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

  • #661
  • May 26, 2019 5:05pm May 26, 2019 5:05pm
Hi,

Another look at what markets I'll be looking over during the coming days/weeks..

NZDUSD - Bullish
W: Hammer at end of down trend
D: Bullish engulfing pattern followed by bull candle
D: MACD positive histogram divergence
D: MACD bullish line crossover
D: RSI positive divergence
D: Reversal at bottom of Bollinger Band
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD_WB27MAY.png Size: 1.1 MB


EURAUD - Bearish
W: Doji inside prior week candle
W: Price at top of Bollinger
D: Price reacting to descending trend line
D: look for repeat reversal at MACD crossovers, as shown at previous highs
D: Look for repeat reversal at RSI oversold areas as shown at previous highs
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD_WB27MAY.png Size: 1.3 MB


GBPCAD - Bullish
W: Hammer at bottom of Bollinger Band after down trend
D: Price reacting to ascending trend line as support
D: Hammer at support
D: RSI at oversold area
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD_WB27MAY.png Size: 1.3 MB


AUDUSD - Bullish
D: Price rejecting lower level at bottom of Bollinger Band
D: RSI indicating price in oversold condition
D: MACD positive histogram divergence
D: MACD bullish line crossover
H4: Positive divergence over last week
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_WB27MAY.png Size: 1.1 MB
  • #662
  • May 26, 2019 5:53pm May 26, 2019 5:53pm
Good contribution mate. Could you in future add a summary statement on each? For example, I believe you are presently bullish NZDUSD. You may say, after the NZDUSD technical data you showed; Summary: Bullish. Of course, we all know that nothing is certain in the market but doing that will help newbies and more members to benefit from your analysis.

Trade safe.

KP

Quoting monit0r
Hi, Another look at what markets I'll be looking over during the coming days/weeks.. NZDUSD - Bullish W: Hammer at end of down trend D: Bullish engulfing pattern followed by bull candle D: MACD positive histogram divergence D: MACD bullish line crossover D: RSI positive divergence D: Reversal at bottom of Bollinger Band {image} EURAUD - Bearish W: Doji inside prior week candle W: Price at top of Bollinger D: Price reacting to descending trend line D: look for repeat reversal at MACD crossovers, as shown at previous highs D: Look for repeat reversal...
Do your homework, follow the footprints of smart money
  • #663
  • Edited 4:30pm Jun 2, 2019 3:09pm | Edited 4:30pm
XAUUSD Weekly Technical Outlook

The XAUUSD price action is operating in an ascending wedge (magenta) on the weekly time frame. Presently the market is disposed positively, and we can expect further northward move to at least the 1325.80 horizontal resistance.

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_June_2,_2019_W1.png Size: 50 KB


Technicals on the H4 time frame favour bulls but price action is getting near a minor horizontal resistance around 1310.60 and we may see a decline in bullish momentum. However, the major horizontal resistance is around 1325.80 and this may be a target of bulls should they overcome the 1310.60 area.

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_June_2,_2019_H4.png Size: 49 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #664
  • Jun 2, 2019 3:22pm Jun 2, 2019 3:22pm
EURJPY Weekly Technical Outlook

In the first three weeks in May, price action on the EURJPY was sideways in the 122.300/123.820 zone. Last week, price action broke below the zone and now located around the 120.940 area. The technical on the weekly time frame are in favour of bears.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_2,_2019_W1.png Size: 45 KB


Price action on the daily time frame is respecting a falling trendline (magenta). A relatively big bearish candlestick was printed on Friday and price action is too far from the mean. Therefore, we may expect a corrective pullback in the early part of this week before a southward turnaround. The 121.800/122.300 area is likely to be a turnaround zone after the pullback.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_2,_2019_D1.png Size: 42 KB


On the H4 time frame, the 121.800 area is apparently the nearest breached horizontal support and may be a target of any bullish corrective move before a southward continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_2,_2019_H4.png Size: 43 KB


I am bearish EURJPY.

I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #665
  • Jun 2, 2019 3:42pm Jun 2, 2019 3:42pm
USDJPY Weekly Technical Outlook

Last week, price action printed a bearish continuation candlestick on the USDJPY weekly time frame. However, price action is presently located around a horizontal support and we may not see a directional momentum until a sideways or a pullback has taken place.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_June_2,_2019_W1.png Size: 42 KB


On the H4 time frame, price action has moved too far from the mean and we may see a pullback to around the 109.020/109.100 area before any southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_June_2,_2019_H4.png Size: 39 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #666
  • Jun 2, 2019 3:55pm Jun 2, 2019 3:55pm
GBPJPY Weekly Technical Outlook

