Weekly Technical Analysis Report 18 March – USDCAD played out nicely, bullish play seen on EURUSD
Weekly Technical Analysis Report 18 March – USDCAD played out nicely, bullish play seen on EURUSD
1. Last week’s outlook on USDCAD: Bearish play seen
On the daily time frame, we are seeing bearish order flow and prices are holding below a key resistance area with further downside seen. On the H4 time frame, supply chain is being formed and respected as prices mitigate the extreme of the previous moves before moving to the downside. With prices currently testing the H4 supply zone at 1.27745, in line with the 100% Fibonacci extension, it could present an opportunity to play the drop the support target at 1.25597. Stochastic is testing resistance as well where we could see a reversal below this level, supporting our bearish bias.
USDCAD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/USDCAD/bim7vPkJ-Outlook-on-USDCAD-Bearish-play-seen/
2. This week’s outlook on EURUSD: Bullish play seen
On the H2 time frame, prices are showing bullish order flow, with the break of the recent high where we could see a deeper pullback into the daily leg before prices continue to the downside. A pullback to the support zone at 1.10000, in line with the ascending trend line, 61.8% Fibonacci retracement and 61.8% Fibonacci extension provides an opportunity to play the bounce up to our daily resistance target at 1.1288, in line with the 78.6% Fibonacci retracement.
Outlook on EURUSD: Bullish play seen by Salzworth on TradingView.com
