Weekly Technical Analysis Report 18 August – GBPUSD played out nicely, bearish play seen on USDCAD
Weekly Technical Analysis Report 18 August – GBPUSD played out nicely, bearish play seen on USDCAD
1. Last week’s outlook on GBPUSD: Bearish play seen
On the H4 time frame, prices are facing bearish pressure from its resistance zone at 1.2280 in line with the 78.6% Fibonacci retracement and a pullback to this zone presents an opportunity to play a further drop to the next support target at 1.2030. This support target lines up with the 50% Fibonacci retracement. Stochastic is facing bearish pressure from its resistance at 94.92 as well, in line with our bearish bias.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/GBPUSD/uDPOv09g-Outlook-on-GBPUSD-Bearish-play-seen/
2. This week’s outlook on USDCAD: Bearish play seen
On the H4 time frame, prices are testing a key resistance area at 1.2940 in line with the 23.6% Fibonacci extension as well as the 50% Fibonacci retracement. We could see further downside in prices, with 1.2320 as our support target, which coincides with the 100% Fibonacci retracement . Ichimoku cloud is also showing signs of bearish momentum, in line with our bearish bias.
Bullish outlook on USDCAD: 18 August 2022 by Salzworth on TradingView.com
