Do your homework, follow the footprints of smart money
Weekly Top-Down Technical Analyses
- #1,222
- May 2, 2021 2:45pm May 2, 2021 2:45pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
USDJPY Weekly Technical Outlook
The USDJPY market is technically bullish but it is witnessing a decline in bullish momentum as bears increased their influence on market operation. On the monthly time frame, the market is operating within a broad horizontal channel in the 101.21/117.12 zone (purple), but there has been a bullish tone since January 2021. However, the bullish continuation drive of market operation since January 2021 was challenged in April by bears, resulting in the printing of a hanging-man like bearish candlestick for the month. Technically, although bulls are still favoured by the market structure, bears would look for further influence on market operation in May.
On the weekly time frame, market operation has witnessed a bullish impulsive trend since late January 2021. A bearish retracement started four weeks ago but it was shallow, and last week, a relatively big bullish candlestick was printed to restore the bullish tone. Technically, we could see further bullish move this week, but we should not discount efforts of bears to exert some pressure on market operation.
On the daily time frame, price action is respecting a rising trendline (red) traceable to January 2021. Price action tried to breach the technical bullish market structure by a bearish break of the 108.30 area (magenta). But there was limited follow-up as four feeble, indecision bearish candlesticks were produced after the attempted bearish breach before a strong bullish impulsive move on April 26 and 27 aligned price action with the rising trendline (red). We may see further bullish continuation this week.
I may be wrong. Trade safe and prosper.
KP
The USDJPY market is technically bullish but it is witnessing a decline in bullish momentum as bears increased their influence on market operation. On the monthly time frame, the market is operating within a broad horizontal channel in the 101.21/117.12 zone (purple), but there has been a bullish tone since January 2021. However, the bullish continuation drive of market operation since January 2021 was challenged in April by bears, resulting in the printing of a hanging-man like bearish candlestick for the month. Technically, although bulls are still favoured by the market structure, bears would look for further influence on market operation in May.
On the weekly time frame, market operation has witnessed a bullish impulsive trend since late January 2021. A bearish retracement started four weeks ago but it was shallow, and last week, a relatively big bullish candlestick was printed to restore the bullish tone. Technically, we could see further bullish move this week, but we should not discount efforts of bears to exert some pressure on market operation.
On the daily time frame, price action is respecting a rising trendline (red) traceable to January 2021. Price action tried to breach the technical bullish market structure by a bearish break of the 108.30 area (magenta). But there was limited follow-up as four feeble, indecision bearish candlesticks were produced after the attempted bearish breach before a strong bullish impulsive move on April 26 and 27 aligned price action with the rising trendline (red). We may see further bullish continuation this week.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #1,223
- May 2, 2021 3:01pm May 2, 2021 3:01pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
USDCAD Weekly Technical Outlook
The USDCAD market is maintaining a bearish technical outlook. On the monthly time frame, the last two months have seen market operation produced bearish continuation candlesticks, breaking down the area of consolidation that was in place between January and February. Should bears sustain their drive, we may see them expose the horizontal support around 1.20530 (green).
On the weekly time frame, USDCAD market operation maintains a bearish mode within a fallen channel (red). There was a bullish retracement towards the channel resistance trendline a few weeks back, but the bearish pinbar that printed at the channel resistance trendline two weeks ago led to a relatively strong bearish continuation last week. Presently, market operation is at a horizontal support around 1.22900. This area may see some sideways of market operation or a brief northward pullback, but bears are favoured to sustain a southward continuation.
On the daily time frame, although technicals favour a bearish continuation, the relatively small bullish candlestick printed on Friday indicates that bulls are exerting pressure in the market. We may see some sideways or northward pullback of price action in the early part of this week. But technically, bears are favoured to sustain a southward mode. I am more bearish USDCAD than bullish.
I may be wrong. Trade safe and prosper.
