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Weekly Top-Down Technical Analyses

  • #1,501
  • Edited Jun 13, 2022 2:30am Jun 12, 2022 3:04pm | Edited Jun 13, 2022 2:30am
XAUUSD Weekly Technical Outlook

XAUUSD market operation broke down the 1899.40/1887.40 horizontal support zone (purple) five weeks ago. Meanwhile, on the weekly time frame, market operation is in a bullish retracement of the bearish drop. We may still see further bullish move before a bearish turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDWeekly_June 12, 2022.png Size: 13 KB


XAUUSD price action on the daily time frame is making a bullish retracement of the 1998.32/1786.60 bearish swing. The bullish continuation candlestick printed on Friday broke above a consolidation area that was in place for five days, and we may see further northward move to an area of value, such as the broken down 1899.40/1887.40 previous horizontal support area (purple), before a southward rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_June 12, 2022.png Size: 13 KB


XAUUSD price action on the H4 time frame is in 61.8/78.6 zonal retracement of the 1909.68/1786.60 bearish swing. We may soon see a bearish turnaround, particularly as the larger technical environment is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4_June 12, 2022.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,502
  • Jun 12, 2022 3:21pm Jun 12, 2022 3:21pm
EURUSD Weekly Technical Outlook

EURUSD bearish market operation retested the 1.03360 multi-year support zone (green) five weeks ago and rejected it with a bullish pullback. However, on the weekly time frame, there was little bullish follow-through and market operation went sideway. Presently, the relatively big bearish candlestick printed last week has broken, and closed, below the low of the bullish continuation candlestick printed three weeks ago. Technically, this portends further southward operation.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly_June 12, 2022.png Size: 13 KB


EURUSD price action on the daily time frame is in a falling channel (blue). After making a bullish retracement of a bearish swing to the 1.03360 multi-year support zone (green), it went sideways. Presently, it is in a bearish mode after rejecting the channel resistance trendline, and we may see a retest of the 1.03360 multi-year support zone (green). This is a zone that extended to the 1.00850 area on the monthly time frame, and, so, there is potential for further bearish drive beyond the 1.03360 level.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_June 12, 2022.png Size: 15 KB


EURUSD price action on the H4 time frame made a bearish breakdown of the 1.06410/1.05940 minor horizontal support area (blue) on Friday but went sideways by the close of the day’s session. As the technicals and order flow support bears more than bulls, any bullish move would be temporary.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_June 12, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,503
  • Jun 12, 2022 3:43pm Jun 12, 2022 3:43pm
GBPUSD Weekly Technical Outlook

The bearish swing from the 1.31020/1.29800 weekly supply (purple) eight weeks ago was continued after a bullish retest of the broken down former 1.25000/1.26560 demand zone (blue) for a role flip as supply. Further southward move would target the 1.23330 handle.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_June 12, 2022.png Size: 14 KB


GBPUSD price action on the daily time frame turned bearish after about 61.8 bullish retracement of a bearish swing from the 1.30330 area. Technically, we may see a bearish continuation of price action.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_June 12, 2022.png Size: 13 KB


GBPUSD price action on the H4 time frame has broken down the 1.24780 mini-horizontal support (green) which is nestled in the broken down 1.25000/1.26560 weekly demand zone (blue). The last H4 session on Friday saw a minimal resistance by bulls. Nevertheless, we cannot rule out a northward market engineering in the early part of this week before a bearish continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_June 12, 2022.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,504
  • Jun 13, 2022 12:09pm Jun 13, 2022 12:09pm
Anybody got some money on the strong bearish move today? Over 300 pips southward.

Trade safe, prosper.

KP

Quoting KeenPips
....XAUUSD price action on the H4 time frame is in 61.8/78.6 zonal retracement of the 1909.68/1786.60 bearish swing. We may soon see a bearish turnaround, particularly as the larger technical environment is bearish. {image} I may be wrong. Trade safe and prosper. KP
Do your homework, follow the footprints of smart money
  • #1,505
  • Jun 13, 2022 12:20pm Jun 13, 2022 12:20pm
Time to take a pause as XAUUSD price action is tackling yesterday's low, which is nestled in last's week low. We may see a bullish pullback before any further bearish continuation.

