Weekly Technical Analysis Report 30 March – EURUSD and USDCAD played out nicely, bullish play seen on GBPUSD
Weekly Technical Analysis Report 30 March – EURUSD and USDCAD played out nicely, bullish play seen on GBPUSD
1. Previous call on EURUSD: Bullish play seen
On the H2 time frame, prices are showing bullish order flow, with the break of the recent high where we could see a deeper pullback into the daily leg before prices continue to the downside. A pullback to the support zone at 1.10000, in line with the ascending trend line, 61.8% Fibonacci retracement and 61.8% Fibonacci extension provides an opportunity to play the bounce up to our daily resistance target at 1.1288, in line with the 78.6% Fibonacci retracement.
EURUSD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/EURUSD/ZknaZDkJ-Outlook-on-EURUSD-Bullish-play-seen/
2. Last week’s outlook on USDCAD: Bearish play seen
On the daily timeframe, prices are forming lower lows and lower highs where we could see further downside in prices. On the H4 timeframe, a pullback to its resistance at 1.26870, in line with the 38.2% Fibonacci retracement and 78.6% Fibonacci extension could provide an opportunity to play the drop with 1.24564 as the support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
USDCAD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/USDCAD/jLHYbycj-Outlook-on-USDCAD-Bearish-play-seen/
3. This week’s outlook on GBPUSD: Further upside seen
On the H1 time frame, prices are seeing bullish order flow in line with the pullback that we could be seeing on the daily time frame before it continues to the downside. The support level at 1.30684, in line with the 127.2% Fibonacci extension and 78.6% Fibonacci retracement presents an opportunity to buy, with 1.32091 as the resistance target. Stochastic is testing support as well where we could see further upside in prices, in line with our bullish bias.
Outlook on GBPUSD: Further upside seen by Salzworth on TradingView.com
