Weekly Technical Analysis Report 13 July – USOIL played out nicely, bullish play seen on GBPUSD
Weekly Technical Analysis Report 13 July – USOIL played out nicely, bullish play seen on GBPUSD
1. Last week’s outlook on USOIL: Bearish play seen
On the H4 time frame, prices are showing bearish order flow with lower lows and lower highs being formed. On the H1 time frame, a pullback to the resistance zone at 107.00, in line with the descending trend line, 78.6% Fibonacci retracement, graphical resistance level and 100% Fibonacci extension level presents an opportunity to play the drop. Our next support target at 100.20 coincides with the potential 61.8% Fibonacci retracement. Stochastic is also showing limited upside as well before it reaches resistance, in line with prices.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/USOIL/BtxPCrYf-Outlook-on-WTI-Bearish-play-seen/
2. This week’s outlook on GBPUSD: Bullish play seen
On the M30 time frame, prices are approaching the support zone at 1.18700, in line with the 61.8% Fibonacci retracement, graphical support and 61.8% Fibonacci extension. We could see a bounce above this demand zone to our next resistance target at 1.19300 which coincides with the 50% Fibonacci retracement. A break above this level would provide the bullish acceleration to our next resistance target at 1.19800, in line with the graphical support turned resistance level. Stochastic is approaching support as well where we could see further upside, in line with prices.
Outlook on GBPUSD: Bullish play seen by Salzworth on TradingView.com
