Weekly Technical Analysis Report 29 October – GBPUSD played out nicely, pullback on NZDUSD presents an opportunity to sell

Weekly Technical Analysis Report 29 October – GBPUSD played out nicely, pullback on NZDUSD presents an opportunity to sell

1. Last week’s outlook on GBPUSD: Bullish play seen

Prices are facing bullish pressure from its ascending trend line and Ichimoku cloud and a pullback to test the support zone at 1.37400, which coincides with the 127.2%, 38.2% Fibonacci retracement and 127.2% Fibonacci extension, presents an opportunity to play the bounce to the next resistance target at 1.38500.

GBPUSD Charts (Note: Coloured candles represent our projection)
Before:

After:

Chart: https://www.tradingview.com/chart/GBPUSD/6o7cUWo6-Outlook-on-GBPUSD-Bullish-play-seen/

 

2. This week’s outlook on NZDUSD: Pullback on NZDUSD presents an opportunity to sell

Looking at the daily time frame, prices are currently testing a key supply zone with potential for further downside. On the M30 time frame, prices broke below the ascending trend line and is facing bearish pressure from the 34EMA as well. A pullback to test its resistance zone at 0.72010 which lines up with the 78.6% Fibonacci retracement and 61.8% Fibonacci extension presents an opportunity to play the drop to the next support target at 0.71520, in line with the 78.6% Fibonacci retracement. MACD is showing signs of bearish pressure as well.

Pullback on NZDUSD presents an opportunity to sell by Salzworth on TradingView.com