Weekly Technical Analysis Report 24 December – EURUSD played out nicely, bullish play seen on Gold
Weekly Technical Analysis Report 24 December – EURUSD played out nicely, bullish play seen on Gold
1. Last week’s outlook on EURUSD: Bearish play seen
On the H4 time frame, prices are facing bearish pressure from its resistance zone at 1.13489 where we could see further downside. That said, we would also like to highlight the M30 demand zones at 1.13120 and 1.12976 where we could see a pullback before a further drop. Currently, prices are testing the demand zone at 1.13120 and a pullback to the resistance level at 1.13345 presents an opportunity for a short. Ichimoku cloud is showing signs of bearish pressure as well.
EURUSD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/EURUSD/pp5mzIz6-Outlook-on-EURUSD-Bearish-play-seen/
2. This week’s outlook on XAUUSD: Pullback presents an opportunity to buy
On the H4 time frame, prices are showing bullish order flow with the break of its previous H4 high. On the M30 time frame, a pullback to the demand zone at 1803.89, in line with the 23.6% Fibonacci retracement and 61.8% Fibonacci extension presents an opportunity to play the bounce to the next resistance target at 1812.39. Ichimoku cloud and 30 EMA are showing signs of bullish pressure as well.
Outlook on XAUUSD: Pullback presents an opportunity to buy by Salzworth on TradingView.com
