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Weekly Top-Down Technical Analyses
- #842
- Jan 12, 2020 3:05pm Jan 12, 2020 3:05pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #843
- Jan 12, 2020 3:08pm Jan 12, 2020 3:08pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURNZD Weekly Technical Outlook
EURNZD is slightly disposed southwards. On the weekly time frame, bearish candlesticks have dominated the last nine weeks; but the momentum is on a decline. Last week, bulls made a feeble attempt to initiate a northward move to follow through on the bullish print of two weeks ago. However, the attempt was futile, resulting in a doji-like print. This indicates a market in equilibrium and we should await what it does this week.
A falling trendline (red) is still in play as resistance on the daily time frame. Recent price action made a bullish move towards it but the move turned into consolidation in the past three days. Any further bullish move is likely to be short lived technically because of a barrier around the 1.68230 horizontal resistance area; which is in confluence with the 61.8 Fib retracement of the most recent downward swing from the 1.69810 area.
A topping formation can be seen at the 1.68190 minor horizontal resistance on the H4 time frame as recent price action operates within an expanding wedge (blue). A southward breakdown of the wedge may expose the 1.66210 inception area (purple).
I may be wrong. Trade safe and prosper.
KP
EURNZD is slightly disposed southwards. On the weekly time frame, bearish candlesticks have dominated the last nine weeks; but the momentum is on a decline. Last week, bulls made a feeble attempt to initiate a northward move to follow through on the bullish print of two weeks ago. However, the attempt was futile, resulting in a doji-like print. This indicates a market in equilibrium and we should await what it does this week.
A falling trendline (red) is still in play as resistance on the daily time frame. Recent price action made a bullish move towards it but the move turned into consolidation in the past three days. Any further bullish move is likely to be short lived technically because of a barrier around the 1.68230 horizontal resistance area; which is in confluence with the 61.8 Fib retracement of the most recent downward swing from the 1.69810 area.
A topping formation can be seen at the 1.68190 minor horizontal resistance on the H4 time frame as recent price action operates within an expanding wedge (blue). A southward breakdown of the wedge may expose the 1.66210 inception area (purple).
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #844
- Jan 12, 2020 3:18pm Jan 12, 2020 3:18pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
GBPCAD Weekly Technical Outlook
The shooting star or pinbar printed in December 2019 on the GBPCAD monthly time frame around the 1.70370 area, where bulls had struggled to breach in the recent past, potentially opens the door for a bearish influence in the market. On the weekly time frame, two weeks ago, bears broke down a rising trendline (red) which market operation had respected for quite a while. Last week, bulls attempted a retest of the trendline but the result was a bullish candlestick print with shadows on both ends. Presently, market is operating at the 1.70370 area, which is a significant S/R area.
The daily time frame shows that price action has not significantly broken down the rising trendline (red). Therefore, we should await how the market handles the 1.70370 area and the rising trendline in the early part of this week.
I may be wrong. Trade safe and prosper.
KP
The shooting star or pinbar printed in December 2019 on the GBPCAD monthly time frame around the 1.70370 area, where bulls had struggled to breach in the recent past, potentially opens the door for a bearish influence in the market. On the weekly time frame, two weeks ago, bears broke down a rising trendline (red) which market operation had respected for quite a while. Last week, bulls attempted a retest of the trendline but the result was a bullish candlestick print with shadows on both ends. Presently, market is operating at the 1.70370 area, which is a significant S/R area.
The daily time frame shows that price action has not significantly broken down the rising trendline (red). Therefore, we should await how the market handles the 1.70370 area and the rising trendline in the early part of this week.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #845
- Jan 12, 2020 3:29pm Jan 12, 2020 3:29pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
USDCAD Weekly Technical Outlook
The USDCAD market is in a ranging mode. On the weekly time frame, market operation broke down a rising trendline (red) traceable to September 2017 and returned to within the upper part of the 1.33200/1.27900 channel (purple) from which it broke out in March 2019. Market operation is presently around the 1.30500 horizontal support area within the channel and from which a bullish candlestick was printed last week after six weeks of bearish prints beginning from the 1.33200 upper channel boundary. But the bullish print of last week failed to breach the high of the bearish print a week earlier and both candlesticks are ‘wicky’, indicating that bulls and bears are still locked in a struggle, and we may see a northward pullback before any further southward drive.