KP
The USDCAD market is maintaining a bearish technical outlook. On the monthly time frame, the last two months have seen market operation produced bearish continuation candlesticks, breaking down the area of consolidation that was in place between January and February. Should bears sustain their drive, we may see them expose the horizontal support around 1.20530 (green).
On the weekly time frame, USDCAD market operation maintains a bearish mode within a fallen channel (red). There was a bullish retracement towards the channel resistance trendline a few weeks back, but the bearish pinbar that printed at the channel resistance trendline two weeks ago led to a relatively strong bearish continuation last week. Presently, market operation is at a horizontal support around 1.22900. This area may see some sideways of market operation or a brief northward pullback, but bears are favoured to sustain a southward continuation.
On the daily time frame, although technicals favour a bearish continuation, the relatively small bullish candlestick printed on Friday indicates that bulls are exerting pressure in the market. We may see some sideways or northward pullback of price action in the early part of this week. But technically, bears are favoured to sustain a southward mode. I am more bearish USDCAD than bullish.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #1,224
- May 2, 2021 3:15pm May 2, 2021 3:15pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
GBPUSD Weekly Technical Outlook
The GBPUSD market is presently ambivalent. On the monthly time frame, three of the last four months have printed indecision and mixed candlesticks, with the 1.36340/1.40330 zone (purple) acting as the prevailing channel for market operation. The zone is within a larger zone that has served as a multi-year horizontal resistance zone since January 2018.
On the weekly time frame, market operation has broken below the support trendline of a rising channel (red). In the last two weeks, top-wicked candlesticks of opposing nature and almost equivalent size have printed below the channel support trendline. This technically indicates market ambivalence. While the ‘wicky’ tops may incentivize bulls, the lower wicks of three of the candlesticks printed in the previous four weeks form an equivalent bottom (green) and may attract bearish interest.
On the daily time frame, although the market structure supporting the rising channel (red) seen on the weekly time frame is still intact, presently, the technical mode is bearish. In terms of the order flow context, the recent bottom-wicked candlesticks printed at the channel support trendline may incentivize liquidity grab by bears before a northward turnaround. Technically, in the short term, I am more bearish GBPUSD than bullish.
I may be wrong. Trade safe and prosper.
KP
The GBPUSD market is presently ambivalent. On the monthly time frame, three of the last four months have printed indecision and mixed candlesticks, with the 1.36340/1.40330 zone (purple) acting as the prevailing channel for market operation. The zone is within a larger zone that has served as a multi-year horizontal resistance zone since January 2018.
On the weekly time frame, market operation has broken below the support trendline of a rising channel (red). In the last two weeks, top-wicked candlesticks of opposing nature and almost equivalent size have printed below the channel support trendline. This technically indicates market ambivalence. While the ‘wicky’ tops may incentivize bulls, the lower wicks of three of the candlesticks printed in the previous four weeks form an equivalent bottom (green) and may attract bearish interest.
On the daily time frame, although the market structure supporting the rising channel (red) seen on the weekly time frame is still intact, presently, the technical mode is bearish. In terms of the order flow context, the recent bottom-wicked candlesticks printed at the channel support trendline may incentivize liquidity grab by bears before a northward turnaround. Technically, in the short term, I am more bearish GBPUSD than bullish.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #1,225
- May 2, 2021 3:32pm May 2, 2021 3:32pm
- | Joined Apr 2009 | Status: Trader | 1,197 Posts
GBPUSD Weekly Technical Outlook The GBPUSD market is presently ambivalent. On the monthly time frame, three of the last four months have printed indecision and mixed candlesticks, with the 1.36340/1.40330 zone (purple) acting as the prevailing channel for market operation. The zone is within a larger zone that has served as a multi-year horizontal resistance zone since January 2018. {image} On the weekly time frame, market operation has broken below the support trendline of a rising channel (red). In the last two weeks, top-wicked candlesticks of...
Trade to enjoy... Money is after!
