Weekly Technical Analysis Report 8 February – GBPUSD played out nicely
Weekly Technical Analysis Report 8 February – GBPUSD played out nicely
1. Last week’s outlook on GBPUSD: Bearish outlook seen
On the H1 timeframe, prices are ranging between 1.2300 and 1.2420. A pullback to the 1.2420 level could present an opportunity to ride the drop to the next support zone at 1.2300, in line with the 78.6% Fibonacci extension. Stochastic RSI is in the overbought region above 80, and price is hovering near the top of the Bollinger Bands, supporting our bearish bias.
Before:
Bearish outlook on GBPUSD – 2 February 2023 by Salzworth on TradingView.com
After:
2. This week’s outlook on USDCAD: Bearish outlook seen
Prices have broken below a key support zone at 1.3380 on the H1 timeframe. A pullback to this level, which is in line with the 50% Fibonacci retracement, could provide the bearish acceleration to the next support zone at 1.3320, which coincides with the 78.6% Fibonacci retracement. Prices are lying below the Ichimoku Cloud as well, supporting our bearish bias.
Bearish outlook on USDCAD – 8 February 2023 by Salzworth on TradingView.com
3. This week’s outlook on AUDUSD: Bullish outlook seen
Prices have broken above a key resistance zone at 0.6980 on the H1 timeframe. A throwback to this level, which coincides with the 38.2% Fibonacci retracement, could provide the bullish acceleration to the next resistance zone at 0.7050, which is in line with the 61.8% Fibonacci retracement. Prices are lying above the Ichimoku Cloud as well, supporting our bullish bias.
Bullish outlook on AUDUSD: 8 February 2023 by Salzworth on TradingView.com
