Weekly Top-Down Technical Analyses

EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame printed a bullish candlestick last week as it surged towards the upper part of the 1.07900/1.10765 horizontal resistance zone (blue) seen on the monthly time frame. However, the dominant technical structure on the weekly time frame is still bearish.

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EURUSD price action on the daily time frame is in a bullish mode. It is presently tackling a minor horizontal resistance but there is still potential for northward liquidity engineering at the upper area of the 1.07900/1.10765 horizontal resistance zone (blue).

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Although EURUSD price action on the H4 time frame is presently sideways, the technical impulse is bullish. Therefore, technically, we can expect further northward move in the early part of this week.

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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 is bullish. It printed a bullish continuation candlestick last week, which broke above the 1.26694 horizontal resistance area (blue). However, the dominant technical structure on the weekly time frame is still bearish.

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GBPUSD price action on the daily time frame is bullish. The technical impulse still favours further northward move although the dominant technical structure is bearish. Much likely we may see a retest of the 1.31300/1.29800 supply zone (purple), but we cannot rule out bearish correction in the process.

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GBPUSD price action on the H4 time frame is bullish. The technical impulse favours bullish continuation.

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I may be wrong. Trade safe and prosper.

KP

Thanks for the thread Keenpips..

I'm a scalper who recently started using daily charts, mostly for non major pairs, so I leave the majors open for my scalping.

I like the way I can do very small entries and let them ride for days, and in the future weeks or months. Very little stress and very little risk.

I do cost average to try and Ensure trade ends up a winner.

I woke up this morning to about a 500 pip win between CAD / Nok and chf/Nok. Both trades placed wednesday. Thought it would take a few more days to hit my TP. Seems like lately it always happens much sooner than expected.

I appreciate your kind sentiments.

KP

XAUUSD Weekly Technical Ouylook

XAUUSD market operation regained a bearish mode last week after ranging for about three weeks. The bearish print of last week surged to the 1915.300/1895.400 horizontal support zone (blue) before snapping back. This, technically, shows that bulls are defending the zone.

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XAUUSD price action on the daily time frame turned sideways on Friday after a bearish charge at the 1915.300/1895.400 horizontal support zone (blue). Although we may still have further southward move, we can expect limited bearish momentum as bulls challenge a breakdown of the zone. The 1859.800 area (sandy brown) may be a medium/long-term target of a bearish breakdown of the zone.

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The XAUUSD price action on the H4 time frame is sideways. Presently, it is tackling the 1915.300/1895.400 horizontal support zone (blue) seen on the weekly time frame. We may still see a northward move to an area of value before a southward continuation.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

USDJPY market operation continues to dispose northward. On the weekly time frame, market operation printed a bullish continuation candlestick last week after the bullish break of the 140.550/142.200 horizontal resistance zone (blue) the previous week.

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USDJPY price action on the daily time frame regained a bullish mode towards the end of last week after breaking out of the 140.550/142.200 horizontal resistance zone (blue) within which it was ranging. Meanwhile, it is tackling the 143.740 immediate barrier. Although we may still see corrective price action, the technical structure favours further northward move.

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USDJPY price action on the H4 time frame is bullish. The technical impulse favours bulls more than bears, and we can expect bearish price action to be temporary in nature.

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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 issued a bearish rejection candlestick last week. This was in opposition to the bullish charge of the previous week towards the 78.6 Fib retracement area of the dominant bearish swing. Presently, market operation is tackling the 1.26690 horizontal support area (blue).

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GBPUSD price action is sideways a few pips above the 1.26690 horizontal support area (blue). Although the dominant technical structure is bearish, we cannot rule out a northward liquidity sweep before a bearish continuation.

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GBPUSD price action on the H4 time frame is sideways. Although the most recent technical impulse is bearish, as the price action is presently a few pips above the 1.26690 horizontal support area (blue), we cannot rule out a northward move.

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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 issued a doji-like candlestick, with a bearish tinge, last week. This was in opposition to the bullish charge of the previous week towards the 78.6 Fib retracement area of the dominant bearish swing. Nevertheless, as market operation is still within the 1.10765/1.07900 horizontal resistance zone (blue)we may not yet have bearish directional momentum.

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EURUSD price action on the daily time frame is in a bearish mode but may face a bullish challenge at the 1.07900 area of value. The dominant technical structure is bearish.

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The recent technical structure of EURUSD price action on the H4 time frame is bearish. However, bulls are challenging further southward move as price action gets to the 1.07900 minor horizontal support area (blue). The dominant technical structure is bearish.

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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 still bearish. But the bearish momentum has declined as market operation tackles the 1915.300/1895.400 immediate horizontal support zone (blue). Market operation surged into the zone last week, but bulls resisted a breakdown of the zone, leading to the printing of an indecision candlestick in the zone.

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XAUUSD price action on the daily time frame is tackling the 1915.300/1895.400 horizontal support zone (blue). Presently, it is sideways within the zone. Although we cannot rule out a northward market engineering, as the dominant technical structure is bearish, such northward move would give way to a bearish rotation.

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XAUUSD price action on the H4 time frame is in a northward mode. Although we may see further northward move to retest an area of value, the dominant technical structure is bearish.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

USDJPY market operation maintains a bullish mode after breaking above the 140.550/142.200 previous horizontal resistance zone (blue) on the weekly time frame. Market operation printed a bullish continuation candlestick last week, but the candlestick was miniature; indicating that bears were hindering bullish momentum.

