The bullish candlestick printed on the monthly time frame in June 2019 is acting as a reference or master candlestick, spanning a 248-pip range (1.11270/1.13650) that was initiated with a bearish print in March.
Price action is in a horizontal consolidation on the weekly time frame. The candlesticks printed in the last four weeks are within a smaller range with the range (1.12000/1.13650) seen on the monthly time frame. This has rejected the lower section of the monthly range and we may see bulls test the upper end this week. The market made a bullish print last week and we may see them following through in the early part of this week.
A rising channel (magenta) is apparent on the daily time frame. Recent price action favours bulls to move price action further northward in the channel. Nevertheless, there has been a lot of ‘wicky’ candlesticks in the channel that it will be better to step aside from this market until a directional momentum is established.
The GBPCAD market printed a long-tailed doji candlestick on the weekly time frame at a horizontal support zone last week. This represents ambivalence or indecision of price action. Although technically the bears are favoured, we may see further sideways of price action in the early part of this week.
A morning star pattern was formed on the daily time frame this week at a horizontal support zone. A northward follow-through of price action in the early part of this week is likely to see a retest of a value area, say the 1.64880/1.65910 area, or the falling trendline (purple).
The H4 time frame shows price action respecting a minor rising trendline (blue), much likely in retracement for a temporary correction. A southward breakdown of the minor trendline with a retest for a role flip will likely result in a bearish momentum.
A rising wedge pattern (red) is conspicuous on the GBPAUD monthly time frame. In April, the market printed a bearish pinbar rejecting the wedge resistance trendline and bears have made further progress towards taking price action near the wedge support trendline but there is still a long way to go.
On the weekly time frame, price action has rejected the high of the long-tailed bearish candlestick printed in the last week of December 2018 and bearing southwards within the rising wedge (red) seen on the monthly time frame. Presently, the order flow context favours bears and we may see further southward move within the wedge this week. The 1.71600 area is a horizontal support and may be exposed should bears manage to pierce the wedge support trendline.
On the daily time frame, price action is operating within a falling channel (black). Recent market prints favour bulls to retest a value area, perhaps the 1.79650/1.80930 breached horizontal resistance area (bound by magenta horizontal lines). Such a retracement is likely to be a temporary in nature, giving way to a southward turnaround.
On the H4 time frame, presently price action is grinding a consolidation and based on recent technical patterns, this may result in a retest of the immediate minor horizontal resistance around the 1.78870 area; should the area not hold for southward turnaround, we may see the 1.79650/1.80930 area witness a southward turnaround.
I hold a short-term bullish bias (a northward retracement to the 1.78870 area or the 1.79650/1.80930 zone) for the early part of this week, which is likely to give way to a southward turnaround for a medium-term bearish mode in the later part of this week.
The GBPJPY market has been sideways for the most part of the last eight weeks. The last two weeks have seen much ambivalence of price action after a narrow-range horizontal channel was breached southwards. The technicals on the weekly time frame favour bears but the 132.430 area is a horizontal support which bears may struggle to break down.
Price action on the H4 time frame is disposing northwards in retracement as the impulsive direction is southwards. The 135.530/135.950 zone is an area of value which may be a target of such a retracement before a southward turnaround.
The EURUSD market is still in a consolidation mode on the weekly time frame, spanning the 1.11260/1.14220 zone. But the longer-term technical disposition still favours bears.
On the daily time frame, price action is operating within a narrower horizontal channel 1.12860/1.11940 (bound by magenta horizontal lines). This is very much an area to avoid trading in until either a breakout or a breakdown of the channel. A breakdown of the channel is not likely to offer a feasible trade until the 1.11260 horizontal support is breached. Personally, based on the bigger picture favouring bears, I will consider a sell trading opportunity after a breakout above the channel to a value area around the 1.13410/1.13890 zone (bound by blue horizontal lines).
The GBPUSD price action on the weekly time frame is presently ambivalent, having printed two pinbars at the 1.25300 horizontal support in the past two weeks without any directional follow-through. The 1.23860/1.25930 zone (bound by magenta horizontal lines) is likely to act as a horizontal channel for price action consolidation in the early part of this week before any directional momentum. Although the technicals still favour bears, the market is fickle, and we may see a retest of the monthly pivot around 1.26620 before any southward continuation.
Price action on the daily time frame is operating in a falling channel (black). Presently, it has rejected the channel support trendline and moving towards the channel resistance trendline. The candlestick prints on Wednesday through Friday last week indicate the intent of bulls to take price further northwards, perhaps to a previous area of value, say the channel resistance trendline or the next horizontal resistance around the 1.26410/1.27180 zone (bound by purple horizontal lines), which contains the monthly pivot.
Recent price action on the H4 time frame has formed a mini horizontal channel (blue) within which ‘wicky’ indecision candlesticks were printed during the last three 4-hour sessions on Friday. We should notice the big bullish candlestick to the left side which seemed to be influencing the price action that followed its print since Thursday. We may see an attempt to take out its high as bulls pursue a northward move, based on the pattern seen on the daily time frame. Furthermore, the 1.26410/1.27180 zone is the inception zone of the most recent bearish impulsive move within the falling channel (black) and may be a magnet of a northward retracement before any further southward drive.
