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Weekly Top-Down Technical Analyses

  • #1,901
  • Mar 17, 2024 3:48pm Mar 17, 2024 3:48pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame printed a bearish candlestick last week. This was in opposition to the bullish candlestick printed the previous week. Technically, market operation is attempting a bullish breakout of the 1.25310/1.27590 horizontal channel (blue), which has been in place for several weeks.

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


GBPUSD price action on the daily time frame broke out of the 1.25310/1.27590 horizontal channel (blue) several days ago but bears are pushing price action back into the channel. However, the bearish challenge is feeble as the bearish candlestick printed on Friday is smaller than the one printed on Thursday, and price action is still at the upper part of the channel. Besides, the technical impulse favours bulls more than bears.

Attached Image (click to enlarge)
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GBPUSD price action on the H4 time frame is presently ambivalent. Bears had challenged a bullish breakout of the 1.25310/1.27590 horizontal channel (blue), seen on the weekly time frame, but there is little southward momentum. Presently, price action is located at the 1.27300 intra-day support and the upper part of the channel. We cannot rule out further bullish drive.

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
  • #1,902
  • Mar 24, 2024 4:15pm Mar 24, 2024 4:15pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation printed an all-time high of 2222.60 last week. On the weekly time frame, the bullish charge met a strong bearish pushback at the 2222.60 area (purple) that resulted in the candlestick closing as a bearish pinbar. Technically, bulls are still strongly influential in the market, and we may still see further northward move this week.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame made a bullish drive on Wednesday to print an all-time high at the 2222.60 area (purple). However, bears pushed back further northward charge on Thursday, and there was a bearish follow-up on Friday. But technically, we are seeing a double inside-bar to the bullish print of Wednesday – which favours further northward drive, perhaps to retest the 2222.60 area (purple), or an intra-day area of value, before a southward rotation.

Attached Image (click to enlarge)
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XAUUSD price action on the H4 time frame went sideways towards the end of last week after bears pushed back a bullish drive that printed an all-time high at the 2222.60 area (purple). The technical impulse favours bulls more than bears and we may still see further northward move to an intra-day area of value, such as the 2186.43/2196.00 market imbalance (blue), before a southward rotation.

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
  • #1,903
  • Mar 24, 2024 4:20pm Mar 24, 2024 4:20pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame retested the 151.250/152.000 horizontal resistance (blue) last week. The bullish print has a relatively small shadow, which indicates bearish challenge at the zone.

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


USDJPY price action on the daily time frame made a bullish drive to retest the 151.250/152.000 horizontal resistance (blue) but went sideways within the zone on Friday. As technicals still support bulls more than bears, we may still see further bullish action within the zone in the early part of the week.

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


USDJPY price action on the H4 time frame is sideways within the 151.250/152.000 horizontal resistance (blue), seen on the weekly time frame. The technical impulse is more favorably bullish, and we may still see further northward move at least in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,904
  • Mar 24, 2024 4:27pm Mar 24, 2024 4:27pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame is bearish. Presently, it is tackling a rising trendline traceable to October 2022 and it is located at the 1.08060 intra-day horizontal support. A significant breakdown of the rising trendline would target the next horizontal support, which is at the 1.06430 area, before attempting to expose the 1.05000 area. The technical structure is bearish.

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


EURUSD price action on the daily time frame is bearish. Presently, it is tackling a rising trendline traceable to October 2022. A significant breakdown of the rising trendline would target the horizontal support located at the 1.06430 area (green). The technical structure is bearish.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame turned sideways on Friday after a bearish drive to the 1.08060 intra-day horizontal support. The dominant technical structure is bearish; therefore, any intra-day northward drive would be for liquidity grab at an area of value and would give way to a southward turnaround.

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
  • #1,905
  • Mar 24, 2024 4:36pm Mar 24, 2024 4:36pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is bearish. However, it is presently located at the 1.25310 horizontal support, which has held as support since December 2023. The technical structure is bearish.