- #1,226
- May 2, 2021 3:33pm May 2, 2021 3:33pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURUSD Weekly Technical Outlook
EURUSD market operation is technically sideways. On the monthly time frame, the 1.17050/1.21275 zone (purple) is the prevailing horizontal channel for market operation. The bearish candlestick printed in March was opposed by a bullish candlestick printed in April. However, we should be mindful of the upper shadow on the April bullish print. Technically, it leaves room for competing effort at market influence by both bulls and bears, with bulls having a slight advantage.
EURUSD market operation on the weekly time frame is within a rising channel (red). The most recent upward swing to the channel resistance trendline saw an 88.6 Fib retracement five weeks ago and nestled at the channel support trendline. Since then, bulls have restored the positive market operation until last week when bears effected a brief southward correction. The upper shadow on last week’s bearish candlestick may incentivize bulls for a liquidity grab this week.
Although there has been an increased bearish pressure on the EURUSD price action on the daily time frame, the larger technical structure is still bullish. It would take a significant bearish breakdown of the 1.16270 area (green) before we could have confidence in a southward breach of the bullish technical structure. However, this does not mean that we should discount any bearish corrective moves, and the relatively big bearish candlestick printed on Friday may be one of the features to expect. Presently, price action is at a minor horizontal support and in confluence with a rising trendline (blue) traceable to April 2, a situation which favours a potential flip of price action northwards. But we may see a bearish surge for liquidity grab at the 1.19610/1.19260 major horizontal support zone (sandybrown). Nevertheless, as technicals give an edge to bulls, any such bearish move is likely to be corrective in nature.
I may be wrong. Trade safe and prosper.
KP
EURUSD market operation is technically sideways. On the monthly time frame, the 1.17050/1.21275 zone (purple) is the prevailing horizontal channel for market operation. The bearish candlestick printed in March was opposed by a bullish candlestick printed in April. However, we should be mindful of the upper shadow on the April bullish print. Technically, it leaves room for competing effort at market influence by both bulls and bears, with bulls having a slight advantage.
EURUSD market operation on the weekly time frame is within a rising channel (red). The most recent upward swing to the channel resistance trendline saw an 88.6 Fib retracement five weeks ago and nestled at the channel support trendline. Since then, bulls have restored the positive market operation until last week when bears effected a brief southward correction. The upper shadow on last week’s bearish candlestick may incentivize bulls for a liquidity grab this week.
Although there has been an increased bearish pressure on the EURUSD price action on the daily time frame, the larger technical structure is still bullish. It would take a significant bearish breakdown of the 1.16270 area (green) before we could have confidence in a southward breach of the bullish technical structure. However, this does not mean that we should discount any bearish corrective moves, and the relatively big bearish candlestick printed on Friday may be one of the features to expect. Presently, price action is at a minor horizontal support and in confluence with a rising trendline (blue) traceable to April 2, a situation which favours a potential flip of price action northwards. But we may see a bearish surge for liquidity grab at the 1.19610/1.19260 major horizontal support zone (sandybrown). Nevertheless, as technicals give an edge to bulls, any such bearish move is likely to be corrective in nature.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #1,227
- May 2, 2021 3:36pm May 2, 2021 3:36pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Much appreciated, lol.
KP
KP
{quote} Thanks for sharing.
Do your homework, follow the footprints of smart money
- #1,228
- May 8, 2021 4:05pm May 8, 2021 4:05pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #1,229
- May 9, 2021 2:58pm May 9, 2021 2:58pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURJPY Weekly Technical Outlook
The EURJPY market is technically bullish. On the monthly time frame, the market turned bullish in May 2020 and saw a bearish correction between September and October before resuming a bullish mode in November. Since then, market operation has printed bullish continuation candlesticks. The candlestick printed in April surged to the 132.24 multi-year horizontal resistance area (red) before retracing. Meanwhile, the interim market operation in May is at the 132.24 area as bulls made another attempt to maintain a presence in the area. We may see further bullish move to expose the technical extension around 134.16 (purple).
