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Weekly Top-Down Technical Analyses

  • #1,661
  • Mar 5, 2023 2:20pm Mar 5, 2023 2:20pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation is within the 1.20810/1.27000 horizontal resistance zone (purple). On the monthly time frame, market operation made a bullish re-test of the zone in November 2022 and has been tackling the zone since. Although the February candlestick print was bearish, the technical mode on the monthly time frame is sideway.

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GBPUSD market operation on the weekly time turned sideways after a bearish displacement from the 1.20810/1.27000 horizontal resistance zone (purple) seen on the monthly time frame. This indicates a decline in bearish momentum. Nevertheless, we may still see a southward push towards the 1.17300 extension area (blue).

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GBPUSD price action on the daily time frame had been grinding a bullish correction for several days as it tackles the 1.20810/1.27000 horizontal resistance zone (purple) seen on the monthly time frame. It turned sideways after a bearish push to the lower boundary of the zone. The technical structure is predominantly bearish, but we cannot rule out a northward liquidity engineering before further southward drive. Nevertheless, should there be a bearish surge of price action in the early part of this week, we may see the 1.17300 horizontal support area (blue) exposed.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,662
  • Mar 5, 2023 2:51pm Mar 5, 2023 2:51pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the monthly time frame printed a bearish candlestick in February after a bullish corrective move that began in November 2022. The bearish candlestick printed in February surged to the upper boundary of the 1.05000/1.03310 horizontal support zone (green) before meeting a bullish pullback.

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Eight weeks ago, EURUSD market operation on the weekly time frame made a 61.8/78.6 Fib zonal retracement of the 1.14940/0.95350 bearish swing. It went sideways for two weeks in the zone before a bearish turnaround five weeks ago. Presently, it is located at the upper boundary of the 1.05000/1.03310 horizontal support zone (green) and in a sideway mode.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly.png Size: 15 KB


EURUSD price action on the daily time frame has made a 61.8/78.6 Fib zonal retracement of the 1.14940/0.95350 bearish swing and turned bearish. However, it is presently sideways and tackling the upper boundary of the 1.05000/1.03310 horizontal support zone (green). The dominant trading range is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily.png Size: 16 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,663
  • Mar 12, 2023 2:26pm Mar 12, 2023 2:26pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame made a bullish retest of the 1982.820/1938.990 supply zone (purple) but gave way to a bearish turnaround six weeks ago. The bearish turnaround was within the 88.6 Fib retracement of the 1998.320/1614.800 bearish swing. Meanwhile, market operation is making a bullish retest of the 1850.020/1887.410 order block/horizontal resistance (blue), which also aligns with the 61.8 Fib area of the 1998.320/1614.800 bearish trading range. Technically, there is increased probability of an imminent bearish rotation.

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XAUUSD price action on the daily time frame is making a bullish correction of a technically bearish trading range. As recent technical impulse is bullish, we may still see further northward move to an area of value, such as the 1902.820 area (blue), before a southward turnaround.

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XAUUSD price action on the H4 time frame is in a bullish corrective mode. We may see some northward liquidity engineering before a southward turnaround.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,664
  • Mar 12, 2023 3:00pm Mar 12, 2023 3:00pm
USDJPY Weekly Technical Outlook

USDJPY market operation is in a bullish technical structure. It made more than 61.8 Fib retracement of the 114.810/151.940 bullish swing and disposed northward. However, presently, it is sideways within the 134.940 horizontal resistance area.

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USDJPY price action on the daily time frame is retesting the 134.140/138.400 horizontal resistance zone (red) and presently experiencing some bearish challenge. Although the dominant technical structure is bullish, we may still see southward liquidity engineering before further northward drive.

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USDJPY price action on the H4 time frame is in a consolidation mode as it tackles the 134.140/138.400 horizontal resistance zone (red) seen on the daily time frame. The dominant technical structure is bullish.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,665
  • Mar 12, 2023 3:25pm Mar 12, 2023 3:25pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame made a southward turnaround after the 61.8/78.6 Fib retracement of the 1.14940/0.95350 bearish swing. Presently, it is in a sideway mode as it printed an indecision candlestick last week.

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EURUSD price action on the daily time frame made a 61.8/78.6 bullish correction of the 1.14940/0.95350 bearish trading range and turned southwards. Meanwhile, it is tackling a minor horizontal support area near the much more significant 1.05000/1.03310 horizontal support zone (green), and presently in consolidation. We may see a northward liquidity engineering before further southward drive.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame is consolidating in a predominantly bearish technical structure.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,666
  • Mar 12, 2023 3:56pm Mar 12, 2023 3:56pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is in a technically bearish structure. There was a bullish correction to the 50 Fib area a few weeks ago before a bearish drop to the 38.2 Fib area, where market operation has gone sideways.