Bulls are taking the market northwards on the daily time frame. But given that the technicals still favour bears, we may see a southward turnaround soon.
Price action on the H4 time frame is disposed northwards, respecting a minor rising trendline (blue) from recent lows. A breakdown of the trendline is likely to result in a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
The USDCAD market is in a ranging mode. On the weekly time frame, market operation broke down a rising trendline (red) traceable to September 2017 and returned to within the upper part of the 1.33200/1.27900 channel (purple) from which it broke out in March 2019. Market operation is presently around the 1.30500 horizontal support area within the channel and from which a bullish candlestick was printed last week after six weeks of bearish prints beginning from the 1.33200 upper channel boundary. But the bullish print of last week failed to breach the high of the bearish print a week earlier and both candlesticks are ‘wicky’, indicating that bulls and bears are still locked in a struggle, and we may see a northward pullback before any further southward drive.
Bulls are taking the market northwards on the daily time frame. But given that the technicals still favour bears, we may see a southward turnaround soon.
Price action on the H4 time frame is disposed northwards, respecting a minor rising trendline (blue) from recent lows. A breakdown of the trendline is likely to result in a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #846
- Jan 12, 2020 3:36pm Jan 12, 2020 3:36pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURUSD Weekly Technical Outlook
The EURUSD market is disposed southwards within a wide-range falling channel (blue) on the weekly time frame. Recent market operation has carved out a narrower-range falling channel (red) and presently has formed an evening star just above the channel resistance trendline. This is potentially a bearish signal.
On the daily time frame, towards the end of December 2019, price action broke above the narrower-range falling channel (red) seen on the weekly time frame but bears pulled it back. Last week Friday, a bullish candlestick with shadows on both ends closed in the 1.11195 area; an area which has witnessed a see-saw of price action recently. A bearish rejection of the area may target the 1.09920 horizontal support area, while any bullish drive from it may retest the 1.11660 horizontal resistance where a topping formation could be seen.
The market is operating within a falling channel (blue) on the H4 time frame. Presently, the momentum is bullish and we may see further northward move of price action before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
The EURUSD market is disposed southwards within a wide-range falling channel (blue) on the weekly time frame. Recent market operation has carved out a narrower-range falling channel (red) and presently has formed an evening star just above the channel resistance trendline. This is potentially a bearish signal.
On the daily time frame, towards the end of December 2019, price action broke above the narrower-range falling channel (red) seen on the weekly time frame but bears pulled it back. Last week Friday, a bullish candlestick with shadows on both ends closed in the 1.11195 area; an area which has witnessed a see-saw of price action recently. A bearish rejection of the area may target the 1.09920 horizontal support area, while any bullish drive from it may retest the 1.11660 horizontal resistance where a topping formation could be seen.
The market is operating within a falling channel (blue) on the H4 time frame. Presently, the momentum is bullish and we may see further northward move of price action before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #847
- Jan 12, 2020 3:45pm Jan 12, 2020 3:45pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
GBPUSD Weekly Technical Outlook
The relatively big bearish candlestick printed by the GBPUSD market on the weekly time frame four weeks ago is still influential as a master candlestick or a multiple inside-bar pattern. The market is presently operating at the 1.30585 area, which is under a bearish pressure. However, a southward drive will have to contend with a rising trendline (red) traceable to August 2019.
