Tue, May 17, 2022 @ 18:25 GMT
HomeContributorsTechnical AnalysisTechnical Outlook and Review

Technical Outlook and Review

DXY:

Price is near key pivot level. We see a potential for bearish reversal from 1st resistance level of 100.762 in line with 127.2% Fibonacci extension towards the 1st support level of 99.434 along with a graphical pullback support. Alternatively, price might continue to rise to 2nd resistance level of 101.127 in line with 161.8% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance at 100.762
  • H4 time frame, 2nd resistance at 101.127
  • H4 time frame, 1st support at 99.434

XAU/USD (GOLD):

We expect price to be on a bullish continuation from 1st support level of 1966.5 in line with graphical pullback support towards the 1st resistance level of 2011.3 in line with 161.8% Fibonacci extension and 61.8% Fibonacci retracement. Alternatively, price might break through the key support level and drop to the 2nd support level of 1949.1 in line with graphical pullback support

Areas of consideration:

  • H4 time frame, 1st Resistance at 2011.3
  • H4 time frame, 1st Support at 1966.5
  • H4 time frame, 2nd Support at 1949.1

GBP/USD:

On the H4 timeframe, we expect to see a potential for bullish bounce from 1st support level of 1.30477 in line with and 50% retracement towards the 1st resistance level of 1.31490 in line with 50% Fibonacci retracement.

Areas of consideration:

  • H4 1st resistance at 1.31490
  • H4 1st support at 1.30477

USD/CHF:

On the H4, we see the potential for bearish reversal from our 1st resistance at 0.94311 in line with 78.6% FIbonacci projection, 127.2% Fibonacci extension and -27.2% Fibonacci expansion towards our 1st support at 0.93764 which is in line with a graphical pullback support. Alternatively, price might break through the key resistance level and head towards the 2nd resistance level of 0.94629 which lines up with 138.2% Fibonacci extension.

Areas of consideration

  • 1st support level at 0.93764
  • 1st resistance level at 0.94311
  • 2nd resistance level at 0.94629

EUR/USD :

On the H4 timeframe, price is near a key pivot. We see the potential for a bullish bounce from our 1st support level of 1.08070 in line with 161.8% Fibonacci extension towards our 1st resistance level of 1.09237 in line with 38.2% Fibonacci retracement.

Areas of consideration :

  • H4 1st resistance at 1.09237
  • H4 1st support at 1.08070

USD/JPY:

We expect price to have a bearish reversal from 1st resistance level of 126.577 in line with 138.2% fibonacci extension towards the 1st support level of 125.072 in line with graphical pullback support. Alternatively, price could continue to rise to 2nd resistance of 127.509 in line with 161.8% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance at 126.577
  • H4 time frame, 2nd resistance at 127.509
  • H4 time frame, 1st support at 125.072
  • H4 time frame, 2nd support at 123.453

AUD/USD:

On the H4 timeframe, we see the potential for a bullish bounce from our 1st support level at 0.73690 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection towards our 1st resistance level at 0.74756 in line with 38.2% Fibonacci retracement.

Areas of consideration

  • H4 1st resistance at 0.74756
  • H4 1st support at 0.73690

NZD/USD:

On the H4, we expect to see a potential for a bullish continuation from our 1st support of 0.67279 in line with 78.6% Fibonacci projection and -27.2% Fibonacci expansion towards our 1st resistance level at 0.68271 in line with graphical swing high resistance.

Areas of consideration:

  • H4 time frame, 1st support at 0.67279
  • H4 time frame, 1st resistance at 0.68271

USD/CAD:

We expect price to be on a bullish continuation from 1st support level of 1.25640 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards the 1st resistance of 1.26925 in line with 61.8% Fibonacci projection. Our bullish bias is further supported by price trading above ichimoku cloud.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.26925
  • H4 time frame, 1st support at 1.25640
  • H4 time frame, 2nd support at 1.24570

OIL:

Price is near to the key pivot level. We are expecting oil price to go for a bearish reversal from 1st resistance level of 108.19 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection towards the 1st support level of 98.6% lines up with graphical bullback support.

Areas of consideration:

  • H4 time frame, 1st resistance of 108.19
  • H4 time frame, 2nd resistance of 111.71
  • H4 time frame, 1st support of 98.60
  • H4 time frame, 2nd support at 93.53

Dow Jones Industrial Average:

Price is near to the pivot level. We can see a potential for a bullish bounce from 1st support level of 34174 lines up with 38.2% fibonacci retracement, along with a pullback support towards the 1st resistance level of 34960 lines up with previous graphical swing high resistance.

Areas of consideration :

  • H4 time frame, 1st resistance at 34960
  • H4 time frame, 1st support at 34174
  • H4 time frame, 2nd support at 33436

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