Weekly Top-Down Technical Analyses

USDJPY Weekly Technical Outlook

USDJPY market operation is bullish, but it is experiencing a decline in bullish momentum as it tackles the multi-year 136.920/139.270 horizontal resistance zone (purple). On the weekly time frame, last week, a relatively big bullish candlestick was printed in the zone. Until the last four weeks, the zone had not been visited since October 1998, and last week was the first time market operation closed within the zone. Meanwhile, bears are resisting the bullish attack on the zone, and this may hinder further bullish drive.

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USDJPY price action on the daily time frame is tackling the multi-year 136.920/139.270 horizontal resistance zone (purple) seen on the weekly time frame. Although the technical structure is bullish, bears are resisting the bullish drive and, last week Friday, a relatively small bearish candlestick was printed in the zone. This portends the possibility of a bearish correction or a sideway of price action.

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USDJPY price action on the H4 time frame is sideways in a technically bullish environment. As price action tackles the multi-year 136.920/139.270 horizontal resistance zone (purple) seen on the weekly time frame, we may see a bearish pullback. But this may not be sustained until a significant break down of the 136.920/139.270 horizontal resistance zone (purple).

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I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

GBPUSD market operation is bearish. On the weekly time frame, last week, market operation broke down the long-term 1.20780/1.19590 horizontal support zone (green) after four incessant attacks on the zone. However, bulls are putting up a strong resistance and this may hinder the bearish drive.

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GBPUSD price action on the daily time frame has turned sideways after breaking down the long-term 1.20780/1.19590 horizontal support zone (green) seen on the weekly time frame. We may see a corrective bullish move before a bearish continuation.

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GBPUSD price action on the H4 time frame is in a bullish corrective mode in a technically bearish environment. We may see a bullish pullback to a value area, such as the 1.19890/1.20440 supply area (red), before a southward rotation.

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I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

EURUSD market operation is bearish and tackling the long-term 1.02240/0.99856 horizontal support zone (green). On the weekly time frame, market operation surged to the zone two weeks ago and there was a bearish follow-up last week. However, bulls are resisting a breakdown of the zone, and this may hinder further bearish drive.

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EURUSD price action on the daily time frame is sideways as it tackles the long-term 1.02240/0.99856 horizontal support zone (green) seen on the weekly time frame. As Friday’s price action printed a bullish candlestick, we may see further northward move before a southward turnaround. Besides, price action is around the support trendline of a falling channel (red) within which it is operating and may lead to a bullish retracement from the area.

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EURUSD price action is tackling the long-term 1.02240/0.99856 horizontal support zone (green) seen on the weekly time frame, but it is in a bullish corrective mode on the H4 time frame. We may see further northward move before a southward turnaround.



I may be wrong. Trade safe and prosper.

KP

XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame surged into the 1697.17/1670.82 significant horizontal support zone (green) last week but rejected it with a bullish print. The last time market operation surged to the zone was in July 2021. However, the bullish pushback was weak, and we may still see a bearish retest of the zone.

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The XAUUSD bearish drive to the 1697.17/1670.82 significant horizontal support zone (green) on the daily time frame is seeing a bullish pullback. Presently price action is at a nearby supply and a northward breach of the supply may see further northward market engineering for liquidity grab at an area of price imbalance. However, a bullish misstep may give way to a bearish turnaround.

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XAUUSD price action on the H4 time frame is in a bullish retracement in the context of a bearish technical structure. Presently it is in a sideway mode, but we may still see further bullish move, perhaps for liquidity grab, before a southward turnaround.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

UDJPY market operation on the weekly time frame went sideways as it tackles the 136.920/139.270 multi-year horizontal resistance zone (purple). Two weeks ago there was a bullish drive into the zone but last week saw a bearish pushback that closed below it. Although the technical structure is bullish, we may still see further southward move to an area of value.

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USDJPY price action on the daily time frame is in a bearish mode. Price action has retested the 136.920/139.270 multi-year horizontal resistance zone (purple) but met a bearish rejection. We may see further southward market engineering to an area of value before another strong bullish attempt to breach the zone.

