Weekly Technical Analysis Report 31 December – Gold played out nicely, bearish play seen on NZDUSD
Weekly Technical Analysis Report 31 December – Gold played out nicely, bearish play seen on NZDUSD
1. Last week’s outlook on XAUUSD: Pullback presents an opportunity to buy
On the H4 time frame, prices are showing bullish order flow with the break of its previous H4 high. On the M30 time frame, a pullback to the demand zone at 1803.89, in line with the 23.6% Fibonacci retracement and 61.8% Fibonacci extension presents an opportunity to play the bounce to the next resistance target at 1812.39. Ichimoku cloud and 30 EMA are showing signs of bullish pressure as well.
XAUUSD Charts (Note: Coloured candles represent our projection)
Before:
After:
2. This 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.
Outlook on NZDUSD: Pullback presents an opportunity to sell by Salzworth on TradingView.com
