicating bearish intent to break down the horizontal support zone around 0.73230/0.73890 that was last crossed northward by price action in May 2017. In the past few weeks, price action attempted a test of the zone but failed to breach it. In this context, any northward pullback of price action in the early part of this week is likely to see bears seize the initiative for a southward drive to that area. The outer ascending trendline (red) from the low of January 2016 is likely to give way just like the inner ascending trendline (navy) from the same area broke down in the last week of April 2018. There is also a possibility of bears being ambitious thereafter to expose the 0.71970 handle. Nevertheless, such a follow-through of price action is likely to happen after a role-flip of the outer ascending trendline (red).

Attached Image (click to enlarge)
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On the H4 time frame, the order flow is very much under the influence of bears. Price action, which has been operating in an ascending channel (magenta) for quite a while, significantly broke down the channel support last week. Although a brief consolidation was seen in the latter part of Thursday session through the early part of last week Friday, the candlesticks printed were largely disposed in favour of bears. We may see further bearish follow up this week.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_H4_17th_June,_2018_Top-Down.png Size: 49 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #396
  • Jun 17, 2018 1:44pm Jun 17, 2018 1:44pm
EURUSD Weekly Technical Outlook

Last week, price action on the weekly time frame on the EURUSD retested an inner ascending line from the low of January 2017 (black), which was broken down a few weeks earlier, and significantly flipped it as resistance. The candlestick printed last week continued the bearish disposition on the EURUSD market and price action is now located around an outer ascending trendline (chocolate) from the low of January 2017, which is under threat of being breached. Price action temporarily moved below the trendline but bulls resisted the move and pushed it back to rest around the trendline. This location is also in confluence with a horizontal support zone on the weekly time frame. Should price action break down the zone, we may see bears target the next horizontal support around the 1.14065 area. Otherwise, we may see a struggle between bulls and bears in the early part of this week before there is clarity of price action.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_W1_17th_June,_2018_Top-Down.png Size: 54 KB


On the daily time frame, recent price action has been in a consolidation mode. A big bearish candlestick was printed last week Thursday which erased much of the bullish move since May 30, 2018. This suggests a strong bearish intent. However, bulls pushed back price action last Friday to restrain further southward move. But judging from the indecision-nature of the candlestick printed, it was apparent that bulls made a rather feeble attempt. We may expect prive action to retest the outer ascending trendline (chocolate), or the 1.16640 area, before clarity of market direction. A role flip of the trendline (chocolate) as resistance is likely to provide impetus for a bearish momentum. However, bears will have to first scale the minor horizontal support around the 1.15310 area.

Attached Image (click to enlarge)
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In the context of a consolidating market, price action on the H4 time frame is currently bearing northward and respecting an emerging, minor ascending trendline (magenta). However, the candlesticks printed are primarily insignificant in bullish potency compared to the bearish candlesticks preceding them. Thus, we may see a break down of the trendline sooner than later. Such a breakdown is likely to see bears move price action towards the 1.15300 handle.

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
  • #397
  • Jun 17, 2018 1:55pm Jun 17, 2018 1:55pm
GBPUSD Weekly Technical Outlook

Price action on the weekly time frame on the GBPUSD market is still respecting an ascending trendline (navy) from the low of January 2017, which is acting as support. Basically, the market is in a consolidating mode but the larger picture on the monthly time frame is bearish. Therefore, we may expect price action to bear south after the consolidating mode, much likely upon the breakdown of the support trendline (navy).

Attached Image (click to enlarge)
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On the daily time frame, a relatively big bearish candlestick printed by price action last week Thursday erased much of the bullish gains made since May 30, 2018. However, a bullish pinbar-like candlestick which formed last week Friday saw bulls pushed back the southward move. Very much likely, we may see bulls take price action further north in the early part of next week but such a move is corrective and temporary in nature. The 1.33680/1.33900 area, a minor resistance zone, may prove potent, moreso given the strong bearish move of last week Thursday and the general market disposition. That area is likely to see a southward turnaround of price action. At any rate, I don’t see price action go beyond the high of the candlestick formed last week Thursday (around 1.34547) before a southward turnaround.

