EURUSD Weekly Technical Outlook
The EURUSD market has been in a consolidation for quite a while. On the monthly time frame, the market is operating in a downward sloping channel (red), which corresponds to a complex correction after an impulsive wave, apparently the 5th wave of an Eliot Wave analysis. Presently, price action is sideways in a horizontal S/R zone which is in confluence with the monthly pivot.
On the weekly time frame, price action has broken below an ascending trendline (green) traceable to December 2016 and is now operating within a channel created by two descending lines (black and lue) traceable to March 2018. The market tested the trendline (green) a couple of times and flipped it as resistance. However, the southward momentum has been limited. Last week, the market printed a small bearish pinbar within an area of value, and we may see bears take the market further southwards this week. The 1.12140/1.11450 zone is likely to be a target of any bearish move. However, should bulls wrestle control of price action, they may target the 1.15140 area.
On the daily time frame, the market is operating in a descending wedge (magenta). Recent price action has formed a topping /bearish pattern at an area of value and we may see bears take price action further southwards this week.
On the H4 time frame, the market is operating around just below the 61.8/50 Fib zone of the most recent downward swing; from the high of 1.15120 to the low of 1.12340. I expect bears to seize the initiative for a bearish continuation this week. But we may see a brief retracement northward in the early part of this week first.
I may be wrong. Trade safe and prosper.
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XAUUSD Weekly Technical Outlook
The XAUUSD market has disposed positively for quite a while. On the weekly time frame, price action printed a bullish pinbar around the 38.2/50 Fib retracement zone of the most recent upward swing from the low of 1202.00. This is also in confluence with the horizontal support around the 1285.00 area. Technically, we may expect a further northward move, perhaps initially targeting the horizontal resistance around 1310.00; which may extend to the 1328.00 area.
The daily time frame shows a market that has decreased in bullish momentum and has retraced southwards to retest a previous resistance zone around the 1289.00 area. Price action was sideways in the area for the most part of last week before bulls took it further northwards on Friday, printing a significantly bullish candlestick. We may expect bulls to exert further influence in the market this week, but the next resistance is around the 1306.00 area. Thus, we may see reduced bullish momentum in the early part of this week. The 1320.50 area is likely to witness a strong resistance to bulls’ influence should they manage to contend with the earlier barriers.
On the H4 time frame, bears took price action southwards. However, after a sideways around a horizontal support in the 1285.00 area, bulls seized the initiative to move price further northwards. During the last session on Friday, the market made a bearish print. This indicates that bears are still influential. Bulls will have to breach the minor horizontal resistant around 1305.00 area before we can have confidence in their ability to get rid of bears. The area may even experience a role flip for a southward turnaround. Personally, I see a bullish move as temporary in nature and we may soon see a southward turnaround. Therefore, I am stepping aside from this market.
I may be wrong. Trade safe and prosper.
EURCAD Weekly Technical Outlook
The EURCAD market rejected the resistance zone around 1.55120 and has disposed southward on the weekly time frame. After a retracement of the most recent downward swing to the 38.2/50 Fib zone, last week, price action printed a bearish pinbar at a broken-down support area. We can expect a bearish continuation this week, and an initial target being the 1.48400 handle.
The daily time frame showed that price action printed a bearish engulfing candlestick last week Thursday. On Friday, bulls attempted to take price action northward but failed, resulting in a doji-candlestick print. This was apparently a attempted retracement before a southward turnaround. I expect bulls to move price action a bit northward to around the 50/62.8 Fib of the bearish engulfing candlestick formed on Thursday before a southward turnaround. I am bearish EURCAD.
I may be wrong. Trade safe and prosper.
EURAUD Weekly Technical Outlook
The EURAUD market has been in consolidation around a resistance zone (1.57830/1.60410) since the last week in January 2019. Last week, a bearish pinbar was printed in the area and we may see a further bearish move this week. An initial target of such a move is likely to be the 1.5830 area. This may extend to the 1.56000 area, and, perhaps, in confluence with the ascending trendline (red) traceable to February 2017.
On the daily time frame, recent price action is operating in an ascending wedge (black). Last week Wednesday, the market printed a strong bullish candlestick but this was countered on Thursday with a print of an equally strong bearish candlestick. On Friday, the market printed a small bearish pinbar, indicating the likelihood of a bearish continuation in the early part of this week.
