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Weekly Top-Down Technical Analyses

  • #2,001
  • Sep 8, 2024 3:22pm Sep 8, 2024 3:22pm
GBPUSD Weekly Technical Outlook

Three weeks ago, GBPUSD market operation on the weekly tie frame breached the 1.31270 horizontal resistance area. Since then, market operation has been sideways in the area.

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GBPUSD price action turned sideways after bears retested the 1.31270 former horizontal resistance area, which was breached several days ago and flipped as support. Presently, price action is in the 1.31270 area, and we may see the restoration of the area as resistance should bears regain market influence during the week. The dominant technical structure is bearish.

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


GBPUSD price action on the H4 time frame went sideways after bears retested the breached 1.31270 former horizontal resistance area. The recent technical patterns favour a southward market engineering at least to retest an intra-day area of value.

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
  • #2,002
  • Sep 15, 2024 2:05pm Sep 15, 2024 2:05pm
XAUUSD Weekly Technical Outlook

Last week, XAUUSD market operation on the weekly time frame printed a bullish candlestick that breached a rising wedge (red) which has constrained it since July. Also, the market operation broke above the 2526.10 horizontal resistance to print a multi-year high at the 2585.90 area.

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XAUUSD price action on the daily time frame is bullish. Last Friday, price action printed a multi-year high at the 2585.90 area, but the bullish momentum is weakening. We cannot rule out a bearish correction before the end of this week.

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XAUUSD price action on the H4 time frame turned sideways towards the end of Friday after a bullish print of a multi-year high at the 2585.90 area. The bullish momentum is declining, and we may soon see a bearish rotation to an intra-day value area before the close of business this week.

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
  • #2,003
  • Sep 15, 2024 2:19pm Sep 15, 2024 2:19pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame broke down a long-term rising channel (purple) four weeks ago. However, there was no significant bearish follow-through. Last week, market operation printed a small bearish candlestick that retested the 140.820 horizontal support which has been in place since December 2023. Further bearish drive may target the next horizontal support at the 138.700 area.

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


USDJPY price action on the daily time frame is bearish. Price action has broken down a long-term rising channel (purple) and it is retesting the 140.820 horizontal support which has been in place since December 2023. We cannot rule out further bearish move in the early part of this week, perhaps to retest a value area such as the 138.400 intra-day horizontal support before a significant bullish pushback.

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame is consolidating within a falling wedge (red). Technical impulse on the daily time frame favours bears. We may see a southward breakdown of the wedge before any significant bullish pushback.

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
  • #2,004
  • Sep 15, 2024 2:29pm Sep 15, 2024 2:29pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame is sideways at the 1.10745 area. This is technically below the 1.11940 prevailing horizontal resistance, which corresponds with the 61.8 fib area of the bearish swing traceable to May 2021.

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EURUSD price action on the daily time frame turned sideways on Friday after a bullish correction of a bearish breakdown of the 1.10440 intra-day horizontal support. Technicals support bears more than bulls. And the dominant technical structure is bearish.

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EURUSD price action on the H4 time frame is consolidating within a falling channel (red). Presently, price action is just below the upper boundary of the channel. Technically, we can expect a bearish drive to the lower channel trendline in the early part of the week.

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
  • #2,005
  • Sep 15, 2024 2:50pm Sep 15, 2024 2:50pm
GBPUSD Weekly Technical Outlook

Four weeks ago, GBPUSD market operation on the weekly time frame made a bullish drive to retest the 1.30810/1.32750 horizontal resistance zone (purple) but there was a feeble bearish resistance a week later. Presently, market operation is sideways at the lower part of the 1.30810/1.32750 horizontal resistance zone (purple).

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


GBPUSD price action on the daily time frame went sideways on Friday after bulls pushed back a bearish breakdown of the 1.30810 intra-day horizontal support. Although we may still see some bullish move within the 1.30810/1.32750 horizontal resistance zone (purple) in the early part of this week, the dominant technical structure is bearish.

