weekly charts 18august2014

8/11/2019 Weekly Charts 18August2014

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Weekly Technical AnalysisWeekly Technical Analysisfor week commencing 18 August 2014for week commencing 18 August 2014

Prepared by icola !ukePrepared by icola !uke

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Page 11 WT 3ilPage 12 !A

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2/13

GBPUSDweekly 9iew

This is the first , week decline since 2008 and we ha9e not seen - red weeks in a row since200): ridays close was abo9e the 2011 highs on a close price basis and 1:,-0, could besupport as we start the week The first fib target from the 2011 low howe9er is a bit lower at1:,,&0 and would be surprised to see any sustained rally without tagging this le9el:

!aily 9iew

%upport becomes resistance at 1:,-4, to sell again for 1:,,&0 with the trend:

1:,-&2 is the )0= of last weeks open close and holding as resistance so far this morning:


3/13

EURUSD Weekly 9iew

Tiny do>i inside week: .hunky option e7pirations this le9el drained the liuidity and kept

'$($%! stuck all week: Two pre9ious hammers in a row sitting on the weekly 200sma suggestthat we may slow 5 go back to retest the breakdown le9el from the wedge at 1:&)20 butmarkets can correct sideways in time instead of price and we may get no bounceibonacci rules say ha9ing re9ersed at the ,1:8fib of the 2011high62012low we should go to the

&8:2fib ne7t at 1:&14,

!aily 9iew

This suggests a wedge ? bearish pennant or coiling up for a mo9e lower:Trade the edge of the range or a break of 1:&&&) for a run lower:

A break higher has 1:&4061:&) resistance for a run lower:


4/13

AUDUSD weekly 9iew

@ast week candlestick is a bullish inside bar as the Aussie found support abo9e the April?ecti9e of the pattern:We need to clear this le9el to 0:40) 5 0:4&) ne7t ob>ecti9es:


5/13

USDJPYweekly 9iew

nside week after last weeks do>i: %ideways trading after a retest of the wedge breakout held:

This may not be a wedge but >ust a range either way ne7t target higher is 10&:4& B 10&:-&

!aily 9iew

riday was a bearish engulfing ? key outside re9ersal day:

The


6/13

EURGBP weekly 9iew

#ullish bat fibonacci pattern has triggered on the weak "#P and targets return to 0:84

!aily 9iew

@ast weeks /5% pattern triggered:This pair likes to mean6re9ert so could pullback to 0:-80 to retest the neckline for a long entry:

Watch the price action:


7/13

USDCHF weekly 9iew

Three weekly shooting star ? do>is in a row are bearish; $%!./ needs to break and hold below

0:021 to get downside momentum to 0:8)2 ne7t#igger picture this chart is bullish and $%!./ should hold the


8/13


9/13

EURJPY weekly 9iew

Golatility in the pair died this week; like the '$($%!: t is sa9ing up energy for the ne7t mo9eso we keep watching: ailure to close below that


10/13

GOLD weekly 9iew

The middle of a wedge and between the ,1:8 5 &8:2 fib is a hard place to trade 5 we are still sathere: The but the bigger pattern is bullish and lean that way to higher 5 148):

!aily 9iew

#roke the declining trend line from the *uly high and successfully retested the breakout le9el at

12) it needs to hold this le9el to go higher:The pattern says higher but the price action DcandlesF say lower to its a hard one to call at thestart of the week:#elow 12) the 12--:,0 is the ne7t buy entry:


11/13

OIL$% WT crude weekly 9iew

"artley fibonacci pattern final target would be new lows for the year Dbelow the *an 2014 lowF

/owe9er there is good potential support between 4:)0 5 ,:20 and the rising trend line is fromthe 2008 low:!aily Giew

Trendline support and an inside day: a9ours buying against the trendline for :&0 and then101:-0; a break below the trendline support 5 4:)0 le9el has 8,:206,0 big picture target:


12/13

DAX weekly 9iew

@ast weeks bullish hammer broke but the !A failed to hold the new highs: 3ne of the most

bearish of the ma>or inde7es is the !a7 leading or the bulllish asda: This week might tell:The


13/13

S&Pweekly 9iew

%trong bounce off the &8:2 fib retracement from the 2014 lows should be 9ery bullish; in fact if

the %5P does not make a new high on this rally it would be the first time it has failed to do soafter hitting a key retracement since the 2011 low: ailure to make a new high or the asda

double topping against *uly high gets me looking for shorts:

!aily 9iew

Watching resistance at 1)8:) and 1-8

The fibonacci e7tension le9el we ha9e reached suggests to me we will not see new highs for abit:Hey support for bulls to buy is 1&1 otherwise we retest the 18) lows

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weekly charts 18august2014

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