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Weekly Technical Analysis Report 14 April – XAUUSD played out nicely

Weekly Technical Analysis Report 14 April – XAUUSD played out nicely

1. Previous outlook on XAUUSD: Bullish outlook seen

Price is consolidating between a key resistance zone at 1988.50 and a key support zone at 1936.80, forming a bullish pennant on the H4 timeframe. A break above the resistance zone at 1988.50, in line with the 78.6% Fibonacci extension level and graphical high, could provide the bullish acceleration to the next resistance zone at 2052.20, in line with the 161.8% Fibonacci extension. Price is holding above the Ichimoku cloud as well, supporting our bullish bias.

Before:


Bullish outlook on XAUUSD – 31 March 2023 by Salzworth on TradingView.com

After:

Screenshot 2023 04 14 175101

2. This week’s outlook on AUDUSD: Bearish outlook seen

Price is testing a key resistance zone at 0.6780 on the H1 timeframe, which is in line with the 78.6% Fibonacci extension level. A pullback to this zone could present the opportunity to play the drop to the support zone at 0.6720, which coincides with the 23.6% Fibonacci retracement level. Price is hovering below the 20 EMA and MACD is showing bearish momentum, supporting our bearish bias.


Bearish outlook on AUDUSD – 14 April 2023 by Salzworth on TradingView.com

Salzworth Asset Management