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USDJPY price action on the H4 time frame is in a bearish mode. Any further bearish drive may target the 134.480/133.590 horizontal support (green).

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I may be wrong. Trade safe and prosper.


KP

GBPUSD Weekly Technical Outlook

GBPUSD market operation is making a bullish retest of the broken down 1.20780/1.19590 long-term horizontal support zone (green). On the weekly time frame, the zone was broken down two weeks ago but a bullish pullback last week saw market operation re-entering the zone. However, as the bullish print has a top shadow market operation is experiencing a bearish resistance. This may lead to a southward turnaround should there be further bullish weakness.

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GBPUSD price action on the daily time frame went a bullish pullback after the breakdown of the 1.20780/1.19590 long-term horizontal support zone (green) seen on the weekly time frame but became sideways within the zone. Although we may see some northward market engineering for liquidity grab, such bullish move would be temporary, giving way to a southward rotation.

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The bullish pullback of H4 price action to retest the broken down 1.20780/1.19590 long-term horizontal support zone (green) seen on the weekly time frame went sideways within the zone; indicating a decline in bullish momentum. We may see further bullish effort to engage a value area but, as the predominant technical structure is bearish, this would give way to a bearish turnaround.

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I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

EURUSD market operation is within the 1.02240/0.99856 long-term horizontal support zone (green). On the weekly time frame, the bearish drive of market operation to the zone three weeks ago was not sustained as last week market operation printed a bullish candlestick but with a top shadow. Technically, market operation is sideways within the zone.

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EURUSD price action is sideways on the daily time frame as it tackles the 1.02240/0.99856 long-term horizontal support zone (green) seen on the weekly time frame. The long-term technical pattern is bearish, but we are seeing a bullish pullback. This is a corrective phase which would give way to a southward rotation, perhaps, after a northward retesting of a value area such as the 1.03650 horizontal resistance (red).

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EURUSD price action on the H4 time frame is in a bullish corrective mode in a technically bearish environment. We may soon see a bearish rotation.

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I may be wrong. Trade safe and prosper.


KP

General Information

I am posting my weekly technical analyses early before I proceed on a journey. I will be in transit for much of the day and may not be able to post my weekly analyses before the markets open.

Trade safe, prosper.

KP

XAUUSD Weekly Technical Outlook

XAUUSD market operation retested the 1697.17/1670.82 significant horizontal support zone (green) two weeks ago. On the weekly time frame, the market operation resulted in a bullish rejection of the zone and there was a bullish continuation last week. Although we may still see a bullish move, the 1782.81/1797.63 area (purple) is an operating horizontal resistance and susceptible to a bearish pushback.

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XAUUSD price action on the daily time frame is in a bullish corrective phase of a bearish swing. The bearish swing had retested the 1697.17/1670.82 significant horizontal support zone (green) seen on the weekly time frame. Technicals still favour bulls, but we may soon see a southward rotation at a value area such as the 1782.81/1797.63 horizontal resistance (purple).

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XAUUSD price action on the H4 time frame is in a bullish retracement of a recent bearish swing. The 1782.81/1797.63 area (purple) is the operating horizontal resistance and potentially susceptible to a bearish pushback.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame is in a bearish retracement within a bullish structure. The bearish candlestick printed last week stopped at the upper boundary of the former 132.515/130.900 significant horizontal resistance now acting as support (green) before being pushed backwards. Nevertheless, we may still see a further bearish move before a bullish turnaround.

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USDJPY price action on the daily time frame is bearish but the technical structure is bullish. However, it is retesting the horizontal support around 132.515/130.900 (green) and we may not see much bearish drive.

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USDJPY price action on the H4 time frame went sideways after attempting a re-test of the horizontal support around 132.515/130.900 (green) seen on the daily time frame. Although we may see another bearish retest, we may not see much southward drive.

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I may be wrong. Trade safe and prosper.


