Tue, May 17, 2022 @ 18:29 GMT
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Technical Outlook and Review

DXY:

On the H4, with price expected to reverse off the ichimoku cloud resistance, we have a bearish bias that price will drop from our 1st resistance at 102.900 where the 38.2% Fibonacci retracement and pullback resistance is to our 1st support at 101.832 in line with the 50% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal swing high resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance at 102.900
  • H4 time frame, 1st support at 101.832

XAU/USD (GOLD):

On the H4, with price moving above the stochastics indicator support, we have a bullish bias that price will rise to our 1st resistance at 1921 where the swing high resistance is from our 1st support at 1873 in line with the horizontal pullback support. Alternatively, price may break 1st support structure and head for 2nd support where the horizontal swing low support is.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1921
  • H4 time frame, 1st Support at 1873

GBP/USD:

On the H4, with price expected to bounce off the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1.27247 where the swing high resistance and 50% Fibonacci retracement is from our 1st support at 1.25797 in line with the horizontal pullback support. Alternatively, price may break 1st support structure and head for 2nd support where the horizontal swing low support is.

Areas of consideration:

  • H4 1st resistance at 1.27247
  • H4 1st support at 1.25797

USD/CHF:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 0.98464 where the daily resistance is from our 1st support at 0.97213 in line with the horizontal swing low support. Alternatively, price may break 1st support structure and head for 2nd support where the horizontal swing low support is.

Areas of consideration

  • 1st support level at 0.97213
  • 1st resistance level at 0.98464

EUR/USD :

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1.07627 where the 61.8% Fibonacci retracement is from our 1st support at 1.05772 in line with the horizontal pullback support. Alternatively, price may break 1st support structure and head for 2nd support where the horizontal swing low support is.

Areas of consideration :

  • H4 1st resistance at 1.07627
  • H4 1st support at 1.05772

USD/JPY:

On the H4, with the MACD indicating bearishness, we have a bearish bias that price will drop from our 1st resistance at 129.374 where the 23.6% Fibonacci retracement and pullback resistance is to our 1st support at 127.240 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal swing high resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance at 129.374
  • H4 time frame, 1st support at 127.240

AUD/USD:

On the H4, with price expected to reverse off the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 0.72570 where the 50% Fibonacci retracement is to our 1st support at 0.71704 in line with the horizontal pullback support. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal pullback resistance is.

Areas of consideration

  • H4 1st resistance at 0.72570
  • H4 1st support at 0.71704

NZD/USD:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 0.65885 where the 50% Fibonacci retracement is to our 1st support at 0.64710 in line with the horizontal pullback support. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal swing high resistance and 61.8% Fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st support at 0.64197 0.64710
  • H4 time frame, 1st resistance at 0.65885

USD/CAD:

On the H4, with price expected to bounce off the ichimoku cloud where the 78.6% Fibonacci retracement and horizontal swing low is, we have a bullish bias that price will rise to our 1st resistance at 1.29005 where the swing high resistance is from our 1st support at 1.27186 in line with the horizontal swing low support and 78.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support where the horizontal pullback support is.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.29005
  • H4 time frame, 1st support at 1.27186

OIL:

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 108.17 where the 61.8% Fibonacci retracement and swing high resistance is to our 1st support at 102.90 in line with the horizontal swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal pullback resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance of 108.17
  • H4 time frame, 1st support of 102.90

Dow Jones Industrial Average:

On the H4, with price expected to reverse off the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 34042 where the horizontal pullback resistance and 50% Fibonacci retracement is to our 1st support at 33193 in line with the 50% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance where the horizontal pullback resistance and 38.2% Fibonacci retracement.

Areas of consideration :

  • H4 time frame, 1st resistance at 34042
  • H4 time frame, 1st support at 33193

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