The technical patterns on the H4 time frame indicate that we can expect a southward move for a fifth wave within the ascending wedge (black) seen on the daily time frame. Perhaps with the likelihood of a breakdown of the wedge support.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
The EURUSD market continues to dispose negatively but with reduced momentum. On the weekly time frame, price action is respecting a descending trendline (blue) traceable to April 2018. The order flow context shows bears printing more significant candlesticks in relation to bulls. Last week, the market printed a bearish continuation candlestick after bouncing back from the resistance trendline. However, the shadow on the low part of the candlestick indicates that bulls were giving bears some struggle. We can expect sideways of price action or even a brief northward move in the early part of this week, particularly as current price action is located near a major horizontal support zone. At any rate, bears are still favoured to move price action further southward and at least hit the 1.11450 area before any significant northward pullback.
On the daily time frame, price action is operating within a descending triangle (magenta). It breached the triangle southwards last week Thursday but bulls made a failed attempt to return it to within the triangle on Friday. Looking left, it is apparent that this was the third time price action attempted to breakdown the triangle. A successful breakdown of the triangle, perhaps later this week, is likely to result in a bearish momentum.
Price action on the H4 time frame has moved sharply below an inner descending trendline (black), indicating an increase in momentum. Bulls tried to pull price action back during the last six sessions between Thursday and Friday, but bears seized control in the last session to restrain the attempt. We may expect any retracement northward to be temporary and may turn around at the broken horizontal support around 1.12540 area or the inner descending trendline (black).
I may be wrong. Trade safe and prosper.
EURNZD Weekly Technical Outlook
The EURNZD market is operating in a congestion zone. On the weekly time frame, the downward swing from the high of October 2018 to the low of December 2018 witnessed a 61.8 Fib retracement eleven weeks ago. Price action headed southwards thereafter but the southward momentum has waned since bulls intervened four weeks ago. Presently, the market is in a sideways mode around an S/R zone. Last week, price action printed a long-tailed doji candlestick, indicating market indecision. But the technicals give a slight edge to bears.
The daily time frame shows a market operating in a triangle (black). Recent price action has moved a bit northward of the triangle support, but bears have stepped in to restrain further northward move. The candlesticks printed last week Thursday and Friday favoured bears but there is still a sideways mode in the market. Technically, only a breakout of price action from the triangle can provide momentum on either side and I will be stepping aside from this market till then.
On the H4 time frame, recent price action is under the control of bears and the technicals are in support. We may see further southward move in the early part of this week.
I may be wrong. Trade safe and prosper.
GBPCAD Weekly Technical Outlook
The GBPCAD market has a positive tone. On the weekly time frame, price action is operating in an ascending wedge (black) and is located near a horizontal resistance zone, 1.77600/1.78930, (bound by horizontal magenta lines). We can expect price action to operate sideways in the area. Should bulls manage to breach the zone, the next significant horizontal resistance is located around the 1.80990 area.
On the daily time frame, the market is disposed positively but has lacked directional momentum. Nevertheless, the technicals still favour bulls.
On the H4 time frame, price action is respecting an outer ascending trendline (red) after breaking below an inner one (black). Presently, the market has witnessed a 50 Fib retracement of the upward swing from 1.71350 to 1.77180. However, the most recent candlestick prints are not fully bearish, showing that bears were not fully in control of the market. Perhaps, a northward turnaround is pending. We may have to wait for the market moves in the early part of this week for directional clarity.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
The EURUSD market is still sideways. On the weekly time frame, price action is operating in a descending wedge (black); however, presently in consolidation. Two weeks ago, the market printed a bearish candlestick, which was negated by a bullish print last week. Nevertheless, technically, bulls appear poised to at least retest the high of the candlestick printed two weeks ago and may even target the wedge resistance at a confluence of the horizontal resistance located around the 1.14080 area.
On the daily time frame, price action is operating in a smaller descending wedge (magenta) within the context of a bigger one (black). Price action in the latter part of last week was consolidating and formed rejection candlesticks near the inner wedge resistance. However, the technicals are still slightly in favour of bulls and we may see some northward move before bears gain influence in the market. The area between the inner wedge resistance and the outer wedge resistance is likely to see a southward turnaround.
Recent price action on the H4 time frame is disposed northward and we may see further northward move. However, we should be aware that there is a minor horizontal resistance located around 1.13070, about 200 pips away, and, so, we may not see much bullish move until the area is breached.
I may be wrong. Trade safe and prosper.
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XAUUSD Weekly Technical Outlook
The XAUUSD market continues the positive tone. On the weekly time frame, an outer ascending trendline (red) is still intact, while an inner ascending trendline (black) is being respected by price action. The technicals favour bulls to take price action further northward and may retest the horizontal resistance around the 1337.80 area.