KP

Quoting KeenPips
Anybody got some money on the strong bearish move today? Over 300 pips southward. Trade safe, prosper. KP {quote}
Do your homework, follow the footprints of smart money
  • #1,506
  • Jun 19, 2022 2:51pm Jun 19, 2022 2:51pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame is in a rising wedge (blue). It went sideways after testing the wedge support trendline. A bearish breakdown of the wedge may see bears target the 1733.05/1715.90 horizontal support zone (green). But bulls may seize on any bearish misstep to retest the 1905.90 horizontal resistance.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame is consolidating within the 1872.54/1807.10 range (blue). Presently, it is located at the 1839.57 minor horizontal support where the technical impulse favours bears more than bulls.

Attached Image (click to enlarge)
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XAUUSD price action on the H4 time frame is consolidating in a rising channel (dark violet) or flag in the context of a bearish structure. Although technicals favour bears more than bulls, we may still have further northward engineering before a bearish continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4_June 19, 2022.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,507
  • Jun 19, 2022 3:32pm Jun 19, 2022 3:32pm
GBPUSD Weekly Technical Outlook

Last week, GBPUSD market operation on the weekly time frame broke down the 1.22400 multi-year support zone, then surged further southwards to retest the 1.19560 longer-term horizontal support zone (green). A bullish pushback led to market operation closing at the broken down 1.22400 handle, resulting in the printing of a long-tailed bearish candlestick. Technically, we can expect another bearish attempt to break down the 1.19560 longer-term horizontal support zone (green).

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_June 19, 2022.png Size: 14 KB


GBPUSD price action on the daily time frame turned sideways after a 61.8/78.6 zonal retracement of the 1.25950/1.19330 bearish swing. Technically, any further bullish move will be temporary, giving way to a bearish turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_June 19, 2022.png Size: 14 KB


GBPUSD price action on the H4 time frame is sideways in the context of a bullish retracement of a bearish swing. Although we may see further bullish market engineering, a southward turnaround is imminent.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_June 19, 2022.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP

Do your homework, follow the footprints of smart money
  • #1,508
  • Jun 19, 2022 3:42pm Jun 19, 2022 3:42pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame is bearish. Last week, market operation made a bearish dive to the 1.03585 multi-year horizontal support area (green) before a bullish pullback, resulting in the printing of a doji-like candlestick. Technically, we may see another bearish retest of the area this week. Should there be a bearish misstep, bulls may feel incentivized to retest the 1.07420/1.08110 horizontal resistance zone (purple).

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly_June 19, 2022.png Size: 14 KB


EURUSD price action on the daily time frame turned sideways after a bullish retracement of the 1.07736/1.03584 bearish swing. Presently, it is retesting the1.05450/1.06022 broken-down daily demand zone (blue) and, technically, susceptible to a southward rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_June 19, 2022.png Size: 13 KB


EURUSD price action on the H4 time frame made a bullish retest of the 1.05450/1.06022 broken-down daily demand zone (blue) before retracing southwards. But as the last H4 session on Friday was bullish, we may see further northward move before a southward rotation. The technical structure is still favourable to bears.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_June 19, 2022.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,509
  • Jun 26, 2022 2:37pm Jun 26, 2022 2:37pm
XAUUSD Weekly Technical Outlook

XAUUSD is disposed bearish on the weekly time frame. Seven weeks ago, market operation surged to the 1791.04/1761.04 horizontal support zone (green) and rejected it with a bullish retracement. A sideways of market operation ensued which gave way to a bearish mode last week. We may see bears retesting the 1791.04/1761.04 horizontal support zone (green).