On the daily time frame, price action has rejected the 61.8 Fib retracement of the downward swing from the high of December 13, 2019 to the low of December 23, 2019. A step-wise rejection of the 50 and 38.2 Fib areas has also taken place. Presently, the market is operating at the 23.6 Fib area where a relatively miniature bearish candlestick was printed last Friday. This is an indication that bears are not totally in control of market operation. We may have a sideways, or a brief pullback, of price action before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
The relatively big bearish candlestick printed by the GBPUSD market on the weekly time frame four weeks ago is still influential as a master candlestick or a multiple inside-bar pattern. The market is presently operating at the 1.30585 area, which is under a bearish pressure. However, a southward drive will have to contend with a rising trendline (red) traceable to August 2019.
On the daily time frame, price action has rejected the 61.8 Fib retracement of the downward swing from the high of December 13, 2019 to the low of December 23, 2019. A step-wise rejection of the 50 and 38.2 Fib areas has also taken place. Presently, the market is operating at the 23.6 Fib area where a relatively miniature bearish candlestick was printed last Friday. This is an indication that bears are not totally in control of market operation. We may have a sideways, or a brief pullback, of price action before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
Hi,
Looking at relative strength of USD JPY CHF pairs, as well as things like COT report, I am thinking of JPY and USD strength this week or coming weeks. Some of these pairs appear to be at extremes and also at obvious resistance areas which may lead to a turn in direction. These are the main ones I am zoning in on for potential plays if they fall into my target execution areas.
Obviously we should be aware of the news coming up this week which appear to mainly CAD, EUR, AUD, GBP with BOJ decision earlier in the week.
AUDJPY - Bearish
W1: med term trend is up however longer term trend is down
W1: Price rejected at resistance area as was done previously end of DEC, candle is small body with tall upper wick
W1: Price also resisted by 50 SMA
D1: Candle stick covering previous three candles at resistance area
D1: Price may respond to 20 SMA as dynamic support, but expecting it to be broken
H4: Price formed double top around MR1 and WR2 pivot points which I see as strong resistance area
H4: Looking for price to fall towards the week/month CPP as first target
EURJPY - Bearish
W1: med term trend is up however longer term trend is down
W1: Price rejected at resistance area as was done previously end of DEC, candle is small body with tall upper wick
D1: Triple top at resistance area
D1: Candle formation appearing at top of Bollinger band
D1: Candle stick covering previous three candles at resistance area
H4: Bearish engulfing pattern after several sessions of indecision candles
H4: MACD cross below signal just as previous resistance areas
H4: Expecting retrace before further declin
USDCHF - Bullish
W1: Price unable to close below support area same as previous two candles
D1: Morning start candle pattern at support area
D1: Price closed back above support area in an apparent false breakout
D1: Positive divergence on RSI
H4: Price extreme touched weekly S3 PP,
H4: Positive divergence on MACD between 31 DEC to 16 JAN
H4: Expect price to retrace to weekly S2 and then towards the weekly CPP
Looking at relative strength of USD JPY CHF pairs, as well as things like COT report, I am thinking of JPY and USD strength this week or coming weeks. Some of these pairs appear to be at extremes and also at obvious resistance areas which may lead to a turn in direction. These are the main ones I am zoning in on for potential plays if they fall into my target execution areas.
Obviously we should be aware of the news coming up this week which appear to mainly CAD, EUR, AUD, GBP with BOJ decision earlier in the week.
