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Technical Outlook and Review

DXY:

On the H4, with MACD moving in a bullish momentum and breakout from the descending trendline, we have a bullish bias that price will rise to our 1st resistance at 103.224 where the horizontal overlap resistance and 50% fibonacci retracement are from our 1st support at 102.393 in line with the horizontal overlap support is. Alternatively, price may break 1st support structure and head for 2nd support at 101.281 where the horizontal swing low, 50% fibonacci retracement and 78.6% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 103.224
  • H4 time frame, 1st support at 102.393

XAU/USD (GOLD):

On the H4, with MACD moving in a bearish momentum, we have a bearish bias that price will drop from our 1st resistance at 1861.74 where the horizontal swing high resistance and 78.6% fibonacci projection to our 1st support at 1808.13 in line with the horizontal swing low support and 78.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1908.53 where the horizontal swing high resistance and 61.8% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1861.74
  • H4 time frame, 1st Support at 1808.13

GBP/USD:

On the H4, with MACD moving in bearish momentum and price breakout from ascending channel, we have a bearish bias that price will drop from our 1st resistance at 1.25038 where the horizontal overlap resistance is to our 1st support at 1.23950 in line with the 61.8% Fibonacci projection, 50% Fibonacci retracement and overlap support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.25863 where the horizontal overlap resistance is.

Areas of consideration:

  • H4 1st resistance at 1.25038
  • H4 1st support at 1.23950

USD/CHF:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 0.95223 where the 61.8% Fibonacci retracement is from our 1st resistance at 0.96673 in line with the pullback resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 0.97525 where the swing high resistance is.

Areas of consideration

  • 1st support level at 0.95223
  • 1st resistance level at 0.96673

EUR/USD :

On the H4, with price showing bearish pressure on the MACD indicator and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from our 1st overlap resistance at 1.06508 to our 1st support at 1.0542 in line with the 23.6% fibonacci retracement and 50% fibonacci retracement. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.07830 in line with the 50% fibonacci retracement.

Areas of consideration :

  • H4 1st resistance at 1.06508
  • H4 1st support at 1.0542

USD/JPY:

On the H4, with prices moving above the ichimoku indicator and breakout from descending trendline, we have a bullish bias that price will rise from our 1st support at 129.643 where the horizontal overlap support is to our 1st resistance at 130.793 in line with the swing high resistance, 127.2% Fibonacci extension and 100% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 128.899 where the horizontal pullback support is.

Areas of consideration:

  • H4 time frame, 1st resistance at 130.793
  • H4 time frame, 1st support at 129.643

AUD/USD:

On the H4, with price moving above the ichimoku cloud and price moving within the ascending trend channel, we have a bullish bias that price will rise to our 1st resistance at 0.72634 where the swing high is in line with the 50% Fibonacci retracement from our 1st support at 0.71718. Alternatively, price may break 1st support structure and head for 2nd support at 0.70435 where the horizontal pullback support is, in line with the 78.6% fibonacci projection and 23.6% Fibonacci retracement.

Areas of consideration

  • H4 1st resistance at 0.72634
  • H4 1st support at 0.71718

NZD/USD:

On the H4, with price showing bearish pressure on the MACD indicator and price recently breaking the ascending trend channel, we have a bearish bias that price will drop from our 1st resistance at 0.64738 in line with the 23.6% fibonacci retracement to our 1st support at 0.62238 at the swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.68809 in line with the 78.6% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st support at 0.62238
  • H4 time frame, 1st resistance at 0.64738

USD/CAD:

On the H4, with price expected to bounce off the stochastics, we have a bullish bias that price will rise to our 1st resistance at 1.27204 where the horizontal pullback resistance is from our 1st support at 1.26429 in line with the horizontal pullback support.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.27204
  • H4 time frame, 1st support at 1.26429

OIL:

On the H4, with price expected to bounce off the stochastics indicator, we have a bullish bias that price will rise from our 1st support at 111.83 where the 50% Fibonacci retracement is from our 1st resistance at 114.56 in line with the horizontal pullback resistance. Alternatively, price may break 1st support structure and head for 2nd support at 109.04 where the 61.8% Fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st resistance of 114.56
  • H4 time frame, 1st support of 111.83

Dow Jones Industrial Average:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 32814 where the 23.6% Fibonacci retracement is to our 1st resistance at 33463 in line with the swing high resistance.

Areas of consideration :

  • H4 time frame, 1st resistance at 33463
  • H4 time frame, 1st support at 32814

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