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Weekly Top-Down Technical Analyses

  • #2,021
  • Oct 13, 2024 3:07pm Oct 13, 2024 3:07pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame went sideways last week after a bearish move two weeks ago. Market operation is at the 1.09350 horizontal support area, which aligns with the 50-fib retracement of the bearish swing traceable to May 2021.

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EURUSD price action on the daily time frame went sideways at the 1.09350 horizontal support area after completing the down leg of an ‘M’ pattern. Technically, we may see a bullish pullback before a bearish turnaround. Any further bearish drive may target the horizontal support at the 1.07920 area.

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EURUSD price action on the H4 time frame went sideways after a bullish retracement of the bearish drive that broke down 1.09530 intra-day horizontal support area. We may see a northward market engineering to an area of value, such as the 1.09960/1.100060 market imbalance (magenta), before a bearish turnaround.

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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
  • #2,022
  • Oct 13, 2024 3:29pm Oct 13, 2024 3:29pm
GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame turned sideways last week at the 1.30810 horizontal support area. There was a bearish retest of the area two weeks ago.

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


GBPUSD price action on the daily time frame has turned sideways at the 1.30350 intra-day horizontal support. Although the technical impulse favours further southward move, we may still see a northward move before a southward turnaround.

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


GBPUSD price action is consolidating within a falling channel (blue). Although price action is presently at the upper channel trendline, we may still see further northward move to an intra-day area of value before a southward turnaround.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,023
  • Oct 20, 2024 3:36pm Oct 20, 2024 3:36pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame is in a bullish mode. Last week, market operation printed a relatively big bullish candlestick that broke above the 2647.60/2685.43 horizontal resistance zone (red).

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XAUUSD price action on the daily time frame is bullish. On Thursday, price action printed a bullish candlestick that closed above the 2647.60/2685.43 horizontal resistance zone (red). There was a relatively strong bullish follow-up on Friday. Apparently, the technical impulse is bullish. We cannot rule out further bullish move in the early part of this week.

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XAUUSD price action on the H4 time frame is in a bullish mode. Although the technical impulse is bullish, we may still see a bearish correction to an intra-day area of value such as the 2704.33/2712.55 demand (magenta).

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,024
  • Oct 20, 2024 3:42pm Oct 20, 2024 3:42pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame printed a bearish candlestick last week that surged to the 1.07920 horizonal support area before retracing. This indicates that bulls are challenging a breakdown of the area.

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EURUSD price action on the daily time frame printed a bullish candlestick on Friday to challenge a bearish breakdown of the 1.07920 horizonal support. A bearish drive to the area began on Monday. As the technical impulse favours bears, we may still see further southward move 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 a bullish corrective mode but the technical impulse is bearish. Apparently, any further northward move may be short lived.

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I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,025
  • Oct 20, 2024 3:53pm Oct 20, 2024 3:53pm
GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame is still sideways at the 1.30810 horizontal support area (purple). Technically, this indicates that the bearish drive to the area three weeks ago is declining in momentum and bulls are resisting the bearish drive.

Attached Image (click to enlarge)
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GBPUSD price action on the daily time frame is retesting the 1.30810 area after its bearish breakdown on Wednesday. As the technical impulse favours bears more than bulls, we may still see further southward move, perhaps, to retest an intra-day area of value.

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


GBPUSD price action on the H4 time frame went sideways on Friday after a bullish retracement of a bearish breakdown of the 1.30810 horizontal support area traceable to the weekly time frame. Presently, price action is at the 1.30460 intra-day horizontal resistance.

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
  • #2,026
  • Oct 27, 2024 2:53pm Oct 27, 2024 2:53pm
XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame is still bullish but the bullish momentum is declining. Bears are resisting bulls’ drive to print further multi-year highs. The bullish candlestick printed last week is relatively smaller than the one printed two weeks ago.

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XAUUSD price action on the daily time frame are consolidating just above the 2647.60/2685.43 horizontal resistance zone after its bullish breakup on Friday October 18. This represents a slowdown in bullish momentum, but we cannot rule out further northward move before a southward turnaround.

