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Technical Outlook and Review

DXY:

On the H4, with RSI moving in a descending channel, we have a bearish bias that price will drop to our 1st support at 101.668 where the horizontal swing low support and 78.6% fibonacci retracement are from our 1st resistance at 102.677 in line with the horizontal overlap resistance, 38.2% fibonacci retracement and 78.6% fibonacci projection. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 103.206 where the horizontal overlap resistance, 78.6% fibonacci projection and 50% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 102.677
  • H4 time frame, 1st support at 101.668

XAU/USD (GOLD):

On the H4, with prices moving above the ichimoku indicator and MACD moving in a bullish momentum, we have a bullish bias that price will rise from our 1st support at 1861.74 where the horizontal swing high resistance and 78.6% fibonacci projection to our 1st resistance at 1908.53 where the horizontal swing high resistance and 61.8% fibonacci retracement are. Alternatively, price may break 1st support structure and head for 2nd support at 1829.56 in line with swing low support and 50% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1908.53
  • H4 time frame, 1st Support at 1861.74

GBP/USD:

On the H4, with MACD moving in bearish momentum, price moving below the ichimoku indicator and price breakout from ascending channel, we have a bearish bias that price will drop from our 1st resistance at 1.25863 where the horizontal overlap resistance is to our 1st support at 1.23905 in line with the 50% Fibonacci retracement, 78.6% fibonacci retracement and overlap support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.26592 where the horizontal swing high resistance and 61.8% fibonacci projection are.

Areas of consideration:

  • H4 1st resistance at 1.25863
  • H4 1st support at 1.23905

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 0.96683 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 0.96683

EUR/USD :

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 1.06371 in line with the 78.6% fibonacci projection to our 1st resistance at 1.09222 overlap resistance and swing high. Alternatively, price may break the 1st support structure and drop to 2nd support at 1.04564 in line with the 78.6% fibonacci retracement

Areas of consideration :

  • H4 1st resistance at 1.09222
  • H4 1st support at 1.06371

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 130.481 where the horizontal overlap support is to our 1st resistance at 131.278 in line with the swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 130.158 where the horizontal pullback support is.

Areas of consideration:

  • H4 time frame, 1st resistance at 131.278
  • H4 time frame, 1st support at 130.481

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 0.74603 where the swing high is in line with the 78.6% 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 0.74603
  • H4 1st support at 0.71718

NZD/USD:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 0.64738 in line with the 23.6% fibonacci retracement to our 1st resistance at 0.68809 in line with the 78.6% fibonacci retracement. ALternatively, price may reverse off the 1st support and drop to 2nd support at 0.62238 at the swing low.

Areas of consideration:

  • H4 time frame, 1st support at 0.64738
  • H4 time frame, 1st resistance at 0.68809

USD/CAD:

On the H4, with price moving below our ichimoku cloud and the recent break of our horizontal support level which is in line with the 28.6% fibonacci retracement level, we have a bearish bias that price will drop to our 1st support at 1.24690 in line with the horizontal swing low support and the 161.8% Fibonacci extension from our 1st resistance at 1.25775. Alternatively, price may break structure and head for our 2nd resistance at 1.26841.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.25775
  • H4 time frame, 1st support at 1.24690

OIL:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 119.16 where the horizontal pullback support is to our 1st resistance at 122.46 in line with the 61.8% fibonacci projection and 127.2% Fibonacci extension. Alternatively, price may break structure and head for 2nd support at 116.09.

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 32607 where the horizontal pullback support is to our 1st resistance at 33436 in line with the swing high resistance and 127.2% Fibonacci extension. Alternatively, price may break structure and head for 2nd support at 31876.

Areas of consideration :

  • H4 time frame, 1st resistance at 33463
  • H4 time frame, 1st support at 32607

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