Since breaching the support line of the horizontal channel 147.235/143.720 four weeks ago, price action on the GBPJPY weekly time frame has disposed southwards. Last week, a relatively strong bearish candlestick was printed. Presently, price action is located around the 135.870 horizontal support.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_2,_2019_W1.png Size: 42 KB


On the daily time frame, price action is presently located around a horizontal support and we may expect sideways of price action or a northward retracement before any bearish continuation. The technicals are in favour of bears.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_2,_2019_D1.png Size: 43 KB


On the H4 time frame, the candlesticks are getting relatively smaller, an indication of a weakness in momentum. We may see some corrective price action before any directional momentum.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_2,_2019_H4.png Size: 40 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #667
  • Jun 2, 2019 4:01pm Jun 2, 2019 4:01pm
GBPUSD Weekly Technical Outlook

Price action on the GBPUSD weekly time frame is respecting a falling trendline (magenta) and a simple wave analysis indicates that the market is in correction. Presently price action is located around a horizontal support and we may see further corrective move – sideways or a brief pullback before the market aligns with the main bearish trend.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_June_2,_2019_W1.png Size: 51 KB


On the H4 time frame, the bearish momentum is weakening, and price action is likely to retrace to a value area such as the immediate breached horizontal support around 1.26770/1.27570 (bound by magenta horizontal lines).

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_June_2,_2019_H4.png Size: 42 KB


I am bearish GBPUSD but I will await a pullback to a value area before looking for a sell trading opportunity.


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #668
  • Jun 9, 2019 3:55pm Jun 9, 2019 3:55pm
EURJPY Weekly Technical Outlook

The EURJPY market printed a bearish candlestick on the monthly time frame in May 2019. This was after a sideways of price action in the 126.860/124.500 horizontal channel (magenta) for four months. Given the relatively big size of the candlestick that broke down the channel, we may see a bearish continuation this month.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_9,_2019_MN.png Size: 45 KB


The weekly time frame shows a bullish move last week. It is not impossible to see bulls attempt a retest of the broken-down horizontal channel (magenta). However, there are a couple of resistance zones ahead. The 123.750 area is one such resistance we should watch. A breach of that area to the upside is likely to give bulls confidence to pursue the 124.500 area. A bounce off the area southwards may encourage bears to take priced side action for a bearish continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_9,_2019_W1.png Size: 47 KB


The 123.800 area is a broken-down horizontal support on the daily time frame. As the price action last week Monday through Friday was influenced mainly by bulls, we may see a retest of the 123.800 area in the early part of this week for a possible role flip. Should price action flip the area, bears are likely to pursue the 119.400 horizontal support as target. Notice that the price action initiated by bulls last week Monday started from the 120.800 horizontal support (black) and the area may witness a sideways of price action upon a retest by bears before any further southward move.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_9,_2019_D1.png Size: 42 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #669
  • Jun 9, 2019 4:01pm Jun 9, 2019 4:01pm
GBPJPY Weekly Technical Outlook

On the monthly time frame, the GBPJPY price action broke down the 142.660 horizontal support area in May 2019. In fact, the bearish candlestick printed on the monthly time frame also broke down the next horizontal support around the 139.900 round number. Any bearish follow through this month will likely expose the 130.430 horizontal handle. But the 139.966 monthly pivot represents a horizontal resistance that may be retested before a bearish continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_9,_2019_MN.png Size: 43 KB


Price action printed a relatively small bullish candlestick around the 136.500 horizontal support last week after making a bearish drive for four weeks. Should bulls manage further northward move, the horizontal resistance around the 139.960 monthly pivot is likely to be a barrier to a bullish drive. A break below the 136.500 level may give confidence to bears to drive price action further southwards.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_9,_2019_W1.png Size: 40 KB


On the daily time frame, the last five trading sessions printed primarily bullish candlesticks after a wave of bearish price action over several days. However, the bullish candlesticks were relatively miniature compared to the preceding bearish prints. Thus, the bullish move is corrective in nature. We may see bulls take price action to a value area, such as the immediate horizontal resistance around the 139.900 area before a southward turnaround. I am bearish GBPJPY.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_9,_2019_D1.png Size: 40 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #670
  • Jun 16, 2019 3:05pm Jun 16, 2019 3:05pm
EURJPY Weekly Technical Outlook

The EURJPY price action on the weekly time frame has been grinding slowly within a falling channel (navy). This is indicative of a decline in bearish momentum. Presently, price action is sideways around a minor horizontal support and about 150 pips shy of the major horizontal support around the 119.710 area.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_16,_2019_W1.png Size: 31 KB


On the daily time frame, price action is heading southwards with the bearish candlestick prints on Wednesday through Friday last week after a northward retracement. We may see further bearish move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_16,_2019_D1.png Size: 27 KB


