GBPUSD Weekly Technical Outlook
Cable is largely on a downward move. The technicals on all HTFs are in sync for a downward operation. A likely target is 1.20180, the most recent swing low of October 2016 on the weekly time frame.
I may be wrong. Trade safe and prosper.
GBPCAD Weekly Technical Outlook
The pair has been on the downside for a long while. On the monthly time frame, a descending trend which commenced in December 2015 has remained firmly in place. And the technicals are in support of further southward move.
On the daily time frame, price action is respecting an inner descending trendline (navy colour) after a period of consolidation with the bears back in control, indicating the possibility of further southward move.
The same observation can be derived from the 4H time frame where the price action is operating in a descending channel (magenta colour) while respecting an inner descending trendline (magenta colour). With the techicals in support, there is more potential for further southward move.
I may be wrong. Trade safe an prosper.
USDJPY Weekly Technical Outlook
The market is primarily on a down trend. A look at the monthly time frame shows that the downward trend started in July 1998 and has been maintained overtime after a series of 61.8% to 78.6% Fib retracements. The prevailing down trend is just beyond the 61.8 % Fib retracement of the downtrend began in 1998. On the weekly time frame the most recent primary market trend is down but the price action was on a retracement to the upside. Price action reached the 78.6 % Fib level and was turning downwards again. The order flow on the weekly time frame indicates that the bears became influential last week, abut the struggle has not been won as the weekly candle stick formed last week showed that the bulls mitigated the strong bearish move after three weeks of indecision. However, the overall price action respected the descending trendline on the weekly time frame (chocolate colour). On the 4H time frame, price action has been in consolidation mode within a horizontal channel (khaki colour). It has broken the channel to the downside but a retest of the channel line would be needed for confidence in further bearish move.
I may be wrong. Trade safe and prosper.
GBPAUD Weekly Technical Outlook
The potential is for further southward move. On the weekly time frame, the price action is still respecting a descending trendline (chocolate colour). And the order flow has been dominated by sellers. After a corrective move a few weeks ago, price action resulted in a sideways mode for four weeks before the southward move continued two weeks ago. A strong bearish candle was formed last week and the technicals on the weekly time are in support of a bearish mode. On the 4H time frame, price action is disposted southwards. Since January 2017, two price waves southwards have been completed with accompanying corrective moves. The most recent corrective move resulted in a triangle formation (saddlebrown colour). Much likely a break of the triangle to the downside will target the next significant support zone, which is around 1.60344.
I may be wrong. Trade safe and prosper.
KP
If you are tracking GBPAUD, note that the overall trend is downward. Profiting from it, however, is a matter of timing and getting the right set-up. Trade safe and prosper.
[B]Just Sharing[/B]
Dojis don’t work as a directional signal themselves; the order flow context is key. Trade safe and prosper.
GBPCAD Weekly Technical Outlook
The pair has maintained a southward move for a long while. On the monthly time frame, the order flow is largely under the control of sellers. In the past 3 months the pair has been in sideways mode and the descending trendline is still vey much respected. On the weekly time frame, the descending trendline is still being respected although a bullish engulfing candlestick was formed last week. Apparently the pair was on a retracement. Price action hit the 38.2 Fib retracement of the immediate swing low and an inner descending trendline (navy colour) is being respected. We may expect price action to retrace further upwards to target the inner trendline. A possible bearish target is the channel line (lower tendline) of the emerging channel (navy colour) and within a significant support zone between 1.54215 and 1.51193. On the 4H time frame, price action has broken through an inner descending trendline (magenta colour), moving towards the 61.8 Fib retracement of the most recent swing low. A possible target is the outer trendline (navy colour) from the weekly time frame. Currently price action seems poised for futher upward move with the most recent order flow in favour of buyers.
I may be wrong. Trade safe and prosper.
USDJPY Weekly Technical Outlook
After hitting the 78.6 Fib retracement of the most recent swing low on the weekly time frame in December 2016, the pair consolidated for a while before pursuing a southwards operation in a descending channel. This is clearly seen on the 4H time frame. Last week, price retraced to 50 Fib of the most recent swing low on the 4H time frame and respected the descending trendline (magenta colour). The current market mode is ambivalent as the buyers are still influential even though the trend seems to favour the sellers. It should be noted that the price action is at a significant S/R zone and a rejection of the zone to the downside to respect the descending channel (navy colur) is likely. There is the possibility that price action will pursue a southwards drive thereafter as a significant moving average has been acting as a dynamic resistance for the past two weeks.
