Weekly Technical Outlook 07-11/11

Weekly Technical Outlook 07-11/11

Another week has started so it’s time for another weekly technical overview:

GBPJPY , EURGBP - an analysis on a D1 interval

  • GBP has moved within a bearish trend, the nearest resistance is being defended
  • EURGBP has moved within a bullish trend, there is a possibility of a new higher low

 

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GBPJPY has moved within a distinct bearish trend. A new lower has been formed around 123, price has rebounded and moved towards the first, crucial resistance area with a psychological level of 130.0. There is a forming pinbar and a potential evening star pattern. Such signals on a daily a interval would a tempting opportunity for going short with a potential new, lower high.

EUGBP has moved within a bullish trend since Brexit referendum. A new high has been established around 0.9258. It is a new higher high within a bullish trend. We see a typical correction, there is no overbalance, price respects the nearest support area around 0.8858. A pinbar has been formed, there is also a morning star pattern. With a bullish candlestick on a daily interval, one may think about going long.

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EURUSD - an analysis on a D1 interval

  • EURUSD has retraced from the crucial resistance

 

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We have mentioned that a crucial resistance area around 1.12-1.125 has been reached. The resistance has been defended, we have also observed a bearish gap. There is a forming outside bar on a daily interval. Such a close of today’s candlestick would be a distinct bearish signal and one could think about going short. However price stays above a short-term support so a small correction may appear. A  decline may accelerate after a successful breakout.

 

Gold - an analysis on a D1 interval

  • Gold has defended the crucial resistance area with a psychological level of $1300

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Gold has defended a crucial resistance area and moved lower with a massive bearish momentum. One could think that it’s too late to join a bearish wave, but the basic target for bears lays around $1200. Therefore there is still a room for a significant decline. The nearest support area around $1275 will be probably reached, and we may see some correction to the recent drop. However if it is broken below, and the next support area around %1240 is broken below as well, nothing will stay between the supply side of the market and the crucial support around $1200.

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