On the weekly time frame, market operation has moved northward of an outer rising trendline (red) traceable to April 2020 to respect an inner rising trendline (blue) based on recent lows. This indicates an increase in bullish momentum. Technically, if the outer rising trendline (red) is still in play, the market structure is bullish. Meanwhile, the recent candlestick prints have mainly been in favour of bulls and we may see further bullish operation this week. The order flow context shows there is some liquidity above the present location of price action.
Technicals on the daily time frame show a progressive northward break of levels. This indicates that price action is impulsively bullish. Although last week Wednesday saw a 50 Fib retracement of the most recent bullish swing, the bullish tone was restored on Thursday, and, on Friday, a relatively bigger bullish continuation candlestick was printed. Technically, we can expect bulls to maintain their influence on price action in the early part of this week.
I may be wrong. Trade safe and prosper.
KP
The EURJPY market is technically bullish. On the monthly time frame, the market turned bullish in May 2020 and saw a bearish correction between September and October before resuming a bullish mode in November. Since then, market operation has printed bullish continuation candlesticks. The candlestick printed in April surged to the 132.24 multi-year horizontal resistance area (red) before retracing. Meanwhile, the interim market operation in May is at the 132.24 area as bulls made another attempt to maintain a presence in the area. We may see further bullish move to expose the technical extension around 134.16 (purple).
On the weekly time frame, market operation has moved northward of an outer rising trendline (red) traceable to April 2020 to respect an inner rising trendline (blue) based on recent lows. This indicates an increase in bullish momentum. Technically, if the outer rising trendline (red) is still in play, the market structure is bullish. Meanwhile, the recent candlestick prints have mainly been in favour of bulls and we may see further bullish operation this week. The order flow context shows there is some liquidity above the present location of price action.
Technicals on the daily time frame show a progressive northward break of levels. This indicates that price action is impulsively bullish. Although last week Wednesday saw a 50 Fib retracement of the most recent bullish swing, the bullish tone was restored on Thursday, and, on Friday, a relatively bigger bullish continuation candlestick was printed. Technically, we can expect bulls to maintain their influence on price action 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
- #1,230
- May 9, 2021 3:02pm May 9, 2021 3:02pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
AUDUSD Weekly Technical Outlook
The AUDUSD market is technically bullish. On the monthly time frame, after a strong bullish move in December 2020, AUDUSD market operation went into a sideways mode in January and remained so for quite a long while till April. Presently, the interim market operation in May has moved above the area of consolidation and is toned bullish. Technically the 0.79800/0.81350 area (red) is a multi-year horizontal resistance and may be of interest to buyers seeking liquidity in the area. The 0.75690 area (green) is a horizontal support and may be of interest to bears should bulls fail to maintain their influence in the market.
On the weekly time frame, market operation printed a relatively big bullish continuation candlestick last week after a two-week period of consolidation. Recent technical pattern suggests that we may see either a sideways or bullish market operation this week. The order flow context suggests that we may see a bullish move for liquidity interest, at least around 0.79800, before any southward correction.
On the daily time frame, recent price action is in a rising channel (blue). Price action is in a bullish mode within the channel and heading towards the channel resistance trendline. Presently, price action is at the 0.78390 minor horizontal resistance area (magenta). The order flow context and technicals support further bullish move at least in the early part of this week.
I may be wrong. Trade safe and prosper.
KP
The AUDUSD market is technically bullish. On the monthly time frame, after a strong bullish move in December 2020, AUDUSD market operation went into a sideways mode in January and remained so for quite a long while till April. Presently, the interim market operation in May has moved above the area of consolidation and is toned bullish. Technically the 0.79800/0.81350 area (red) is a multi-year horizontal resistance and may be of interest to buyers seeking liquidity in the area. The 0.75690 area (green) is a horizontal support and may be of interest to bears should bulls fail to maintain their influence in the market.