Attached Image (click to enlarge)
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GBPUSD price action on the daily time frame is bearish but presently tackling the 1.26000 intra-day horizontal support. This is above the 1.25310 long-term horizontal support, which has been in place since December 13, 2023. A significant breakdown of the 1.25310 horizontal support on a daily closing basis would initially target the 1.23800 horizontal support and may, in the medium-term, expose the 1.20800 handle (green).

Attached Image (click to enlarge)
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GBPUSD price action on the H4 time frame turned sideways on Friday after a bearish drive to the 1.26000 intra-day horizontal support. The dominant technical structure is bearish, so any northward drive would be temporary in nature.

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
  • #1,906
  • Mar 31, 2024 2:56pm Mar 31, 2024 2:56pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the monthly time frame printed an all-time high at the 2236.08 area in March. This was the second all-time high printed in the last four months, market operation having printed the first at the 2140.44 area in December 2023.

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XAUUSD market operation on the weekly time frame is bullish. Last week, market operation produced a strong bullish drive that broke above the 2147.98/2175.30 former horizontal resistance area (Sandybrown) to print an all-time high at the 2236.08 area.

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XAUUSD price action on the daily time frame is bullish. But technically, the bullish drive has been largely parabolic, and we are likely to see a bearish correction, perhaps, after a sustained bullish weakness. This may come after a bullish liquidity sweep at an intra-day (e.g., H4 or H1) area of value followed by a period of intra-day consolidation.

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
  • #1,907
  • Mar 31, 2024 3:04pm Mar 31, 2024 3:04pm
USDJPY Weekly Technical Outlook

In March, USDJPY market operation on the monthly time frame punched through the 151.940 former all-time high to print a new high at the 151.970 area. The technical print in March favours bulls more than bears.

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USDJPY market operation on the weekly time frame is bullish. Presently, it is tackling the 152.00 area where it printed an all-time high in March. Apparently, bears are putting up a strong challenge in the area and the candlestick printed last week was doji-like.

Attached Image (click to enlarge)
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USDJPY price action on the daily time frame turned sideways after a bullish drive that printed an all-time high at the 151.970 area. Although the preceding technical impulse is bullish, we cannot rule out a southward liquidity grab before further bullish drive.

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


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,908
  • Mar 31, 2024 3:15pm Mar 31, 2024 3:15pm
EURUSD Weekly Technical Outlook

In July 2023, EURUSD market operation on the monthly time frame made 61.8 retracement of the 1.22540/0.95350 bearish swing that began in June 2021. There was a bullish retest of the 50/61.8 Fib zone in December 2023 before a bearish rejection in January 2024. February and March 2024 have seen mainly a consolidation of market operation in the 38.2/50 Fib zone. Technically, the 1.10190/1.11310 zone (purple) is the operating horizontal resistance on the monthly time frame while the 1.05570/1.03925 zone (green) is horizontal support.

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EURUSD market operation on the weekly time frame is in consolidation after a bullish retracement of the bearish swing that began in June 2021. Presently, market operation is within the 38.2/50 Fib zone of the bearish swing and tackling the 1.07870 horizontal support where an indecision candlestick was printed last week.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame is sideways and presently tackling the 1.07870 horizontal support. The dominant technical structure is bearish.

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


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,909
  • Mar 31, 2024 3:36pm Mar 31, 2024 3:36pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the monthly time frame is making a bullish correction of the 1.42480/1.03528 bearish swing that began in June 2021. Presently, market operation is sideways within the 61.8/50 Fib zone of the bearish swing. Technically, the 1.28590/1.30640 zone (purple) is the horizontal resistance while the 1.20783/1.19850 zone (green) is horizontal support.

Attached Image (click to enlarge)
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GBPUSD market operation is consolidating just below the 61.8 Fib area of the bearish swing that began in June 2021. Last week, an indecision candlestick was printed at the 1.26170 horizontal support.

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


GBPUSD price action on the daily time frame is consolidating after a bearish rejection of the 61.8 Fib retracement of the 1.42480/1.03528 bearish swing that began
in June 2021. Presently, price action is tackling the 1.26170 horizontal support area. Technicals favour a bearish drive that may expose the 1.24100 area before further southward ambition. But we cannot rule out a bullish correction to an intra-day area of value before such southward drive.

