Weekly Technical Analysis Report 7 January – NZDUSD played out nicely, bearish play seen on AUDUSD
Weekly Technical Analysis Report 7 January – NZDUSD played out nicely, bearish play seen on AUDUSD
1. Last week’s outlook on NZDUSD: Pullback presents an opportunity to sell
On the H4 time frame, prices are testing a key resistance area. On the M30 time frame, a pullback to the resistance zone at 0.68500, in line with the 78.6% Fibonacci retracement presents an opportunity to sell to the next support target at 0.68200. Ichimoku cloud and 30 EMA are showing signs of bearish pressure as well. A break below the 0.68200 area could see prices push lower to the next support target at 0.68050.
NZDUSD Charts (Note: Coloured candles represent our projection)
Before:
After:
2. This week’s outlook on AUDUSD: Bearish play seen
On the daily time frame, prices are currently testing a key supply zone where we could see further downside below the supply zone . On the H2 time frame, a pullback to the resistance area , in line with the 50% fibonacci retracement and 78.6% Fibonacci extension presents an opportunity to play the drop to the next support target at 0.70902. Ichimoku cloud is showing signs of bearish bias as well.
Outlook on AUDUSD: Bearish play seen by Salzworth on TradingView.com
