Weekly Technical Analysis Report 15 June – GBPJPY played out nicely, bullish play seen on Gold
Weekly Technical Analysis Report 15 June – GBPJPY played out nicely, bullish play seen on Gold
1. Last week’s outlook on GBPJPY: Bearish play seen
On the daily time frame, prices are holding below a key resistance level at 168.50 where we could see a reversal below this level. On the M30 time frame, prices are showing bearish order flow with the recent break of the swing low. A pullback to test the supply zone at 167.80, in line with the 61.8% Fibonacci retracement and 61.8% Fibonacci extension could present an opportunity to play the drop from this level to the next demand zone at 166.20. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/GBPJPY/kF3UUDBH-Outlook-on-GBPJPY-Bearish-play-seen/
2. This week’s outlook on Gold: Bullish play seen
On the monthly time frame, prices are testing a demand zone and holding above its ascending trend line where we could see a further upside. On the H2 time frame, prices bounced off a key support area at 1807.80, in line with the 78.6% Fibonacci retracement and 61.8% Fibonacci extension. A break above our upside confirmation level at 1832.50, which is also a key level that prices interacted with multiple times could see prices rally higher to our next resistance target at 1875.00 which is also in line with the 127.2% Fibonacci extension. Stochastic is testing support as well, supporting the bullish bias.
Outlook on XAUUSD: Bullish play seen by Salzworth on TradingView.com