AUDJPY - Bearish
W1: med term trend is up however longer term trend is down
W1: Price rejected at resistance area as was done previously end of DEC, candle is small body with tall upper wick
W1: Price also resisted by 50 SMA
D1: Candle stick covering previous three candles at resistance area
D1: Price may respond to 20 SMA as dynamic support, but expecting it to be broken
H4: Price formed double top around MR1 and WR2 pivot points which I see as strong resistance area
H4: Looking for price to fall towards the week/month CPP as first target
EURJPY - Bearish
W1: med term trend is up however longer term trend is down
W1: Price rejected at resistance area as was done previously end of DEC, candle is small body with tall upper wick
D1: Triple top at resistance area
D1: Candle formation appearing at top of Bollinger band
D1: Candle stick covering previous three candles at resistance area
H4: Bearish engulfing pattern after several sessions of indecision candles
H4: MACD cross below signal just as previous resistance areas
H4: Expecting retrace before further declin
USDCHF - Bullish
W1: Price unable to close below support area same as previous two candles
D1: Morning start candle pattern at support area
D1: Price closed back above support area in an apparent false breakout
D1: Positive divergence on RSI
H4: Price extreme touched weekly S3 PP,
H4: Positive divergence on MACD between 31 DEC to 16 JAN
H4: Expect price to retrace to weekly S2 and then towards the weekly CPP
- #849
- Jan 19, 2020 3:27pm Jan 19, 2020 3:27pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #850
- Jan 19, 2020 3:32pm Jan 19, 2020 3:32pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURNZD Weekly Technical Outlook
Although the EURNZD is disposed southwards on the weekly time frame, it is presently ambivalent direction-wise. Market operation has retraced northward since three weeks ago but the momentum has waned, with price action printing indecision candlesticks in the past two weeks.
An evening star pattern has formed on the daily time frame, indicating a potential bearish mode. Besides, a flag formation (blue) can be seen on the daily time frame. Its breakdown on a daily closing basis will likely incentivize bears to make further southward move. The 1.64250 handle may be exposed if a bearish drive is consummated.
I may be wrong. Trade safe and prosper.
KP
Although the EURNZD is disposed southwards on the weekly time frame, it is presently ambivalent direction-wise. Market operation has retraced northward since three weeks ago but the momentum has waned, with price action printing indecision candlesticks in the past two weeks.
An evening star pattern has formed on the daily time frame, indicating a potential bearish mode. Besides, a flag formation (blue) can be seen on the daily time frame. Its breakdown on a daily closing basis will likely incentivize bears to make further southward move. The 1.64250 handle may be exposed if a bearish drive is consummated.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #851
- Jan 19, 2020 3:48pm Jan 19, 2020 3:48pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
GBPUSD Weekly Technical Outlook
The bullish drive in the GBPUSD market has waned. On the weekly time frame, a bearish engulfing candlestick was printed five weeks ago. However, it has no bearish follow-up and, presently, market operation is sideways at the 1.30110 S/R zone.
On the daily time frame, price action is within a symmetrical triangle (blue). The technicals are still ambivalent but a significant breakdown of the triangle is likely to give impetus to a bearish drive with the 1.27780 inception area a potential target. But a northward move of price action may be frustrated at the 1.32150 horizontal resistance area (red).
Recent price action on the H4 time frame is within a falling channel (magenta). It is disposed southwards from the channel resistance trendline and now located at the 1.30110 horizontal support area. This is also the location of the support trendline of the triangle seen on the daily time frame. We should note that the support trendline has seen several onslaughts of bearish pressure and its breakdown is imminent.
I may be wrong. Trade safe and prosper.
KP
The bullish drive in the GBPUSD market has waned. On the weekly time frame, a bearish engulfing candlestick was printed five weeks ago. However, it has no bearish follow-up and, presently, market operation is sideways at the 1.30110 S/R zone.
On the daily time frame, price action is within a symmetrical triangle (blue). The technicals are still ambivalent but a significant breakdown of the triangle is likely to give impetus to a bearish drive with the 1.27780 inception area a potential target. But a northward move of price action may be frustrated at the 1.32150 horizontal resistance area (red).
Recent price action on the H4 time frame is within a falling channel (magenta). It is disposed southwards from the channel resistance trendline and now located at the 1.30110 horizontal support area. This is also the location of the support trendline of the triangle seen on the daily time frame. We should note that the support trendline has seen several onslaughts of bearish pressure and its breakdown is imminent.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #852
- Jan 19, 2020 3:53pm Jan 19, 2020 3:53pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURUSD Weekly Technical Outlook
The EURUSD market is ambivalent at the moment. On the weekly time frame, the general market outlook is bearish but presently price action is disposed northwards having broken above a falling trendline (purple) traceable to August 2018. It is now respecting a minor rising trendline (blue). Apparently, price action is in retracement and there has been a limited bearish momentum. Also, there has been no incentive for a bullish drive either. We should note that price action has failed to break below the bullish candlestick printed four weeks ago in spite of three weeks of bearish effort; the three bearish candlesticks printed in the past three weeks have been relatively miniature in nature. Nevertheless, a bearish breakdown of the minor rising trendline (blue) will likely lead to a southward continuation.
