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:
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
