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Weekly Top-Down Technical Analyses

  • #1,441
  • Feb 27, 2022 2:40pm Feb 27, 2022 2:40pm
USDCAD Weekly Technical Outlook

On the weekly time frame, USDCAD market operation made a bullish retracement of a bearish swing from the 1.29400/1.28450 weekly supply (purple). Last week, market operation retested the 1.29400/1.28450 weekly supply zone (purple) but was pushed back, resulting in the printing of bearish pinbar at the 1.27550/1.27050 consolidation area (red). Presently, USDCAD market operation is sideways.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADWeekly_Feb. 27, 2022.png Size: 40 KB


USDCAD price action on the daily time frame is ranging. However, the technical structure favours bears more than bulls.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADDaily_Feb. 27, 2022.png Size: 52 KB


USDCAD price action on the H4 time frame is in a bullish corrective mode. As the general technical environment still favours bears more than bulls, we may see a southward turnaround after a northward market engineering.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH4_Feb. 27, 2022.png Size: 51 KB


I may be wrong. Trade safe and prosper.


KP
Do your homework, follow the footprints of smart money
  • #1,442
  • Edited 3:22pm Feb 27, 2022 3:07pm | Edited 3:22pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation retested the 1.37500/1.35600 weekly supply (purple) three times in the last four weeks but failed to breach it northwards. Last week, a bearish rejection candlestick broke below the zone but failed to close below the 1.34100 horizontal support area and ended with a long tail at the bottom – indicating bullish resistance to further bearish drive. Should bears retain market influence, we may see the major horizontal support at the 1.31700 area (green) exposed.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_Feb. 27, 2022.png Size: 45 KB


After a relatively big bearish continuation candlestick that was printed on Thursday, GBPUSD price action on the daily time frame left a supply zone at the 1.36400/1.35800 area (red), which is nestled in the 1.37500/1.35600 weekly supply (purple). Meanwhile, there was a bullish pullback on Friday, but the candlestick printed was relatively small, indicating that bulls have little influence in the market. Apparently, any bullish price action in the early part of the week would be corrective.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Feb. 27, 2022.png Size: 46 KB


Price action on the H4 time frame is presently making a bullish retracement of a bearish swing from 1.36060 on Wednesday to 1.32720 on Thursday. We may see further northward market engineering for liquidity grab before a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_Feb. 27, 2022.png Size: 40 KB


I may be wrong. Trade safe and prosper.


KP
Do your homework, follow the footprints of smart money
  • #1,443
  • Feb 27, 2022 3:32pm Feb 27, 2022 3:32pm
EURUSD Weekly Technical Outlook

EURUSD market operation is bearish. On the weekly time frame, last week, a bearish continuation candlestick surged below the 1.12670 horizontal support to retest the 1.11360 handle (blue). The market operation snapped back to close at the 1.12670 area, potentially opening it up for a role flip as resistance should bears retain market influence during the week.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly_Feb. 27, 2022.png Size: 46 KB


Bearish continuation price action broke below the 1.13640/1.13030 congestion area (red) on Thursday, turning it to a daily supply zone. On Friday, there was a bullish pullback but the horizontal resistance at the 1.12670 area halted further bullish drive. Any bullish price action would be corrective.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_Feb. 27, 2022.png Size: 37 KB


Bearish price action on the H4 time frame retested the 1.11360 horizontal support (blue) on Thursday but there was a bullish rejection, resulting in the printing of a bullish pinbar. This was followed by further northward price action on Friday. Any further bullish price action in the early part of this week may see a retest of the 1.13250/1.13580 H4-supply area (magenta), which is nestled in the 1.13640/1.13030 daily supply (red), or northward liquidity engineering, before a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_Feb. 27, 2022.png Size: 42 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,444
  • Mar 6, 2022 2:17pm Mar 6, 2022 2:17pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation is bullish. The bullish monthly candlestick printed in February broke above the 1824.74 previous horizontal resistance area (blue) flipping it as support. The February 2022 market operation surged to the 1970.57 multi-year horizontal resistance area before seeing a bearish pushback. Meanwhile, the interim March market operation restored the bullish mode and is at the 1970.57 multi-year horizontal resistance area.

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XAUUSD market operation on the weekly time frame is bullish. Two weeks ago, market operation attempted a retest of the 1977.74/2074.27 weekly supply zone (purple) but failed, issuing a bearish pinbar just below the zone. Last week saw another attempt to retest the supply zone, resulting in the printing of a relatively big bullish candlestick just below the zone. We may still see another northward push to retest the weekly supply zone.

