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

  • #1,161
  • Feb 7, 2021 3:43pm Feb 7, 2021 3:43pm
GBPUSD Weekly Technical Outlook

The GBPUSD market is still bullish but there is an increase in bearish pressure. On the monthly time frame, the January bullish print was relatively tiny, and the interim February print is at par with it. The operating horizontal resistance is at the 1.39800 area (purple) while the 1.33680 area (green) is the horizontal support on the monthly time frame.

Attached Image (click to enlarge)
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Market operation on the weekly time frame is grinding slowly northward in a rising wedge (blue). However, the candlestick prints are becoming less directionally pronounced. Market operation is presently at the wedge resistance trendline. This is proximal to the 1.37860 horizontal resistance area (magenta), and technically susceptible to a negative pressure.

Attached Image (click to enlarge)
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Price action on the daily time frame is presently choppy, consolidating around the horizontal resistance trendline of the rising wedge (blue) seen on the weekly time frame. It is also a few pips below the 1.37860 horizontal resistance area (magenta), and the sideways of price action is apparently a struggle to tackle this area. Failure of bulls to break above the area in the early part of this week may incentivize bears to attempt a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Feb 7, 2021.png Size: 47 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,162
  • Feb 13, 2021 1:55pm Feb 13, 2021 1:55pm
GBPJPY market operation is still bullish. But any further bullish follow-through next week will have to break above 146.50 to be sustainable. Technical details on this pair and three others will be provided here before the market opens next week.

KP
Do your homework, follow the footprints of smart money
  • #1,163
  • Feb 14, 2021 3:03pm Feb 14, 2021 3:03pm
GBPJPY Weekly Technical Outlook

GBPJPY market operation is still bullish. On the monthly time frame, it is inching towards a minor horizontal resistance around 146.50. Further bullish move above the area is likely to be a retest of the 148.13 horizontal resistance area (red).

Attached Image (click to enlarge)
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GBPJPY market operation on the weekly time frame continues to print bullish continuation candlesticks as it progresses within a rising channel (red). The order flow context is dominated by bulls. Presently, market operation is near the channel resistance trendline and has entered the immediate horizontal resistance around 145.450/146.420 (magenta). Any significant bullish breakout above the area may see bulls hunt the 148.13 horizontal resistance area (red). However, a southward rotation may see bears drive for the horizontal support around 142.85/142.00 (light green).

Attached Image (click to enlarge)
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GBPJPY price action on the daily time frame is within a rising spiking channel (blue), which is at the upper half of the larger, rising channel (red) seen on the weekly time frame. This, technically, indicates an increased bullish momentum, but such a spiking channel often loses steam and is susceptible to a southward pullback. Besides, as the price action is entering the horizontal resistance around 145.450/146.420 (magenta), we should await how this area is handled in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYDaily_February 14, 2021.png Size: 51 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,164
  • Feb 14, 2021 3:17pm Feb 14, 2021 3:17pm
EURAUD Weekly Technical Outlook

After the ambivalence of January 2021, EURAUD market operation has continued its bearish mode in February. On the monthly time frame, the interim candlestick print in February is bearish, but it is presently tackling a horizontal support area around 1.56000. A successful breakdown of the area may see bears target the multi-year horizontal support around 1.53000 (green).

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EURAUD market operation on the weekly time frame is in a falling channel (red). It is presently disposed southward within the channel after a bearish print at the channel resistance trendline two weeks ago. Last week, market operation printed a bearish candlestick which is relatively smaller. Presently, it is at a horizontal support around 1.56000.

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On the daily time frame, price action is presently in consolidation in a falling channel (red). It is located at the 1.56000 horizontal support area. As this area is susceptible to technical reaction, we should await what happens in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDDaily_February 14, 2021.png Size: 52 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,165
  • Feb 14, 2021 3:24pm Feb 14, 2021 3:24pm
EURUSD Weekly Technical Outlook

The bearish pressure on the EURUSD market which started in December 2020 has continued. On the monthly time frame, the January print was bearish. However, the interim bearish tone in February gave way to some ambivalent mode as market operation got to the horizontal support around 1.19300 (green). Initially, the February bearish print surged to the area but latterly a bullish fight-back pushed market operation back to retest a previously broken-down horizontal support around 1.21190, a bearish flip of which may lead to a retesting of the 1.19300 area (light green). The longer-term horizontal support, which may be of interest to investors, is around 1.16240 (green).