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


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,910
  • Apr 7, 2024 2:48pm Apr 7, 2024 2:48pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation remains strongly bullish. On the weekly time frame, the last two weeks have seen the printing of relatively big bullish candlesticks, and the market operation posted an all-time high of 2330.33 last week. However, technically, a bearish correction is imminent.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame saw a bearish challenge of the relatively strong bullish drive on Thursday; the first time in six days of trading. This indicates that bulls are not likely to have a sustained drive towards further highs; and a bearish correction is imminent.

Attached Image (click to enlarge)
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Although XAUUSD price action on the H4 time frame is still bullish, there has been an increase in bearish challenge in the last few days. Apparently, a bearish correction is imminent.

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
  • #1,911
  • Apr 7, 2024 3:01pm Apr 7, 2024 3:01pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame is tackling the 152.00 horizontal resistance area; technically, it is within a triangle (purple). Market operation has declined in bullish momentum as the last two weeks saw the printing of doji-like candles at the 151.600 area.

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The 151.610 horizontal resistance area has remained intact for quite a long time on the USDJPY daily time frame. Presently, price action is tackling the area but has remained sideways for several days. We may see a southward drive for liquidity grab at an intra-day area of value before another bullish charge at the 151.610 horizontal resistance area.

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USDJPY price action on the H4 time frame is presently sideways at the 151.610 horizontal resistance area that has remained intact for quite a long while. Technically, we may see a southward liquidity grab at an area of value such as the 148.800/149.300 intra-day demand (blue), or the area of market imbalance near it, before another bullish charge to tackle the 151.610 horizontal resistance area.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,912
  • Apr 7, 2024 3:17pm Apr 7, 2024 3:17pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame remains sideways within the 50/38.2 fib zone of the bearish swing traceable to late May 2021. Last week, market operation printed a doji-like candlestick at the upper part of the zone, which followed the doji-like print of the previous week.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame is sideways at the 1.08347 intra-day horizontal support area. Price action had made a bullish corrective move towards retesting the 50 Fib area of the bearish swing traceable to May 30, 2021. Although the dominant technical structure is bearish, we may still see further northward move.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame is in a bullish corrective mode. Presently, there is a pause in bullish drive, but we may still see further northward move before a southward turnaround.

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
  • #1,913
  • Apr 7, 2024 3:40pm Apr 7, 2024 3:40pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame remains sideways within the 61.8/50 fib zone of the bearish swing traceable to late May 2021. Last week, market operation printed a doji-like candlestick at the upper part of the zone, which followed the doji-like print of the previous week.

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


GBPUSD price action on the daily time frame is sideways at the 1.26370 intra-day area of value. Price action had made a bullish corrective drive to the area on Wednesday before bears challenged further northward push on Thursday and Friday. But we cannot rule out further northward move in the early part of this week before a southward turnaround.

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


GBPUSD price action on the H4 time frame is making a bullish correction of a dominant bearish structure. Presently, there is decrease in bullish drive, but we may still see further northward move to an area of value 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
  • #1,914
  • Apr 14, 2024 2:04pm Apr 14, 2024 2:04pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame has seen an extended period of bullish drive – creating all-time highs in the past few weeks. Last week, it printed a bullish candlestick with a relatively long upper shadow, equivalent to a bearish pinbar. Technically, there is an increase in bearish pressure as bears resist further northward breakthroughs. Apparently, a bearish correction is in the offing.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame went sideways at the close of trading market last week as it printed a relatively long bearish candlestick on Friday in opposition to the bullish print of Thursday. Although the bearish print of Friday failed to close below Thursday’s opening, this was the first time in several days that bears have exerted such pressure. This situation is favorable to bears and may incentivize a southward liquidity sweep, even if there is a northward move or sideway of price action in the early part of the week.

Attached Image (click to enlarge)
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XAUUSD price action on the H4 time frame is disposed bearish. It is, presently, tackling the 2343.70 intra-day horizontal support, which may result in a sideway or bullish correction of price action. But the preceding technical impulse and recent technical patterns favour southward market engineering.

