Weekly Top-Down Technical Analyses

GBPCHF Weekly Technical Outlook

The GBPCHF market is largely bearish. Presently, price action is located at a significant horizontal support and we may see a brief bullish reaction or sideways of price action in the early part of this week.



On the daily time frame, price action has recently left an area of consolidation, the 1.18880/1.18050 zone (bound by magenta horizontal lines). Based on recent price action patterns on the daily time frame, we may expect a pullback as a retest of the zone or a sideways of price action before a bearish continuation. A falling trendline (blue) is still in play and may be influential as resistance later.



I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

The past three weeks have seen GBPUSD price action swinging bearish afyer a period of sideways operation before breaking the significant 1.24000 support level. On the weekly time frame, price action is located at a multi-year significant horizontal support around the 1.20100 area. We may see some sideways of price action as bulls and bears sway market influence in the zone.



On the H4 time frame, price action spent an extended period of time ranging in the 1.22120/1.21140 zone before breaking it down. Technically, we may expect a revisit of the zone or some pullback before further bearish continuation. The next horizontal support is in the 1.20100 area.



I may be wrong. Trade safe and prosper.

KP

Great analyzes. Thanks for good work

Thanks mate for your encouraging comment.

Trade safe, you will prosper.

KP

Quoting forda

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Great analyzes. Thanks for good work

Ignored

Hi all,

Here's my view of what I'll be looking for this coming week. All thoughts welcome ofcourse.


AUDCHF - Bearish
Overall trend is down, but there may be potential opportunities to catch some pips upward before further decline or reversal - I'll look for shorts at resistance area if price retraces.

MN1: Price reacting to support area from 2015
WK1: Price strongly rejected support twice
WK1: Price closes inside prior candle after long lower shadow which I see as bullish
WK1: Bottom of Bollinger Band as additional support zone confirmation
D1: Price consolidating at low
D1: MACD seems over extended and about to cross over signal line potential bullish indication
D1: Expect price to pull back up to resistance before further decline
H4: Double bottom formed followed by higher low
H4: Price above bullish 21/55 SMA Golden cross - I expect price to use this as support
H4: MACD ascending toward 0 line whilst above signal




GBPUSD - Bearish
Overall trend is down, but see potential opportunity to catch some retracement points before further decline. I'll look for shorts at resistance areas

MN1: Doji formed at potential support
MN1: Price pulled back to 38.2 fib level (between swing high/low) and the 21 SMA previously, so may see similar pullback to 61.8 before further drop
WK1: Price gapped up last week so would consider current pattern bullish engulfing at support area
WK1: Price at bottom of Bollinger Band as additional support zone confirmation
WK1: Price may look to find monthly retracement area as resistance mentioned above before further decline
D1: MACD appears over extended and about to cross over signal line potential bullish indication
D1: Price risen into resistance area (which is also MN1 and WK1 Pivot Point) and has been rejected - Interesting thing is that previous day rejection was much more forceful but price continues to progress up. Someone building position? Let's see.
H4: Price ascending with higher highs and higher lows
H4: Price currently at resistance zone with bearish candle pattern
H4: Price above 21/55 SMAs with potential bullish golden cross approaching
H4: Price may pull back to golden cross before ascending
H4: MACD line above signal and ascending - bullish indication
H4: Wait to see if there is a break towards next resistance or rejection for further decline




USDJPY - Bearish
Overall trend is down, but there may be potential opportunities to catch some pips before further decline or reversal - I'll look for shorts at resistance area if price retraces.

MN1: Support zone found at Monthly lows touched around 5 times
WK1: Week closed forming bullish piercing line candle stick pattern
WK1: Bottom of Bollinger Band as additional support zone confirmation
WK1: Price reacting to ascending support since 2012
D1: MACD beginning to turn bullish
D1: Strong bullish engulfing pattern as Weekly S1 Pivot
D1: Price retraced 50% of bullish candle
D1: Approaching short term resistance, however based on HTF action, I expect some trouble before push above - No action to until confirmation
H4: Price retraced to weekly Pivot Point
H4: Price then retraced to 21/55 SMA Golden cross and supported
H4: MACD has crossed signal and appearing more bullish

Good contribution mate. In future, could you indicate the time frame of each chart you are attaching? That way, it will be easier to relate to some aspects of your analysis.Trade safe.KP

Thanks for that, I cropped the daily charts a little too agressively so have updated them now..

Very good and well done mate.

KP

XAUUSD Weekly Technical Outlook

The XAUUSD market still disposes positively. However, there is a decline in bullish momentum, and we may see further bearish correction in the days ahead. Last week, price action printed a fairly bullish candlestick on the weekly time frame that showed that bears were giving bulls a good fight for market control.

Attached Image (click to enlarge)

On the daily time frame, price action has broken above a rising channel (blue). A long candlestick printed on Tuesday is largely ambivalent even though it had a bearish tone; it has been influencing subsequent prints as a master candlestick: None of the subsequent candlesticks has breached either its low or high. Presently, price action is located just below the multi-year horizontal resistance around the 1525 zone. Given the difficulty of bulls to break out of the zone, we may see a southward correction before any further significant bullish drive.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

GBPCAD Weekly Technical Outlook

GBPCAD price action on the weekly time frame is still mainly disposed southwards. But last week the market printed a bullish candlestick that tried to take out the high of the ‘long-tailed’ inverted hammer bearish candlestick printed a week ago. This is indicative of a decline in bearish momentum as price action entered a multi-year horizontal support around the 1.59130 area.

