Weekly Technical Analysis Report 5 May – BRTUSD played out nicely
Weekly Technical Analysis Report 5 May – BRTUSD played out nicely
1. Previous outlook on BRTUSD: Bearish outlook seen
Price is hovering above a key support zone at 77.80 on the H4 timeframe. A break below this zone, which is in line with the 78.6% Fibonacci extension level, could provide the bearish acceleration for a further throwback to the next support zone at 72.80, which coincides with the 78.6% Fibonacci retracement. Price is holding below the 20 EMA and Ichimoku cloud, while ADX above 25 is indicating a strong trend, supporting our bearish bias.
Before:
Bearish outlook on BRTUSD – 28 April 2023 by Salzworth on TradingView.com
After:
2. This week’s outlook on USDCAD: Bearish outlook seen
Price broke below a key resistance-turned-support zone at 1.3520 on the D1 timeframe. A pullback to this zone, which is in line with the 78.6% Fibonacci extension level, could provide the bearish acceleration to the next support zone at 1.3320, which coincides with the 261.8% Fibonacci extension. Price is holding below the 20 EMA and Ichimoku cloud, supporting our bearish bias.
Bearish Outlook on USDCAD – 5 May 2023 by Salzworth on TradingView.com