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDWeekly_June 26, 2022.png Size: 13 KB


XAUUSD price action on the daily time frame is sideways but technicals favour bears more than bulls. However, as last Friday’s price action printed a bullish candlestick, we may still see further northward move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_June 26, 2022.png Size: 13 KB


XAUUSD price action is sideways on the H4 time frame in a technically bearish environment. However, as recent technical prints favour bulls, we may see further northward move before a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4_June 26, 2022.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,510
  • Jun 26, 2022 3:01pm Jun 26, 2022 3:01pm
EURUSD Weekly Technical Outlook

EURUSD market operation is retesting the 1.04980/1.037800 multi-year horizontal support zone (green) seen on the monthly time frame. On the weekly time frame, two weeks ago, market operation printed a long-tailed doji-like candlestick in the zone. This was followed by a bullish print which closed about 45 pips just above the zone last week. We may see further bullish move towards the 1.07460/1.08154 horizontal resistance area (purple).

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly_June 26, 2022.png Size: 14 KB


EURUSD price action is in sideway mode on the daily time frame after a bullish push from the 1.04980/1.037800 multi-year horizontal support zone (green).
Although we may still see further bullish move, the general technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily_June 26, 2022.png Size: 13 KB


EURUSD price action on the H4 time frame is in a symmetrical triangle (magenta). We may see some northward market engineering before a southward rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_June 26, 2022.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,511
  • Jun 26, 2022 3:23pm Jun 26, 2022 3:23pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is bearish. It has broken down the 1.27430/1.25840 major horizontal support (purple) flipping it as resistance. There was a bullish retracement for some weeks, but it gave way to a bearish turnaround. Market operation consolidated after the bullish print of last week as it tackles the near-term 1.22940 horizontal resistance. Although the bullish pinbar printed two weeks ago may still influence further northward move, any such move would soon give way to a southward turnaround. The 1.19220 area (green) is the operating horizontal support and a likely target of bears.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_June 26, 2022.png Size: 15 KB


GBPUSD price action on the daily time frame is sideways in a technically bearish market environment, the 1.30850/1.19315 (blue) bearish trading range. There has been a bearish rejection of the 1.27430/1.25840 major horizontal support (purple) seen on the weekly time frame, but we may still have a northward market engineering for liquidity grab. Personally, I am bearish on this pair, but, as a swing trader, I will await a feasible bearish setup at an area of value, perhaps within the 1.24120/1.24930 area of price imbalance (red).

Attached Image (click to enlarge)
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GBPUSD price action is presently sideways on the H4 time frame after a bullish retracement, but we may still see further northward move. Nevertheless, the recent bottom tailed ‘wicky’ prints on the H4 time frame would be attractive as targets of southward rotation. This may be after further bullish move to, perhaps, retest the prevailing horizontal resistance at the 1.24120/1.24930 area (red), which is integrated to an area of price imbalance on the daily time frame.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_June 26, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,512
  • Jul 3, 2022 2:44pm Jul 3, 2022 2:44pm
XAUUSD Weekly Technical Outlook

The 1796.08/1772.70 horizontal support zone (green) has remained intact despite several bearish attempts to breach it since November 2021. On the monthly time frame, XAUUSD market operation made a relatively strong bullish drive to the zone in May but failed to break it down and the bearish follow-up in June met a bullish pushback at the upper part of the zone. Technically, we may see further see-saw of market operation at the zone, or even some bullish pushback, before further bearish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDMonthly_June 3, 2022.png Size: 12 KB


XAUUSD market operation on the weekly time frame is largely sideways as it tackles the 1796.08/1772.70 horizontal support zone (green) seen on the monthly time frame. Despite the zone witnessing several bearish attacks, it has remained unbroken. The bearish surge to the zone last week was again met with bullish pushback, resulting in the printing of a bearish candlestick with a significant bottom wick. Although technicals still favour bears more than bulls, we may still see some bullish pushback before further bearish continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDWeekly_June 3, 2022.png Size: 14 KB


XAUUSD price action on the daily time frame is tackling the 1796.08/1772.70 horizontal support zone (green) seen on the monthly time frame. The most recent bearish attack at the zone has met with bullish rejection. Presently, price action is located at the minor 1807.55/1810.95 horizontal resistance area (magenta), technically an area where we can expect some bearish challenge. At any rate, any bullish move will likely be temporary, giving way to a bearish rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_June 3, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,513
  • Jul 3, 2022 2:54pm Jul 3, 2022 2:54pm
USDJPY Weekly Technical Outlook