Attached Image (click to enlarge)

Recent price operation on the daily time frame is disposed northwards but the major technical outlook still favours bears. We may have a retracement to an area of value such as the 1.61340/1.62660 zone (bound by magenta horizontal lines) before a southward continuation.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

The GBPUSD market printed a bullish candlestick on the weekly time frame last week. The print was opposite to the bearish candlestick printed a week earlier, resulting in a piercing formation. This is in a multi-year horizontal support zone; the 1.20860 area. The area was last visited in March 2017. The immediate horizontal resistance is around the 1.22130 area, which is proximal to the high of the bearish candlestick printed a week ago. This is a few pips above the bullish candlestick printed last week and very much within reach of any bullish move. Such a move is likely to expose the 1.23460 horizontal resistance, which adjoins the monthly pivot.



The H4 time frame shows recent price action largely ambivalent as the candlesticks are relatively even between bulls and bears. The fact that the market operation is at a significant horizontal support area on the weekly time frame indicates that we may see some struggle between bulls and bears before a breakdown of the zone. Although the technicals and market structure still favour bears, we may see a retracement or sideways of price action before any southward continuation.



I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

The EURUSD market is still in a sideways mode. On the weekly time frame, price action has been ranging in the 1.12050/1.10760 horizontal zone (bound by magenta horizontal lines) for the past four weeks. Presently, price operation is located at the lower part of the range. A southward mode may kick in upon the breakdown of the 1.10270 extension area, leading to bears targeting the 1.08930 multi-year support zone.



On the daily time frame, price action is rejecting the 1.10760 horizontal support. Should bulls seize the initiative in the early part of this week, we may see a northward pullback.



The H4 time frame shows price action operating in a falling channel (blue) with a possible extension to a falling trendline (magenta). Presently, price action has moved away from the channel support trendline. The candlestick printed in the last two sessions on Friday favoured a bullish thrust towards the channel resistance trendline.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

Basically, the EURUSD market is currently ambivalent but technicals on the htfs still favour bears. Therefore, I will look for a feasible sell trading opportunity on the H4 time frame upon a northward retracement of price action to an area of value. One candidate as a value area for a southward turnaround of price action is the channel resistance trendline, including the extension around the falling trendline (magenta). The 1.11240 horizontal resistance on the H4 time frame is another probable area where we may have a southward turnaround of price action.

KP

Thank you very much, KeenPips, for your valuable insights into the market analyses given above. I appreciate it and look forward to them every week.

Thanks mate. I am encouraged by your comment.

Trade safe.

KP

I got a good S/R trade at the end of the week. I held it over the weekend and see what market gives me when opens.

XAUUSD Weekly Technical Outlook

Technicals on the XAUUSD weekly time frame still favour a bullish market mode. The candlesticks are predominantly bullish and the momentum for a positive move has been strong. Technically, any negative move will be corrective in nature.



On the H4 time frame, the 1531.95 area has held as a horizontal resistance. Presently, price action is located in the area. In fact, the 1485.10/1531.95 zone (bound by magenta horizontal lines) represents a range for a seesaw of price action. This represents a difficulty of bulls to maintain their momentum and we may see a negative move from the current location of price action. Technically, such a southward move is likely a corrective move. Basically, we may see a bearish move in the early part of this week.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

GBPCHF Weekly Technical Outlook

Price action on the GBPCHF market broke down a significant horizontal channel on the weekly time frame, the 1.34400/1.22620 range (bound by blue magenta horizontal lines), four weeks ago. The bullish candlesticks printed in the last two weeks indicate that bulls are attempting a revisit to the broken-down area.

Attached Image (click to enlarge)

On the H4 time frame, price action is operating within a rising channel (magenta). This is in line with the observation on the weekly time frame that bulls are attempting a revisit of the support area of the horizontal channel (blue) broken down four weeks ago. The technicals favour further bullish move in the short term.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

GBPCAD Weekly Technical Outlook

Price action broke down the 1.7780/1.66490 horizontal channel (bound by magenta horizontal lines) on the weekly time frame eight weeks ago for a southward continuation. But since market operation entered the horizontal support around the 1.58970 area three weeks ago, bulls have seized the initiative and the market printed bullish candlesticks in the past two weeks. Presently, price action is located at a horizontal resistance around the 1.63590 area. A bullish follow-through is likely to see further northward price breaches.

Attached Image (click to enlarge)

Technicals on the daily time frame support a northward retracement of price action in the short-term. The 1.64350 area may be attractive as a value area, and its breach northwards may lead to a retest of the broken-down horizontal channel (magenta) support around 1.66490 before a southward turn around.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

AUDUSD Weekly Technical Outlook

AUDUSD price action is operating in a falling channel (magenta) on the weekly time frame. Four weeks ago, price action broke down a mini rising channel (blue) where it has consolidated for several weeks. However, since then, there has been limited bearish follow-through. The last three weeks have seen the market printing ambivalent candlesticks as price action moves into a horizontal support zone, the 0.66620 area. This indicates that bears are not in full control of the market.



On the daily time frame, price action is presently consolidating along a horizonal channel (lime). This is likely a bottoming mode in a horizontal support area; how price action handles the area in the early part of this week should be watched.



I may be wrong. Trade safe and prosper.

KP