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
  • #1,915
  • Apr 14, 2024 2:23pm Apr 14, 2024 2:23pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame has broken above the 152.00 horizontal resistance area that has held as resistance since November 2023. The bullish print of last week produced an all-time high of 153.381.

Attached Image (click to enlarge)
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USDJPY price action on the daily time frame is in a bullish mode. On Wednesday, it broke above the 152.00 horizontal resistance area and produced an all-time high at the 153.381 area. Although presently the bullish momentum has waned, technically, we may still see further northward market engineering before any significant bearish correction.

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


Although USDJPY price action on the H4 time frame went sideways after a bullish drive that broke above the 152.00 significant horizontal resistance area, the technical impulse favours bulls. Therefore, any southward move would be short-lived.

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
  • #1,916
  • Apr 14, 2024 2:39pm Apr 14, 2024 2:39pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame printed a bearish candlestick last week. The bearish print broke below the consolidation area that had been in place for three weeks. Market operation is still in a corrective mode, but the dominant technical structure is bearish.

Attached Image (click to enlarge)
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Although EURUSD price action on the daily time frame disposed bearish on Friday, bulls are still influential in the market. The bearish candlestick printed on Friday has a bottom tail as price action tackles the 1.06400 intra-day horizontal support. The dominant technical structure is bearish.

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


EURUSD price action on the H4 time frame turned sideways on Friday as it tackles the 1.06400 intra-day horizontal support. The dominant technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,917
  • Apr 14, 2024 3:24pm Apr 14, 2024 3:24pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame printed a bearish candlestick last week. The bearish print broke below the consolidation area that had been in place for three weeks. Market operation is still in a corrective mode, but the dominant technical structure is bearish.

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


GBPUSD price action on the daily time frame disposed bearish on Friday, but bulls are still influential in the market. The bearish candlestick printed on Friday has a bottom tail as price action tackles the 1.24480 intra-day horizontal support. The dominant technical structure is bearish. The technical pattern favours further southward drive.

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


Although GBPUSD price action on the H4 time frame turned sideways on Friday as it tackles the 1.24480 intra-day horizontal support, the technical impulse favours bears. Besides, the dominant technical structure is bearish.

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
  • #1,918
  • Apr 21, 2024 2:49pm Apr 21, 2024 2:49pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame is bullish. Last week, it printed a bullish candlestick which surged northwards to cover the long wick left on the candlestick printed in the previous week. However, bears challenged a bullish push to retest the previous week’s high

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame went into consolidation after a bullish drive to the 2391.00 area. The 2355.70/2417.81 horizontal channel (purple) represents the prevailing consolidation zone.

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XAUUSD price action on the H4 time frame is consolidating within the 2355.70/2417.81 horizontal channel (purple) after a bullish drive to print another all-year high. What price action does in the zone after Monday’s close should be watched.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 13 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,919
  • Apr 21, 2024 3:03pm Apr 21, 2024 3:03pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame is bullish. Last week, it printed a bullish continuation candlestick that extended its progression beyond the 152.00 horizonal resistance area.

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USDJPY price action on the daily time frame went sideways as it approaches the 155.00 area. Technically, as indicated in the long-tailed doji-like candlestick printed on Friday, bulls are still favoured to regain market influence at least on a short-term basis. Besides, the preceding technical impulse is bullish.

Attached Image (click to enlarge)
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Although USDJPY price action on the H4 time frame is presently sideways, the technical impulse favours bulls more than bears.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 11 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #1,920
  • Apr 21, 2024 3:23pm Apr 21, 2024 3:23pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame turned sideways last week after the bearish breakout of the previous week. Market operation is approaching the 1.05570 horizontal support area.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame is in a bullish corrective mode. There was a bearish breakdown of the 1.07085 horizontal support arear a few days ago but price action went sideways thereafter before a brief bullish pullback. Technically, bears are more favoured than bulls to regain market influence.

Attached Image (click to enlarge)
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Although EURUSD price action on the H4 time frame is in a consolidation mode, the preceding technical impulse is bearish. Therefore, bears are likely to regain market influence.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 11 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
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