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GBPUSD price action on the daily time frame made 50 Fib bullish correction of the 1.36380/1.10540 bearish swing, and briefly turned southwards. Presently, it has turned sideways at the 38.2 Fib area and within the 1.20810/1.17300 horizontal support zone (blue). We may see bullish liquidity engineering before a southward drive.

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GBPUSD price action on the H4 time frame is consolidating but the dominant technical structure is bearish. However, there are recent technical prints (e.g., ‘wicky tops’) that may incentivize northward liquidity engineering before a southward rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,667
  • Mar 19, 2023 2:02pm Mar 19, 2023 2:02pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame punched through the 1928.670 horizontal resistance (blue) last week. The relatively big bullish candlestick printed last week is presently at the 1987.970 horizontal resistance (purple).

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XAUUSD price action on the daily time frame is in a bullish mode. It is presently retesting the 1987.970 horizontal resistance area (purple) after a relatively strong bullish breakout on Friday. Although recent technical impulse supports bulls, we may soon see a bearish pullback or rotation after a northward liquidity charge.

Attached Image (click to enlarge)
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XAUUSD price action on the H4 time frame is in a bullish mode. As recent price action is parabolic, we may soon see a bearish pullback.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,668
  • Mar 19, 2023 2:16pm Mar 19, 2023 2:16pm
USDJPY Weekly Technical Outlook

Two weeks ago, USDJPY market operation made a bearish rejection of the 135.740 horizontal resistance area (red). A bearish continuation print was issued last week, which is threatening the 130.980 horizontal support area (green). Technically, the 135.740/130.980 zone is a wide horizontal support zone as it aligns with a monthly horizontal support.

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USDJPY price action on the daily time frame broke down the 133.120 horizontal support (blue) last week Friday. Any bearish follow-through in the early part of this week may see a retest of the 129.480 extension (SandyBrown).

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame is in a bearish mode. Recent technical impulse supports further bearish move in the short term.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,669
  • Mar 19, 2023 2:34pm Mar 19, 2023 2:34pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is grinding out a bullish correction of the 1.36380/1.03340 bearish swing. Presently, it is tackling the 50/61.8 Fib retracement zone after a bearish drop from the 61.8 Fib area seven weeks ago.

Attached Image (click to enlarge)
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GBPUSD price action on the daily time frame is making a bullish correction of the 1.36380/1.03340 bearish swing seen on the weekly time fame. It has been in consolidation within the 1.18220/1.24060 area (blue) for quite a while; an area which aligns with the 50/61.8 Fib retracement zone of the bearish trading range.

Attached Image (click to enlarge)
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GBPUSD price action on the H4 time frame is in a bullish corrective mode within the 1.18220/1.24060 horizontal range (blue). We may still see further northward move towards the upper part of the range. However, the dominant technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 16 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,670
  • Mar 19, 2023 3:01pm Mar 19, 2023 3:01pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame is sideways within the 50/61.8 Fib retracement zone of the 1.14940/1.095350 bearish swing having made a bearish rejection of the 78.6 Fib area seven weeks ago. The present location of market operation is also aligned with the 1.06770 horizontal resistance area, making it potentially susceptible to a southward turnaround.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame is grinding out a bullish correction. It is presently sideways at the 1.06770 horizontal resistance area. This is an area within the 50/61.8 Fib retracement zone of the 1.14940/1.095350 bearish swing seen on the weekly time frame. Technically, such a location is susceptible to a bearish rotation.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame is in a sideway mode in the context of a dominant bearish trading range. The recent technical impulse favours bears.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,671
  • Mar 26, 2023 1:53pm Mar 26, 2023 1:53pm
XAUUSD Weekly Technical Outlook


Two weeks ago, XAUUSD market operation made a bullish drive to the 1987.980 horizontal resistance area (purple). Bears resisted the bullish charge and last week saw a strong pullback from the area. However, further bullish challenge resulted in the printing of a long doji-like candlestick that closed in the area. The 1928.670 area (blue) is the prevailing horizontal support and was threatened by the bearish surge to the area last week.

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XAUUSD price action on the daily time frame is sideways at the 1987.980 horizontal resistance area (purple). As the1928.670/1987.980 zone represents a significant horizontal resistance zone on the monthly time frame, we may still see some bearish operation in the zone.