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On the weekly time frame, two weeks ago, market operation printed a bearish candlestick that broke below a rising wedge (red). Last week, bulls effected a pullback, apparently to retest the breached wedge support trendline. Presently, market operation is at the intersection of the wedge support trendline and a horizontal resistance around 1.21300 (magenta). A bearish flip of the area this week may see further southward momentum.

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On the daily time frame, price action has surged back to within a rising wedge (red) after breaking below it several days ago. Presently, price action is sideways at the horizontal resistance area around 1.21300 (magenta). This indicates a directional pause, and what price action does in the early part of this week may signpost market mood for the week. A bearish flip of the area may see bears retest the horizontal support around 1.19300 (light green), but a bullish push-back may not produce much northward momentum as there are a few technical barriers to contend with.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_February 14, 2021.png Size: 43 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,166
  • Feb 14, 2021 3:38pm Feb 14, 2021 3:38pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation is still technically toned northwards. However, the bullish momentum is declining. On the monthly time frame, market operation is contending with a horizontal resistance around 1.38250. A significant northward breach of the area may see bulls head for the multi-year horizontal resistance around 1.40000 (red). However, any bullish weakness may offer bears an opening for a southward retest of the 1.36000 horizontal support area (light green).

Attached Image (click to enlarge)
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On the weekly time frame, market operation is within a rising channel (red) and recent candlestick prints largely favour bulls. Last week, market operation printed a bullish continuation candlestick which tested the channel resistance trendline before a brief retracement. This area is in confluence with a minor horizontal resistance around 1.38500. A bullish breakout of the channel may see buyers tackle the 1.4000 horizontal resistance area (red) seen on the monthly time frame. Alternatively, bears may take advantage of any bullish weakness to retest the 1.36000 horizontal support area (light green).

Attached Image (click to enlarge)
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Price action on the daily time frame is consolidating in a symmetrical triangle (blue), crisscrossing the resistance trendline of the rising wedge (red) seen on the weekly time frame. Presently, it is at the triangle resistance area and the last three candlestick prints are mixed. The overall technical picture is that there is a decline in bullish momentum. This may incentivize bears to effect a southward pull.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_February 14, 2021.png Size: 47 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,167
  • Edited 3:16pm Feb 20, 2021 3:03pm | Edited 3:16pm
The AUDUSD market is still toned positively but we may see some sideways, or even a pullback, in the early part of this week. Technical details on this pair and a few others will be given before the market opens.

KP
Do your homework, follow the footprints of smart money
  • #1,168
  • Feb 21, 2021 2:41pm Feb 21, 2021 2:41pm
AUDUSD Weekly Technical Outlook

The AUDUSD market continues to be positively toned. On the monthly time frame, market operation has broken out of the January 2021 sideways mode as the interim February print heads northwards. It is presently at the 0.78600 area, an area which was last visited in March 2018. Any further significant bullish drive may see an attempt at the 0.80500 multi-year horizontal resistance area (red). A bearish rotation will likely target the 0.70600 horizontal support area initially.

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The last three weeks have seen bullish continuation prints on the AUDUSD weekly time frame. Although there are a few minor barriers ahead, any further strong bullish momentum may see the 0.80500 multi-year horizontal resistance area (red) targeted.

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There has been an increase in bearish pressure on the AUDUSD daily time frame recently. However, the Friday print was a strong, relatively big bullish candlestick. This may be a last-ditch effort by bulls to assert their influence in the market or an attempt to trap traders for a bullish bias. Presently, price action has entered the 0.78000/0.79100 horizontal resistance zone (magenta) but a rising trendline (blue), traceable to November 2020, is still intact. We cannot rule out a sideways, or even a pullback, of price action from the zone. In the circumstance, it is better to await what happens in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDDaily_Feb 21, 2021.png Size: 41 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,169
  • Feb 21, 2021 3:00pm Feb 21, 2021 3:00pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation has made a bearish move to enter a significant horizontal support zone around 1757.80 (green) after the bullish drive that took it to the 1895.00 horizontal resistance area in December 2020. On the monthly time frame, technically, the 1895.00/1757.80 zone is the prevailing horizontal channel for market operation.

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On the weekly time frame, XAUUSD market operation is in a bearish mode. It has entered the 1757.80 horizontal support area (green) seen on the monthly time frame. Last week, a bearish candlestick surged to the area but retraced northward, printing a lower tail. Although we may see another bearish attempt to retest the 1757.80 horizontal support in the early part of this week, a bullish pullback cannot be ruled out.