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XAUUSD price action on the H4 time frame is consolidating within a rising channel (blue). Presently, price action is bullish within the channel and tackling the 2746.56 intra-day resistance. But we may still see further northward move; perhaps, to retest the upper channel trendline.

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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
  • #2,027
  • Oct 27, 2024 3:10pm Oct 27, 2024 3:10pm
USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame is bullish. Last week, market operation made a bullish retest of the 152.520/150.810 former horizontal support zone (magenta) which was broken down several weeks ago. Technically, market operation is in a rising channel (purple).

Attached Image (click to enlarge)
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USDJPY price action on the daily time frame turned sideways on Friday within the 152.520/150.810 former horizontal support zone (magenta) after a bullish retest on Wednesday. The technical pattern favours further northward move, at least on a short-term basis.

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame is consolidating in a rising channel (blue). Presently it is retesting the 152.520 intra-day value area resistance after its bearish breakdown.

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
  • #2,028
  • Oct 27, 2024 3:27pm Oct 27, 2024 3:27pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame is bearish. Last week, the market operation printed a bearish continuation candlestick. The candlestick closed at the 1.07920 horizontal support area. Technically, we can expect a bullish challenge of bearish momentum in the area.

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


EURUSD price action on the daily time frame turned sideways at the 1.07920 horizontal support after a bearish drive to the area. The technical impulse favours bears more than bulls but we may still see a northward correction before further southward drive. The dominant technical structure is bearish.

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


EURUSD price action on the H4 time frame is retesting the 1.07920 horizontal support after a bullish correction of the bearish breakdown of the area. Meanwhile, recent price action has formed a faling channel (blue) and the price action is in the middle of the channel. The dominant technical structure is bearish.

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
  • #2,029
  • Oct 27, 2024 3:35pm Oct 27, 2024 3:35pm
GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame is bearish. But presently, it is tackling the 1.29600 horizontal support area. This is about 150 pips above the 61.8 Fib retracement of the bearish swing traceable to May 2021.

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GBPUSD price action on the daily time frame went sideways after a bearish breakdown of the 1.30810 horizontal support area several days ago. Presently, price action is tackling the 1.29600 intra-day horizontal support. 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 is consolidating in a falling channel (blue) after a bearish breakdown of the 1.30810 horizontal support area. Meanwhile, price action is retesting the breached 1.29600 intra-day horizontal support after a bullish pullback. 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
  • #2,030
  • Nov 3, 2024 2:19pm Nov 3, 2024 2:19pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame has been bullish for quite a while. Three weeks ago, it made a bullish breakout of the 2647.60/26.85.43 horizontal resistance zone (red) flipping it as support. However, since then, there has been a decline in bullish momentum. Last week, market operation printed a bearish pinbar, which indicates that bears are challenging further northward drive.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame is experiencing a decline in bullish momentum. Last week Thursday, price action printed a relatively big bearish candlestick, which indicated a strong bearish challenge to the bullish drive that printed the multi-year high of 2789.87 on Wednesday. However, there was little bearish follow-up on Friday as price action was tackling the 2736.00 horizontal support. This led to the printing of an indecision candlestick on Friday.

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On Thursday last week, XAUUSD price action on the H4 time frame made a relatively strong bearish drive to the 2736.00 horizontal support. But the bullish retracement that followed was feeble, and eventually, on Friday, price action went sideways. Nevertheless, as the technical impulse favours bears more than bulls 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: 12 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,031
  • Nov 3, 2024 2:29pm Nov 3, 2024 2:29pm
USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame is consolidating within a rising channel (purple). It is, presently, on the bullish phase of the consolidation. After a bearish retest of the lower channel trendline, bulls initiated a retest of the upper channel trendline. Last week, market operation printed an indecision candlestick as it tackles the 152.150 horizontal resistance area.

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USDJPY price action on the daily time frame went sideways as it effected a bullish charge towards the upper trendline of the rising channel (purple) within which it is consolidating. The technical impulse favours bulls more than bears.

