Weekly Technical Analysis Report 28 July – EURUSD played out nicely, bearish play seen on USDCAD
Weekly Technical Analysis Report 28 July – EURUSD played out nicely, bearish play seen on USDCAD
1. Last week’s outlook on EURUSD: Bullish play seen
On the H4 time frame, prices are testing the support zone at 1.0100 in line with the 100% Fibonacci extension and 50% Fibonacci retracement where we could see further upside above this level to the resistance zone at 1.04000. This resistance zone lines up with the graphical resistance turned support level, 50% Fibonacci retracement and 100% Fibonacci extension. A break above the intermediate resistance zone at 1.02720 would provide the bullish acceleration to the next resistance target. Stochastic is approaching support as well where we could see a bounce above its support at 4.81.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/EURUSD/1uWsGHKK-Outlook-on-EURUSD-Bullish-play-seen/
2. This week’s outlook on USDCAD: Bearish play seen
On the H4 time frame, prices are facing bearish pressure from its resistance zone at 1.28500 in line with the 61.8% Fibonacci extension and a pullback to this zone presents an opportunity to play a further drop to the next support target at 1.26800. This support target lines up with the 78.6% Fibonacci retracement and 100% Fibonacci extension. Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
Outlook on EURUSD: Bearish play seen by Salzworth on TradingView.com
