Weekly Technical Analysis Report 23 November – GBPUSD played out nicely, bearish play seen on EURCAD
Weekly Technical Analysis Report 23 November – GBPUSD played out nicely, bearish play seen on EURCAD
1. Last week’s outlook on GBPUSD: Bearish play seen
On the H4 time frame, prices are showing bearish order flow and mitigated a key supply zone before a break of its ascending trend line on the H1 time frame. A pullback to its resistance zone at 1.34713, in line with the 50% Fibonacci retracement presents an opportunity to play the drop, to the next support area at 1.34150. A break below this area could provide the bearish acceleration in prices, to the next support zone at 1.33573. MACD is showing signs of bearish pressure as well, in line with our bearish bias.
GBPUSD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/GBPUSD/P9ujK3n9-Outlook-on-GBPUSD-Bearish-play-seen/
2. This week’s outlook on EURCAD: Bearish play seen
On the H4 time frame, we are seeing a bearish order flow with the break of structure below the H4 low. On the M30 time frame, prices mitigated a key supply zone area where we saw a reversal and a pullback to test its resistance zone at 1.43272, in line with the 78.6% Fibonacci retracement could present an opportunity to play the drop. Stochastic is approaching resistance as well, where we could see a reversal, in line with our bearish bias.
Outlook on EURCAD: Bearish play seen by Salzworth on TradingView.com