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XAUUSD price action on the H4 time frame is tackling the 1987.980 horizontal resistance area (purple) but lacks directional momentum. There have been mixed candlestick prints in the area recently, and the candlestick printed in the last H4 session on Friday was doji-like.

Attached Image (click to enlarge)
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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,672
  • Mar 26, 2023 2:05pm Mar 26, 2023 2:05pm
USDJPY Weekly Technical Outlook


USDJPY market operation on the weekly time frame is in a bearish mode. Presently, it is tackling the 130.980/128.905 horizontal support zone (green) where it is seeing some bullish challenge.

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USDJPY price action on the daily time frame is bearish but presently in a sideway mode at the upper part of the 130.980/128.905 horizontal support zone (green) seen on the weekly time frame. When we look left, recent technical pattern offers the likelihood of further liquidity engineering southwards, perhaps to the lower part of the zone.

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame is issuing a bullish correction; the technical structure favours bears more than bulls. We may see a southward turnaround after a northward liquidity engineering to an area of value such as the 131.680/132.200 area (blue).

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,673
  • Mar 26, 2023 2:30pm Mar 26, 2023 2:30pm
GBPUSD Weekly Technical Outlook


Last week, GBPUSD bullish market operation on the weekly time frame met a strong bearish challenge as it attempted a 61.8 Fib retracement of the 1.36380/1.03340 bearish swing, an area which also align with the prevailing horizontal resistance. We should also be mindful of the fact that the market operation has been confined to the 1.18220/1.24060 horizontal channel (blue) since mid-November 2022, and a bearish disposition within the channel may be in the offing.

Attached Image (click to enlarge)
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GBPUSD price action on the daily time frame is sideways at the upper part of the wide 1.18220/1.24060 horizontal channel (blue). There was a bullish retest of the 1.24060/1.22680 daily supply on Wednesday which resulted in a bearish pushback on Friday. Nevertheless, we may still see northward liquidity engineering before a southward rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 13 KB


GBPUSD price action on the H4 time frame is in a bullish corrective phase but presently seeing a bearish pushback. Nevertheless, we cannot discount northward liquidity engineering in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,674
  • Mar 26, 2023 3:01pm Mar 26, 2023 3:01pm
EURUSD Weekly Technical Outlook


Last week, EURUSD bullish market operation on the weekly time frame met a strong bearish challenge as it attempted a 61.8/78.6 Fib zonal retracement of the 1.14940/0.95350 bearish swing. Although we may still see northward market engineering to an area of value, the technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly.png Size: 15 KB


EURUSD price action on the daily time frame has turned sideways as it retests the 1.07580 horizontal support. As the dominant technical structure is bearish, any northward liquidity engineering would be corrective in nature. A bearish rotation may target the 1.05200 handle (blue).

Attached Image (click to enlarge)
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EURUSD technical impulse on the H4 time frame is bearish but the price action is in a corrective mode. Any bullish drive would give way to a bearish rotation, which may expose the 1.05200 area.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,675
  • Apr 2, 2023 3:06pm Apr 2, 2023 3:06pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the monthly time frame has broken the 1928.670 horizontal resistance (blue), which had been in place since April 2022. The bullish candlestick printed in March broke above the zone and targeted the 1987.970 longer-term horizontal resistance (purple) but failed to close above it.

Attached Image (click to enlarge)
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XAUUSD market operation on the weekly time is facing bearish challenge as it tackles the 1987.970 horizontal resistance (purple), seen on the monthly time frame. Technically, the 1928.670 area (blue) is the operating horizontal support. Last week, a bearish surge threatened the area before a bullish pushback. Although we may see another bearish attempt to retest the area this week, current technical impulse favours bulls.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDWeekly.png Size: 14 KB


XAUUSD price action on the daily time frame turned sideways as it grinds a bullish retest of the 1987.970 horizontal resistance (purple), seen on the monthly time frame. Price action on Friday produced a bearish inside bar to the bullish print of Thursday. But the recent technical impulse is more favorable to bulls than bears. Nevertheless, we cannot rule out a southward liquidity engineering.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDDaily.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,676
  • Apr 2, 2023 3:10pm Apr 2, 2023 3:10pm
USDJPY Weekly Technical Outlook

In March, USDJPY market operation on the monthly time frame, made a bearish retest of the 130.980/128.230 horizontal support zone (green) after a bullish drive from the zone in February. Last month’s print posted a long tail within the zone, an indication that bulls are still strongly influential in the market.