I am bearish GBPUSD but will wait for price action to provide me a feasible setup within an area of value; such an area is the 1.26410/1.27180 zone or a deep (61.8/78.6 Fib) retracement to it.
The GBPAUD market is consolidating within a rising wedge (red) on the weekly time frame. Last week, price action printed a bullish outside candlestick near the channel support trendline. A follow-up this week will likely see bulls take price action to the immediate horizontal resistance around the 1.80430 area.
A falling channel (black) has been carved by price action on the daily time frame within the rising wedge (red) seen on the weekly time frame. Bulls have been in control of recent price action but, presently, located around a minor horizontal resistance where top-tailed candlesticks were printed on Thursday and Friday last week, indicating a bearish challenge to bulls’ influence. We may see some sideways of price action in the early part of this week or a brief northward push, but we may not see much bullish momentum. A southward turnaround seems to be more probable.
Miniature or topping candlesticks have been printed on the H4 time frame near a minor horizontal resistance within the falling channel (black) seen on the daily time frame. This is indicative of an impending southward turnaround, perhaps, at the 1.80430 area or the channel resistance trendline.
GBPCAD price action on the weekly time frame is operating within a symmetrical triangle (blue) and presently located around the triangle support trendline. However, there has been sideways operation in the area in the past three weeks, with the printing of three indecision candlesticks. Much likely, we may see further market ambivalence this week or a brief bullish correction. Technicals are in favor of bears.
Technicals are in favour of bears on the daily time frame but price action is far from the mean. Therefore, we may see a retracement to, say, the 1.64690/1.65780 zone, which is an immediate horizontal resistance.
The EURUSD market is yet to break out of its consolidation mode. On the weekly time frame, the order flow is grinding slowly on the negative side, but a directional momentum is lacking. Recent price action is confined within a falling expanding wedge (black). A major horizontal channel (bound by magenta horizontal lines) spans the 1.14095/1.11030 area which has constrained price action in the past four months. But much of recent price action has been confined to the lower segment of the range, the 1.13130/1.11030 area. The technicals favour bears and a breakdown of the channel may see them target the 1.09500 horizontal support area.
The H4 time frame shows EURUSD price action operating in a bearish sloping channel (black) and the technicals in sync. Presently, price action is located at the channel support trendline with rejection candlestick tails printed; we may see a bullish pullback before a southward turn around. Candidates for a retracement target include the channel resistance trendline and the 1.12760/1.13065 horizontal resistance area (bound by dark orange horizontal lines), which adjoins the monthly pivot.
Bears are influencing GBPUSD price action within a falling wedge (blue) on the weekly time frame, but the immediate horizontal support is just 30 pips below current location of price action. We may have a sideways of price action in the early part of this week or a brief retracement before a southward continuation.
On the daily time frame, a small range descending channel (magenta) is in operation. Price action printed some bottom-tailed candlesticks that hit the channel support trendline several times but failed to break it. A relatively strong bearish candlestick was printed on Friday. Should bears follow through in the early part of this week, a breakdown of the channel may expose the 1.21340 horizontal support zone. Otherwise, we may see a retracement to around the channel resistance trendline before a southward turnaround. The 1.26190 horizontal resistance zone is another candidate for a retracement target. The technicals are in favour of bears.
The bullish drive witnessed by the XAUUSD market in June 2019 did not have significant follow-through in July when the 1430/50 multi-year resistance zone was penetrated. In July, market operation ranged in the zone and printed an ambivalent candlestick. At any rate, technically, we still have a bullish XAUUSD market. But how the market handles the zone and the monthly pivot, around 1415, should be watched.
Technicals on the weekly time frame suggest that the market is still disposed positively. However, price action is still ranging as the market tackles the multi-year horizontal resistance around the 1430/50 area. The ‘wicky’ candlesticks recently printed suggest a market lacking in long-term directional momentum. But the 1400/1450 zone (bound by magenta horizontal lines) presents a significantly tradeable zone for both bulls and bears in the short term.
Price action on the daily time frame is within a rising wedge pattern (blue). A significantly bullish candlestick was printed last week Thursday but there was little follow-through on Friday. Nevertheless, the technicals still favour some bullish move.
The order flow context on the H4 time frame gives a slight edge to bulls but bears are still influential. Presently, price action is located about 85 pips below the 1450 horizontal resistance. Given that price action is within a rising wedge (blue) seen on the daily time frame, the 1450 area and the wedge resistance trendline can be influential as barriers to bullish momentum. In this context, as a ‘wicky’ top printed in the area in the recent past led to a zone rejection, a significant bearish print in the area in the early part of this week may lead to a southward pullback.
The GBPAUD has been in consolidation in a rising wedge (blue) for quite a while. An indecision candlestick was printed in July 2019 around a horizontal support zone (the 1.78430 area) on the monthly time frame. How the market handles the 1.78430 area in the coming days should be watched.
