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Weekly Top-Down Technical Analyses

  • #2,041
  • Nov 17, 2024 3:05pm Nov 17, 2024 3:05pm
GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame is bearish. Last week, the market operation printed a relatively big bearish continuation candlestick after the bearish breakdown of a rising trendline (blue) two weeks ago. The dominant technical structure is bearish. And technically, market operation is just below the 61.8 Fib retracement area of the bearish swing traceable to May 2021.

Attached Image (click to enlarge)
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The GBPUSD price action on the daily time frame is bearish. Presently, the price action is located at the 1.26086 horizontal support after a bearish breakdown of a medium-term rising trendline (blue). The dominant technical structure is bearish, but we may see a bullish correction before further bearish drive. Price action is located just below the 61.8 Fib retracement area of the bearish swing traceable to May 2021.

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The GBPUSD price action on the H4 time frame is bearish but there is presently a decline in bearish momentum. Nevertheless, apart from a brief northward correction, the technical impulse favours bears more than bulls.

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
  • #2,042
  • Nov 24, 2024 1:38pm Nov 24, 2024 1:38pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time resumed an extended bullish mode last week. The technical prints of the past nine weeks favour further bullish move. But technically a southward rotation is imminent.

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The XAUUSD price action on the daily time frame is bullish. The technical impulse favours further northward move. But, much likely after a bullish retest of an intra-day area of value, we will see a southward turnaround.

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Although XAUUSD price action on the H4 time frame is seeing a decline in bullish momentum, the technical impulse favours further northward drive. Recent technical patterns favour northward market engineering to retest an intra-day area of value before a southward turnaround.

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


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,043
  • Nov 24, 2024 1:51pm Nov 24, 2024 1:51pm
USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame has been confined to a rising channel (purple) for several weeks. Presently, the market operation is in a bullish phase within the channel, but the bullish momentum is declining. Last week, market operation printed a doji-like candlestick as it tackles the 155.400 horizontal resistance area.

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


The USDJPY price action on the daily time frame is presently sideways after a bearish pullback of a bullish drive to retest the 155.400 horizontal resistance area. But the technical impulse favours bulls more than bears. Thus, a northward drive is likely to be more feasible than a southward one.

Attached Image (click to enlarge)
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USDJPY price action is presently sideways on the H4 time frame. However, the technical impulse favours bulls more than bears. Also, recent technical patterns (e.g., a disguised ‘W’ pattern with retest of an area of imbalance) favour northward market engineering.

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
  • #2,044
  • Nov 24, 2024 2:21pm Nov 24, 2024 2:21pm
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 bearish market operation of last week dipped into the 1.04050/1.02412 horizontal support zone (green) before retracing. Technically, bulls are resisting a bearish breakdown of the zone.

Attached Image (click to enlarge)
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The EURUSD price action on the daily time frame is bearish. After an initial bullish correction on Monday, price action printed bearish candlesticks on Wednesday through Friday that broke below the 1.04050 horizontal support area (green) before retracing. Technically, bulls are resisting a bearish breakdown of the area, but we may still see further southward drive after a northward correction or sideways of price action. The dominant technical structure is bearish.

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Although, presently, the EURUSD price action on the H4 time frame is sideways, the technical impulse favours bears more than bulls. Thus, we may still see further southward drive. 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
  • #2,045
  • Nov 24, 2024 2:51pm Nov 24, 2024 2:51pm
GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame is bearish. However, there is a decline in bearish momentum. Two weeks ago, the market operation printed a relatively big bearish candlestick that broke down the 1.27380 horizontal support (green), which aligns with the 61.8 fib retracement of the bearish swing traceable to May 2021. But the bearish candlestick printed last week was relatively small as the market operation tackles the 1.25260 horizontal support area.

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GBPUSD price action on the daily time frame is bearish. After an initial bullish correction on Monday, price action printed bearish candlesticks on Wednesday through Friday. The bearish print of Friday broke below the 1. 25260 horizontal support area before snapping back to close at the level. Technically, bulls are resisting further bearish drive. Nevertheless, we cannot rule out further southward drive after a northward correction or sideways of price action. The dominant technical structure is bearish.

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


Presently, the GBPUSD price action on the H4 time frame is sideways but the technical impulse favours bears more than bulls, and we may still see further southward drive. 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
  • #2,046
  • Dec 1, 2024 2:09pm Dec 1, 2024 2:09pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the monthly time frame is sideways. In November, market operation printed a long-tailed bearish candlestick after a bullish pushback of the bearish attempt to breach the 2526.08 horizontal support area. Presently, market operation is at the 2647.60 horizontal resistance area.