The topping formations on the daily time frame are indicative of bearish pressure and a decline in bullish influence. I expect further bearish move in the market. A significant breakdown of the rising trendline (blue) on a daily closing basis should be watched; that technically will indicate a bearish intent for a southward continuation.
Technicals on the H4 time frame favour bears. A falling trendline (magenta) is still in play and recent order flow context is favorably bearish.
I may be wrong. Trade safe and prosper.
KP
The EURUSD market is ambivalent at the moment. On the weekly time frame, the general market outlook is bearish but presently price action is disposed northwards having broken above a falling trendline (purple) traceable to August 2018. It is now respecting a minor rising trendline (blue). Apparently, price action is in retracement and there has been a limited bearish momentum. Also, there has been no incentive for a bullish drive either. We should note that price action has failed to break below the bullish candlestick printed four weeks ago in spite of three weeks of bearish effort; the three bearish candlesticks printed in the past three weeks have been relatively miniature in nature. Nevertheless, a bearish breakdown of the minor rising trendline (blue) will likely lead to a southward continuation.
The topping formations on the daily time frame are indicative of bearish pressure and a decline in bullish influence. I expect further bearish move in the market. A significant breakdown of the rising trendline (blue) on a daily closing basis should be watched; that technically will indicate a bearish intent for a southward continuation.
Technicals on the H4 time frame favour bears. A falling trendline (magenta) is still in play and recent order flow context is favorably bearish.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
I am still looking at USD and JPY strength in terms of risk off looking through a macro economical lens. This, plus the latest in news from the Asia region concerning the corono virus coming out of China, may have further impact on markets going forward. From the US, there is FOMC interest rate decision and ofcourse GBP with BREXIT day fast approaching on the 31st. Here is what I will be looking at for the coming week(s).
AUDNZD - Bullish
W1: NZD has pushed to previous support to test, expecting bulls to jump in for upward move as done previously
D1: Positive divergence with RSI
D1: MACD turning up with cross over signal line
D1: Price stopped at support level
D1: Price at bottom of Bollinger Band
H4: Tall lower candle wick at support
H4: Support formed at Weekly S3 pivot point
CADJPY - Bearish
Following on from last week's JPY strength, expecting continuation
W1: Bearish engulfing pattern at resistance
W1: Candle pattern also at top of Bollinger Band
D1: MACD cross under signal line
D1: expecting a retrace before continuation down
D1: Price closed below 20SMA and closed short of 55SMA, would like a retrace before further decline
H4: closed below 144SMA which I see as potential bearishness
H4: Price closed at support area, would like to see break below and retest
USDCHF - Bullish
W1: Price unable to close below support area same as previous two candles
D1: Morning start candle pattern at support area confirmed last week
D1: Price retested old support area and now moved up
D1: Positive divergence on RSI
D1: MACD about to cross over signal line
H4: Price bounced from weekly CPP twice and now at resistance area held by 144SMA - would like a retrace before rally
H4: Positive divergence on MACD
AUDNZD - Bullish
W1: NZD has pushed to previous support to test, expecting bulls to jump in for upward move as done previously
D1: Positive divergence with RSI
D1: MACD turning up with cross over signal line
D1: Price stopped at support level
D1: Price at bottom of Bollinger Band
H4: Tall lower candle wick at support
H4: Support formed at Weekly S3 pivot point
CADJPY - Bearish
Following on from last week's JPY strength, expecting continuation
W1: Bearish engulfing pattern at resistance
W1: Candle pattern also at top of Bollinger Band
D1: MACD cross under signal line
D1: expecting a retrace before continuation down
D1: Price closed below 20SMA and closed short of 55SMA, would like a retrace before further decline
H4: closed below 144SMA which I see as potential bearishness
H4: Price closed at support area, would like to see break below and retest
USDCHF - Bullish
W1: Price unable to close below support area same as previous two candles
D1: Morning start candle pattern at support area confirmed last week
D1: Price retested old support area and now moved up
D1: Positive divergence on RSI
D1: MACD about to cross over signal line
H4: Price bounced from weekly CPP twice and now at resistance area held by 144SMA - would like a retrace before rally
H4: Positive divergence on MACD
- #854
- Jan 26, 2020 12:14pm Jan 26, 2020 12:14pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #855
- Jan 26, 2020 2:35pm Jan 26, 2020 2:35pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
XAUUSD Weekly Technical Outlook
XAUUSD market operation is now at the 1610/1616 multi-year horizontal resistance area that was last visited in April 2013. On the weekly time frame, market operation has moved somehow southward from the zone and turned sideways in the past three weeks. However, last week, bulls attempted a further northward push into the zone but the candlestick printed was relatively small. Technically, the northward disposition is still intact and a rising trendline (purple) is still in play.
