Forex Technical Chart Analysis Weekly Report for 20-24th March 2017
This Week we have analyzed Forex Currency Pairs EURUSD, GBPUSD, USDJPY, AUDUSD, USDCAD and NZDUSD to find Buy or Sell Opportunities. This Week, as per our Analysis, EURUSD, GBPUSD, AUDUSD, and NZDUSD may go upside and USDJPY and USD CAD Currency Pairs may go down.
Detailed Analysis of the Currency Pairs;
EUR/USD Multi Time Frame Analysis:
In Monthly Time Frame, Price is bouncing from the bottom. In fact, there is a Descending Triangle. But, for the time being, Price is going to the upside from Support.
There is a MACD Divergence which supports Euro Dollar to go up.
On the other side, EURUSD is making Ascending Triangle in Weekly Time Frame. As well, we can See Head and Shoulders Pattern also in the weekly Time Frame, which is a good sign to break the Neck Line or the Resistance Line.
In the Daily Time Frame also, weekly Resistant is acting as Resistance. So, wait for the Resistance brake. In the other scenario, price may come down to the Support Area also. Wait for the Pattern Confirmations. In Forex Technical Analysis, Candlestick Patterns play major role for Trade confirmations.
When you find Buy opportunities in H1 and H4 Time Frames, Trade EURUSD with confidence.
GBP/USD Multi Time Frame Analysis:
Cable is making an Ascending Triangle in the Weekly time Frame and the Price is bouncing from the bottom Support Zone.
Price is at Key Resistance Area in Daily time Frame. Wait for the Resistance breakout. Or for the time being, Price may bounce from that strong Resistance level.
In 1 Hour Time Frame, this British Pound Dollar has developed a beautiful Staircase Pattern by forming Symmetric Triangle Pattern, Flag Pattern, Rectangle Pattern and an Ascending Pattern.
Wait for the Price to come to the Support levels in 1 Hour Time Frame and make your Buying decisions.
USD/JPY Multi Time Frame (Top Down) Analysis:
USDJPY Pair formed Descending Triangle on Top. Some selling pressure is there in Ninja.
Another Descending Triangle has formed inside Weekly Time Frame. So, this must be a good sign to sell USDJPY.
If we find any Breakout, Pullback and Continuation (BPC) in H4 Time Frame, we can Sell this Currency Pair.
Sell USDJPY whenever you have an opportunity in the lower time frames.
USD/CAD Multi Time Frame (Top Down) Analysis:
There is a Symmetric in USDCAD, Monthlyly Time Frame and Price is bouncing from Resistance Line.
In Daily Time Frame, BPC Pattern has been formed. Take the opportunity to sell.
And there is Flag Pattern after Head and Shoulders in 4 Hours Time Frame. As soon as the Flag breaks out, Sell USDCAD.
Look for Sell opportunities in lower time frames in USDCAD.
NZD/USD Multi Time Frame Analysis:
In Monthly time Frame you can see an Ascending Triangle.
In Weekly Time Frame, NZDUSD is bouncing from Support and formed a Two Candlestick Pattern like Railway Track. So, it is a good sign to Buy NZDUSD Currency Pair.
In 4 Hours Time Frame, right now, there is a perfect Tea Cup Pattern has been formed. As soon as the Cup Handle is crossed, there is another Buy opportunity is waiting in this Currency Pair.
But, in 1 Hour Time Frame, we can see an MACD Divergence in this Pair. There may be little pullback.
Though there is an MACD Divergence in H1, we can look for Buy opportunities only in NZDUSD.
Final Words on this Week Chart Analysis:
Keep an eye on the above Chart Analysis and take the Buy or Sell opportunities in Lower Time Frames. By Analyzing Forex Chart in Top Down Method, we get 70% to 80% Success Rate in our day to day Forex Trading.