Weekly Technical Analysis Report 21 April – AUDUSD played out nicely
Weekly Technical Analysis Report 21 April – AUDUSD played out nicely
1. Previous outlook on AUDUSD: Bearish outlook seen
Price is testing a key resistance zone at 0.6780 on the H1 timeframe, which is in line with the 78.6% Fibonacci extension level. A pullback to this zone could present the opportunity to play the drop to the support zone at 0.6720, which coincides with the 23.6% Fibonacci retracement level. Price is hovering below the 20 EMA and MACD is showing bearish momentum, supporting our bearish bias.
Before:
Bearish outlook on AUDUSD – 14 April 2023 by Salzworth on TradingView.com
After:
2. This week’s outlook on USDJPY: Bullish outlook seen
Price is testing a key support zone at 133.80 on the H4 timeframe, which is in line with the 38.2% Fibonacci retracement. A throwback to this zone could present the opportunity to ride the bounce to the resistance zone at 135.20, which coincides with the 50% Fibonacci extension level and graphical high. Price is holding above the Ichimoku cloud and Stochastic RSI is in the oversold region below 20, supporting our bullish bias.
Bullish outlook on USDJPY – 21 April 2023 by Salzworth on TradingView.com