USDJPY continued its bullish disposition in June. On the monthly time frame, market operation surged to the 135.310/137.360 multi-year horizontal resistance zone (purple). However, the shadow on the top of the bullish candlestick printed in June is indicative of an increased bearish pressure as market operation tackles the zone.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYMonthly_June 3, 2022.png Size: 13 KB


USDJPY market operation on the weekly time frame is sideways as it tackles the 135.310/137.360 multi-year horizontal resistance zone (purple) seen on the monthly time frame. Although the technicals still favour bulls more than bears we may see a bearish pullback as market operation tackles the zone. If the rising channel (blue) is being respected, we may see a pullback to retest the channel support trendline before further bullish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYWeekly_June 3, 2022.png Size: 14 KB


USDJPY price action on the daily time frame is in a rising wedge (magenta) but presently sideways as it tackles the 135.310/137.360 multi-year horizontal resistance zone (purple) seen on the monthly time frame. As price action is losing bullish impetus, we may see a bearish pullback before a northward continuation.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily_June 3, 2022.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,514
  • Jul 3, 2022 3:10pm Jul 3, 2022 3:10pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation surged to the 1.20780/1.19590 significant horizontal support zone (green) on the monthly time frame in June. However, it was resisted by bulls, resulting in the printing of a bearish candlestick with a bottom tail.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDMonthly_June 3, 2022.png Size: 12 KB


On the weekly time frame, three weeks ago, GBPUSD market operation surged to the 1.20780/1.19590 significant horizontal support zone (green) seen on the monthly time frame but met a strong bullish pushback resulting in the printing of a long-tailed bearish candlestick. A bullish print was made two weeks ago to place market operation in a sideway-mode. However, last week, a bearish market operation broke below the range to retest the 1.20780/1.19590 significant horizontal support zone (green). As market operation left a bottom shadow on the bearish candlestick printed last week, we may see bulls pushing for a northward retest of an area of value before any further bearish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_June 3, 2022.png Size: 14 KB


GBPUSD price action on the daily time frame is sideways as it tackles the 1.20780/1.19590 significant horizontal support zone (green) seen on the monthly time frame. However, the top ‘wicky’ prints on recent candlesticks may incentivize bullish interest for northward market engineering before a bearish turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_June 3, 2022.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,515
  • Jul 3, 2022 3:31pm Jul 3, 2022 3:31pm
EURUSD Weekly Technical Outlook

EURUSD market operation retested the 1.05210/1.03240 multi-year horizontal support zone (green) in April. On the monthly time frame, there was a bullish rejection of the area, but lacking further bullish impetus in June, bears regained market influence and surged into the zone. The 1.01924 area (blue) is a nearby extension of the zone and may be a target of any further bearish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDMonthly_July 3, 2022.png Size: 14 KB


On the weekly time frame, EURUSD market operation is ranging within the 1.05210/1.03240 multi-year horizontal support zone (green) seen on the monthly time frame. Last week, a relatively big bearish print broke below the open of the bullish candlestick printed two weeks ago. Although we may still see further bearish move, we cannot rule out a bullish market operation to an area of price imbalance, a situation which may favour a sell-swing trade.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_June 3, 2022.png Size: 14 KB


Despite several attempts, EURUSD price action on the daily time frame has failed to break down the 1.05210/1.03240 multi-year horizontal support zone (green) seen on the monthly time frame. Presently, it is sideways within the zone, but recent technical pattern favours a bullish retracement, perhaps to retest an area of value, such as the 1.06514/1.07470 horizontal resistance area (magenta), before further bearish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily_June 3, 2022.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,516
  • Jul 10, 2022 2:38pm Jul 10, 2022 2:38pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame broke down the 1796.08/1772.70 former horizontal support zone (purple) which had been in place since October 2021, flipping it as resistance. Presently, market operation is tackling the 1726.82 horizontal support area (green), but bulls are resisting its breakdown.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDWeekly_July 10, 2022.png Size: 13 KB