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The XAUUSD market operation on the weekly time frame is sideways. Last week, market operation printed a bearish candlestick with a prominent tail after a failed attempt to break down the 2647.60 area which was flipped as support by the relatively big bullish candlestick printed two weeks ago. The market operation is consolidating within a rising channel (red)

Attached Image (click to enlarge)
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The XAUUSD price action on the daily time frame is retesting the 2647.60 horizontal resistance area after its bearish breakdown on Monday. However, the bullish momentum is weak. We may still see southward market engineering to an intra-day area of value.

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



I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,047
  • Dec 1, 2024 2:17pm Dec 1, 2024 2:17pm
USDJPY Weekly Technical Outlook

In November, the USDJPY market operation on the monthly time frame printed a long top-wick bearish candlestick that rejected the 155.400 horizontal resistance area. The bearish candlestick dipped into the 149.220 horizontal support area. Technically, the USDJPY market operation on the monthly time frame is bearish.

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The USDJPY market operation on the weekly time frame is bearish. Last week, the market operation printed a relatively big bearish candlestick that broke down the 152.520/150.810 horizontal support zone (magenta). Last week’s bearish candlestick tested the 149.200 horizontal support area before retracing a few pips above it. Technically, bears are more favoured than bulls, but we cannot rule out a brief northward move before further bearish drive.

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The USDJPY price action on the daily time frame is in a bearish mode. Price action in the past few days have rejected the 155.400 horizontal resistance. On Friday, price action significantly broke down the 150.810 horizontal support and threatened the 149.200 horizontal support. A bearish follow-through is technically favoured but we may see a northward liquidity sweep before a southward turnaround.

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
  • #2,048
  • Dec 1, 2024 2:59pm Dec 1, 2024 2:59pm
EURUSD Weekly Technical Outlook

In November, the EURUSD market operation on the monthly time frame printed a relatively big bearish candlestick that left a prominent tail in the 1.04050/1.02412 horizontal support (green). Technically, market operation is near the 23.6 Fib retracement area of the bearish swing traceable to May 2021.

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Last week, the EURUSD market operation on the weekly time frame retested the 1.04050 horizontal support area before disposing northward to produce a bullish candlestick with a tail at the 1.04050 horizontal support area. Recent technical prints at the area favour further northward move. However, the dominant technical structure is bearish.

Attached Image (click to enlarge)
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The EURUSD price action on the daily time frame went sideways after a bullish retracement of the bearish dive to the 1.04050 horizontal support area. Presently, price action is retesting the 32.8 fib retracement area of the bearish swing traceable to May 2021. Although the dominant technical structure is bearish, we may still see further northward market engineering to an intra-day area of value.

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
  • #2,049
  • Dec 1, 2024 3:25pm Dec 1, 2024 3:25pm
GBPUSD Weekly Technical Outlook

In November, the GBPUSD market operation on the monthly time frame printed a long-tailed bearish candlestick around the 1.27380 horizontal support area (green). The area aligns with the 61.8 fib retracement of the bearish swing traceable to May 2021.

Attached Image (click to enlarge)
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Last week, the GBPUSD market operation on the weekly time frame retested the 1.24855 horizontal support area before disposing northward to produce a bullish candlestick with a tail in the area. Presently, the market operation is tackling the 1.27380 horizontal resistance area, which aligns with the 61.8 fib retracement of the bearish swing traceable to May 2021.

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



The GBPUSD price action on the daily time frame is presently retesting the 61.8 fib retracement of the bearish swing traceable to May 2021. The area aligns with the 1.27380 area, which was flipped as resistance several days ago after a bearish breakdown. Recent technical pattern favours further northward move. Should bulls succeed in breaking above the 1.27380 area, we may see further northward market engineering to an intra-day area of value. But the dominant technical structure is bearish.

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



I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,050
  • Dec 8, 2024 1:39pm Dec 8, 2024 1:39pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame is consolidating within a rising channel (red). Last week, the market operation printed an indecision candlestick just below the 2647.60 horizontal resistance area. This means that there was no significant bearish follow-through to the bearish market operation of two weeks ago. The immediate horizontal support is at the 2615.76 area.

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XAUUSD price action on the daily time frame broke down the 2647.60 area on November 25 flipping it as resistance. There has been a feeble bullish attempt to break above the area but with no success. Presently, price action is sideways in the area but we may still see further southward market engineering to an intra-day area of value.