Attached Image (click to enlarge)
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Recent price action on the H4 time frame is bearing northward, much likely a retracement; but the momentum seems to be weakening. Very much likely a southward turnaround is in the offing. A much likely area of such southward turnaround is a recently broken down horizontal support, which will have to be flipped as resistance. Such an area is the 1.33400/1.34000 zone (bound by horizontal magenta lines). However, this does not mean that the market may not turn southward earlier, given the loss of bullish momentum seen on the H4 time frame.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_H4_17th_June,_2018_Top-Down.png Size: 48 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #398
  • Jun 24, 2018 1:08pm Jun 24, 2018 1:08pm
USDCAD Weekly Technical Outlook

The USDCAD market continued its northward disposition last week. On the weekly time frame, price action is respecting an inner ascending trendline (navy) while an outer ascending trendline (red) is still intact. A southward rejection of both trendlines is likely to give impetus to bears to push price action southward, likely exposing the significant horizontal support around the 1.27380 area. Should the outer ascending trendline (red) hold on a daily closing basis, we may see bulls target the 1.35370 zone, which was last crossed southward in June 2017. At any rate, on a short-term basis we should watch how price action handles the inner ascending trendline (navy) in the early part of this week. We may note that the tail of the bearish pinbar printed on the weekly time frame last week entered the 78.6 Fib retracement zone of the downward move from the high of May 2017 to the low of August 2017. A follow through by bears this week, may see price action dispose further southward to test the inner ascending trendline (navy) or even the horizontal support around the 1.30400 area.

Attached Image (click to enlarge)
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Price action on the daily time frame formed a shooting star or bearish pinbar last week Friday. This was at a horizontal resistance around the 1.33200 area, an area which was last crossed southward by price action in June 2017. Should there be a follow through by bears this week, we may see price action turn southward and retest the inner ascending trendline (navy) or even the horizontal support zone around 1.31050/1.30400. Technically, I see price action on the USDCAD market bear southward on a short-term basis.

Attached Image (click to enlarge)
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On the H4 time frame, we can see price action operating at the resistance zone of an ascending channel. The most recent price action is bearish and we may see a southward disposition of the market this week. A likely target of bears is the channel support line or the horizontal support around the 1.30400 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
  • #399
  • Jun 24, 2018 1:25pm Jun 24, 2018 1:25pm
GBPUSD Weekly Technical Outlook

Last week, on the weekly time frame, price action on the GBPUSD market broke below an ascending trendline (navy) from the low of January 2017 but was restrained by bulls. This led to the printing of a pinbar around the confluence of the horizontal support and the ascending trendline (navy) in the 1.33100 area. This portends the likelihood of a northward drive by bulls in the days ahead. An ascending channel (navy) is also discernible on the weekly time frame. We may see bulls move price action northward to target the attractive horizontal resistance around the 1.36400 area, which is in confluence with the 38.2 Fib retracement of the downward swing from the high of May 2018 to the present low of June 2018.

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Price action on the daily time frame shows that the bulls are having a tough time taking price action northward. The gravestone doji formed last week Wednesday was expectedly followed up by a bullish move on Thursday, but the northward move was checkmated by bears. On Friday last week, bulls seized the initiative for a further northward move but their effort was curtailed by bears towards the end of the session; leading to the printing of a pinbar/shooting star around a horizontal resistance zone. This back-and-forth struggle between bulls and bears requires a further tracking of the market in the early part of this week. Should bulls seize the initiative, an initial target of a northward move is the 1.34540 area. However, should bears manage to overwhelm bulls, we may see them target the horizontal support around the 1.30910 area.

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On the H4 time frame, it will be interesting to see how price action behaves around two descending trendlines, a minor (black) and a major (red), which are acting as resistance. Should price action breach the trendlines northward, the horizontal resistance around 1.34220/1.34540 will serve as a tasking barrier or target. But we may not rule out the possibility of price action being held by one of the trendlines or turning around at the 1.34220/1.34540 zone.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #400
  • Edited 1:58pm Jun 24, 2018 1:48pm | Edited 1:58pm
EURUSD Weekly Technical Outlook

Last week, on the weekly time frame, price action on the EURUSD market broke below an inner ascending trendline (chocolate) from the low of January 2017. However an outer ascending trendline (black) from the low of January 2017 is still intact. Bears tested the outer trendline (black) but bulls stepped in to retrace the price action. This led to the printing of a bullish pinbar off the outer ascending trendline (black) which spanned a few pips above the inner trendline (chocolate). Thus, technically the EURUSD market is in a northward mode. Possibly bulls are poised to take price action further northward in the days ahead. However, as the bigger technical outlook is southward, such a northward move is likely to be temporary and corrective in nature. A likely target of bulls is around the monthly pivot (around 1.17610), or by extension the next minor horizontal resistance around the 1.18580 area.

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On the daily time frame, the bullish pinbar formed last week Thursday had a follow-through of bullish price action on Friday. We may expect bulls to retest the top of the bearish candlestick printed on Thursday June 14, 2018, which marked the high of two weeks’ ago. This high is around the 1.18580 area.

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On the H4 time frame, a descending trendline (red) from the high of May 2018 may be a magnet for a bullish drive as the price action is presently disposed northward. A minor horizontal resistance is around the 1.18580 area, an area which was the origin of a strong bearish drive two weeks ago, and may be flipped once again as resistance. A breach of the area northward on a daily closing basis is likely to see further bullish move to around the 1.19900 area.

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I will hold a bullish bias on this market on a short term basis.

I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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