On the weekly time frame, market operation printed a relatively big bullish continuation candlestick last week after a two-week period of consolidation. Recent technical pattern suggests that we may see either a sideways or bullish market operation this week. The order flow context suggests that we may see a bullish move for liquidity interest, at least around 0.79800, before any southward correction.
On the daily time frame, recent price action is in a rising channel (blue). Price action is in a bullish mode within the channel and heading towards the channel resistance trendline. Presently, price action is at the 0.78390 minor horizontal resistance area (magenta). The order flow context and technicals support further bullish move at least 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
- #1,231
- May 9, 2021 3:14pm May 9, 2021 3:14pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
USDCAD Weekly Technical Outlook
The USDCAD market continues to maintain a bearish tone. On the monthly time frame, in August 2020, market operation broke down a rising trendline (red) that had been in place since 2010. A sideways of market operation followed and was maintained for four months. There was a bearish breakdown from the sideways in December 2020 before market operation again turned ambivalent for a month, but a bearish drive of market operation was restored in March 2021. Meanwhile, the May market operation has moved further southward of the bearish operation in April. Nevertheless, we should note that market operation is getting close to the 1.20430/1.18010 multi-year horizontal support zone (green) even though, technically, there is still room for further bearish ambition.
USDCAD market operation is presently in a bearish mode within a falling channel (blue) on the weekly time frame. Two weeks ago, market operation broke below a minor horizontal support around 1.23580 (magenta) and a bearish continuation candlestick was printed last week, indicating that a technical southward mode is still favoured by the market.
On the daily time frame, price action is in a falling wedge (purple) within a larger falling channel (blue) seen on the weekly time frame. Although technicals on the daily time frame favour a bearish price action, recent candlestick prints show a decline in bearish momentum. A relatively big bearish candlestick was printed on Thursday that broke below an area of sideways price action which had been in place for five days. But the Thursday candlestick was followed by a smaller bearish candlestick with a long upper shadow on Friday, indicating a bullish drag on price action. We should note that the latter candlestick ‘top-wicked’ at the wedge support trendline, giving room for a potential ‘northward’ retest of its high by price action. Technically, we may see some decline in bearish momentum in the early part of this week. This may be in terms of a brief northward pullback or sideways of price action. However, this does not mean that the technical bearish structure of the market is mitigated.
I may be wrong. Trade safe and prosper.
KP
The USDCAD market continues to maintain a bearish tone. On the monthly time frame, in August 2020, market operation broke down a rising trendline (red) that had been in place since 2010. A sideways of market operation followed and was maintained for four months. There was a bearish breakdown from the sideways in December 2020 before market operation again turned ambivalent for a month, but a bearish drive of market operation was restored in March 2021. Meanwhile, the May market operation has moved further southward of the bearish operation in April. Nevertheless, we should note that market operation is getting close to the 1.20430/1.18010 multi-year horizontal support zone (green) even though, technically, there is still room for further bearish ambition.
USDCAD market operation is presently in a bearish mode within a falling channel (blue) on the weekly time frame. Two weeks ago, market operation broke below a minor horizontal support around 1.23580 (magenta) and a bearish continuation candlestick was printed last week, indicating that a technical southward mode is still favoured by the market.