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The XAUUSD technical pattern and order flow on the daily time frame favour bulls more than bears. We may still see further northward market engineering in the early part of this week. But as market operation is tackling the 1970.00 multi-year horizontal resistance zone, we may soon see a southward rotation to an area of value such as the 1899.75/1885.00 daily demand zone (green).

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_Mar. 6, 2022.png Size: 42 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,445
  • Mar 6, 2022 2:36pm Mar 6, 2022 2:36pm
USDJPY Weekly Technical Outlook

USDJPY market operation is in a bullish mode. On the monthly time frame, it is retesting the 114.40/118.54 monthly supply zone (purple), within which it has remained sideways for two months after a bullish surge into the zone in December 2021. The zone has been intact since January 2017. Presently, there is decline in bullish momentum.

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On the weekly time frame, six weeks ago, USDJPY market operation made a bullish drive from the 112.47/113.65 weekly demand zone (green). Presently, it is sideways around the lower portion of the multi-year 114.40/118.54 monthly supply zone (purple) but last week’s market operation broke below the 116.30/114.95 weekly supply zone (red), which is nestled in the monthly supply zone.

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USDJPY price action on the daily time frame retested the 115.30/116.34 daily supply zone (magenta) several times but could not breach it northwards. Presently, it is below the 116.34/115.30 daily supply zone (magenta). Further southward drive of price action may expose the 113.00/112.55 daily demand zone (blue).

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily_Mar. 6, 2022.png Size: 44 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,446
  • Mar 6, 2022 3:00pm Mar 6, 2022 3:00pm
EURUSD Weekly Technical Outlook

EURUSD market operation is bearish. On the monthly time frame, it is below the 1.14490/1.13200 supply zone (purple) and the interim market operation in March is testing the 1.08800 horizontal support area (green).

Attached Image (click to enlarge)
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On the weekly time frame, five weeks ago, bullish market operation retested the 1.13200/1.14490 supply zone (purple) but was rejected. Last week, a bearish continuation candlestick was issued after market operation broke down the 1.11400 horizontal support area (blue). Presently, market operation is tackling the 1.08800 longer-term horizontal support area (green) and we may see further southward market engineering in the early part of this week before any bullish correction.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame broke down the 1.11400 horizontal support area (blue) on Thursday and issued a bearish continuation candlestick on Friday. But the Friday candlestick print has a bottom shadow, indicating bullish resistance, as price action tackles the 1.08800 longer-term horizontal support area (green). Should bears manage to retain market influence we may see further southward move in the early part of this week before any bullish correction.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_Mar. 6, 2022.png Size: 37 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,447
  • Mar 6, 2022 3:25pm Mar 6, 2022 3:25pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation is bearish. The 1.37660/1.40000 monthly supply zone (purple) was retested in October 2021 but was rejected southwards in November 2021. Although there was sideways of market operation in January and February 2022, the interim market operation in March is bearish.

Attached Image (click to enlarge)
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On the weekly time frame, eight weeks ago, bullish GBPUSD market operation made a failed attempt to breach the 1.37660/1.40000 monthly supply zone (purple). Presently, market operation is retesting the 1.33800/1.31650 weekly demand zone (green). Last week’s market operation issued a long-tailed bearish continuation candlestick that teased the lower boundary of the 1.33800/1.31650 weekly demand zone (green). Any further bearish drive may expose the 1.29400/1.26600 longer-term demand zone (blue) – a zone that has been in place since November 2020.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_Mar. 6, 2022.png Size: 46 KB


There is a visible ‘M’ pattern on the daily time frame. However, the 1.38340/1.31600 range (dark violet) is the trading range on the daily time frame. Presently, the order flow is bearish in the range and price action is just a few pips above the 1.31600 lower boundary. Therefore, a bullish price action is likely to be a sell-trading opportunity, particularly if a sell trading setup is issued at least around the neckline of the ‘M’ pattern. I am bearish GBPUSD. However, as a swing trader, I will await a feasible northward retracement to an area of value first. Alternatively, a significant bearish breakdown of the 1.31600 lower boundary on a daily closing basis would signpost bears’ intent to expose the next significant demand zone. But, except for scalpers, we should await a significant northward market engineering to an area of value before seeking a sell trading opportunity.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Mar. 6, 2022.png Size: 51 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,448
  • Mar 8, 2022 12:26pm Mar 8, 2022 12:26pm
I will be watching the USDCAD 1.28930/1.29650 horizontal resistance/daily supply zone (red) for a feasible sell swing trading opportunity; awaiting a feasible bearish setup at the 1.29360 area (purple).

