Weekly Technical Analysis Report 3 August – NZDJPY played out nicely, GBPAUD could see further downside this week
Weekly Technical Analysis Report 3 August – NZDJPY played out nicely, GBPAUD could see further downside this week
1. Last week’s outlook on NZDJPY: Bearish play seen
On the daily time frame, prices are holding below a key resistance level at 77.350, in line with the daily descending trend line and 78.6% Fibonacci retracement which could see prices extend its decline below this resistance level. On the H4 time frame, prices broke the ascending trend line and a pullback to test our resistance at 77.048 presents an opportunity to enter a short.
NZDJPY Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/NZDJPY/IlEK7EiF-Outlook-on-NZDJPY-Bearish-play-seen/
2. This week’s outlook on GBPAUD: Pullback presents an opportunity to sell
On the daily time frame, prices are holding below a key resistance level at 1.89670 where we could see further downside below this resistance zone. Looking at the H4 time frame, prices are facing bearish pressure from the descending trend line and a pullback to test the resistance area at 1.8880 in line with the 61.8% Fibonacci retracement presents an opportunity to enter a short.
Oulook on GBPAUD: Pullback presents an opportunity to sell by Salzworth on TradingView.com