Technicals on the daily time frame are still in support of bulls. But, the small size of the bullish candlesticks recently printed indicate a decline in momentum.
On the H4 time frame, recently bears are becoming more influential in the market. Significant bearish candlesticks had been printed that drove down market operation from the 1593.30 area to the 1538.50 area from January 8 to January 14. Since then, there has been little bullish push. In the last two sessions on Friday, bears made a southward push of price action from the 50 Fib retracement of the most recent downward swing; and presently located at the 38.2 Fib retracement area. We should await what happens in the early part of this week as a mini rising wedge (magenta) has been formed and needs to be breached either way by price action for directional clarity.
I may be wrong. Trade safe and prosper.
KP
XAUUSD market operation is now at the 1610/1616 multi-year horizontal resistance area that was last visited in April 2013. On the weekly time frame, market operation has moved somehow southward from the zone and turned sideways in the past three weeks. However, last week, bulls attempted a further northward push into the zone but the candlestick printed was relatively small. Technically, the northward disposition is still intact and a rising trendline (purple) is still in play.
Technicals on the daily time frame are still in support of bulls. But, the small size of the bullish candlesticks recently printed indicate a decline in momentum.
On the H4 time frame, recently bears are becoming more influential in the market. Significant bearish candlesticks had been printed that drove down market operation from the 1593.30 area to the 1538.50 area from January 8 to January 14. Since then, there has been little bullish push. In the last two sessions on Friday, bears made a southward push of price action from the 50 Fib retracement of the most recent downward swing; and presently located at the 38.2 Fib retracement area. We should await what happens in the early part of this week as a mini rising wedge (magenta) has been formed and needs to be breached either way by price action for directional clarity.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #856
- Jan 26, 2020 3:08pm Jan 26, 2020 3:08pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURJPY Weekly Technical Outlook
The EURJPY market is disposed southwards. On the weekly time frame, market operation is within a falling channel (purple). Presently, it is at the channel resistance trendline with a southward mode. The technical pattern, e.g. with a bearish engulfing candlestick formed last week at the 122.230/120.455 area, favours a bearish continuation.
On the daily time frame, recently, price action was in a rising wedge (blue) within the falling channel (purple) seen on the weekly time frame. Last week Friday, it broke below the wedge with the printing of a bearish continuation candlestick and presently located at the 120.455 area. The 119.180 area is technically an initial target of further bearish move, thereafter the 117.870 area may be exposed.
Technicals on the H4 time frame favour bears but we may have a reversion of price action to the mean, by way of a brief northward retracement, before a southward continuation.
I may be wrong. Trade safe and prosper.
KP
The EURJPY market is disposed southwards. On the weekly time frame, market operation is within a falling channel (purple). Presently, it is at the channel resistance trendline with a southward mode. The technical pattern, e.g. with a bearish engulfing candlestick formed last week at the 122.230/120.455 area, favours a bearish continuation.
