Tue, May 17, 2022 @ 17:21 GMT
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Technical Outlook and Review

DXY:

On the H4, with price expected to reverse off the stochastics indicator, we have a bearish bias that price will drop from our 1st resistance at 101.790 where the 161.8% Fibonacci extension, 61.8% Fibonacci projection and -61.8% Fibonacci expansion is to our 1st support at 101.209 in line with the horizontal pullback support and 38.2% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the 78.6% Fibonacci projection is at 102.441.

Areas of consideration:

  • H4 time frame, 1st resistance at 101.790
  • H4 time frame, 1st support at 101.209

XAU/USD (GOLD):

On the H4, with price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise to our 1st resistance at 1922 where the pullback resistance is from our 1st support at 1895 in line with the horizontal swing low support and 61.8% Fibonacci projection and 127.2% Fibonacci extension. Alternatively, price may break 1st support structure and head for 2nd support where the 161.8% Fibonacci extension and -27.2% Fibonacci expansion is at 1863.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1922
  • H4 time frame, 1st Support at 1895

GBP/USD:

On the H4, we have a bullish bias that price will rise from 1st support level of 1.27058 which lines up with 100% fibonacci projection towards the 1st resistance level of 1.29752 which lines up with 61.8% fibonacci projection.

Areas of consideration:

  • H4 1st resistance at 1.29752
  • H4 1st support at 1.27058
  • H4 2nd support at 1.26020

USD/CHF:

On the H4, price is near to the key resistance level. We expect that price will potentially reverse from 1st resistance level of 0.96198 in line with 161.8% fibonacci extension towards the 1st support level of 0.94702 in line with 38.2% fibonacci retracement.

Areas of consideration

  • 1st support level at 0.94702
  • 1st resistance level at 0.96198
  • 2nd resistance level at 0.96741

EUR/USD :

On the H4, price is near the pivot level. We expect price to potentially bounce from 1st support level of 1.06994 in line with 61.8% fibonacci retracement and 138.2% fibonacci extension towards the 1st resistance level of 1.08074 in line with 50% fibonacci retracement and 61.8% fibonacci projection.

Areas of consideration :

  • H4 1st resistance at 1.08074
  • H4 1st support at 1.06994
  • H4 2nd support at 1.06513

USD/JPY:

On the H4, with price moving below the ichimoku cloud indicator, we have a bearish bias that price will drop from our 1st resistance at 128.331 where the 50% Fibonacci retracement is to our 1st support at 127.667 in line with the horizontal swing low support and 61.8% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal swing high resistance is at 108.889.

Areas of consideration:

  • H4 time frame, 1st resistance at 128.331
  • H4 time frame, 1st support at 127.667

AUD/USD:

On the H4 timeframe, price is near the key support level, We see the potential of a bullish bounce from 1st support level of 0.71677 in line with 100% fibonacci projection towards the 1st resistance level of 0.72823 in line with 38.2% fibonacci retracement and 100% fibonacci projection. Otherwise, price might break the key support level to trigger a dip towards the 2nd support of 0.70968 which is in line with 78.6% fibonacci retracement.

Areas of consideration

  • H4 1st resistance at 0.72823
  • H4 1st support at 0.71677
  • H4 2nd support at 0.70968

NZD/USD:

On the H4, we see the potential of bullish bounce from 1st support level of 0.65852 in line up with 138.2% fibonacci extension and 61.8% fibonacci retracement towards the 1st resistance level of 0.66660 in line with 23.6% fibonacci retracement and 78.6% fibonacci projection.

Areas of consideration:

  • H4 time frame, 1st support at 0.65852
  • H4 time frame, 1st resistance at 0.66660
  • H4 time frame, 2nd support at 0.65385

USD/CAD:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1.27776 where the swing high resistance is from our 1st support at 1.27030 in line with the horizontal pullback support and 23.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support where the horizontal pullback support and 38.2% Fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.27776
  • H4 time frame, 1st support at 1.27030

OIL:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 101.55 where the pullback resistance and 23.6% Fibonacci retracement is to our 1st support at 94.03 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal pullback support and 61.8% Fibonacci retracement at 105.46.

Areas of consideration:

  • H4 time frame, 1st resistance of 101.55
  • H4 time frame, 1st support of 94.03

Dow Jones Industrial Average:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 34078 where the 161.8% Fibonacci retracement is to our 1st support at 33354 in line with the horizontal swing low support and 61.8% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the 61.8% Fibonacci retracement is at 34739.

Areas of consideration :

  • H4 time frame, 1st resistance at 34078
  • H4 time frame, 1st support at 33354

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