Price action has breached southwards a minor rising channel (magenta) on the H4 time frame. The last candlestick print was a small bullish candlestick and shows intention of bulls to take market activity further northwards. Should bulls succeed in their intent, we may see a retest of the broken-down channel support trendline around the 122.280 horizontal resistance. Alternatively, as presently market activity is around a minor horizontal support, we may see a sideways of price action. However, any northward retracement is likely to be temporary and we may see bears influence a southward continuation in the next few days.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June16,_2019_H4.png Size: 30 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #671
  • Jun 16, 2019 3:15pm Jun 16, 2019 3:15pm
GBPJPY Weekly Technical Outlook

Price action is sideways on the weekly time frame as the GBPJPY market reached a significant horizontal support around the 136.130/138.570 zone (blue).

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_16,_2019_W1.png Size: 27 KB


Technicals on the daily time frame are in favour of bears. However, price action is around a significant horizontal support which may stall any bearish move. Should bears break down the 136.130 area, we may see further bearish continuation in the days ahead.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_16,_2019_D1.png Size: 25 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #672
  • Jun 16, 2019 3:24pm Jun 16, 2019 3:24pm
USDJPY Weekly Technical Outlook

The USDJPY market is now operating at the 108.600 horizontal support on the weekly time frame around which price action has printed ambivalent candlesticks in the last two weeks.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_June_16,_2019_W1.png Size: 26 KB


Price action on the daily time frame recently printed some miniature candlesticks around the 108.000 horizontal support area. But the order flow context favours bears and we may see a bearish drive thereafter. A first potential bearish target is the 107.300 area. Should bears manage to break down the 107.300 area, they may escalate their ambition to the 105.600 round number; but we are going to see some northward pullbacks along the way.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_June_16,_2019_D1.png Size: 29 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #673
  • Edited 3:55pm Jun 16, 2019 3:39pm | Edited 3:55pm
GBPUSD Weekly Technical Outlook

On the weekly time frame, the GBPUSD market has been ranging for the past four weeks. Price action is presently located at the 1.25890 horizontal support area. Last week, the market printed a relatively big bearish candlestick and we may see bears target a drive towards the next horizontal support around the 1.23700 area.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_June_16,_2019_W1.png Size: 29 KB


On the daily time frame, price action printed a bearish candlestick last week Friday that broke below the 1.26650 support line of the horizontal range which has seen much of the activities in the early part of the week. Apparently, bears are poised to take price action further southwards and may expose the 1.24300 handle.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_June_16,_2019_D1.png Size: 28 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #674
  • Jun 23, 2019 3:15pm Jun 23, 2019 3:15pm
EURJPY Weekly Technical Outlook

Price action is still below a falling trendline (red) on the monthly time frame.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_23,_2019_MN.png Size: 43 KB


On the weekly time frame, the falling trendline (red) seen on the monthly time frame is still in play. Price action broke below a pivotal support zone around the 123.430 area six weeks ago. But there has been some sideways in the last four weeks when bears attempted a test of the immediate support around the 120.400 area. Last week, the market printed a small bullish candlestick in reaction to the bearish print of two weeks ago. And we may see bulls attempt a follow through this week. A likely target is the breached 123.430 former horizontal support for a possible role flip.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_23,_2019_W1.png Size: 50 KB


On the daily time frame, bulls took over market initiative on Friday with a strong candlestick print that erased the bearish gains of the previous four days. Price action is presently located around an inner falling trendline (blue) congruent to the monthly pivot (122.358) and a breached horizontal support zone. A bullish breach of the zone is likely to see bulls target the broken down 123.430 former horizontal support.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_June_23,_2019_D1.png Size: 48 KB


In the short-term we are likely going to see a bullish retracement to an area of value. Thereafter, we will see a southward turnaround.


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #675
  • Jun 23, 2019 3:23pm Jun 23, 2019 3:23pm
GBPJPY Weekly Technjcal Outlook

The GBPJPY market is operating within a falling channel (red) on the weekly time frame. Last week, price action entered a horizontal support zone around the 137.160 area and printed a doji-like candlestick. This may result in a northward pullback to the 140.000 broken-down horizontal support for a role flip. The area is congruent to the monthly pivot. But that is still a long way to go and we may see bullish price action contend with the immediate horizontal resistance around the 138.700 area. However, should bulls fail in their attempt to take price action above the 137.160 area in the early part of this week, we may see a bearish move towards the channel support trendline.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_23,_2019_W1.png Size: 46 KB


