Weekly Top-Down Technical Analyses

XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the monthly time frame is consolidating within a rising channel (magenta). In February, the bullish candlestick printed in February broke above the upper trendline before retracing.

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The XAUUSD market operation on the weekly time frame is consolidating at the upper part of a rising channel (magenta). The bearish candlestick printed last week broke below the 2857.45 horizontal support but retraced to close at the area.

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The XAUUSD price action on the daily time frame retested the 2857.45 horizontal support area on Friday. The recent technical prints have formed a rising wedge (blue) within a larger rising channel (magenta). The wedge was broken down by the bearish move of Friday but its relatively long tail shows that bulls are still influential in the market. We can expect an imminent northward turnaround, perhaps after a southward liquidity sweep to an intra-day area of value.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

The USDJPY market operation on the monthly time frame printed a bearish candlestick in February. The candlestick retested the 149.220 horizontal support area (green) before retracing. Technically, the market operation is still in a consolidation phase as the bearish candlesticks printed in both January and February could not close below the low of the bullish candlestick printed in December 2024.

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Last week, the USDJPY market operation on the weekly time frame went sideways after a bullish pullback of the bearish drive to the 149.220 horizontal support area (green) two weeks ago. The bullish print of last week is relatively small in contrast to the bearish print of the previous week.

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On Friday, the USDJPY price action on the daily time frame made a bullish pullback to the bearish drive to the 149.220 horizontal support area (green) after a period of consolidation in the early part of last week. The technical impulse favours bears more than bulls. So, a southward turnaround is imminent.

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I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

The EURUSD market operation on the monthly time frame turned bullish in February. The bullish candlestick printed in February retested the 1.04000/1.05140 horizontal resistance zone (blue) before closing at the lower boundary, leaving a relatively moderate top-wick within the zone. This contrasts with the indecision candlestick printed in the same area in January. The dominant technical structure is bearish.

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The EURUSD market operation on the weekly time frame is sideways in the 1.04000/1.05140 horizontal resistance zone (blue). Market operation has been in the area for a few weeks. The bearish candlestick printed in the area last week had a more prominent upper shadow (wick) than the tail. This technically favours bears more than bulls.

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The EURUSD price action on the daily time frame is bearish. However, there is a decline in bearish momentum as price action printed a relatively small bearish candlestick below the 1.04000/1.05140 horizontal resistance zone (blue) on Friday. Although the dominant technical structure is bearish, we may still see northward market engineering.

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I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the monthly time frame made a bullish retest of the 1.24700/1.27100 horizontal resistance zone (red) in February. There was a bearish breakdown of the area in January.

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The GBPUSD market operation on the weekly time frame is sideways within the 1.24700/1.27100 horizontal resistance zone (red). There was a bullish retest of the area three weeks ago.

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The GBPUSD price action on the daily time frame is consolidating within a rising wedge (blue). Presently it is in a bearish mode as the price action retested the lower wedge trendline on Friday. It is also at the intersection of the trendline and an intra-day horizontal support. This may result in a bullish rejection of the area, at least in the short term. Nevertheless, the dominant technical structure is bearish.

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I may be wrong. Trade safe and prosper.

KP

XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame printed a relatively moderate bullish candlestick last week. However, the market operation is in a sideway mode as bulls are retesting a horizontal resistance area after a bearish breach.

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The XAUUSD price action on the daily time frame is sideways at the 2909.02 horizontal resistance area. As the preceding technical impulse is bullish, we may still see a further northward momentum in the early part of this week.

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The XAUUSD price action on the H4 time frame is consolidating within a rising triangle (blue). However, the preceding technical impulse is bullish. So, we may still see a further northward momentum in the early part of this week.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame resumed a bearish mode last week after it printed a relatively moderate bearish candlestick that broke down the 149.220 horizontal support area (green).

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The USDJPY price action on the daily time frame retested the 147.996 horizontal support on Thursday. But a bearish attempt to break down the area on Friday met with a strong bullish challenge. This led to the printing of a bullish pinbar in the area. Technically, this favours further northward move, at least in the short term.

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Recent technical prints of the USDJPY price action on the H4 time frame show a consolidation within a falling wedge or triangle (blue). Presently, the price action is sideways at the upper wedge-trendline and at the 147.996 intra-day horizontal resistance. Apparently, the price action is making a bullish correction of the bearish breakdown of the 149.220 horizontal support area (green) seen on the weekly time frame. We can still expect a further northward move in the early part of this week.

