Thu, Jul 07, 2022 @ 16:23 GMT
HomeContributorsTechnical AnalysisTechnical Outlook and Review

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 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 stochastic indicator approaching the resistance level, 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 0.98833 where the pullback resistance is from our 1st support at 0.97177 in line with the swing low support and 38.2% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 0.95548 where the swing low support and 61.8% fibonacci retracement are..

Areas of consideration

  • 1st support level at 0.97177
  • 1st resistance level at 0.98833

EUR/USD :

On the H4, with price bouncing off the ichimoku cloud, we have a bullish bias that price will rise from the 1st support at 1.06558 in line with the to the pullback support to the 1st resistance at 1.09220 in line with the 61.8% fibonacci retracement and 61.8% fibonacci projection. Alternatively, price may break support structure at the 1st support and drop to the 2nd support at 1.05441 at the swing low in line with the 78.6% fibonacci retracement.

Areas of consideration :

  • H4 1st resistance at 1.09220
  • H4 1st support at 1.06558

USD/JPY:

On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 132.512 where the horizontal swing low 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 131.277 where the horizontal overlap support is.

Areas of consideration:

  • H4 time frame, 1st resistance at 134.450
  • H4 time frame, 1st support at 132.512

AUD/USD:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from the 1st support at 0.71621 in line with the 23.6% fibonacci retracement and overlap support to the 1st resistance at 0.74613 in line with the swing high and 61.8% fibonacci projection. Alternatively, price may break the support structure at 1st support and drop to the 2nd support at 0.70176 at the swing low.

Areas of consideration

  • H4 1st resistance at 0.74613
  • H4 1st support at 0.71621

NZD/USD:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from the 1st resistance at 0.64770 in line with the 61.8% fibonacci projection to the 1st support at 0.62918 in line with the 78.6% fibonacci retracement. Alternatively, price may bounce off the 1st resistance and rise to the 2nd resistance at 0.65641 in line with the overlap swing high.

Areas of consideration:

  • H4 time frame, 1st support at 0.62918
  • H4 time frame, 1st resistance at 0.64770

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 117.76 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 117.76

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 34042 in line with the swing high resistance and 161.8% Fibonacci extension. Alternatively, price may break structure and head for 2nd support at 31876 where the pullback support and 78.6% fibonacci retracement are.

Areas of consideration :

  • H4 time frame, 1st resistance at 34042
  • H4 time frame, 1st support at 32607

IC Markets
IC Marketshttp://www.icmarkets.com/
IC Markets is revolutionizing on-line forex trading; on-line traders are now able to gain access to pricing and liquidity previously only available to investment banks and high net worth individuals.

Featured Analysis

Learn Forex Trading