A minor ascending trendline (magenta) has formed on the daily time frame and the technicals are in support of further northward move. However, we should watch how price action handles the minor horizontal resistance around the 1323.50 area.
The general price action on the H4 time frame is operating in an expanding wedge with a northward tone (blue). Recently, the market formed a mini ascending channel (magenta) within which price action is presently operating; an indication of a positive tone. However, the momentum is limited. Presently there is a sideways of price action but, technically, bulls are still favoured to take price further northward. The 1323.50 area is a minor horizontal resistance.
I may be wrong. Trade safe and prosper.
AUDNZD Weekly Technical Outlook
The AUDNZD market is disposed southwards on the weekly time frame. A descending trendline (blue) traceable to the high of August 2018 is still active and being respected by price action. Presently the market is operating around a weekly support, the 1.02910 area and the price action is too far from the area of value. Therefore, we may have a pullback in the early part of this week before a southward continuation.
The daily time frame shows an AUDNZD market disposed southward but limited in momentum. The market has experienced some periods of consolidation. In fact, the bearish price action last Friday was moving out of a period of consolidation and we may expect a pullback before further southward continuation. An inner descending trendline (black) from recent highs is now in operation as resistance but the horizontal resistance around 1.03930 should be watched as a likely area for a bearish turnaround after a northward pullback.
The H4 time frame gives an intra-day technical outlook for a northward pullback to an area of value, and the minor resistance around the 1.03710 is a likely candidate.
I am bearish AUDNZD but will wait for a northward pullback before looking for a feasible trading opportunity.
I may be wrong. Trade safe and prosper.
EURNZD Weekly Technical Outlook
The weekly time frame shows that the EURNZD market made a 61.8 Fib retracement of the downward swing from the high of October 2018 to the low of December 2018 in the first week of January 2019. Since then the market has disposed southward but with limited momentum as there were periods of contention between bears and bulls. The contention between bears and bulls continued last week as the market printed a bearish candlestick with shadows on both ends. Should bears resume control of the market, the horizontal support around 1.62670 is likely to be a target.
On the daily time frame, the market is consolidating within a descending triangle (red). Last week Friday, price action printed a bearish candlestick that pierced the triangle support before it was pulled back by bulls, ending with a long tail. Apparently, the market was not ready for a breakdown of the triangle and we may see a retracement in the early part of this week. The immediate horizontal resistance is around 1.65300.
On the H4 time frame, price action is consolidating in a descending wedge (red). The bullish inbar printed last week Thursday is a likely indication that a pullback northward is in the offing. We may see the market make a retest of a broken-down support zone and role flip it as resistance. Such a zone is the 1.64700/1.65100 area (bound by horizontal magenta lines).
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
Price action on the weekly time frame was in a ranging move in the past three weeks. But the bearish pinbar printed on the EURUSD market last week on the weekly time frame portends the likelihood of a bearish continuation. The pinbar was printed at a horizontal support. The immediate horizontal support is the 1.11460 area.
On the daily time frame, price action is operating in a downward sloping wedge (blue). Recent price action has rejected the wedge resistance with bearish continuation candlesticks. But presently it is located around a horizontal support, in which the market printed a bearish candlestick with shadows at both ends last week Friday. Thus, technically, we may have some sideways operation in the area in the early part of this week. Nevertheless, we can expect bears to seize control of the market before the end of the week.
I may be wrong. Trade safe and prosper.
The AUDJPY has caught my attention. It is operating within a horizontal channel (bound in horizontal magenta lines) on the daily time frame. I will be interested to go for a southward trade in the market if price action rejects the channel resistance.
I may be wrong. Trade safe and prosper.
EURNZD Weekly Technical Outlook
On the weekly time frame, the EURNZD has disposed southward since the 61.8 Fib retracement of a significant downward swing occurred 13 weeks ago. But there has been a decline in bearish momentum as the market grinds slowly southward. It is likely to take a significant break below the 1.63660 area before we see an increase in a southward momentum.
Price action on the daily time frame is operating in a descending channel (black). Presently, it is located around the channel resistance where a bearish candlestick was printed on Friday. However, the lower shadow of the candlestick indicates that bears are not fully in control, and we may see some sideways or bullish influence in the early part of this week. Nevertheless, the technicals are in favour of bears. An outer descending trendline (red) may be influential as resistance later.
The ‘wicky’ candlesticks recently formed on the H4 time frame near the resistance line of the descending channel (black) seen on the daily time frame indicate a weakness of bullish momentum and the likelihood of a southward turnaround. However, the candlesticks printed on Thursday and Friday last week hinted at some bullish attempt to resist control by bears. Thus, we may see some sideways of price action or a brief northward retracement before a southward momentum materializes.