Trade safe.

KP

Attached Image (click to enlarge)
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Quoting KeenPips
USDCAD Weekly Technical Outlook On the weekly time frame, USDCAD market operation made a bullish retracement of a bearish swing from the 1.29400/1.28450 weekly supply (purple). Last week, market operation retested the 1.29400/1.28450 weekly supply zone (purple) but was pushed back, resulting in the printing of bearish pinbar at the 1.27550/1.27050 consolidation area (red). Presently, USDCAD market operation is sideways. {image} USDCAD price action on the daily time frame is ranging. However, the technical structure favours bears more than bulls....
Do your homework, follow the footprints of smart money
  • #1,449
  • Mar 13, 2022 3:20pm Mar 13, 2022 3:20pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame retested the 1977.74/2074.27 supply zone (purple) last week and printed a bearish pinbar at its lower boundary. Presently, market operation is at a horizontal support area, and we may see some sideways of market operation or even a bullish pullback.

Attached Image (click to enlarge)
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Price action on the daily time frame turned sideways after a bearish drop from the 2068.12/2039.29 daily supply zone (red), which has held since August 6, 2020, and nestled in the 2074.27/1977.74 weekly supply zone. Price action on both Thursday and Friday printed long, bottom-tailed candlesticks, indicating that bulls are still influential in the market. As price action is presently tackling the 1971.40 horizontal support area, we may see further sideways of price action or even a northward market engineering in the early part of this week.

Attached Image (click to enlarge)
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Price action on the H4 time frame is in consolidation. Presently, it is at the 1971.40 horizontal support area. Although the last two H4 sessions on Friday saw bullish price action, it is not consequential. However, should bulls maintain their pressure at the 1971.40 horizontal support area, we may see further northward move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4_Mar. 13, 2022.png Size: 33 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,450
  • Mar 13, 2022 3:44pm Mar 13, 2022 3:44pm
USDJPY Weekly Technical Outlook

The USDJPY market operation is in a bullish mode. Last week, market operation on the weekly time frame printed a relatively long bullish candlestick that broke above the previous horizontal resistance around the 115.60 area (blue).

Attached Image (click to enlarge)
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The order flow and technical structure on the daily time frame favour bulls more than bears. The last three days have seen the printing of bullish continuation candlesticks after a breakout from the 115.60 area (blue) which held as horizontal resistance area for several days.

Attached Image (click to enlarge)
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Price action on the H4 time fame has been producing bullish continuation patterns since March 4. Although we may see bearish corrective moves, bulls are favoured to have greater influence in the market.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4_Mar. 13, 2022.png Size: 43 KB


I may be wrong. Trade safe and prosper.


KP
Do your homework, follow the footprints of smart money
  • #1,451
  • Mar 13, 2022 4:08pm Mar 13, 2022 4:08pm
EURUSD Weekly Technical Outlook

EURUSD market operation is in a bearish mode. Last week, on the weekly time frame, it printed a long doji-like candlestick that surged to the 1.09000/1.07800 demand zone (green). This indicates momentum pause in the market, particularly as market operation tackles the 1.07800 horizontal support area, an area that has held as support since mid-May 2020. We may see further sideways of market operation in the area, but a bearish retest of the 1.06300 handle (blue) should not be ruled out.

Attached Image (click to enlarge)
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Price action on the daily time frame retested the 1.11010/1.12450 daily supply zone (red) on Wednesday but was rejected southward on Thursday for a bearish continuation. Presently, price action is tackling the 1.09190/1.08017 daily demand zone (navy), which is nestled in the 1.09000/1.07800 weekly demand zone (green). Friday’s bearish print has a long upper tail, indicative of a strong bearish momentum. We may see further southward drive in the early part of this week before any bullish pullback.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_Mar. 13, 2022.png Size: 38 KB


Price action on the H4 time frame retested the 1.10980/1.11320 H4-supply zone (magenta) on Thursday but met a stiff bearish pushback. Presently, price action is navigating a horizontal support nestled in the 1.09190/1.08017 daily demand zone (navy). We may see further bearish move within the zone in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_Mar. 13, 2022.png Size: 36 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,452
  • Mar 13, 2022 4:34pm Mar 13, 2022 4:34pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation is in a bearish mode. On the weekly time frame, the last three weeks have seen market operation producing bearish continuation candlesticks, and presently market operation is testing the 1.30500/128870 weekly demand zone (green). The 1.34900/1.36450 area (purple) is the operating weekly supply zone.

