Weekly Technical Analysis Report 8 July – USDCAD played out nicely, bearish play seen on USOIL
Weekly Technical Analysis Report 8 July – USDCAD played out nicely, bearish play seen on USOIL
1. Last week’s outlook on USDCAD: Bearish play seen
On the monthly and weekly time frame, prices tested and reversed off a key resistance zone at 1.3080 with bearish order flow seen on the H4 time frame, as price broke the recent market low at 1.2920. On the H4 time frame, a pullback to the resistance zone at 1.300, in line with the graphical resistance level, 61.8% Fibonacci retracement and 61.8% Fibonacci extension presents an opportunity to play the drop to the next support target at 1.2750. This demand zone lines up with the 61.8% Fibonacci retracement and 61.8% Fibonacci extension levels. Stochastics is also facing resistance at 97.81 with bearish divergence seen which supports our bearish bias.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/USDCAD/QXOcgOVo-Outlook-on-USDCAD-Bearish-play-seen/
2. This week’s outlook on USOIL: Bearish play seen
On the H4 time frame, prices are showing bearish order flow with lower lows and lower highs being formed. On the H1 time frame, a pullback to the resistance zone at 107.00, in line with the descending trend line, 78.6% Fibonacci retracement, graphical resistance level and 100% Fibonacci extension level presents an opportunity to play the drop. Our next support target at 100.20 coincides with the potential 61.8% Fibonacci retracement. Stochastic is also showing limited upside as well before it reaches resistance, in line with prices.
Outlook on WTI: Bearish play seen by Salzworth on TradingView.com