On the daily time frame, price action is in a falling wedge (purple) within a larger falling channel (blue) seen on the weekly time frame. Although technicals on the daily time frame favour a bearish price action, recent candlestick prints show a decline in bearish momentum. A relatively big bearish candlestick was printed on Thursday that broke below an area of sideways price action which had been in place for five days. But the Thursday candlestick was followed by a smaller bearish candlestick with a long upper shadow on Friday, indicating a bullish drag on price action. We should note that the latter candlestick ‘top-wicked’ at the wedge support trendline, giving room for a potential ‘northward’ retest of its high by price action. Technically, we may see some decline in bearish momentum in the early part of this week. This may be in terms of a brief northward pullback or sideways of price action. However, this does not mean that the technical bearish structure of the market is mitigated.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #1,232
- May 9, 2021 3:25pm May 9, 2021 3:25pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURUSD Weekly Technical Outlook
Technically the EURUSD market is bullish. On the monthly time frame, the interim market operation in May is above the close of the bullish candlestick printed in April. Technically, the last nine months have seen the market operating in the 1.16135/1.23450 horizontal channel (blue). The December 2020 peaked at the upper boundary of 1.23450 from which the January 2021 bearish candlestick originated. Technically, we can expect a bullish retest of the 1.23450 area should bulls maintain their influence in the market.
On the weekly time frame, market operation is within a rising channel (magenta). Presently, there is a bullish mode within the channel as the bullish candlestick printed last week moved market operation northward of a consolidation area that was in place during the previous two weeks. Order flow context shows a recent bearish correction of a bullish impulsive move and we can expect a bullish continuation in the early part of this week.
On the daily time frame, technicals and order flow context support a bullish price action. Recent price action is respecting a rising trendline (blue) and the order flow from the bearish drop that began on February 26, 2021 indicate the formation of an extended ‘W’ pattern, which may peak further northward, probably at the 1.22430 area, which is around the high of the bearish pinbar printed on February 25. We may see further bullish move in the early part of this week before any bearish pressure.
I may be wrong. Trade safe and prosper.
KP
Technically the EURUSD market is bullish. On the monthly time frame, the interim market operation in May is above the close of the bullish candlestick printed in April. Technically, the last nine months have seen the market operating in the 1.16135/1.23450 horizontal channel (blue). The December 2020 peaked at the upper boundary of 1.23450 from which the January 2021 bearish candlestick originated. Technically, we can expect a bullish retest of the 1.23450 area should bulls maintain their influence in the market.
On the weekly time frame, market operation is within a rising channel (magenta). Presently, there is a bullish mode within the channel as the bullish candlestick printed last week moved market operation northward of a consolidation area that was in place during the previous two weeks. Order flow context shows a recent bearish correction of a bullish impulsive move and we can expect a bullish continuation in the early part of this week.
On the daily time frame, technicals and order flow context support a bullish price action. Recent price action is respecting a rising trendline (blue) and the order flow from the bearish drop that began on February 26, 2021 indicate the formation of an extended ‘W’ pattern, which may peak further northward, probably at the 1.22430 area, which is around the high of the bearish pinbar printed on February 25. We may see further bullish move in the early part of this week before any bearish pressure.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #1,233
- May 9, 2021 3:35pm May 9, 2021 3:35pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
GBPUSD Weekly Technical Outlook
Technically, the GBPUSD market is sideways but, presently, the market operation has a bullish mode. On the monthly time frame, the April candlestick print was ambivalent, following the bearish print of March. Meanwhile, the interim market operation in May has a bullish tone. Any further bullish move may see market operation attempt a test of the high of the bullish candlestick printed in March, a high that ‘wicked’ into the 1.42040/1.43560 multi-year horizontal resistance zone (red). The 1.35200 area (green) is a significant horizontal support.
On the weekly time frame, the technical structure is still bullish. Market operation is respecting a rising trendline (blue) and the bullish candlestick printed last week has inched far above the area of consolidation that had been in place for two previous weeks. The order flow context shows liquidity above the present location of market operation, mainly by previous ‘top-wicky’ prints and equivalent tops. Technically, we may see further bullish move before a bearish mode of market operation.
On the daily time frame, price action is respecting an inner rising trendline (red) traceable to September 2020. Technically, the series of ‘W’ patterns – two consecutive ones between March 23 and May 7 – with the May 7 bullish move being part of the process of completing the current ‘W’ pattern, indicate a potential for further northward move. Besides, the order flow context shows huge open space above current location of price action, which could attract liquidity interest of bulls. We may see further bullish price action in the early part of this week.