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GBPUSD price action on the H4 time frame has developed an intra-day flag or falling channel (red). Presently, price action is sideways at the upper end of the channel. Recent technical prints at the upper region may incentivize a northward liquidity sweep before a bearish rotation. The dominant technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,006
  • Sep 22, 2024 2:17pm Sep 22, 2024 2:17pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame is bullish. Last week, market operation printed a bullish candlestick as a follow-up to the relatively big bullish print that broke above the 2469.19/2526.08 horizontal resistance zone (magenta) two weeks ago.

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XAUUSD price action on the daily time frame is in a rising channel (red). Presently, price action is at the upper trendline of the channel. We may still see further northward move, or sideways of price action, before a southward drive.

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XAUSD price action on the H4 time frame is at the upper part of a rising channel (red). Presently, the bullish momentum has declined but bulls are still favoured to make further northward move before a bearish rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,007
  • Sep 22, 2024 2:29pm Sep 22, 2024 2:29pm
USDJPY Weekly Technical Outlook

The USDJPY market on the weekly time frame had been operating within a rising channel (purple) for several weeks but had been broken down a few weeks ago. However, last week, there was a bullish pullback. Presently, the market operation is located at the 143.845 recently broken-down horizontal support, potentially flipping it as resistance.

Attached Image (click to enlarge)
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USDJPY price action on the daily time frame has broken down a rising channel (purple) within which it had been operating for weeks. It is now consolidating within a falling channel (red). Presently, price action is in a bullish mode at the upper part of the falling channel and at the 143.845 intra-day horizontal resistance. Technically, a bearish rotation is in the offing.

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


USDJPY price action on the H4 time frame went sideways after a bullish charge at the upper trendline of the falling channel (red) within which it is operating. Presently, price action is at the 143.845 intra-day horizontal resistance. Although we may still see a northward retest of an intra-day area of value, the technical impulse and recent technical patterns favour a bearish rotation.

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
  • #2,008
  • Sep 22, 2024 2:59pm Sep 22, 2024 2:59pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame went bullish last week to retest the 1.11690/1.12620 horizontal resistance zone (purple). The zone contains the 61.8 Fib retracement of the bearish swing traceable to May 2021. But the bullish candlestick printed last week closed at the lower boundary of the zone.

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EURUSD price action on the daily time frame put on a bullish mode on Monday last week but went sideways between Tuesday and Wednesday. On Thursday it regained a bullish mode to retest the 1.11690 intra-day horizontal resistance. However, there was no bullish follow-up on Friday as price action printed a doji-like candlestick. Although we may still see further northward move in the early part of this week, there is a decline in directional momentum as price action tackles the 1.11690/1.12620 horizontal resistance zone (purple), seen on the weekly time frame. The zone contains the 61.8 Fib retracement of the bearish swing traceable to May 2021.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame went sideways as it tackles the 1.11690 intra-day horizontal resistance. Technically, there is a decline in bullish momentum, but we cannot rule out further northward move before a southward rotation.

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
  • #2,009
  • Sep 22, 2024 3:09pm Sep 22, 2024 3:09pm
Good work
Never Trade without a defined risk, never, never, never.
  • #2,010
  • Sep 22, 2024 3:27pm Sep 22, 2024 3:27pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is bullish. Last week, market operation broke above an area of consolidation that has held for three weeks. Technically, we may still see further northward move in the early part of this week.

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


GBPUSD price action on the daily time frame is in a bullish mode. It is operating in a rising wedge (red) and presently it is at the upper area of the wedge. Besides, on Friday, price action broke above the 1.32750 intra-day horizontal resistance. Technically, we may still see further northward move in the early part of this week but the dominant technical structure is bearish.

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


GBPUSD price action on the H4 time frame is consolidating above the 1.32750 intra-day horizontal resistance. Although, technically, we may still see further northward move in the early part of this week, the dominant technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,011
  • Sep 29, 2024 1:54pm Sep 29, 2024 1:54pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame is in a rising channel (red). Although the market operation is bullish, the bullish momentum is declining. Last week, market operation printed a bullish candlestick with a prominent wick at the upper channel trendline.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame went sideways after a bullish drive to the upper trendline of a rising channel (red). Last week Friday, price action printed a bearish candlestick which closed below the opening of the bullish candlestick printed on Thursday. Technically, this supports further southward move at least on a short-term basis.