On the daily time frame, recently, price action was in a rising wedge (blue) within the falling channel (purple) seen on the weekly time frame. Last week Friday, it broke below the wedge with the printing of a bearish continuation candlestick and presently located at the 120.455 area. The 119.180 area is technically an initial target of further bearish move, thereafter the 117.870 area may be exposed.
Technicals on the H4 time frame favour bears but we may have a reversion of price action to the mean, by way of a brief northward retracement, before a southward continuation.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #857
- Jan 26, 2020 3:13pm Jan 26, 2020 3:13pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
GBPAUD Weekly Technical Outlook
GBPAUD market operation on the weekly time frame has made a 61.8 retracement of the downward swing from the 2.05330 high to the 1.68350 low, and is attempting a further northward push within a rising channel (purple). Presently, price action is at the 1.91490 horizontal resistance area, which is in confluence with the 61.8 Fib retracement of the downward swing from the high of December 16, 2019 to the low of December 23, 2019, and where it is struggling to gather bullish momentum.
On the daily time frame, market operation has made a 61.8 Fib retracement of the drop from the high of December 16, 2019 to the low of December 23, 2019 and is now around 1.91490. This came about after the bullish print of Wednesday last week failed to have a follow-through as price action could only print insignificant candlesticks with a bearish tint on Thursday and Friday. Any further bullish move is likely to hit some barrier at the 1.92760 horizontal resistance area (magenta). Recent technical patterns on the daily time frame suggest a likely southward turnaround, potentially targeting the 1.80710/1.87680 horizontal support zone (light green).
I may be wrong. Trade safe and prosper.
KP
GBPAUD market operation on the weekly time frame has made a 61.8 retracement of the downward swing from the 2.05330 high to the 1.68350 low, and is attempting a further northward push within a rising channel (purple). Presently, price action is at the 1.91490 horizontal resistance area, which is in confluence with the 61.8 Fib retracement of the downward swing from the high of December 16, 2019 to the low of December 23, 2019, and where it is struggling to gather bullish momentum.
On the daily time frame, market operation has made a 61.8 Fib retracement of the drop from the high of December 16, 2019 to the low of December 23, 2019 and is now around 1.91490. This came about after the bullish print of Wednesday last week failed to have a follow-through as price action could only print insignificant candlesticks with a bearish tint on Thursday and Friday. Any further bullish move is likely to hit some barrier at the 1.92760 horizontal resistance area (magenta). Recent technical patterns on the daily time frame suggest a likely southward turnaround, potentially targeting the 1.80710/1.87680 horizontal support zone (light green).
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #858
- Jan 26, 2020 3:27pm Jan 26, 2020 3:27pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURGBP Weekly Technical Outlook
The EURGBP market has disposed southwards in the past few weeks. However, price action is presently in consolidation. On the weekly time frame, six weeks ago, market operation retraced northwards from the 0.82820 horizontal support area but there was no follow-through in the weeks that follow. A period of sideways price action followed in the next four weeks with the printing of miniature indecision candlesticks before bears influenced a southward mode last week. Presently, market operation is at the 0.84330 horizontal support but there is potential for further move to the 0.82820 area.
On the daily time frame, price action has been within a falling channel (blue) for quite a while. On January 13, 2020 bulls overshot the channel resistance trendline to retest the broken-down horizontal S/R at the 0.85830 area (red) but bears effected a southward turnaround the day after. Technicals on the daily time frame favour a bearish continuation.
On the H4 time frame, we have had sideways operation in the last few sessions on Thursday and Friday. But, presently, bulls are making a push northward; which is technically a retracement, perhaps to an area of value such as the broken-down previous horizontal support at the 0.84770 area, before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
The EURGBP market has disposed southwards in the past few weeks. However, price action is presently in consolidation. On the weekly time frame, six weeks ago, market operation retraced northwards from the 0.82820 horizontal support area but there was no follow-through in the weeks that follow. A period of sideways price action followed in the next four weeks with the printing of miniature indecision candlesticks before bears influenced a southward mode last week. Presently, market operation is at the 0.84330 horizontal support but there is potential for further move to the 0.82820 area.