I may be wrong. Trade safe and prosper.
If you would like to give top-down analysis a try, perhaps there is something you can learn from this video. Note: I have no commercial relation or interest with the individual.
If you would like to make the most of the price action and take advantage of the descending channel pattern, wait for price action to retrace to between 50 and 61.8 Fib levels to short the pair.
[B]
I may be wrong.[/B] Trade safe and prosper.
One of the ways I track and trap the market is using the Fibonacci retracement tool. There are many ways you can use this tool but take a few minutes to read the following article in case you find it helpful:
Fibonacci Trend Line Trading Strategy - Trading Strategy Guides
Trade safe and prosper.
If you are tracking gold, consider a 61.8% Fib pull back of your recent swing low tradeable southwards. The current swing low on the 4H time frame gives a 61.8% Fib level around 1210, which adjoins the daily pivot.
[B]I may be wrong[/B]. Trade safe and prosper.
If you are tracking EURUSD, realize that the dominant trend is downwards. Unless you aim to scalp, the current upward move is largely corrective. Trade safe and prosper.
If you love gold, consider trapping it for a southward drive at the 50-61.8 Fib level; it’s operating in that area now. I may be wrong. Trade safe and prosper.
Too much volatility on the EURUSD, but there is no break out of the 1.0800 level. The 1.0900 level could be its next resistance in case of another bullish push, but if it bounces back down, the 1.0700 level could act as support.
Because the major market trend is southwards, the more confident trade would be to sell after price has rejected the upper channel line. Trade safe and prosper.
EURGBP Weekly Technical Outlook
The pair has maintained a northward disposition. The order flow on the weekly time frame is highly influenced by the bulls.The pair shook off a 32.8 Fib retracement in December 2016 to continue its upward bearing. Price action validated an inner trendline in the past two weeks and the upward push was apparently consummated with a bullish candlestick which formed a train track together with the previous weekly candlestick. All the technicals on the weekly time frame are aligned for a further northward move with a likely target being the immediate resistance zone, around 0.8727.
A penant formation can be seen on the daily time frame (navy colour) and may very much align with the observation of a further upward move made in regard to the weekly time frame. However, it is important to watch further price action within the consolidation area. A break of the channel upward is likely to confirm a further upward move. Should the lower channel line break southwards, price may target the trendline on the weekly time frame (chocolate colour) and retest the 32.8 Fib level before any further upturn.
The 4H time frame indicates that the bulls are becoming more influential after the bears took control in the middle of January 2017. The technicals are supportive of further move northwards but the immediate resistance or barrier is less than 70 pips away around 0.8727. Look out for a possible role flip to the downside around this resistance zone.
I may be wrong. Trade safe and prosper.
GBPCAD Weekly Technical Outlook
The trend on this pair has been predominantly downwards on the weekly time frame for a long while. Recent price action in the past one year has seen two major price waves downwards with the trend lines – outer and inner – well respected. The current price wave continued a strong momentum downwards and has respected a most recent trendline. Last week a bearish candlestick formed on the weekly time frame to give further clarity to the influence of the bears after the formation of an indecision candlestick on the weekly time frame a week before. The location of the candlestick indicated a much likely role flip, as a previous supply zone is being turned to a resistance zone. However, as the next support zone is less than 100 pips away, around 1.6147, price action may stall in that area before any further southward move can be expected.
Price action on the 4H timeframe is in line with the observation on the weekly time frame. Recently, after a period of consolidation, price respected a descending trendline (magenta colour) and increased its momentum southwards, which led to the formation of a more acute trend respecting an inner descending trendline (magenta colour, dotted line). As current price action is around an S/R zone and the monthly pivot, it is not surprising that there is a bit of sideways operation in that area. There may be a retest of the inner trendline to the upside before further southward move can be confidently expected. The key technicals are in support of further bearish domination.
I may be wrong. Trade safe and prosper.
