Weekly Technical Analysis Report 28 June – WTI Crude Oil played out nicely, bearish play seen on USDCAD
Weekly Technical Analysis Report 28 June – WTI Crude Oil played out nicely, bearish play seen on USDCAD
1. Last week’s outlook on WTI Crude Oil: Bearish play seen
On the weekly time frame, prices are holding below a key area at 127.80 where we could see further downside below this area. On the H4 time frame, we are seeing a shift in order flow with the break of the recent low at 112.50. A pullback to the resistance area at 114.80, in line with the 61.8% Fibonacci retracement and 100% Fibonacci extension presents an opportunity to play the drop to our next support target at 103.80. This demand area lines up with the ascending trend line, 78.6% Fibonacci retracement and 1.272% Fibonacci extension. Ichimoku cloud is showing signs of bearish pressure as well, with prices holding below the Ichimoku cloud.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/USOIL/PV9oFfsx-Outlook-on-WTI-Crude-Oil-Bearish-play-seen/
2. This week’s outlook on USDCAD: Bearish play seen
On the monthly and weekly time frame, prices tested and reversed off a key resistance zone at 1.3080 with bearish order flow seen on the H4 time frame, as price broke the recent market low at 1.2920. On the H4 time frame, a pullback to the resistance zone at 1.300, in line with the graphical resistance level, 61.8% Fibonacci retracement and 61.8% Fibonacci extension presents an opportunity to play the drop to the next support target at 1.2750. This demand zone lines up with the 61.8% Fibonacci retracement and 61.8% Fibonacci extension levels. Stochastics is also facing resistance at 97.81 with bearish divergence seen which supports our bearish bias.
Outlook on USDCAD: Bearish play seen by Salzworth on TradingView.com