KP

GBPUSD Weekly Technical Outlook

GBPUSD is in a bullish retracement of a bearish swing. On the weekly time frame, market operation is retesting the 1.21240/1.23380 supply zone (purple). Last week, market operation printed a bullish candlestick within the zone but there was a bearish pushback. Further weakness of bullish momentum would result in a bearish turnaround.

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GBPUSD price action on the daily time frame is sideways as it retests the 1.21240/1.23380 supply zone (purple) seen on the weekly time frame. Although we may still see further bullish move, perhaps for liquidity grab, bears would take advantage of any bullish misstep.

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GBPUSD price action on the H4 time frame is sideways as it makes a bullish correction under a bearish environment. It went for the 78.6/88.6 Fib retracement zone of the immediate bearish swing in the early part of Friday before being pushed back. We may see further bullish move in the early part of this week before a southward rotation.

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I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

EURUSD market operation is sideways within the 1.02240/0.99856 significant horizontal support zone (green). On the weekly time frame, market operation made a bearish surge to the zone three weeks ago. Although the last two weeks have seen bullish prints in the zone, there has not been a bullish close above the zone. However, as last week’s market operation printed a bullish pin bar at the upper part of the zone, we may see further bullish move in the early part of this week.

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EURUSD price action on the daily time frame is sideways at the upper boundary of the 1.02240/0.99856 significant horizontal support zone (green), seen on the weekly time frame, after a bullish retracement. This represents a pause in the bullish pullback, and we may still see further northward move in the early part of this week. However, such a move may be for liquidity grab at a value area before a bearish rotation.

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EURUSD price action on the H4 time frame is in a bullish correction of a technically bearish structure. Any further bullish move would soon give way to a bearish turnaround.

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I may be wrong. Trade safe and prosper.

KP

XAUUSD Weekly Technical Outlook

XAUUSD market operation on the monthly time frame retested the 1697.17/1670.82 horizontal support zone (green) in July but met with a relatively strong bullish pushback.

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XAUUSD market operation on the weekly time frame is in a bullish mode. Presently, it is navigating a horizontal resistance area, but we may still see further bullish move, perhaps to a value area.

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XAUUSD price action on the daily time frame is in a bullish correction of a technical bearish structure. Although we may still see further northward move, such a move would be temporary in nature.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

USDJPY market operation retested the 136.920/139.270 multi-year horizontal resistance zone (purple) in June but a follow-through attempt in July resulted in a bearish rejection of the zone.

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USDJPY market operation on the weekly time frame rejected the 136.920/139.270 multi-year horizontal resistance zone (purple), seen on the monthly time frame, three weeks ago. Last week, the bearish pullback retested the breached 131.290/130.280 former horizontal resistance zone (green) and flipped it as support with a long-tailed bullish print. We should expect further northward move.

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Four days ago USDJPY price action on the daily time frame made a bearish pullback to the 61.8/78.6 Fib zone of the 126.350/139.380 bullish swing. This was the follow-through of the bearish rejection of the 136.920/139.270 multi-year horizontal resistance zone (purple), seen on the monthly time frame. Price action is presently in a bullish continuation mode and we can expect further northward move.

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I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

GBPUSD market operation on the monthly time frame printed a doji-like candlestick at the 1.21580/1.18997 horizontal support (green) in July.



On the weekly time frame, GBPUSD market operation made a bullish rejection of the 1.21580/1.18997 horizontal support zone (green) three weeks ago but went sideways after two weeks. Although last week saw a bearish print of market operation, we may still see further bullish move, perhaps for liquidity gab at the 1.22650 horizontal resistance or another area of value.



GBPUSD price action on the daily time frame is in a bullish correction of the 1.26670/1.17450 bearish swing. Presently, price action is sideways, but any further bullish move would be temporary as the technical structure is bearish.



I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

EURUSD market operation retested the multi-year 1.02240/0.99856 horizontal support zone (green) in July, the first time since November 2002. We should expect some bullish reaction in the zone before any further significant bearish drive.