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I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame turned bullish last week. The market operation printed a very big bullish candlestick that broke above the 1.05142 horizontal resistance area. After displacing more than 300 pips above the area, the bullish candlestick retested the 1.08876 weekly supply area, which is aligned with the 50-fib retracement area of the bearish swing traceable to May 2021.

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The EURUSD price action on the daily time frame is bullish. Presently, the price action is retesting the 1.08876 weekly supply area, which is aligned with the 50-fib retracement area of the bearish swing traceable to May 2021. Although the prominent upper wick on the bullish print of Friday indicates bearish pressure in the area, we may still see further northward move in the early part of this week.

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The EURUSD price action on the H4 time frame is consolidating at the 1.08290 intra-day horizontal support after a bearish retest. Although the technical impulse favours further northward move, such a move may be short lived.

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I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame turned bullish last week. The market operation printed a relatively big bullish candlestick that broke above the 1.27100 horizontal resistance. After displacing more than 200 pips above the area, the bullish candlestick retested the 1.29160 horizontal resistance area, which is above the 61.8-fib retracement area of the bearish swing traceable to May 2021.

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The GBPUSD price action on the daily time frame went sideways at the 1.29160 horizontal resistance area after a bullish retest. The technical impulse favours further northward move.

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The GBPUSD price action on the H4 time frame went sideways at the 1.29160 horizontal resistance area after a bullish retest. The technical impulse favours further northward drive, perhaps to retest an intra-day area of value.

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I may be wrong. Trade safe and prosper.

KP

XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame regained a bullish mode last week after a bullish breakout from an area of consolidation that had been in place for four weeks.

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The XAUUSD price action on the daily time frame is bullish. But it went sideways on Friday at the 2984.68 horizontal resistance area.

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The XAUUSD price action on the H4 time frame is consolidating at the 2984.68 horizontal resistance area. The preceding technical structure is bullish. Thus, we may still see further northward move, at least in the early part of this week.

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I may be wrong. Trade safe and prosper.

KP

Any outlook for EUR/USD? Please share, thanks.

USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame went sideways last week as bulls challenged the bearish breakdown of the 149.220 value area. There was a bearish breakdown of the area two weeks ago, but, last week, bulls made a northward pushback. Nevertheless, it was a feeble attempt, resulting in a relatively small bullish candlestick which closed below the area. Technically, bears are still more influential in the market than bulls.

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Presently, the USDJPY price action on the daily time frame is making a bullish correction of the bearish breakdown of the 149.220 horizontal support area. The technical impulse favours bears more than bulls. Thus, although we may still see northward move to an intra-day area of value, a southward turnaround is imminent.

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Although the USDJPY price action on the H4 time frame is in a bullish mode, the prevailing technical structure is bearish. Nevertheless, we may still see further northward move in the early part of this week before a southward turnaround.

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I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame turned sideways last week after the strong bullish drive to the 1.8760 horizontal resistance area two weeks ago. The area aligns with the 50-fib retracement of the bearish swing traceable to May 2021. The dominant technical structure is bearish.

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The EURUSD price action on the daily time frame is consolidating at the 50-fib retracement of the bearish swing traceable to May 2021. Although the preceding technical impulse favours bulls, the dominant technical structure is bearish. So, further northward momentum would soon give way to a southward turnaround.

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Although the EURUSD price action on the H4 time frame is presently sideways at the 1.8760 horizontal resistance area, the technical impulse favours bulls more than bears. So, we may still see further northward move. Nevertheless, the dominant technical structure is bearish.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame turned sideways last week after the strong bullish drive to the 1.29306 horizontal resistance area two weeks ago. Technically, we may still see further northward move this week. Nevertheless, the dominant technical structure is bearish.

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The GBPUSD price action on the daily time frame is consolidating at the 1.29306 horizontal resistance area. As the technical impulse favours bulls, we may still see further northward market operation into an area of value. But the dominant technical structure is bearish.

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The GBPUSD price action on the H4 time frame is consolidating as it tackles the 1.29306 horizontal resistance area. As the preceding technical impulse is bullish, we may still see further northward drive before a southward rotation. The dominant technical structure is bearish.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame retains a bullish mode. Last week, the market operation printed a bullish continuation candlestick. Presently, market operation is at the 3023.50 area.

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The XAUUSD price action on the daily time frame is sideways at the 3023.50 area. Although the technical impulse favours bulls, we may see a southward market engineering for liquidity grab at an intra-day area of value before further bullish drive.

