Weekly Technical Analysis Report 11 November – GBPUSD played out nicely, bullish play seen on EURNZD
Weekly Technical Analysis Report 11 November – GBPUSD played out nicely, bullish play seen on EURNZD
1. Last week’s outlook on GBPUSD: Bearish play seen
On the daily time frame, we are seeing bearish order flow with prices forming lower lows and highs. On the H4 time frame, a pullback to test the resistance zone at 1.3550 which coincides with the 38.2% Fibonacci retracement and 100% Fibonacci extension, presents an opportunity to play the drop with 1.3420 as the next support target. A break below this level could see prices push lower to the next support area at 1.3280, in line with the -27% Fibonacci retracement. The Ichimoku cloud and EMA are showing signs of bearish pressure as well.
GBPUSD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/GBPUSD/AewzLhFU-Outlook-on-GBPUSD-Bearish-play-seen/
2. This week’s outlook on EURNZD: Bullish play seen
On the weekly time frame, prices tapped into the demand zone where we could see a pullback in prices. On the H4 time frame, we are seeing bullish order flow with prices failing to form lower lows. Currently, prices are testing a key resistance at 1.63152 and a break above this level could see prices push higher to the next resistance target at 1.65311, in line with the 50% Fibonacci retracement. EMA and Ichimoku cloud are showing signs of bullish pressure as well supporting our bullish bias.
Outlook on EURNZD: Bullish play seen by Salzworth on TradingView.com