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A morning star pattern has formed on the XAUUSD daily time frame. Technically, this portends a bullish outlook. This may see price action retrace to the 1801.65 broken-down horizontal support (magenta), from which a bearish turnaround may result in a role flip for a southward continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_Feb 21, 2021.png Size: 43 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,170
  • Feb 21, 2021 3:27pm Feb 21, 2021 3:27pm
EURUSD Weekly Technical Outlook

The EURUSD market is under an increased bearish pressure. On the monthly time frame, market operation entered the 1.22420 multi-year horizontal resistance (red) in December 2020 but gave way to a negative tone with the bearish print from the area in January 2021. In February, market operation has been ambivalent even though the interim print has a negative mood as it surged towards the 1.19088 horizontal support area (green) before snapping back northwards.

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There is sideways market operation on the EURUSD weekly time frame. A bearish print three weeks ago has a long tail, indicating bullish resistance, which was followed up with a bullish print of almost equivalent size two weeks ago. Last week, the candlestick print was long-tailed doji-like but with a bearish tinge. This candlestick closed near the high of the bullish print of two weeks ago, indicating that bulls are still influential in the market.

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Price action on the daily time frame is disposed northwards. However, it is presently experiencing some bearish resistance as it tackles the 1.21300 horizontal resistance area (magenta) and there a few barriers to a bullish drive nearby. Any bearish rotation will likely target the horizontal support around 1.20300 (sandybrown) initially.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_Feb 21, 2021.png Size: 38 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,171
  • Feb 21, 2021 3:44pm Feb 21, 2021 3:44pm
GBPUSD Weekly Technical Outlook

The GBPUSD market has maintained its parabolic northward surge. But will this end as it navigates the 1.40400 multi-year horizontal resistance area? On the monthly time frame, bullish continuation candlesticks have been printed since December 2020 when market operation broke away from the 1.33480 sideways upper area (green). The interim February print is now at the 1.40400 multi-year horizontal resistance area (red).

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On the weekly time frame, market operation is still in a bullish mode. Last week, a bullish continuation print entered the 1.40400 multi-year horizontal resistance area (red) seen on the monthly time frame. Any further bullish momentum may head for the horizontal resistance extension around 1.42100 (purple).

Attached Image (click to enlarge)
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On the daily time frame, price action is operating in a bullish channel (blue) having broken above a rising trendline (red) traceable to June 2020. Presently, price action is near the channel resistance trendline. The bullish print of Friday entered the 1.40400 multi-year horizontal resistance area (red) before it experienced a brief pullback. Any further bullish drive may see it target the channel resistance area or the horizontal resistance extension around 1.42100. However, a significant bearish pressure may see a retest of the minor horizontal support around 1.38400 (sandybrown) or the channel support trendline.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Feb 21, 2021.png Size: 46 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,172
  • Feb 28, 2021 2:06pm Feb 28, 2021 2:06pm
USDJPY Weekly Technical Outlook

USDJPY market operation is bullish. On the monthly time frame, the January bullish print was followed up by a bullish continuation print in February. Any further bullish momentum may incentivize buyers to target the horizontal resistance around 108.00 (red). The 103.00 area (green) is a significant horizontal support on the monthly time frame.

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On the weekly time frame, market operation has broken above a horizontal channel where it has been held for three weeks. We may see a bullish follow-through this week.

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On the daily time frame, price action is in a bullish channel (red) and presently at a confluence of the channel resistance trendline and a minor horizontal resistance around 106.58. Technically, such an area may produce a technical reaction in the form of a sideways or a retracement. Any significant bearish rotation may see a retest of the channel support trendline or the 105.40 horizontal support area (sandybrown).

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily_Feb 28, 2021.png Size: 55 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,173
  • Feb 28, 2021 2:32pm Feb 28, 2021 2:32pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation is still negatively toned. On the monthly time frame, the February bearish print broke below the 1777.00 horizontal support area (red) potentially flipping it as resistance. Market operation is presently around the 1723.50 horizontal support area (green).

Attached Image (click to enlarge)
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On the weekly time frame, last week, market operation printed a bearish continuation candlestick which broke below the 1777.00 horizontal support area, an area which has held as support for several weeks. Market operation is presently at another horizontal support zone, the 1723.50 area (green), from which a bullish run began in the second week of June 2020. A significant bearish breakdown of the area may see bears push for the next horizontal support at 1678.80 (sandybrown).