XAUUSD price action on the daily time frame is sideways as bulls resist the breakdown of the 1726.82 horizontal support area (green) seen on the weekly time frame. Technically, we may see a bullish pullback before further bearish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily_July 10, 2022.png Size: 14 KB


XAUUSD price action on the H4 time frame is undergoing a bullish correction. We may see further northward move before a southward rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4_July 10, 2022.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,517
  • Jul 10, 2022 2:48pm Jul 10, 2022 2:48pm
USDJPY Weekly Technical Outlook

USDJPY market operation is bullish. On the weekly time frame, market operation is presently tackling the 135.310/137.360 multi-year horizontal resistance zone (purple). But despite the bullish mode, the bullish momentum has declined.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYWeekly_July 10, 2022.png Size: 13 KB


Although USDJPY price action on the daily time frame is technically bullish, it is presently sideways as it tackles the 135.310/137.360 multi-year horizontal resistance zone (purple). This may result in a bearish correction before further bullish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily_July 10, 2022.png Size: 12 KB


USDJPY price action on the H4 time frame is sideways in the 134.625/136.640 horizontal channel (blue). Although the technical structure favours bulls, a significant breakdown of the channel on a daily closing basis would trigger a bearish mode.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4_July 10, 2022.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,518
  • Jul 10, 2022 3:17pm Jul 10, 2022 3:17pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is bearish. However, there is a decline in bearish momentum as price action tackles the 1.20780/1.19590 horizontal support zone (green). Last week, there was a bearish drive to below the zone, but a bullish pushback left a relatively prominent tail on the bearish candlestick that closed within the zone. We may see further bearish attempt to break down the zone.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly_July 10, 2022.png Size: 14 KB


GBPUSD price action on the daily time frame is in a bullish correction after a bearish drive to the 1.20780/1.19590 horizontal support zone (green) seen on the weekly time frame. Price action printed an indecision candlestick in the zone on Friday. However, the technical structure and order flow favour bears more than bulls, and we may see further bearish drive for market control. Therefore, any bullish move would be limited.

Attached Image (click to enlarge)
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GBPUSD price action on the H4 time frame is in consolidation. There was a bearish drive to the 1.20780/1.19590 horizontal support zone (green) seen on the weekly time frame. But, as presently, a series of bullish corrective moves have not produced marked impact in the market, we may soon see a southward rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4_July 10, 2022.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,519
  • Jul 10, 2022 3:40pm Jul 10, 2022 3:40pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame continues its bearish disposition. Last week, it broke down the 1.05210/1.03240 multi-year horizontal support zone (green) and then surged below the 1.01924 technical extension handle area (blue) before snapping back to close at the level.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame is sideways at the technical support handle around the 1.01924 area (blue) after a bearish drive that broke down the 1.05210/1.03240 multi-year horizontal support zone (green). We may see bullish correction to a value area before further bearish drive. The 1.04330/1.04830 zone (red) is the operating daily supply.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame is in a bullish corrective mode. Further northward market engineering may target an area of liquidity or price imbalance before a southward rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4_July 10, 2022.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,520
  • Jul 17, 2022 2:34pm Jul 17, 2022 2:34pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation is bearish. On the weekly time frame, last week, market operation printed a bearish continuation candlestick that surged towards the upper part of the 1697.170/1617.820 horizontal support zone (green). Although we may still see further bearish move, it is apparent that a bullish pullback is imminent.

Attached Image (click to enlarge)
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The bearish drive of XAUUSD price action on the daily time frame is declining in momentum as price action attacks the 1697.170/1617.820 horizontal support zone (green) seen on the weekly time frame. The bearish surge to the upper boundary of the zone on Thursday did not have a follow-through as Friday’s price action printed a doji-like candlestick. Although we may still see further bearish move in the early part of this week, a bullish correction is in the offing.

Attached Image (click to enlarge)
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XAUUSD price action on the H4 time frame is sideways as it tackles the 1697.170 area (green), which is the upper boundary of the 1697.170/1617.820 horizontal support zone seen on the weekly time frame. Technically, price action is in a bearish environment, but we may soon see a bullish correction.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4_July 17, 2022.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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