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The XAUUSD price action on the H4 time frame is retesting the broken-down 3023.50 intra-day horizontal support. But we may still see a southward liquidity sweep before further bullish drive.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame broke down the 149.220 horizontal support area (green) three weeks ago. However, in the last two weeks the market operation has made bullish attempts to restore the area as support but to no avail. Last week’s bullish charge at the area produced a doji-like candlestick in the area.




The USDJPY price action on the daily time frame is retesting the broken-down 149.220 horizontal support (green). The technical impulse favours bears more than bulls. And we may soon see a southward turnaround.




The USDJPY price action on the H4 is sideways at the 149.220 area (green). There was a bearish breakdown of the area a few days ago but bulls are resisting further bearish drive below the area. Recent technical prints favour a southward market engineering.




I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame is sideways at the 1.08090/1.09432 horizontal resistance zone. Three weeks ago, there was a very strong bullish drive to the zone. But the last two weeks have seen sideways of market operation in the zone.

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The EURUSD price action is consolidating at the 1.08090/1.09432 horizontal resistance zone seen on the weekly time frame. The zone has held as resistance since November 8, 2024. And we cannot rule out an increase in bearish price in the early part of this week.

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The EURUSD price action on the H4 time frame turned sideways in the latter part of last week after a bearish breakdown of the 1.09432 horizontal resistance area. Presently, it is tackling the 1.08090 intra-day horizontal support.

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I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

The GBPUSD market operation on the weekly time frame is sideways at the 1.28580/1.29720 horizontal resistance zone. Three weeks ago, there was a relatively strong bullish drive to the zone. But the last two weeks have seen sideways of market operation in the zone.

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The GBPUSD price action is consolidating at the 1.28580/1.29720 horizontal resistance zone seen on the weekly time frame. The zone has held as resistance since November 8, 2024. And we cannot rule out an increase in bearish price in the early part of this week.

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The GBPUSD price action on the H4 time frame turned sideways in the latter part of last week after a bearish breakdown of the 1.29675 horizontal resistance area (blue). Presently, it is tackling the 1.29090 intra-day horizontal support.

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I may be wrong. Trade safe and prosper.

KP

XAUUSD Weekly Technical Outlook

The XAUUSD market operation on the weekly time frame remains bullish. Last week, the market operation printed a relatively strong bullish continuation candlestick, which is bigger than the bullish print of two weeks ago.

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The XAUUSD price action on the daily time frame is bullish. Technically, bulls are in control of the market. Nevertheless, we can expect bearish corrections on an intra-day basis.

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The XAUUSD price action on the H4 time frame is retesting the 3084.90 intra-day horizontal resistance. The dominant technical structure is bullish, and the technical impulse is bullish. Thus, technically, we should expect further northward drive although intra-day bearish corrections may take place.

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I may be wrong. Trade safe and prosper.

KP

USDJPY Weekly Technical Outlook

The USDJPY market operation on the weekly time frame is sideways at the 149.220 area. Four weeks ago, there was a bearish breakdown of the area. But the past three weeks have seen bullish pullback to the area. Last week, bulls attempted a northward breakout from the area but it was feeble, resulting in the printing of a doji-like candlestick in the area. Technically, though, we may see bullish push in the early part of this week before further bearish drive.

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The USDJPY price action on the daily time frame is sideways. The recent candlestick prints are within a triangle (blue). Besides, last Friday, a bearish price action retested the 149.810 intra-day horizontal support after an earlier bullish breach. We should await a directional breakout from the triangle.

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The USDJPY price action on the H4 time frame has retested the lower trendline of the triangle or rising wedge (blue) within which it is consolidating. But as the most recent candlestick prints are consolidating within a rising channel (magenta upper trendline) and price action is at the lower trendline, and in confluence with the 149.810 intra-day horizontal support, we may see a northward turnaround within the channel.

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I may be wrong. Trade safe and prosper.

KP

EURUSD Weekly Technical Outlook

The EURUSD market operation on the weekly time frame remains sideways. Last week, the market operation printed a dragon fly doji at the 1.08250 horizontal resistance area. The area has not been breached for the past three consecutive weeks.

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The EURUSD price action on the daily time frame made a bullish retest of the 1.08250 horizontal resistance on Friday but failed to break above it. The preceding technical impulse was bullish; and we may still see further northward move in the early part of this week. Nevertheless, the dominant technical structure is bearish.

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The EURUSD price action on the H4 time frame went sideways at the 1.08250 horizontal resistance on Friday. But recent technical prints favour further northward liquidity engineering before a southward turnaround.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP