Weekly Technical Analysis Report 9 December – EURCAD played out nicely, bearish play seen on GBPJPY
Weekly Technical Analysis Report 9 December – EURCAD played out nicely, bearish play seen on GBPJPY
1. Last week’s outlook on EURCAD: Bearish play seen
On the H4 time frame, we are seeing a bearish order flow with the break of structure below the H4 low. On the M30 time frame, prices mitigated a key supply zone area where we saw a reversal and a pullback to test its resistance zone at 1.43272, in line with the 78.6% Fibonacci retracement could present an opportunity to play the drop. Stochastic is approaching resistance as well, where we could see a reversal, in line with our bearish bias.
EURCAD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/EURCAD/2CxQIFmj-Outlook-on-EURCAD-Bearish-play-seen/
2. This week’s outlook on GBPJPY: Bearish play seen
On the H4 time frame, we are seeing bearish order flow, with prices forming lower lows and lower highs. On the H1 time frame, a pullback to the supply zone at 151.20 on the H1 time frame presents an opportunity to sell. This resistance area is in line with the 38.2% Fibonacci retracement, where we could see a reversal below this level to our support target at 149.80, in line with the 61.8% Fibonacci retracement. Keeping in mind that prices are testing a daily demand zone, a break above the current resistance zone at 151.20 could see a deeper pullback on the daily leg.
Outlook on GBPJPY: Bearish play seen by Salzworth on TradingView.com