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USDJPY price action on the H4 time frame is presently sideways. Technically, it operates within a rising channel seen on the daily time frame and presently in the bullish phase of the consolidation. Thus, we should expect further northward drive.

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
  • #2,032
  • Nov 3, 2024 2:34pm Nov 3, 2024 2:34pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame is respecting a rising trendline (blue) traceable to October 2024. Presently, market operation is sideways just at the trendline after producing a ‘W’ pattern and making a retest of the trendline. Technically, we may see a bullish retest of the ‘M’ pattern neckline, which is around the 1.10110 area (magenta), before a southward rotation. The dominant technical structure is bearish.

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EURUSD price action on the daily time frame went sideways after a bullish retracement of a bearish retest of a rising trendline (blue). But we cannot rule out further northward movement, at least in the early part of this week or on a relatively short-term basis. Nevertheless, the dominant technical structure is bearish.

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


EURUSD price action on the H4 time frame is presently consolidating within a rising channel (blue). But we may see a bullish breakout from the channel for northward market engineering to an area of value, such as the intra-day market imbalance around the 1.101110 area (magenta), 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
  • #2,033
  • Nov 3, 2024 2:49pm Nov 3, 2024 2:49pm
GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame went sideways last week after breaking down a rising channel (blue) within which it was consolidating. Presently, market operation is located at the 1.29150 horizontal support area.

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GBPUSD price action on the daily time frame went sideways at the lower channel trendline of the rising channel (blue) within which it was consolidating. An ‘M’ shaped pattern was formed by recent technical prints, and we may see a bullish retest of the neckline, around the 1.30360 area (magenta), before a southward drive. Should bears force a bearish breakdown of the rising channel (blue), we may see a technical retest of the 1.27380 horizontal support (green).

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GBPUSD price action on the H4 time frame is consolidating within a falling channel (dark violet). Presently, it is sideways at the 1.29140 intra-day horizontal support. As the larger time frame (D1) price action had retested the lower trendline of the rising channel within which it is consolidating (blue), we may still see further northward market engineering to an intra-day area of value.

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
  • #2,034
  • Nov 10, 2024 1:34pm Nov 10, 2024 1:34pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame has printed an evening star pattern just above the recently broken 2647.60/2685.43 horizontal resistance zone (red), which was flipped as support. Last week, bearish market operation retested the zone but left a relatively long tail within it. Technically, we may expect a bearish turnaround to be imminent, but we cannot rule out a northward market engineering to an intra-day area of value first.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame went sideways on Friday at the upper part of the 2685.43/2647.60 horizontal support area (red) following a bullish pushback on Thursday of a bearish retest of the zone on Wednesday. The technical impulse favours bears more than bulls.

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


The technical impulse of XAUUSD price action on the H4 time frame favours bears more than bulls. But presently, the price action is sideways as it tackles the upper part of the 2685.43/2647.60 horizontal support area (red), seen on the daily time frame. A bearish drive from the area is potentially imminent.

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
  • #2,035
  • Nov 10, 2024 1:45pm Nov 10, 2024 1:45pm
USDJPY Weekly Technical Outlook

The USDJPY market operation went sideways at the 152.520 horizontal resistance area. There was a bullish breakout in the area three weeks ago, but bears pushed back to restore the status quo. Last week, a bearish attempted follow-through met with bullish pushback, leading to the printing of an indecision candlestick in the area. Technically, market operation is still in the middle part of a rising channel (dark violet).

Attached Image (click to enlarge)
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USDJPY price action on the daily time frame is consolidating within a rising channel (blue). Presently, bearish price action is retesting the 152.520 value area which was flipped as horizontal support by bullish price action on Wednesday. Further bearish push may see a retest of the 150.810 horizontal support or the lower channel trendline. This may later extend to the 149.200 longer-term horizontal support (green).

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame went sideways after a bearish turnaround at the upper trendline of a rising channel (blue). Presently, bearish price action is retesting the 152.520/150.810 horizontal support zone (magenta), traceable to the weekly time frame. But as it is at the upper part of the zone, we may see further southward move.

