Weekly Technical Analysis Report 8 October – NZDJPY played out nicely, Gold could see further upside
Weekly Technical Analysis Report 8 October – NZDJPY played out nicely, Gold could see further upside
1. Last week’s outlook on NZDJPY: Bearish play seen
Prices are facing bearish pressure from the resistance zone at 77.20 which lines up with the 38.2% Fibonacci retracement and 78.6% Fibonacci extension. A pullback to test this resistance area presents an opportunity to play the drop to the next support target at 76.50 area. That said, we do caution current H1 support level that prices are testing at 76.80 and a break below this level is needed to provide the bearish confirmation for a further drop.
NZDJPY Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/NZDJPY/z3UJgvTz-Outlook-on-NZDJPY-Bearish-play-seen/
2. This week’s outlook on Gold: Pullback presents an opportunity to buy
Prices are holding well above the daily support, and we are seeing consolidation on the H1 time frame along with a clear break of structure above the recent high. A pullback to test the support zone at 1752, in line with the 78.6% retracement presents an opportunity to play the bounce with 1769 as the resistance target. Keeping in mind the daily time frame echoes a more bullish view, a break above the 1769 resistance target could see prices extend its rally.
Outlook on Gold: Pullback presents an opportunity to buy by Salzworth on TradingView.com
