Mon, Jan 17, 2022 @ 22:48 GMT
HomeContributorsTechnical AnalysisTechnical Outlook and Review

Technical Outlook and Review

DXY:

On the H4 timeframe, prices are on bearish momentum and abiding to our bearish trendline. We would expect a bounce from our 1st support at 95.804 in line with 100% Fibonacci extension and 100% Fibonacci retracement towards our 1st resistance at 96.103 in line with 61.8% Fibonacci extension. Ichimoku clouds are forecasting a bullish upward movement.

Areas of consideration:

H4 time frame, 1st resistance at 96.103

H4 time frame, 1st support at 95.804

XAU/USD (GOLD):

On the H4 chart, prices are consolidating sideways. We see potential for prices to climb from our 1st support at 1796.280 in line with 100% Fibonacci retracement towards our 1st resistance at 1813.945 in line with 100% Fibonacci extension and 61.8% Fibonacci retracement. RSI is also portraying bullish momentum. Alternatively, breaking our 1st support will find prices dipping towards our 2nd support at 1789.494 in line with 127.2% Fibonacci extension.

Areas of consideration:

H4 1st support at 1796.280
H4 1st resistance at 1813.945

GBP/USD

On the H4 chart, price is at the first resistance level of 1.36029 which is also 100% Fibonacci projection and 61.8% Fibonacci retracement. Price can potentially dip to the 1st support level of 1.34588 which is also 23.6% Fibonacci retracement and 100% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is near resistance level.

Areas of consideration:

H4 1st resistance at 1.36029

H4 1st support 1.34588

USD/CHF

In reference to last week’s analysis, prices are on bearish momentum and abiding to our descending trendline and price is moving nicely to the 1st Support. .We can expect price to continue to drop from 1st Resistance in line with 38.2% Fibonacci retracement and graphical overlap resistance towards 1st Support in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Areas of consideration:

Watch 1st Support at 0.91409

Watch 1st Resistance at 0.91966

EUR/USD :

On the H4 chart, price is abiding by an ascending trendline and is near 1st resistance level of 1.13854 which is also 100% Fibonacci projection and 38.2% Fibonacci retracement. Price can potentially dip to the 1st support level of 1.12783 which is also 50% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is near resistance level.

Areas of consideration :

H4 1st support at 1.12783

H4 1st resistance at 1.13854

USD/JPY

On the H4 timeframe, is abiding to the ascending channel on the daily, signifying an overall bullish momentum. However, we can expect price to make a short-term bearish drop from 1st Resistance in line with 127.2% Fibonacci projection and 127.2% Fibonacci extension towards 1st Support in line with 100% Fibonacci projection. Our short-term bearish bias is further supported by the MACD indicator where the signal line is above the MACD line.

Areas of consideration:

H4 1st resistance level 116.257

H4 1st support level 112.783

AUD/USD:

On the H4, orice broke out of the ascending trendline support, signifying a bearish momentum. We can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection towards 1st Support in line with 61.8% Fibonacci retracement. Our bearish bias is further supported by the price holding below the Ichimoku cloud.

Areas of consideration:

H4 1st Support level 0.70894

H4 1st resistance level 0.71844

NZD/USD:

On the H4 timeframe, prices are on bearish momentum and abiding to our bearish trendline. We see potential for prices to bounce from our 1st resistance at 0.68140 in line with 100% Fibonacci extension and 78.6% Fibonacci retracement towards our 1st support at 0.67448 in line with 78.6% Fibonacci retracements and 100% Fibonacci extension. Our bias is further supported by ichimoku clouds forecasting the dip. If prices break our 1st support, prices can potentially dip towards our 2nd support at 0.67012 in line with 127.2% Fibonacci extensions and 100% Fibonacci retracement.

Areas of consideration:

H4 time frame, 1st resistance at 0.68140

H4 time frame, 1st support at 0.6744

USD/CAD:

On the H1, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.26751 which is in line with horizontal overlap resistance and 23.6% Fibonacci retracement to 1st support at 1.26284, which is in line with horizontal swing low support and 127.2% fibonacci extension. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.27007, which coincides with horizontal overlap resistance and 38.2% Fibonacci retracement.
Areas of consideration:

H4 time frame, 1st support at 1.26284

H4 time frame, 1st resistance at 1.26751

OIL:

On the H4, with price at the resistance of stochastics, we have a bearish bias that price will drop from our 1st resistance at 82.83 which is in line with horizontal swing high resistance and 127.2% Fibonacci extension to 1st support at 79.51, which is in line with horizontal swing overlap support and 50% fibonacci retracement. This is also where the support of the ichimoku cloud is. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 85.59, which coincides with horizontal swing high resistance.

Areas of consideration:

H4 time frame, 1st resistance of 82.83

H4 time frame, 1st support of 79.51

Dow Jones Industrial Average:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 36861 which is in line with horizontal swing high resistance from 1st support at 36189, which is in line with horizontal overlap support and 32.8% Fibonacci retracement level. Alternatively, price may break 1st support structure and head for 2nd support at 35415, which coincides with horizontal overlap support and 61.8% Fibonacci retracement level .

Area of consideration:

4H resistance at 36861

4H support at 36189

IC Marketshttp://www.icmarkets.com/
IC Markets is revolutionizing on-line forex trading; on-line traders are now able to gain access to pricing and liquidity previously only available to investment banks and high net worth individuals.

Featured Analysis

Learn Forex Trading