Attached Image (click to enlarge)
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Technical impulse on the daily time frame favours bears. However, the long bottom-shadow of the bearish print on Friday at the 1723.50 horizontal support area (green) indicates some resistance by bulls. We may see some northward move or sideways of price action in the early part of this week before a bearish continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_Feb 28, 2021.png Size: 45 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,174
  • Feb 28, 2021 3:01pm Feb 28, 2021 3:01pm
EURJPY Weekly Technical Outlook

The EURJPY market is technically bullish but, presently, market operation on the monthly time frame is at the multi-year horizontal resistance area around 128.920 (red). Any further bullish drive is likely to meet resistance around 130.760 (purple). Technically, the 126.00 area (green) is the operating horizontal support on the monthly time frame.

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EURJPY market operation on the weekly time frame is in a rising triangle (red). Last week, a bullish candlestick broke above the triangle resistance trendline before retracing to within it and closing just below the 128.920 multi-year horizontal resistance area (red) seen on the monthly time frame. The relatively long upper shadow on last week’s bullish print indicates a strong bearish pressure. Could we see a bearish rotation this week?

Attached Image (click to enlarge)
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The daily time frame shows a bearish pressure at the 128.920 multi-year horizontal resistance area (red) as price action spiked away from the rising triangle (red) seen on the weekly time frame, respecting a rising trendline (blue) from recent lows. However, such a spike is technically susceptible to a retracement or bearish rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYDaily_Feb 28, 2021.png Size: 46 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,175
  • Feb 28, 2021 3:16pm Feb 28, 2021 3:16pm
EURUSD Weekly Technical Outlook

In January 2021, EURUSD market operation effected a bearish rejection of the multi-year horizontal resistance around the 1.23120 area (red). There was a bearish continuation in February, but it was less pronounced as the candlestick print was doji-like. The February market operation surged to the 1.19430 horizontal support area (green) before retracing northwards, effectively confirming the area as an operating technical support on the monthly time frame.

Attached Image (click to enlarge)
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Market operation on the weekly time frame has been sideways at the 1.121260/1.120400 zone (purple) for the past four weeks. Last week, a bearish pinbar tailed above the zone before it closed further inside it. Technically, we can expect a bearish continuation this week. A strong bearish follow-through may retest the low of the bearish print of four weeks ago, which is confluent with the 1.19430 horizontal support area (green) seen on the monthly time frame.

Attached Image (click to enlarge)
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A shooting star formation was produced on Thursday on the EURUSD daily time frame. This was followed by a relatively big bearish continuation candlestick on Friday. A bearish follow-through may initially find a reaction around 1.120400 but we can see a further bearish move to the 19430 horizontal support area (green) to complete an ‘M’ pattern that began with a bullish drive on February 5, 2021.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_Feb 28, 2021.png Size: 39 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,176
  • Feb 28, 2021 3:39pm Feb 28, 2021 3:39pm
GBPUSD Weekly Technical Outlook

The GBPUSD bullish momentum in February was halted at the 1.42240 horizontal resistance area (red) where bears exerted some pressure for a pushback of market operation to the 1.39347 area. The 1.37320 area (green) is the operating horizontal support on the monthly time frame.

Attachment g

Bears on the GBPUSD market operation are increasing their influence. Last week, a bearish candlestick with a long upper tail was formed at the 1.42240 horizontal resistance area (red) after a bullish continuation candlestick printed a week earlier. This, however, does not mean that bulls cannot exert further influence in the market. We should note that market operation has moved northwards of an outer rising trendline (red) to respect an inner rising trendline (blue), thus, technically, a bullish GBPUSD structure is still in play.

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GBPUSD price action on the daily time frame is in an expanding wedge (blue). A shooting star was formed last week at the wedge resistance trendline. This was followed by bearish candlestick prints on Thursday and Friday. Any further bearish drive will likely see bears target the wedge support trendline or the horizontal support area around 1.37320 (green).

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Feb 28, 2021.png Size: 43 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,177
  • Mar 6, 2021 3:46pm Mar 6, 2021 3:46pm
Technically, bears are becoming more influential in the GBPUSD market. Based on the technical pattern within a rising channel on the monthly time frame, we may see a southward rotation soon. I will give details on this pair and three other assets before the market opens.

Stay safe.