Attached Image (click to enlarge)
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On Monday last week, GBPUSD price action on the daily time frame broke down the horizontal support around the 1.32030 area (blue). Although three days of sideway price action followed the breakdown, price action on Friday produced a bearish continuation candlestick. Although we may see bullish market engineering in the early part of this week to shake out weak hands, bears are more favoured to have greater market influence than bulls.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_Mar. 13, 2022.png Size: 47 KB


Although technical structure and order flow on the H4 time frame favour bears more than bulls, there is presently an increase in bullish pressure. However, any northward price action would be corrective, giving way to a southward continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_Mar. 13, 2022.png Size: 37 KB


I may be wrong. Trade safe and prosper.


KP
Do your homework, follow the footprints of smart money
  • #1,453
  • Mar 20, 2022 3:05pm Mar 20, 2022 3:05pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame printed a bearish continuation candlestick last week that surged to the 1899.43/1877.58 demand zone (green). There was a bullish pushback at the zone, and this left a bottom shadow on the candlestick. We may see further contest for market influence between bulls and bears as market operation navigates the 1899.43/1877.58 demand zone (green).

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame is presently sideways. It made a bullish pullback from the 1877.58/1899.43 demand zone (green) on Wednesday before going sideways. Although, the Friday candlestick print was bearish and broke below the Thursday bullish print, price action is at the intersection of a horizontal support around 1921.10 and a rising trendline (blue), and we should await how price action handles the area.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_Mar. 20, 2022.png Size: 39 KB


On Wednesday, price action on the H4 time frame retested the 1901.05/1907.18 H4-demand area (blue) but met a bullish push back. There was no significant bullish dominance and bears came into contention on Thursday. Presently, price action is in a bearish mode. There is still room for southward market engineering as the 1899.43/1877.58 weekly demand zone (green) is contiguous to the 1907.18/1901.05 H4-demand area (blue) H4 demand area.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4_Mar. 20, 2022.png Size: 35 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,454
  • Mar 20, 2022 3:23pm Mar 20, 2022 3:23pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame is bullish. It is now operating within the 118.61/131.61 weekly supply zone (purple), which has been in place since January 2016. As market operation is at the lower part of the relatively big zone, there is still room for further northward market engineering – of course, making allowance for bearish correction.

Attached Image (click to enlarge)
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Price action on the daily time frame is bullish and operating at the lower boundary of the 118.61/131.61 weekly supply zone. There was a basing price action between Wednesday and Friday last week, but with a bullish orientation. This may lead to further northward move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily_Mar. 20, 2022.png Size: 36 KB


Price action on the H4 time frame is making bullish technical stairways – breaking supply areas and forming new demand areas. Should bulls maintain their influence in the market, we may see further northward move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4_Mar. 20, 2022.png Size: 34 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,455
  • Mar 20, 2022 3:28pm Mar 20, 2022 3:28pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation is bullish, but it is technically corrective. On the weekly time frame, market operation is retesting a previous horizontal support at the 1.31800 area after a bearish drop from the 1.36340/1.34890 supply zone (purple).

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_Mar. 20, 2022.png Size: 46 KB


Price action on the daily time frame is experiencing a decline in bullish momentum as it retests the broken down 1.31800 horizontal support area seen on the weekly time frame. Although Thursday price action printed a doji-like candlestick, the bullish push on Friday is an indication that bulls are still influential in the market. Nevertheless, any further northward market engineering may be for liquidity grab at a value area before a southward turnaround. Such a value area is the 1.31900/1.33210 market inefficiency area (blue).

Attached Image (click to enlarge)
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GBPUSD price action on the H4 time frame is in consolidation as it retests the broken down 1.31800 horizontal support area seen on the weekly time frame. Any bullish breakout would be corrective. The 1.33210/1.33570 area (magenta) is the operating H4 supply.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_Mar. 20, 2022.png Size: 37 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,456
  • Mar 20, 2022 3:58pm Mar 20, 2022 3:58pm
EURUSD Weekly Technical Outlook

Three weeks ago, EURUSD market operation on the W1 time frame broke down the 1.11505 horizontal support area (purple) but there was no bearish continuation. Last week, bullish market operation retested the area but met a bearish pushback, leaving the printing of a shadow at the upper part of the bullish candlestick. Although we may see further bullish attempt to retest the area in the early part of this week, technicals favour bears more than bulls.