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USDJPY market operation on the weekly time frame took on a bullish mode last week after a bearish retest of the 130.980/128.230 horizontal support zone (green). Current technical impulse favours bulls more than bears, and we may still further northward move.

Attached Image (click to enlarge)
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USDJPY price action on the daily time frame has been confined in sideway-mode at the upper part of the 130.980/128.230 horizontal support zone (green) since March 20. However, there was a bullish momentum break on Wednesday. Should bulls succeed in influencing a follow-through, we may see further northward move to an area of value before any substantial bearish pressure.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,677
  • Apr 2, 2023 3:15pm Apr 2, 2023 3:15pm
EURUSD Weekly Technical Outlook

The last three months have seen EURUSD market operation constrained within the 1.05200/1.08500 horizontal channel (blue). In March, EURUSD market operation closed at the upper boundary of the channel, which was a positive move that opposed the bearish drive to the lower boundary of the channel in February.

Attached Image (click to enlarge)
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Last week, EURUSD market operation on the weekly time frame made a retest of the 50 Fib retracement of the 1.22535/0.95350 bearish swing. Technically, the last seventeen weeks have seen market operation confined to the 1.05200/1.08500 horizontal channel (blue)., which aligns with the 38.2/50 Fib zone. This is indicative of a relatively strong resistance zone.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame made a bullish retest of the upper boundary of the 1.05200/1.08500 horizontal channel (blue) and went sideways. Although we cannot rule out further northward liquidity engineering, the dominant technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,678
  • Apr 2, 2023 3:42pm Apr 2, 2023 3:42pm
GBPUSD Weekly Technical Outlook

The last four months have seen GBPUSD market operation constrained within the 1.18220/1.24060 horizontal channel (blue). In March, GBPUSD market operation closed at the upper boundary of the channel, which was a positive move that opposed the bearish drive to the lower boundary of the channel in February.

Attached Image (click to enlarge)
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Last week, GBPUSD market operation on the weekly time frame made a retest of the 61.8 Fib retracement of the 1.36380/1.03340 bearish swing. Technically, the last nineteen weeks have seen market operation confined to the 1.18220/1.24060 horizontal channel (blue), which spans the 50/61.8 Fib zone; a confluence which indicates a relatively strong resistance zone.

Attached Image (click to enlarge)
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GBPUSD price action on the daily time frame has been confined to the 1.18220/1.24060 horizontal channel (blue) since November 16, 2022. In the last few days of last week, price action went sideways at the upper part of the zone. Although we cannot rule out further northward price action, the dominant technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,679
  • Apr 9, 2023 1:57pm Apr 9, 2023 1:57pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame has turned sideways after a bullish rejection of the 130.980/128.230 horizonal support zone (green). The bearish candlestick printed last week had a relatively moderate tail, indicating that bulls are resisting the bearish pushback.

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On the daily time frame, USDJPY price action is challenging the bearish attack of the 130.980/128.230 horizonal support zone (green), seen on the weekly time frame. There was a bullish rejection of the zone on February 23, but bears have been making a persistent attack on the zone since March 20. Recent technical prints with low wicks (bottom tails) may incentivize a southward liquidity sweep before any further bullish momentum. And for those tracking XAUUSD, this portends further northward move of XAUUSD price action before a southward rotation.

Attached Image (click to enlarge)
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Recent technical impulse of USDJPY price action on the H4 time frame favours bears more than bulls. But as price action is tackling the 130.980/128.230 horizonal support zone (green), seen on the weekly time frame, we may soon see increased bullish pressure.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,680
  • Apr 9, 2023 2:28pm Apr 9, 2023 2:28pm
EURUSD Weekly Technical Outlook

EURUSD market operation last week lacked directional momentum. It is still finding it difficult to break above the 50 Fib retracement of the 1.22535/0.95350 bearish swing after three weeks of bullish charge. The area is within the 1.08500/1.09690 horizontal resistance zone (purple), which, technically, is a zone that could yield a strong bearish pushback.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDWeekly.png Size: 15 KB


EURUSD price action on the daily time frame remains sideways as it tackles the 1.08500/1.09690 horizontal resistance zone (purple), seen on the weekly time frame. Technically, the zone is susceptible to a strong bearish pushback as it aligns with the 50 Fib retracement area of the 1.22535/0.95350 bearish swing and price action has failed to break above the zone after many days of tackling the zone.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame has been confined within a rising wedge (magenta) but the dominant technical structure is bearish. Besides, price action is presently located in the 1.08500/1.09690 zone (purple), which is a technically strong horizontal resistance zone.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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