On the daily time frame, price action has broken below the falling channel (red) seen on the weekly time frame. A morning star has formed below the channel support trendline, but the market has been sideways thereafter. The bullish candlestick printed on Friday failed to breach the top of the bearish candlestick printed on Thursday. Therefore, we may have to wait for further price action to see if bulls could make a follow-up for a northward retracement. The 138.430 area is an initial target of a northward pullback.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_23,_2019_D1.png Size: 47 KB


Price action has breached a falling trendline (blue) on the H4 time frame. However, the market structure of the preceding descending trend is still intact until a significant breach of the 138.400 area.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY_June_23,_2019_H4.png Size: 50 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #676
  • Jun 23, 2019 3:28pm Jun 23, 2019 3:28pm
XAUUSD Weekly Technical Outlook

The XAUUSD price action has extended its bullish operation far from an outer rising trendline (red), but it is yet to retest an emerging inner trendline (blue). It is presently located almost 280 pips below the next significant horizontal resistance in the 1426 area after breaching a multi-year horizontal resistance around the 1380 area. We may see a retracement of price action this week.

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_June_23,_2019_W1.png Size: 49 KB


Price action is respecting a minor rising trendline (magenta) on the daily time frame. But it is too far from the mean and a pullback is due.

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_June_23,_2019_D1.png Size: 48 KB


The topping formation of price action on the H4 time frame suggests a weakening of bullish momentum and we may see price action make a southward pullback this week. A likely target of such a pullback is the 1355 area, which is congruent to the 38.2 retracement of the up leg from the low of May 30, 2019 to the high of June 21, 2019.

Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSD_June_23,_2019_H4.png Size: 50 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #677
  • Jun 23, 2019 3:33pm Jun 23, 2019 3:33pm
USDJPY Weekly Technical Outlook

The USDJPY price action on the weekly time frame has breached a rising trendline (blue) and is presently respecting a falling trendline (red). Last week it printed a bearish candlestick which touched the 106.930 horizontal support zone. Based on the recent pattern of order flow on the weekly time frame, we may see a sideways of price action in the 106.930 zone this week. Any northward pullback is temporary and may result in a southward continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_June_23,_2019_W1.png Size: 49 KB


The doji-like candlestick printed on the daily time frame last week Friday points to a pause in bearish momentum. As price action is located around a horizontal support zone, we may see a pullback or sideways in the early part of this week. Any pullback is not likely to be deep, perhaps to the 108.150 area. A bearish continuation is likely to target the 106.040 area (magenta) initially.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY_June_23,_2019_D1.png Size: 47 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #678
  • Jun 23, 2019 3:38pm Jun 23, 2019 3:38pm
GBPUSD Weekly Technical Outlook

The market has been consolidating around a horizontal support area in the past four weeks. Last week, a (bullish) piercing pattern was formed on the weekly time frame. Should bulls manage a follow-through this week, we may see a retest of the 1.28180 area, which is congruent to the monthly pivot.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_June_23,_2019_W1.png Size: 46 KB


The daily time frame shows that bulls are taking price action northwards. We may see them target the 1.28180/1.28840 zone before any southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_June_23,_2019_D1.png Size: 43 KB


On the H4 time frame, price action is respecting a rising trendline (magenta) but nearing the 1.28180 horizontal resistance. The 1.28180 horizontal resistance is likely to be tested by price action before any pullback towards, perhaps, the rising trendline. A breakdown of the rising trendline may see bears attempt a bearish move towards the 1.25810 horizontal support zone.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_June_23,_2019_H4.png Size: 45 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #679
  • Jun 25, 2019 2:50am Jun 25, 2019 2:50am
A mid-week technical update is always important for a swing trader. I have just observed a technical situation on the USDCAD and I will like to point it out here.

The USDCAD market has broken down a multi-year rising channel (blue) on the weekly time frame. Technically, a pullback to the channel support trendline with a role flip would provide momentum for a bearish drive. The likely initial target for such a bearish drive is the immediate horizontal support around the 1.30620 area (magenta). I am watching what happens.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_June_25,_2019_W1.png Size: 54 KB
Do your homework, follow the footprints of smart money
  • #680
  • Jun 25, 2019 6:43am Jun 25, 2019 6:43am
Quoting KeenPips
A mid-week technical update is always important for a swing trader. I have just observed a technical situation on the USDCAD and I will like to point it out here. The USDCAD market has broken down a multi-year rising channel (blue) on the weekly time frame. Technically, a pullback to the channel support trendline with a role flip would provide momentum for a bearish drive. The likely initial target for such a bearish drive is the immediate horizontal support around the 1.30620 area (magenta). I am watching what happens. I may be wrong. Trade safe...
USDCAD Hi KP I have a small sell
Attached Image (click to enlarge)
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on a wkly engulf,I like to build positions. your posts are a must read for me, thank you.
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