Attached Image (click to enlarge)
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XAUUSD price action on the H4 time frame has been in a consolidating mode for much of last week but there was a bearish breakdown of the mode towards the end of Friday. Thus, the technical impulse favours bears more than bulls. And we may see further southward move in the early part of this week.

Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH4.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,012
  • Sep 29, 2024 2:02pm Sep 29, 2024 2:02pm
USDJPY Weekly Technical Outlook

After the USDJPY market operation on the weekly time frame broke down a long-term rising channel (purple), it is now within a falling wedge (red). Last week, the bearish print had a long wick, which technically favours bears more than bulls. Technically, although we may still see a bullish correction in the early part of this week, bears are favoured to sweep further downwards. Presently, market operation is at the 142.470 mini-horizontal support.

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USDJPY price action on the daily time frame is within a falling wedge (red). Presently, price action is sideways in the middle of the wedge and tackling the 142.470 intraday horizontal support. Recent technical prints favour a bearish market engineering, perhaps after a northward correction in the early part of this week.

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame is presently bearish. The technical impulse supports further southward move, perhaps to retest an intraday area of value.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 14 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,013
  • Sep 29, 2024 2:10pm Sep 29, 2024 2:10pm
EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame is sideways within a rising channel (red). Last week, market operation printed an indecision candlestick within the channel as opposed to the bullish print of two weeks ago. Presently, market operation is just below the 61.8 Fib retracement of the bearish swing traceable to May 2021.

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


EURUSD price action on the daily time frame is sideways at the 1.11690 intra-day horizontal resistance area. The area has held as horizontal resistance since August 25, 2024. We cannot rule out a bearish pullback from the area in the early part of this week.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame is operating within a rising wedge (blue). Presently, price action is navigating the 1.11690 intra-day horizontal resistance area; an area the has held as horizontal resistance since August 25, 2024. Recent patterns support a southward market engineering, but this may be short live.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 17 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,014
  • Sep 29, 2024 2:19pm Sep 29, 2024 2:19pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is in a bullish mode but there is a decline in bullish momentum. Recent price action has produced a rising wedge (red) but it is narrowing.

Attached Image (click to enlarge)
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GBPUSD price action on the daily time frame is ranging just below the 78.6 fib retracement area of the bearish swing traceable to May 2021. Also, recent price action has produced a rising but narrowing wedge (red), which, technically indicates a slowing down of bullish momentum.

Attached Image (click to enlarge)
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GBPUSD price action on the H4 time frame is consolidating within a rising channel (blue). But there is little directional play within the channel. Presently, price action is just below the 78.6 fib retracement area of the bearish swing traceable to May 2021.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 17 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,015
  • Oct 6, 2024 2:05pm Oct 6, 2024 2:05pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the monthly time frame is bullish. In September, the market operation broke above the 2443.5186/2526.0784 zone (blue), which had served as horizontal resistance for four months, flipping it as support.

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Last week, the XAUUSD market operation on the weekly time frame went sideways after printing a multi-year high at the 2685.43 level two weeks ago. Technically, we may see an increase in bearish challenge at the level.

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XAUUSD price action on the daily time frame is consolidating at the 2647.60/2685.43 horizontal resistance zone (red). This zone is a multi-year horizontal resistance zone. Technically, we should expect a bearish drive from the zone

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
  • #2,016
  • Oct 6, 2024 2:15pm Oct 6, 2024 2:15pm
USDJPY Weekly Technical Outlook

The USDJPY market operation on the monthly time frame broke down the rising channel (purple) within which it was confined for several months to retest the 140.550/136.060 horizontal support zone (green) in September. But the bearish technical print in September has a relatively long-tail and a short wick. This, technically, favours bulls more than bears, at least on a relatively short-term basis.