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XAUUSD price action on the H4 time frame is consolidating below the 2647.60 horizontal resistance area. Although the preceding technical impulse favours bears, we should await how price action handles the area by Monday close.

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
  • #2,051
  • Dec 8, 2024 2:04pm Dec 8, 2024 2:04pm
USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame went sideways last week at the 149.220 horizontal support area (green) after a doji-like candlestick was printed there last week. This meant that there was no bearish follow-through to the relatively big bearish drive of two weeks ago. The market operation is within a rising channel (purple).

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USDJPY price action on the daily time frame went sideways a few days ago after a bearish breakdown of the rising channel (red) within which it was operating. A bearish drive broke down the channel on November 29. Technically, there is a wider rising channel (purple) within which the market operation is consolidating. Presently, price action is tackling the 149.220 horizontal support area (green). We cannot rule out northward market engineering to an intra-day area of value before further southward drive.

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USDJPY price action on the H4 time frame has broken down a rising channel (red) within which it was consolidating. Also, the price action went sideways after a bullish rejection of the 149.220 horizontal support (green). We may still see a bullish retest of the lower channel trendline or an intra-day area of value before further bearish drive.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4.png Size: 17 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,052
  • Dec 8, 2024 2:30pm Dec 8, 2024 2:30pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame went sideways last week after the printing of a doji-like candlestick at the 38.2 fib retracement area of the bearish swing traceable to May 2021. The market operation had printed a bullish candlestick to retest the area two weeks ago. The area aligns with the 1.05666 horizontal resistance. The dominant technical structure is bearish.

Attached Image (click to enlarge)
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Last Thursday, EURUSD price action on the daily time frame printed a relatively big bullish candlestick to retest the 38.2 fib retracement area of the bearish swing traceable to May 2021, an area that aligns with the 1.05666 horizontal resistance. However, on Friday, bears resisted the bullish drive, resulting in the printing of a bearish candlestick with shadows on both ends. This indicates that bulls are still influential in the market. Thus, although the dominant technical structure is bearish, we may still see northward market engineering to retest an intra-day area of value in the early part of this week.

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


EURUSD price action on the H4 time frame is consolidating in a rising wedge (red). Recent technical prints favour bulls more than bears. Thus, although the dominant technical structure is bearish, we may still see northward market engineering to retest an intra-day area of value in the early part of this 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
  • #2,053
  • Dec 8, 2024 2:45pm Dec 8, 2024 2:45pm
GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame went sideways last week after the printing of a doji-like candlestick at the 61.8 fib retracement area of the bearish swing traceable to May 2021. The market operation had printed a bullish candlestick to retest the area two weeks ago. The area aligns with the 1.27380 horizontal resistance. The dominant technical structure is bearish.

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


Last Thursday, GBPUSD price action on the daily time frame printed a relatively big bullish candlestick to retest the 61.8 fib retracement area of the bearish swing traceable to May 2021, an area that aligns with the 1.27380 horizontal resistance. However, on Friday, bears resisted the bullish drive, resulting in the printing of a bearish pinbar in the area. Nevertheless, the preceding technical impulse is bullish, and we may not see an immediate bearish follow-through. Thus, although the dominant technical structure is bearish, we may still see northward market engineering to retest an intra-day area of value in the early part of this week.

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


GBPUSD price action on the H4 time frame is consolidating in a rising wedge (red). Presently, it is tackling the 1.27380 horizontal resistance, which is a few pips above the lower wedge-trendline. Recent technical prints favour a northward market engineering, which may retest an intra-day area of value in the early part of this week. However, the dominant technical structure is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 15 KB


I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2,054
  • Dec 15, 2024 1:55pm Dec 15, 2024 1:55pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame is consolidating in a rising channel (red). Last week, there was a bullish drive to break above the 2685.43 horizontal but failed. This led to the printing of an indecision candlestick by market operation.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame is in a bearish mode. But, presently, it is tackling the 2647.60 horizontal support. Recent technical prints favour a southward market engineering.

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


XAUUSD price action on the H4 time frame is in a bearish mode. Recent technical prints favour further southward drive.

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
  • #2,055
  • Dec 15, 2024 2:03pm Dec 15, 2024 2:03pm
USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame is consolidating in a horizontal channel. Presently, it is in a bullish mode, and we may still see further northward move

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


USDJPY price action on the daily time frame is in bullish mode. Further northward move may see a retest of the 155.400 horizontal resistance (blue).