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
  • #2,036
  • Nov 10, 2024 1:55pm Nov 10, 2024 1:55pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame is bearish. The bearish candlestick printed last week broke down the 1.07730 horizontal support that has been in place for two weeks as well as the rising trendline that had been in place for several weeks. Should market operation yield to this bearish mode, we may see a bearish follow-through that exposes the 1.04940 handle.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame went sideways on Friday after a bearish drive that broke down the 1.07730 horizontal support on Wednesday and a rising trendline that had been in place for several weeks. The technical impulse may see further southward move, at least in the early part of this week. The dominant technical structure is bearish.

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


Although EURUSD price action on the H4 time frame went sideways towards the end of last week, the technical impulse favours bears more than bulls. Besides, 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
  • #2,037
  • Edited 2:50pm Nov 10, 2024 2:03pm | Edited 2:50pm
GBPUSD Weekly Technical Putlook

The GBPUSD market operation on the weekly time frame went sideways last week at the 1.29160 horizontal support. However, market operation threatened a breakdown of the rising channel (blue) within which it has been confined for several weeks.

Attached Image (click to enlarge)
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On Wednesday, GBPUSD price action on the daily time frame saw a brief breakdown of the rising channel (blue) within which it has been confined for several weeks. However, there was a northward pullback on Thursday, and the bearish price action on Friday failed to significantly break down the channel. Nevertheless, the dominant technical structure is bearish. In this context, we may see a technical retest of the 1.26000 handle.

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


Although GBPUSD price action on the H4 time frame is presently sideways, the dominant technical structure is bearish.

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
  • #2,038
  • Nov 17, 2024 1:48pm Nov 17, 2024 1:48pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame is bearish. Last week, market operation printed a relatively big bearish candlestick that broke below the 2647.60 horizontal support. The bearish candlestick printed last week drove towards the 2526.08 horizontal support before a bullish challenge, leaving a relatively small tail in the area.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame is bearish. But presently the price action went sideways as it tackles the 2562.72 intra-day horizontal support. Recent technical prints favour further bearish move, which may threaten the 2526.08/2482.63 horizontal support zone.

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


XAUUSD price action on the H4 time frame is bearish. There was a bullish corrective move on Thursday last week before the price action went sideways. The technical impulse favours further bearish drive.

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
  • #2,039
  • Nov 17, 2024 2:28pm Nov 17, 2024 2:28pm
USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame is bullish. Last week, a market operation printed a bullish candlestick that broke above a short-term consolidation at the 152.520 horizontal resistance area. The bullish candlestick printed last week drove above the 155.400 horizontal resistance before closing below it, leaving a prominent wick.

Attached Image (click to enlarge)
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USDJPY price action on the daily time frame is consolidating within a rising channel (red). On Friday, price action retested the lower channel trendline after a bullish drive towards the upper part of the channel. Technically, we may see a northward rotation to retest the upper channel trendline or an intra-day area of value.

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame is consolidating within a rising channel (red). On Friday, it made a bearish drive to retest the lower channel trendline, but bulls resisted the move. Presently, price action is in consolidation near the lower channel trendline.

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
  • #2,040
  • Nov 17, 2024 2:52pm Nov 17, 2024 2:52pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame is bearish. After the bearish breakdown of a rising trendline (blue) two weeks ago, the market operation printed a relatively big bearish continuation candlestick last week. The dominant technical structure is bearish. And technically, market operation is at the 38.2 Fib retracement area of the bearish swing traceable to May 2021.

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Although the EURUSD price action on the daily time frame went sideways on Friday, the technical impulse is bearish. Also, the dominant technical structure is bearish. However, presently, price action is tackling the 38.2 Fib retracement area of the bearish swing traceable to May 2021.

Attached Image (click to enlarge)
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The EURUSD price action on the H4 time frame is consolidating within a falling channel (blue), but the technical impulse is bearish. Price action is presently at the upper channel trendline. The dominant technical structure is bearish, and price action is tackling the 38.2 Fib retracement area of the bearish swing traceable to May 2021.

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


I may be wrong. Trade safe and prosper.

KP
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Do your homework, follow the footprints of smart money
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