I may be wrong. Trade safe and prosper.
KP
Technically, the GBPUSD market is sideways but, presently, the market operation has a bullish mode. On the monthly time frame, the April candlestick print was ambivalent, following the bearish print of March. Meanwhile, the interim market operation in May has a bullish tone. Any further bullish move may see market operation attempt a test of the high of the bullish candlestick printed in March, a high that ‘wicked’ into the 1.42040/1.43560 multi-year horizontal resistance zone (red). The 1.35200 area (green) is a significant horizontal support.
On the weekly time frame, the technical structure is still bullish. Market operation is respecting a rising trendline (blue) and the bullish candlestick printed last week has inched far above the area of consolidation that had been in place for two previous weeks. The order flow context shows liquidity above the present location of market operation, mainly by previous ‘top-wicky’ prints and equivalent tops. Technically, we may see further bullish move before a bearish mode of market operation.
On the daily time frame, price action is respecting an inner rising trendline (red) traceable to September 2020. Technically, the series of ‘W’ patterns – two consecutive ones between March 23 and May 7 – with the May 7 bullish move being part of the process of completing the current ‘W’ pattern, indicate a potential for further northward move. Besides, the order flow context shows huge open space above current location of price action, which could attract liquidity interest of bulls. We may see further bullish price action 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
- #1,234
- May 9, 2021 4:31pm May 9, 2021 4:31pm
Thank you for posting these weekly predictions KP, I see a lot of evidence in these that they could indeed go the way you predict, many thanks PB
find a way to make money in your sleep or you work until you die
- #1,235
- May 9, 2021 4:34pm May 9, 2021 4:34pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Thank you for your kind sentiment. Please use proper confirmation criteria before entering a trade.
Trade safe.
KP
Trade safe.
KP
Thank you for posting these weekly predictions KP, I see a lot of evidence in these that they could indeed go the way you predict, many thanks PB
Do your homework, follow the footprints of smart money
- #1,236
- May 9, 2021 4:45pm May 9, 2021 4:45pm
Thank you for your kind sentiment. Please use proper confirmation criteria before entering a trade. Trade safe. KP {quote}
many thanks, PB
find a way to make money in your sleep or you work until you die
- #1,237
- May 10, 2021 12:10am May 10, 2021 12:10am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Good to learn that you would be posting your analysis. Never mind about being able to predict the market correctly. We deal in probability. What is important is to develop your skill to understand the charts and probable market scenarios. Learn more about price action, market structure and top-down analysis. The more you post and positively assess how you could improve, the better you would become.
KP
KP
{quote} Thank you, I shall have a go at posting some on here next week, as I am a relatively new trader would like some constructive critism if my prediction is of par, keep up the good work KP
Do your homework, follow the footprints of smart money
- #1,238
- Edited 2:34pm May 15, 2021 2:11pm | Edited 2:34pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #1,239
- May 16, 2021 3:03pm May 16, 2021 3:03pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
XAUUSD Weekly Technical Outlook
The XAUUSD market structure still favours bulls despite recent sideways of market operation. On the monthly time frame, the general long-term bullish technical structure was restored in April after a corrective market operation spanning eight months, respecting a rising trendline (red) traceable to October 2018. The interim market operation in May has a bullish tone, having inched above the high of the April bullish candlestick.
On the weekly time frame, the swing high from 1482.27 to 2075.03 made a retracement to around the 61.8 Fib zone eleven weeks ago before market operation restored the bullish tone. Market operation is presently respecting a long-term rising trendline (red) aligned to the monthly time frame. The order flow context favours further bullish move.
