Weekly Technical Analysis Report 1 October – GBPAUD played out nicely, bearish play seen on NZDJPY
Weekly Technical Analysis Report 1 October – GBPAUD played out nicely, bearish play seen on NZDJPY
1. Last week’s outlook on GBPAUD: Pullback presents an opportunity to sell
Prices are holding below a key resistance zone on the monthly time frame with further downside seen. On the H1 time frame, prices broke its ascending support line and a pullback to test the resistance zone at 1.88800, in line with the 78.6% Fibonacci extension and 50% Fibonacci retracement presents an opportunity to sell to the support target at 1.8700 which lines up with the 61.8% Fibonacci retracement.
GBPAUD Charts (Note: Coloured candles represent our projection)
Before:
After:
2. This week’s outlook on NZDJPY: Bearish play seen
Prices are facing bearish pressure from the resistance zone at 77.20 which lines up with the 38.2% Fibonacci retracement and 78.6% Fibonacci extension. A pullback to test this resistance area presents an opportunity to play the drop to the next support target at 76.50 area. That said, we do caution current H1 support level that prices are testing at 76.80 and a break below this level is needed to provide the bearish confirmation for a further drop.
Outlook on NZDJPY: Bearish play seen by Salzworth on TradingView.com