On the daily time frame, price action has been within a falling channel (blue) for quite a while. On January 13, 2020 bulls overshot the channel resistance trendline to retest the broken-down horizontal S/R at the 0.85830 area (red) but bears effected a southward turnaround the day after. Technicals on the daily time frame favour a bearish continuation.
On the H4 time frame, we have had sideways operation in the last few sessions on Thursday and Friday. But, presently, bulls are making a push northward; which is technically a retracement, perhaps to an area of value such as the broken-down previous horizontal support at the 0.84770 area, before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #859
- Jan 26, 2020 3:44pm Jan 26, 2020 3:44pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURUSD Weekly Technical Outlook
The EURUSD market operation on the weekly time frame is within a falling wedge (blue). Presently, it is disposed southwards from the wedge resistance trendline after a star pattern was formed at the 1.11720 horizontal resistance area (purple). The order flow context and recent technical patterns support a southward mode.
The daily time frame shows a consolidation of market operation within a rising wedge (magenta). The wedge was broken down on Thursday and bears effected a follow-through on Friday. Price action is presently at the 1.10245 area but the next horizontal support is a few pips below, at the 1.09850 area, so we may not have a bearish drive yet. A bearish breach of the 1.09850 area may see the 1.08820 inception area (green) exposed.
I may be wrong. Trade safe and prosper.
KP
The EURUSD market operation on the weekly time frame is within a falling wedge (blue). Presently, it is disposed southwards from the wedge resistance trendline after a star pattern was formed at the 1.11720 horizontal resistance area (purple). The order flow context and recent technical patterns support a southward mode.
The daily time frame shows a consolidation of market operation within a rising wedge (magenta). The wedge was broken down on Thursday and bears effected a follow-through on Friday. Price action is presently at the 1.10245 area but the next horizontal support is a few pips below, at the 1.09850 area, so we may not have a bearish drive yet. A bearish breach of the 1.09850 area may see the 1.08820 inception area (green) exposed.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #860
- Feb 2, 2020 2:14pm Feb 2, 2020 2:14pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
XAUUSD Weekly Technical Outlook
The XAUUSD market continues to dispose positively. On the monthly time frame, bulls printed a northward continuation candlestick in January after a three-month sideways of market operation. It hit a multi-year high around 1612.10 from where bears effected a southward pressure. Presently, market operation is around the 1588.90 area but the technicals still favour bulls.
On the weekly time frame, operation has moved further northward of a rising trendline (purple) traceable to May 2019. The past five weeks have seen the printing of ambivalent or relatively miniature candlesticks, indicating a slowing down of bullish momentum. We may see a retracement southward soon for a retest of the rising trendline.
Although the market is still technically disposed northward on the daily time frame, with price action respecting an inner rising trendline (blue), the order flow is seeing an increase in bearish influence. Any bearish turnaround may see a retest of the horizontal support around 1555.30 while a bullish continuation may target the 1612.10 area.
I may be wrong. Trade safe and prosper.
KP
The XAUUSD market continues to dispose positively. On the monthly time frame, bulls printed a northward continuation candlestick in January after a three-month sideways of market operation. It hit a multi-year high around 1612.10 from where bears effected a southward pressure. Presently, market operation is around the 1588.90 area but the technicals still favour bulls.
On the weekly time frame, operation has moved further northward of a rising trendline (purple) traceable to May 2019. The past five weeks have seen the printing of ambivalent or relatively miniature candlesticks, indicating a slowing down of bullish momentum. We may see a retracement southward soon for a retest of the rising trendline.
Although the market is still technically disposed northward on the daily time frame, with price action respecting an inner rising trendline (blue), the order flow is seeing an increase in bearish influence. Any bearish turnaround may see a retest of the horizontal support around 1555.30 while a bullish continuation may target the 1612.10 area.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money