USDCAD after

Weekly Technical Analysis Report 21 April – USDCAD played out nicely, limited upside seen on AUDUSD

Weekly Technical Analysis Report 21 April – USDCAD played out nicely, limited upside seen on AUDUSD

1. Last week’s outlook on USDCAD: Bearish play seen

On the H4 time frame, prices are testing resistance at 1.2650, in line with the descending trend line and 50% Fibonacci retracement where we could see further downside below this level to our support target at 1.2530. This support target coincides with our Fibonacci confluence levels which include the 50% Fibonacci retracement and 100% Fibonacci extension. Stochastic is testing resistance as well where we could see a reversal below this level.

USDCAD Chart (Note: Coloured candles represent our projection)
Before:

USDCAD before

After:

USDCAD after

Chart: https://www.tradingview.com/chart/USDCAD/AiIwiAbj-Outlook-on-USDCAD-Bearish-play-seen/

 

2. This week’s outlook on AUDUSD: Limited upside seen

On the higher time frame, prices are testing key resistance and we could be seeing limited upside here. On the H1 time frame, a pullback to test the support area at 0.7420, in line with the 100% Fibonacci extension, 38.2% Fibonacci retracement provides an opportunity to play the bounce to our resistance target at 0.74800. This resistance target lines up with the 78.6% Fibonacci extension level. Ichimoku cloud is showing signs of bullish pressure as well in line with our bullish bias.


Limited upside seen on AUDUSD by Salzworth on TradingView.com

Salzworth Asset Management