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EURUSD market operation on the weekly time frame turned sideways during a bullish correction of the bearish retest of the multi-year 1.02240/0.99856 horizontal support zone (green). This is a pause in directional momentum, and we may still see further bullish corrective move before a bearish turnaround. This may be in the form of market engineering for liquidity grab at such a value area as the 1.103470 horizontal resistance (red).

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EURUSD price action on the daily time frame turned sideways after a bullish pullback from the multi-year 1.02240/0.99856 horizontal support zone (green). We may still see further bullish move before a southward rotation.

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I may be wrong. Trade safe and prosper.

KP

XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame is making a bullish retest of the broken down 1825.32/1793.16 former horizontal support (red). It began the bullish move four weeks ago after market operation surged to the 1682.35 multi-year horizontal support (green). Last week, market operation printed a bullish candlestick within the 1825.32/1793.16 zone (red) but, technically, the zone is susceptible to a bearish challenge.

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XAUUSD price action on the daily time frame is in a bullish retracement of the 1856.17/1682.35 bearish swing. Presently, it is sideways at the lower part of the broken down 1825.32/1793.16 horizontal support (red). Last Friday’s price action was bullish, and we may still see some northward move, but such a move would be temporary, giving way to a bearish rotation.

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XAUUSD price action on the H4 time frame is bullish and tackling the broken down 1825.32/1793.16 former horizontal support (red), seen on the weekly time frame, under a technically bearish environment. We may still have further bullish move, perhaps to an area of value within the zone, such as 1813.33/1820.18 (magenta), before a southward rotation.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame is within the 61.8/78.6 Fib zone of a bullish swing. Last week saw a bearish surge to the upper part of the 131.290/130.380 former horizontal resistance zone (green), which is potentially being flipped as support, but failed to penetrate it. Last week’s candlestick left a relatively long tail, and we may see further bearish attempt to retest the area.

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USDJPY price action on the daily time frame turned sideways as it tackles the 131.290/130.380 horizontal support zone (green). Although the technical structure is bullish, recent candlestick pattern favours bears more than bulls and we may see further southward move in the early part of this week before a northward turnaround.

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The USDJPY short-term price action on the H4 time frame is a bearish correction of a bullish swing. Therefore, any further bearish would soon give way to a bullish turnaround.

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I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame went on a bullish retest of the horizontal support that was broken down six weeks ago. Last week, bulls made a northward move to the lower part of the 1.03790/1.04790 former horizontal support (red), but it was pushed back by bears – leaving an upper shadow on the bullish print. We may still see another bullish move in the early part of this week before a southward continuation. The 0.99380 area (green) is a multi-year horizontal support and may be a long-term target of bears.

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EURUSD price action on the daily time frame went sideways during a bullish correction of the 1.06050/0.99500 bearish swing. Any further bullish move would be temporary, and possibly a northward market engineering for liquidity at an area of value before a bearish rotation.

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EURUSD price action on the H4 time frame went bearish after a bullish move, perhaps to retest the broken-down 1.03790/1.04790 former horizontal support (red) seen on the weekly time frame or an area of value. The recent, short-term technical prints favour bulls more than bears, and we may still see further northward move in the early part of this week before a southward turnaround.

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I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame went sideways as it retests the 1.23325/1.21530 supply zone (red). Last week, the market operation printed a bullish candlestick which surged to retest the high of the bearish print of two weeks ago before snapping back, leaving a relatively long upper shadow. Although the technical structure favours bears, we may see bulls make a northward market engineering to shake the weak hands before a southward rotation.

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GBPUSD price action on the daily time frame is tackling the 1.23325/1.21530 horizontal resistance zone (red) which has been in existence since June 21. Based on the recent technical pattern and the top wicks on recent candlestick prints we may see further bullish move before a southward turnaround.

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GBPUSD price action on the H4 time frame is in a complex bullish corrective mode of a technically bearish structure. Therefore, any further bullish move would be temporary, yielding to a southward continuation.

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I may be wrong. Trade safe and prosper.

KP