Weekly Technical Analysis Report 19 October – GBPUSD played out nicely, bullish outlook on AUDUSD

Weekly Technical Analysis Report 19 October – GBPUSD played out nicely, bullish outlook on AUDUSD 

1. Last week’s outlook on GBPUSD: Bullish play seen  
On the M15 timeframe, prices are testing the M15 demand zone at 1.1080, in line with the 61.8% Fibonacci retracement. We could see further upside above this zone to the next resistance zone at 1.1130. This resistance zone coincides with the 61.8% Fibonacci extension and 78.6% Fibonacci retracement level. Prices are holding above the Ichimoku cloud as well, supporting the bullish bias. 

Before:

Coloured candles represent our projection 

After:

https://www.tradingview.com/chart/GBPUSD/8hEGLtsZ-Limited-upside-seen-on-GBPUSD-13-October-2022/

 

2. This week’s outlook on AUDUSD: Bullish outlook seen  
On the M30 time frame, prices are approaching the support zone at 0.62880 which coincides with the ascending trend line, 61.8% Fibonacci retracement and 61.8% Fibonacci extension. A pullback to this zone could present an opportunity to play the bounce to the next resistance zone at 0.6304, in line with the graphical resistance level. A break above the 0.6340 intermediate resistance could provide the bullish acceleration to the next resistance zone at 0.6370. Prices are holding above the Ichimoku cloud as well, supporting the bullish bias. 

Bullish outlook on AUDUSD: 19 October 2022 by Salzworth on TradingView.com