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USDJPY price action on the daily time frame is presently sideways but the preceding technical impulse is bullish. We may see further northward move in the early part of this week, which may see a bullish break of the145.580/146.800 daily supply (red) before a bearish correction.

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Although USDJPY price action on the H4 time frame is sideways, the dominant technical impulse is bullish. We can expect a further northward move in the early part of this week.

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I may be wrong. Trade safe and prosper.

KP

I am curious how you are selecting these instruments for analysis. What made XAU and JPY interesting this week for example?

Thanks mate for the question.

I actually do top-down weekly analyses for only the pairs I follow. However, I may include a few if followers of this thread ask for them. It may interest you to note that as a medium-term swing trader, I use the HTF (W1 or D1) dominant technical structure for the bigger picture.

Trade safe, prosper.

KP

Quoting clemmo17

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I am curious how you are selecting these instruments for analysis. What made XAU and JPY interesting this week for example?

Ignored

EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame turned sideways last week after a bullish surge above the 61.8 Fib retracement of the dominant bearish swing. Technically, bears are still more favoured than bulls, but we cannot rule out a northward corrective move before further bearish drive.

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EURUSD price action on the daily time frame has turned sideways. A few days ago, price action made a bullish surge above the 1.07900 area (blue), which coincides with the 61.8 Fib retracement of the dominant bearish swing on the weekly time frame. Although the present sideway of price action represents a pause in directional momentum, we cannot rule out further bullish move for liquidity grab before a bearish rotation. The 1.10765 area (red) is the next significant horizontal resistance and coincides with the 78.6 Fib retracement of the dominant bearish swing on the weekly time frame.

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EURUSD price action on the H4 time frame is ranging. It is within the 61.8/78.6 fib retracement zone of the dominant bearish swing on the weekly time frame.

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I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

GBPUSD market on the weekly time frame turned sideways last week after issuing a bearish pushback two weeks ago to the bullish surge above the 61.8 fib retracement of the dominant bearish swing.

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GBPUSD price action on the daily time frame printed a bullish candlestick last week Friday to push back the bearish drive below the 61.8 fib retracement of the dominant bearish swing. Although we may still see further bullish move, the dominant technical structure is bearish.

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GBPUSD price action on the H4 time frame is ranging above the 61.8 fib retracement area (blue) of the dominant bearish swing on the weekly time frame. There was a bullish drive in the early part of last week Friday, but the last H4-session on Friday was bearish. We may see northward liquidity engineering before a southward turnaround.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame turned sideways last week after bulls resisted a bearish breakdown of the 1915.300/1895.400 horizontal support zone (blue). However, as the candlestick printed last week was doji-like, this is a pause in bearish momentum, and we can expect further southward move.

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XAUUSD price action on the daily time frame has turned sideways at the upper boundary of the 1915.300/1895.400 horizontal support zone (blue) after a bearish charge at the zone. However, we cannot rule out a northward liquidity engineering before a bearish turnaround. Such a bearish rotation could target areas of value below the 1895.400 area. Personally, as a medium-term swing trader, I am targeting the 1859.800 extended demand area (sandy brown).

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XAUUSD price action on the H4 time frame turned sideways after a bullish correction. Although we may still see further northward move, such a move would be temporary, yielding to a bearish rotation.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame has disposed bearish. Presently, it is at the upper boundary of the 142.200/140.550 horizontal support zone (blue). We may see a bullish challenge should bears dip further into the zone.

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USDJPY price action on the daily time frame turned bearish on Friday. Although we may see further bearish price action to an area of value in the early part of the week, price action is retesting a former resistance turned support at the 142.200/140.550 zone (blue). This may incentivize a bullish challenge.

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USDJPY technical impulse on the H4 time frame is bearish. We can expect further southward liquidity engineering before a bullish challenge as price action tackles the 142.200/140.550 demand zone (blue).

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame has been ranging for the last three weeks. Last week saw the printing of a doji-like candlestick with a bullish tinge. An indication that there is limited directional momentum.

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EURUSD price action on the daily time frame took on a bullish mode on Friday after being sideways for the best part of the week. We may still see further northward move. However, as price action is operating within the 61.8/78.6 Fib zone of the recent dominant bearish swing on the weekly time frame, we cannot rule out some bearish challenge to bullish drive.

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EURUSD price action on the H4 time frame is consolidating. However, the recent technical impulse is bullish, and we may still see 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 weekly time frame is consolidating within the 61.8/78.6 Fib zone of the recent dominant bearish swing. Last week, market operation issued a relatively moderate bullish candlestick as opposed to the doji-like candlestick issued two weeks ago. Technically, the short-term impulse is bullish, but as price action is near the 78.6 Fib level we may soon see some bearish challenge to northward drive.

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GBPUSD price action on the daily time frame is disposed northward after a breakout from a narrow area of consolidation on Friday. We may still see further northward move in the early part of the week, which may target the 1.29800/1.30870 horizontal resistance area (purple).

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The technical impulse of GBPUSD price action on the H4 time frame is bullish and we may see further northward move should bulls overcome the bearish challenge that began during the last H4 session on Friday.

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I may be wrong. Trade safe and prosper.

KP

Good job sir..

Thanks bro.

Trade safe, prosper.

KP