I may be wrong. Trade safe and prosper.
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EURJPY Weekly Technical Outlook
The EURJPY market has stuck in a sideways operation since January when the market printed a bearish pinbar on the monthly time frame. This is in the context of an ascending triangle (red) within which price action is operating.
On the weekly time frame, price action has been in consolidation around the support trendline of the ascending triangle (red) seen on the monthly time frame. This portends a bearish intent to break down the triangle. However, last week the market printed an indecision candlestick on the support trendline. So, we may see some sideways of price action in the early part of this week even though there is potential for a bearish breakdown of the triangle support line.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
The EURUSD market is operating in a descending channel (red) traceable to 2009. However, it has been in an ambivalent phase so far this year. After been stuck in a sideways operation since January 2019, the EURUSD market disposed southwards in March, printing a bearish continuation candlestick on the monthly time frame. Nevertheless, the lower shadow on the candlestick indicates that we may see bulls make some attempt to take price action northwards, much likely in the early part of April.
Price action is operating in a descending wedge (blue) on the weekly time frame. Last week, the market printed a bearish candlestick, which was a few pips shy of the wedge support line. The horizontal support is around the 1.11300 area, which is less than 100 pips from present location of price action. Therefore, we may see reduced bearish momentum until either after a northward pullback to an area of value or a breakdown of the 1.11300 area on at least a daily closing basis. Nevertheless, elementary wave analysis and other technicals favour the bears on a medium-term basis.
The daily time frame shows a market in a corrective phase of an impulsive downward trend. This operation is taking place in a descending wedge (blue). Currently, price action is located around a minor horizontal support, the 1.12330 area; and barriers to a southward movement include the wedge support (less than 30 pips away) and a major horizontal support at the 1.11300 area. Thus, bears may find it difficult to gain momentum for a southward continuation.
I may be wrong. Trade safe and prosper.
Here’s an update on the EURUSD market. It’s a bit ambivalent at the moment. Much likely a break below the 1.1214/1.11910 area on a daily closing basis will witness a southward momentum. The immediate significant horizontal support is around the 1.10900 area.
Trade safe and prosper.
The current northward retracement of EURUSD should be seen as an opportunity to look for a sell trade at a very good area of value. A retracement to the horizontal resistance on the W1 time frame around the 1.13580 area will pique my interest in a sell trade.
I may be wrong. Trade safe and prosper.
EURAUD Weekly Technical Outlook
Like most of the markets, the EURAUD has been sideways for quite a while. On the weekly time frame, price action is presently located around a support that has held since early January 2019. Last week, a doji-like candlestick was printed on the weekly time frame at the 1.57430 support area. This indicates a directional pause in the market.
On the daily time frame, the market is still in consolidation. The wicky candlesticks printed in the past few days indicate that we may still expect further sideways, including a brief northward move – not decisive, in the early part of this week.
On the H4 time frame, price action has moved southwards of a large ascending channel (blue) to within a narrower but sharper descending channel (red). This indicates an increase in a bearish disposition in the market. Presently, market operation is just a few pips below the channel resistance and a bearish candlestick was printed in the last session on Friday. Technically the market is still ambivalent but has a bearish tinge to it. It is also operating in a support area and so we need to watch how price action handles the area, particularly on a daily closing basis – perhaps after Monday. Besides, there is no clear-cut condition for a feasible reward-to-risk ratio now.
I will step aside in the early part of this week and await directional clarity.
I may be wrong. Trade safe and prosper.
USDCAD Weekly Technical Outlook
The USDCAD market has been on the positive side for quite a while. On the monthly time frame, an ascending trendline traceable to 2013 is still intact. Since April 2018, the market has been trading above an inner ascending trendline (blue). The technicals on the monthly time frame are still in favour of a positive tone in the USDCAD market.
On the weekly time frame, the market is operating in an ascending channel (blue) linked with the inner ascending line seen on the monthly time frame. However, the past five weeks have seen price action operate in a consolidating pennant but with bulls technically favoured. The immediate horizontal resistance is around the 1.34820 area. Should bulls manage to scale that area, they are likely to target the 1.36480 handle.
On the daily time frame, a ‘W’ shape pattern was formed and thereafter price action rejected a Tom Demark-like trendline (magenta). We are likely to see price action take the USDCAD market further northward, respecting a recently formed ascending trendline (black). An outer ascending trendline (dark violet) traceable to September 2018 is still in play.
I am bullish USDCAD.
I may be wrong. Trade safe and prosper.