Attached Image (click to enlarge)
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USDJPY price action on the H4 time frame went sideways after a bullish drive to the 153.600 intra-day horizontal resistance. We may still see further northward move in the early part of this week, which may target the 155.400 horizontal resistance (blue).

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
  • #2,056
  • Dec 15, 2024 2:40pm Dec 15, 2024 2:40pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame is sideways within the 1.05675/1.04730 horizontal support zone. This is just below the 38.2 fib retracement of the bearish swing traceable to May 2021. The preceding technical impulse favours bears.

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


EURUSD price action on the daily time frame retested the 38.2 fib retracement of the bearish swing traceable to May 2021 some days ago and met a bearish rejection. However, there was no significant bearish follow-through and price action went sideways on Friday. Presently, price action is tackling the 1.04680 intra-day horizontal support. The technical impulse favours bears more than bulls.

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


EURUSD price action on the H4 time frame went sideways after a bullish retest of the 1.05014 intra-day horizontal resistance. Recent technical patterns favour a southward market engineering.

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
  • #2,057
  • Dec 15, 2024 2:51pm Dec 15, 2024 2:51pm
GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame is sideways within the 1.27380/1.25710 horizontal support zone. This is just below the 61.8 fib retracement of the bearish swing traceable to May 2021. Generally, the market operation is consolidating within a rising wedge (red) and, presently, the market operation is at the lower wedge-trendline.

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


GBPUSD price action on the daily time frame is consolidating in a rising channel (red). Presently, price action is tackling the lower wedge-trendline. Technically, we may still see further southward drive in the early part of this week.

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


GBPUSD price action on the H4 time frame is tackling the 1.26160 intra-day horizontal support. Nevertheless, we cannot rule out further southward move in the early part of this week.

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
  • #2,058
  • Dec 22, 2024 2:16pm Dec 22, 2024 2:16pm
XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame is consolidating in a rising channel (red). Last week, the market operation printed a long-tailed indecision candlestick at the lower channel trendline. The candlestick close is at the intersection of both the lower channel trendline and the 2621.20 horizontal support area.

Attached Image (click to enlarge)
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XAUUSD price action on the daily time frame broke down the 2647.60 horizontal support area on Wednesday after a period of sideways in the area. There was some bullish pullback on Thursday and Friday. Presently, price action is retesting the 2621.20 intra-day horizontal resistance. Although we may still see sideways of price action, or a brief northward move, in the early part of this week, a southward turnaround is in the offing.

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


Although the XAUUSD price action on the H4 time frame went sideways on Friday after a bullish corrective move, the technical impulse favours bears. Thus, apart from a brief northward move or sideways of price action, a southward turnaround is in the offing.

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
  • #2,059
  • Dec 22, 2024 2:25pm Dec 22, 2024 2:25pm
USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame continues to dispose northwards. Last week, the market operation printed a bullish continuation candlestick. However, as the bullish print entered the 158.000 horizontal resistance area it encountered a bearish pushback.

Attached Image (click to enlarge)
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The USDJPY price action on the daily time frame went sideways on Friday after a bullish break-out from the 155.400 immediate horizontal resistance area on Thursday. On Friday, price action printed a relatively moderate bearish candlestick which retested the 156.370 horizontal support. Technicals favour further northward momentum.

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Presently, the USDJPY price action on the H4 time frame is sideways. Earlier on Wednesday and Thursday, price action printed a series of bullish candlesticks to retest the 158.000 horizontal resistance area, seen on the weekly time frame. But, towards the end of the week, there was an increase in bearish challenges. In the last session on Friday, price action printed a relatively small bullish candlestick to retest the 156.370 intra-day horizontal resistance. We may see further northward momentum 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
  • #2,060
  • Dec 22, 2024 2:44pm Dec 22, 2024 2:44pm
EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame is tackling the 1.04050/1.02412 horizontal support zone (green). The zone has been held as support since November 2022. In the last five weeks, market operation made a bearish dip into the zone twice without breaking it down.

Attached Image (click to enlarge)
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EURUSD price action on the daily time frame broke down the 1.04050 horizontal support on Wednesday. There was a sideways of price action below the area on Thursday. But, on Friday, bulls restored price action a bit northward above the area; thus, flipping it back as support. Nevertheless, we can still see a southward rotation of price action. The dominant technical structure is bearish.

Attached Image (click to enlarge)
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EURUSD price action on the H4 time frame is sideways just some pips above the 1.04050 horizontal support after a bullish pushback of the bearish breakdown of the area on Wednesday. The dominant technical structure is bearish.

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
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