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Technical Outlook and Review

DXY:

On the H4 timeframe, prices are on bullish momentum and abiding by our ascending trendline support. We see the potential for a bounce from our 1st support at 98.632 in line with 38.2% Fibonacci retracement towards our 1st resistance at 99.418 in line with 78.6% Fibonacci projection. Prices are trading above our ichimoku cloud support, further supporting our bullish bias.

Areas of consideration:

  • H4 time frame, 1st resistance at 99.658
  • H4 time frame, 1st support at 98.632

XAU/USD (GOLD):

On the H4, prices are approaching a key pivot. We see the potential for a bounce from our 1st support at 1918.32 which is in line with 127.2% Fibonacci extension towards our 1st resistance at 1963.060 in line with 78.6% Fibonacci Projection and also graphical swing high. Prices are trading below our ichimoku clouds, further supporting our bearish bias.

Areas of consideration:

  • 4h 1st support at 1918.32
  • 4h 1st resistance at 1963.060

GBP/USD:

On the H4, prices are on bullish momentum. We see the potential for a bounce from our 1st support at 1.30890 which is a graphical overlap and in line with 100% Fibonacci Projection towards our 1st resistance at 1.32232 in line with 61.8% Fibonacci Projection. Ichimoku clouds are showing green clouds, further supporting our bullish bias. Alternatively, breaking the 1st support will call for a further bullish continuation towards our 2nd support at 1.29999 which was a graphical swing low and in line with 161.8% Fibonacci Projection.

Areas of consideration:

  • H4 1st resistance at 1.32232
  • H4 1st support at 1.30890

USD/CHF:

On the H4, with price moving below our ichimoku cloud, we have a bias that price will drop from 1st resistance at 0.93743 in line with the horizontal pullback resistance and 61.8% Fibonacci retracement to 1st support at 0.93010 in line with the pullback support and 61.8% Fibonacci retracement . Alternatively, price may break 1st resistance and head for 2nd resistance at 0.94232 in line with the 78.6% Fibonacci retracement.

Areas of consideration

  • 1st support level at 0.93010
  • 1st resistance level at 0.93743

EUR/USD :

On the H4 timeframe, we see the potential for a bullish pressure from our 1st support at 1.09507 in line with 78.6% Fibonacci retracement towards our 1st resistance at 1.10456 in line with 50% Fibonacci retracement. Our bullish bias is supported by the stochastic indicator where price is at support level.

Areas of consideration :

  • H4 1st resistance at 1.10456
  • H4 1st support at 1.09507

USD/JPY:

On the H4 timeframe, prices are on bullish momentum. We see the potential for further bullish continuation from our 1st support at 121.409 in line with 23.6% Fibonacci retracement and 200% Fibonacci projection towards our 1st resistance at 125.101 which is in line with 61.8% Fibonacci Projection. Prices are trading above our ichimoku clouds, further supporting our bias.

Areas of consideration:

  • H4 time frame, 1st resistance at 125.101
  • H4 time frame, 1st support at 122.409

AUD/USD:

On the H4 timeframe, we see the potential for a bullish bounce from our 1st support at 0.74412 in line with 23.6% Fibonacci retracement towards our 1st resistance at 0.75399 in line with 138.2% Fibonacci extension. Our bullish bias is supported by price trading below the Ichimoku cloud indicator.

Areas of consideration

  • H4 1st resistance at 0.75399
  • H4 1st support at 0.74412

NZD/USD:

On the H4 timeframe, we see the potential for a bullish bounce from our 1st support at 0.68742 in line with 50% Fibonacci retracement and 61.8% Fibonacci projection towards our 1st resistance at 0.69886 in line with 138.2% Fibonacci extension. Our bullish bias is supported by price trading below the Ichimoku cloud indicator.

Areas of consideration :

  • H4 1st resistance at 0.69886
  • H4 1st support at 0.68742

USD/CAD:

On the H4, with price moving below our ichimoku cloud, we have a bias that price will drop from 1st resistance at 1.25638 in line with the horizontal overlap resistance and 23.6% Fibonacci retracement to 1st support at 1.24617 in line with the swing low support . Alternatively, price may break 1st resistance and head for 2nd resistance at 1.26234 in line with the 38.2% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st support at 1.24617
  • H4 time frame, 1st resistance at 1.25638

OIL:

On the H4, with price expected to bounce off the support of the ichimoku cloud, we have a bias that price will rise to our 1st resistance at 113.70 in line with the 38.2% Fibonacci retracement from our 1st support at 108.49 in line with the horizontal overlap support and 61.8% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 102.64 in line with the horizontal overlap support and 78.6% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance of 113.70
  • H4 time frame, 1st support of 108.49

Dow Jones Industrial Average:

On the H4, with price expected to reverse off the stochastics level, we have a bias that price will drop from 1st resistance at 35011 in line with the horizontal overlap resistance and 161.8% Fibonacci extension to 1st support at 34073 in line with the pullback support .Alternatively, price may break 1st resistance and head for 2nd resistance at 35808 in line with the 161.8% Fibonacci extension.

Areas of consideration :

  • H4 1st support at 34073
  • H4 1st resistance at 35011

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