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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 below the ichimoku indicator, price breakout from ascending channel and MACD moving in a bearish momentum, we have a bearish bias that price will drop from our 1st resistance at 1855.72 where the horizontal swing high resistance is to our 1st support at 1809.80 where the horizontal swing low support and 78.6% fibonacci retracement are. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1873.03 in line with swing high resistance, 61.8% fibonacci retracement and 38.2% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1855.72
  • H4 time frame, 1st Support at 1809.80

GBP/USD:

On the H4, with price breaking through the ichimoku indicator in a downwards momentum 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 above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 0.97642 where the 38.2% Fibonacci retracement is from our 1st support at 0.96602 in line with the pullback resistance and 23.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 0.95548 where the swing low support is.

Areas of consideration

  • 1st support level at 0.96602
  • 1st resistance level at 0.97642

EUR/USD :

On the H4, with price moving in a bearish pressure area on the MACD indicator, we have a bearish bias that price will drop from 1st resistance at 1.07623 in line with 50% Fibonacci retracement to the 1st support at 1.04564 in line with the 78.6% Fibonacci retracement. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.09307 in line with the overlap resistance.

Areas of consideration :

  • H4 1st resistance at 1.07623
  • H4 1st support at 1.04564

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 131.273 where the horizontal overlap support is to our 1st resistance at 134.450 in line with the 161.8% fibonacci extension and 78.6% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 130.481 where the horizontal overlap support is.

Areas of consideration:

  • H4 time frame, 1st resistance at 134.450
  • H4 time frame, 1st support at 131.273

AUD/USD:

On the H4, price recently broke out of the ascending trend channel and is in a bearish pressure area indicated on our MACD indicator, which supports our bearish bias that price will drop from the 1st resistance at 0.71718 at the overlap resistance to the 1st support at 0.70077 in line with the 61.8% fibonacci projection and 61.8% fibonacci retracement. Alternatively, price may also reverse off the 1st resistance and approach the 2nd resistance at 0.74603 in line with the 78.6% fibonacci retracement.

Areas of consideration

  • H4 1st resistance at 0.71718
  • H4 1st support at 0.70077

NZD/USD:

On the H4, with price moving in a descending trendline on the RSI indicator, we have a bearish bias that price will drop from our 1st resistance at 0.65642 in line with the overlap swing high to the 1st support at 0.62238 in line with the 100% fibonacci projection and 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 0.65642

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 117.86 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 114.30.

Areas of consideration:

  • H4 time frame, 1st resistance of 122.46
  • H4 time frame, 1st support of 117.86

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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