On the daily time frame, price action is in a rising channel (blue) and presently at the channel resistance trendline. Price action has been at play at the upper area of the channel and has been attacking the channel resistance trendline for five of the past six days. Technically, we may see further bullish price action at least in the early part of this week before any bearish rejection.
I may be wrong. Trade safe and prosper.
KP
The XAUUSD market structure still favours bulls despite recent sideways of market operation. On the monthly time frame, the general long-term bullish technical structure was restored in April after a corrective market operation spanning eight months, respecting a rising trendline (red) traceable to October 2018. The interim market operation in May has a bullish tone, having inched above the high of the April bullish candlestick.
On the weekly time frame, the swing high from 1482.27 to 2075.03 made a retracement to around the 61.8 Fib zone eleven weeks ago before market operation restored the bullish tone. Market operation is presently respecting a long-term rising trendline (red) aligned to the monthly time frame. The order flow context favours further bullish move.
On the daily time frame, price action is in a rising channel (blue) and presently at the channel resistance trendline. Price action has been at play at the upper area of the channel and has been attacking the channel resistance trendline for five of the past six days. Technically, we may see further bullish price action at least in the early part of this week before any bearish rejection.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #1,240
- May 16, 2021 3:10pm May 16, 2021 3:10pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
USDCAD Weekly Technical Outlook
The USDCAD market maintains its bearish technical outlook. On the monthly time frame, the bearish breakdown of the 1.27010 area (magenta) in March has continued. A bearish continuation candlestick was printed in April and the interim bearish print in May is below the April low. Meanwhile, market operation is presently tackling a horizontal support in the 1.20867/1.19110 zone (green).
On the weekly time frame, two weeks ago, market operation broke below a minor horizontal support around 1.23550. It is presently at another horizontal support, the 1.20867 area, which is the upper boundary of a major horizontal support zone, the 1.20867/1.19110 zone (green). Last week, an indecision candlestick was printed at the upper area and we may see some bearish hesitation or a brief bullish pullback in the early part of this week. This, however, does not discount any further bearish push as there is still room for liquidity grab in the 1.20867/1.19110 zone (green).
On the daily time frame, there was a bullish pullback of the general bearish outlook between Tuesday and Thursday last week before bears seized the initiative with a bearish engulfing candlestick on Friday. Presently, price action is at the 1.20867 area, an area that is seeing a sideways of price action. We may see some bearish hesitation or a brief bullish pullback in the early part of this week. However, should bears maintain their pressure on price action, we may see the 1.19110 handle exposed; the 1.19110 area is the lower part of the 1.20867/1.19110 horizontal support zone seen on the weekly time frame.
I may be wrong. Trade safe and prosper.
KP
The USDCAD market maintains its bearish technical outlook. On the monthly time frame, the bearish breakdown of the 1.27010 area (magenta) in March has continued. A bearish continuation candlestick was printed in April and the interim bearish print in May is below the April low. Meanwhile, market operation is presently tackling a horizontal support in the 1.20867/1.19110 zone (green).
On the weekly time frame, two weeks ago, market operation broke below a minor horizontal support around 1.23550. It is presently at another horizontal support, the 1.20867 area, which is the upper boundary of a major horizontal support zone, the 1.20867/1.19110 zone (green). Last week, an indecision candlestick was printed at the upper area and we may see some bearish hesitation or a brief bullish pullback in the early part of this week. This, however, does not discount any further bearish push as there is still room for liquidity grab in the 1.20867/1.19110 zone (green).
On the daily time frame, there was a bullish pullback of the general bearish outlook between Tuesday and Thursday last week before bears seized the initiative with a bearish engulfing candlestick on Friday. Presently, price action is at the 1.20867 area, an area that is seeing a sideways of price action. We may see some bearish hesitation or a brief bullish pullback in the early part of this week. However, should bears maintain their pressure on price action, we may see the 1.19110 handle exposed; the 1.19110 area is the lower part of the 1.20867/1.19110 horizontal support zone seen on the weekly time frame.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money