Attached Image (click to enlarge)
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Last week, the USDJPY market operation on the weekly frame made a bullish retest of a broken-down rising channel (purple) within which it was confined for several weeks. The market operation had made a bearish retest of the 140.550/136.060 horizontal support zone (green) after the breakdown of the channel before disposing northward. Presently, market operation is within the channel and tackling the 148.620 horizontal resistance. Nevertheless, we may still see further northward move before a significant bearish challenge.

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


USDJPY price action on the daily time frame is bullish. Although this is a corrective mode, we cannot rule out further northward move. Such a move may target an intra-day area of value such as the 150.810/152.520 zone (magenta).

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
  • #2,017
  • Oct 6, 2024 2:32pm Oct 6, 2024 2:32pm
EURUSD Weekly Technical Outlook

In September 2024, the EURUSD market operation on the monthly time frame made a bullish retest of the 61.8 Fib retracement of the bearish swing traceable to May 2021. The miniature bullish print in September dipped into the 61.8 Fib area before closing below it. The September candlestick has shadows on both ends, which technically indicates that both bulls and bears exerted the same degree of influence in the market.

Attached Image (click to enlarge)
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Last week, the EURUSD market operation on the weekly time frame broke down the 1.10270 horizontal support (blue) that has been in place for seven weeks. Should bears maintain their influence in the market, we may see further southward market engineering in the early part of this week.

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


EURUSD price action on the daily time frame is in a bearish mode. Technically, we may see the making of an ‘M’ pattern, which may be completed at the 1.08970 level. This may extend to the 1.07920 level (Sandybrown) before a bullish retracement. The 1.08970 level aligns with the 50 Fib retracement of the bearish swing traceable to May 2021. 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
  • #2,018
  • Oct 6, 2024 2:50pm Oct 6, 2024 2:50pm
GBPUSD Weekly Technical Outlook

In September 2024, the GBPUSD market operation on the monthly time frame made a bullish retest of the 78.6 Fib retracement of the bearish swing traceable to May 2021. The wick on top of the bullish candlestick printed in September indicates that bears are still influential in the market.

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


The GBPUSD market operation on the weekly time frame has produced what approximates to an evening star pattern. The star candlestick, printed two weeks ago, retested the 78.6 Fib retracement of the bearish swing traceable to May 2021. This was followed by a bearish rejection of the area last week. This, technically, favours a bearish follow-through of market operation.

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


GBPUSD price action on the daily time frame is bearish. Presently, price action is tackling the1.30810 horizontal support. The technical impulse favours bears.

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
  • #2,019
  • Oct 13, 2024 2:41pm Oct 13, 2024 2:41pm
XAUUSD Weekly Technical Outlook

After going sideways at the 2647.60 horizontal resistance area two weeks ago, XAUUSD market operation on the weekly time frame printed a bullish pinbar in the area last week. Technically, we may see further northward drive from the area this week. This, however, does not mean that we may not see a bearish move to first shake out weak hands before a bullish drive.

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


XAUUSD price action on the daily time frame has retested the 2647.60 horizontal resistance area. This was after a bearish breakdown of the area a few days back. The technical impulse favours further northward move.

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


The XAUUSD price action on the H4 time frame went sideways at the 2656.74 intra-day horizontal resistance area. The technical impulse and recent technical patterns favour further northward move.

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
  • #2,020
  • Oct 13, 2024 2:53pm Oct 13, 2024 2:53pm
USDJPY Weekly Technical Outlook

Last week, the USDJPY market operation on the weekly time frame turned sideways at the 149.090 horizontal resistance area. There was a bullish drive to the area two weeks ago. This sideway of market operation technically represents a slowdown in bullish momentum.

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


The USDJPY price action on the daily time frame turned sideways at the 149.090 intra-day horizontal resistance area. Nevertheless, we may still see further northward move to an intra-day area of value in the early part of this week.

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


The USDJPY price action on the H4 time frame has turned sideways after a bullish retest of the 149.090 intra-day horizontal resistance area. There is an intra-day market imbalance within the 150.810/152.550 zone (magenta), and this may incentivize northward market engineering.

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
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