On the weekly time frame, price action has been in a horizontal consolidation in the 1.78430 area in the last three weeks. The doji-like candlestick printed last week is indicative of a likelihood of further ambivalence in the market.
Price operation on the daily time frame is within a falling channel (magenta). Presently, bulls are influencing a move towards the channel resistance trendline, which may expose the immediate horizontal resistance around 1.81460 before a possible southward turnaround.
The GBPCAD market has experienced a solid bearish drive for three months. In July 2019, the bearish candlestick print nestled at a significant horizontal support zone (the 1.59840 area) and we should watch how the area is handled by price action in the days ahead.
The bearish move on the weekly time frame has been largely parabolic. Besides, price action is presently located at a significant horizontal support. Technically, I expect a pullback to an area of value before any further bearish momentum.
Rejection candlesticks were printed around the 1.59840 horizontal support area between Wednesday and Friday last week. We may see bulls take price action northwards in retracement. This is, contextually, a corrective measure. Bears are still technically favoured to influence the market thereafter.
After a period of sideways/consolidation in the GBPUSD market, price action took a bearish dive in July 2019 and nestled at the 1.21600 horizontal support zone on the monthly time frame. We should watch how the market handles the 1.21600 area this week. Note that a falling trendline (red) from the high of July 2014 is likely to be influential in future as resistance.
The weekly time frame shows a parabolic bearish move in recent weeks. Last week, the bearish drive pierced below the 1.21600 psychological area but recoiled. We may see an attempt by bears to at least test the 1.19920 handle in the early part of this week. But it looks that the market is technically due for a retracement before any further southward continuation. The 1.23600 zone, which incorporates the monthly pivot, may be a magnet for a northward pullback before a southward turnaround.
Price action is operating in a falling channel (blue) on the daily time frame. A bottoming pattern has formed around the 1.21600 horizontal resistance zone and it is reacting near the channel support trendline. This may translate to a bullish pullback in the days ahead; perhaps, targeting the channel resistance trendline before a southward turnaround. In the short-term we are likely to have a northward pullback, but in the medium term the market is technically bearish. Thus, any bullish move is likely to be short-lived.
In July 2019, the EURUSD market broke down a horizontal range (1.14560/1.11680) within which price action has operated for over five months. Pivot traders would note that price action in August 2019 opened below the monthly pivot and may be looking for bears to dominate the month.
Price action on the weekly time frame is operating in a falling channel (blue) and a long-tailed doji was printed last week at a significant horizontal support zone. This is indicative of market equilibrium and we may see some sideways or a brief pullback of price action in the early part of this week. The technicals give an edge to bears and we may see a bearish continuation later in the week.
The market printed a morning star formation on the daily time frame towards the end of last week. This was in a horizontal support zone and price action is presently located too far from the mean. Thus, we may see a pullback to an area of value in the early part of this week. The 1.11680 area, which adjoins the monthly pivot, is a likely target of such a pullback. Another candidate is the minor falling trendline (magenta) formed by recent swing highs.
On the H4 time frame, price action is heading northwards and we may see a retest of the broken-down horizontal support around the 1.11680 area, which may lead to a role flip. Should there be a role flip we are likely to have a bearish momentum for a southward continuation.
The XAUUSD market is determinedly bullish and only a corrective bearish mode can be expected. The technicals on the weekly time frame still favor bulls but the market is experiencing a decline in bullish drive. So, we may see some corrective move southwards this week.
A topping formation is developing on the H4 time frame. This portends a bearish correction. But a minor rising trendline (blue) is still acting as support. The next significant horizontal support is located at the 1469 area, while the 1510 area is horizontal resistance.
The GBPCAD market has been on the negative side for quite a while. On the weekly time frame, price action printed a bearish pinbar at the 1.59000 horizontal support area last week. This portends a bearish continuation, which may expose the 1.57340 horizontal support zone.
On the daily time frame, price action has recently left an area of consolidation, the 1.61340/1.59820 zone (bound by magenta horizontal lines) and we may expect a pullback as a retest before further bearish drive.
On the H4 time frame, price action is located too far from the value area and we may expect a pullback in the early part of this week. This is likely to be brief as the technicals are still in favour of bears to influence the market mode.
The GBPCHF market is largely bearish. Presently, price action is located at a significant horizontal support and we may see a brief bullish reaction or sideways of price action in the early part of this week.
On the daily time frame, price action has recently left an area of consolidation, the 1.18880/1.18050 zone (bound by magenta horizontal lines). Based on recent price action patterns on the daily time frame, we may expect a pullback as a retest of the zone or a sideways of price action before a bearish continuation. A falling trendline (blue) is still in play and may be influential as resistance later.
The past three weeks have seen GBPUSD price action swinging bearish afyer a period of sideways operation before breaking the significant 1.24000 support level. On the weekly time frame, price action is located at a multi-year significant horizontal support around the 1.20100 area. We may see some sideways of price action as bulls and bears sway market influence in the zone.
On the H4 time frame, price action spent an extended period of time ranging in the 1.22120/1.21140 zone before breaking it down. Technically, we may expect a revisit of the zone or some pullback before further bearish continuation. The next horizontal support is in the 1.20100 area.