Attached Image (click to enlarge)
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EURUSD price action on the D1 time frame turned sideways after some bullish attempts to retest the broken down 1.11505 horizontal support (purple) seen on the W1 time frame. Although we may see further bullish attempt in the early part of this week, the general technical structure favours bears. So, any further northward market operation would be corrective.

Attached Image (click to enlarge)
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Price action on the H4 time frame is consolidating in a rising wedge (blue) in a technically bearish environment. It is tackling the broken down 1.11505 horizontal support (purple) seen on the W1 time frame. Presently, price action is sideways near the wedge support trendline, but we cannot rule out further northward price action. Nevertheless, any such bullish price action would give way to a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_Mar. 20, 2022.png Size: 38 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,457
  • Mar 27, 2022 3:38pm Mar 27, 2022 3:38pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation is bullish. On the weekly time frame, it has flipped the 1905.730 former horizontal resistance (green) to support. Two weeks ago, there was a bearish retest of the area but last week’s bullish print restored the northward disposition. The 1985.020 area (purple) is the operating horizontal resistance.

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After a bearish retest of the 1905.730 horizontal support zone (green), XAUUSD price action on the daily time frame is disposing northwards. However, the bullish momentum is declining as price action printed an indecision candlestick on Friday.

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XAUUSD price action on the H4 time frame is in a corrective mode within a bullish 1885.28/2070.73 trading range (blue).

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4_Mar. 27, 2022.png Size: 38 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,458
  • Mar 27, 2022 3:57pm Mar 27, 2022 3:57pm
USDJPY Weekly Technical Outlook

USDJPY market operation is bullish. On the weekly time frame, it is retesting the multi-year 123.560/120.280 monthly supply zone (purple), and presently located mid-way of it. The order flow and technical structure favour further bullish move.

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USDJPY bullish price action on the daily time frame is experiencing selling pressure as it navigates the 123.560/120.280 monthly supply zone. Presently, it is at the mid-way of the zone, and both the order flow context and technical structure favour bulls more than bears. Nevertheless, we should allow room for necessary bearish correction as price action navigates further northward.

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USDJPY price action on the H4 time is in consolidation. This is a corrective price action as the technical structure favours bulls more than bears.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4_Mar. 27, 2022.png Size: 28 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,459
  • Mar 27, 2022 4:20pm Mar 27, 2022 4:20pm
GBPUSD Weekly Technical Outlook

The 1.28730 area (green) has held as horizontal support since November 2020 and, being untested, may be consequential in the foreseeable future. On the weekly time frame, three weeks ago, bearish market operation broke below the near-term 1.31800 horizontal support, but there was no follow-through. The last two weeks have seen more active bullish influence and northward pushback. However, presently, there is bearish pressure, and market operation is at the 1.31800 former horizontal support area, which may be flipped as resistance should bears intensify their pressure.

Attached Image (click to enlarge)
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Last week Tuesday, GBPUSD price action on the daily time frame made a 61.8 bullish retracement of the 1.34180/1.30000 downward swing, and then disposed bearish. Presently it is sideways, but the technical structure and order flow favour bears more than bulls.

Attached Image (click to enlarge)
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GBPUSD price action on the H4 time frame is in a bullish corrective mode. The technical structure supports a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_Mar. 27, 2022.png Size: 37 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,460
  • Mar 27, 2022 4:46pm Mar 27, 2022 4:46pm
EURUSD Weekly Technical Outlook

EURUSD market operation has broken down the 1.12200 horizontal support area (purple) which has been in place since November 2021. On the weekly time frame, four weeks ago, market operation made a relatively strong bearish swing from the area. However, there was no follow-through, and bulls initiated a northward pullback two weeks ago. Last week, market operation printed a bearish candlestick, apparently indicating sellers’ intent to maintain influence in the market. Any significant bearish drive may retest the multi-year handle around 1.06400 (blue).

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The technical structure and order flow context of EURUSD on the daily time frame is relatively bearish. However, presently, there is a lack of bearish momentum, and price action is sideways. Should bears restore their market influence, we would see a breakdown of the 1.08000 mini-horizontal support area (light green).

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The EURUSD price action on the H4 time frame is consolidating within a falling wedge (blue). The technical structure and operating trading range favour bears.

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I may be wrong. Trade safe and prosper.

KP
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