Weekly Technical Analysis Report 19 May – EURJPY played out nicely, bullish play seen on Gold
Weekly Technical Analysis Report 19 May – EURJPY played out nicely, bullish play seen on Gold
1. Last week’s outlook on EURJPY: Bearish play seen
On the Monthly time frame, prices are currently testing a key resistance area and the failure to break and close above the monthly resistance suggest a possible reversal. On the H4 time frame, a pullback to the resistance zone at 136.882, in line with the 1.272% Fibonacci extension and and 78.6% Fibonacci retracement presents an opportunity to play the drop. Ichimoku cloud and moving average is showing signs of bearish momentum as well, in line with our bearish bias.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/EURJPY/pVvlyg8u-Outlook-on-EURJPY-Bearish-play-seen/
2. This week’s outlook on XAUUSD: Bullish play seen
On the weekly time frame, prices are testing a key support level at 1842, where we could see further upside. On the H2 time frame, prices broke above the descending trend line, suggesting a shift from a bearish to bullish order flow. A throwback to its support area at 1824.80, in line with the 78.6% Fibonacci retracement and 61.8% Fibonacci retracement presents an opportunity to play the bounce, with 1888.80 as the resistance target. Prices are holding above the 20 EMA as well, in line with our bullish bias.
Outlook on XAUUSD: Bullish play seen by Salzworth on TradingView.com