KP
Do your homework, follow the footprints of smart money
  • #1,178
  • Mar 7, 2021 2:35pm Mar 7, 2021 2:35pm
XAUUSD Weekly Technical Outlook

The XAUUSD market is technically bearish. On the monthly time frame, in February, market operation broke down the 1775.90 previous horizontal support area (purple) flipping it to resistance. The interim March market operation surged to the 1681.00 minor horizontal support area (green), before retracing. An ‘M’ technical pattern can be seen on the monthly time frame, with the initiating up-leg from June 2020 and the completion down-leg being the interim March print. Technically, we may see further bullish retracement before another bearish attempt to break down the 1681.00 area.

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Market operation on the weekly time frame is bearish but it has reached an area of previous consolidation; the 1681.00 horizontal support area (green). Last week, a relatively small bearish candlestick with shadows on both ends was printed in the area. This indicates a market equilibrium and a temporary, directional ambivalence. Technically, we may see a sideways or pullback of market operation in the area in the early part of this week.

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Price action on the daily time frame is sideways. On Thursday, it printed a bearish candlestick at the 1681.00 horizontal support area (green) but bulls resisted on Friday, leading to the printing of a doji-like candlestick with a bullish influence. We may see further sideways or even a pullback of price action in the early part of this week. The 1724.20/1735.30 zone (magenta) is an area of value for any significant pullback and may be a near-term target of bulls.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_Mar 7, 2021.png Size: 45 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,179
  • Mar 7, 2021 3:02pm Mar 7, 2021 3:02pm
GBPJPY Weekly Technical Outlook

The GBPJPY market is still technically disposed northward. On the monthly time frame, market operation is presently at the 150.30 multi-year horizontal resistance area (red). The February bullish print peaked at the area while the interim March is bullish.

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GBPJPY market operation on the weekly time frame is still technically bullish. However, there is an increase in bearish pressure as it tackles the 150.30 multi-year horizontal resistance area (red). A bullish inverted hammer candlestick was printed in the area two weeks ago. Last week, a bullish continuation candlestick, which has a relatively longer upper shadow than its lower shadow, surged to the area. Both candlestick prints indicate that bears are resisting further bullish momentum in the 150.30 area. Nevertheless, there is not yet a strong technical support for a reliable bearish turnaround. The 141.00/140.00 area (green) is a significant horizontal support on the weekly time frame.

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The ’wicky’ and relatively miniature candlestick prints on the daily time frame in the last eight days indicate a weakness in bullish momentum as price action tackles the 150.30 multi-year horizontal resistance area (red) seen on the monthly time frame. I will await how price action handles the area in the early part of this week, but the technical market structure still favours bulls. Price action is still respecting an inner rising trendline (blue) from recent lows while an outer rising trendline (purple) traceable to December 2020 is a potential support in the future. The 148.30/147.30 area (sandybrown) is the immediate horizontal support on the daily time frame.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYDaily_Mar 7, 2021.png Size: 42 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,180
  • Mar 7, 2021 3:22pm Mar 7, 2021 3:22pm
GBPUSD Weekly Technical Outlook

The 1.42000/1.40000 zone (red) has held as horizontal resistance for GBPUSD market operation on the monthly time frame since February 2018. The February candlestick print surged to the area before being resisted by bears, and the interim March market operation is under a bearish pressure below the area. Technically, bears are becoming more influential in the GBPUSD market. The 1.33800 area (green) is the prevailing horizontal support on the monthly time frame. We should also observe that the market operation on the monthly time frame is in a rising channel (purple) and presently rejecting the channel resistance trendline. Based on the technical pattern within the channel, we may soon see a southward rotation to the channel support trendline.

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On the weekly time frame, market operation is respecting a rising trendline (blue) from recent lows within the rising channel (purple) seen on the monthly time frame. Two weeks ago, a bearish pinbar was printed at ago at the multi-year 1.42000/1.40000 horizontal resistance area (red) seen on the monthly time frame. A bearish continuation candlestick which was printed last week nestled on the rising trendline (blue). Further bearish drive may see a breakdown of the rising trendline (red). This may incentivize bears to pursue a rotation to the support trendline of the rising channel (purple) seen on the monthly time frame. The 1.338000 area (green) is a significant horizontal support.

Attached Image (click to enlarge)
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Price action on the daily time frame is bearish, but it is presently at a minor horizontal support located in the 1.38390 area. A bearish breakdown of the area would see bears attack the next horizontal support around 1.36200 (sandybrown).

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Mar 7, 2021.png Size: 43 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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