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Technical Outlook and Review

DXY:

On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 106.035 where the 127.2% fibonacci extension and 61.8% fibonacci projection are from our 1st support at 104.698 in line with the horizontal overlap support. Alternatively, price may break 1st support structure and head for 2nd support at 103.898 where the horizontal pullback support and 38.2% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 106.035
  • H4 time frame, 1st support at 104.698

XAU/USD (GOLD):

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that prices will drop from our 1st resistance at 1837.66 where the horizontal pullback resistance and 50% fibonacci retracement are to our 1st support at 1804.54 in line with swing low support and 61.8% fibonacci projection. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1857.53 in line with overlap resistance and 78.6% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1837.66
  • H4 time frame, 1st Support at 1804.54

GBP/USD:

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 1.21947 where the horizontal swing high resistance and 38.2% fibonacci retracement are to our 1st support at 1.19332 in line with the 78.6% fibonacci projection and swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.23254 where the horizontal pullback resistance and 50% fibonacci retracement are.

Areas of consideration:

  • H4 1st resistance at 1.21947
  • H4 1st support at 1.19332

USD/CHF:

On the H4, with price expected to reverse off the stochastic indicator, we have a bearish bias that price will drop to our 1st support in line with the horizontal pullback support from our 1st resistance is where the pullback resistance is. Alternatively, price may break structure and head for our 2nd resistance in line with the horizontal swing high resistance and 78.6% Fibonacci projection.

Areas of consideration

  • 1st support level at 0.98769
  • 1st resistance level at 0.99786

EUR/USD :

On the H4. with price moving below the ichimoku cloud, we have a bearish bias that price will continue to drop from our 1st resistance at 1.04605 in line with the pullback resistance to the 1st support at 1.03536 in line with the 78.6% fibonacci projection and horizontal swing low support. Alternatively, price may break the 1st resistance structure and rise to the 2nd resistance at 1.05329 in line with the pullback resistance.

Areas of consideration :

  • H4 1st resistance at 1.04605
  • H4 1st support at 1.03536

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 133.638 where the horizontal swing low support and 23.6% fibonacci retracement are to our 1st resistance at 136.314 in line with the 100% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 131.259 where the horizontal overlap support and 50% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 136.314
  • H4 time frame, 1st support at 133.638

AUD/USD:

On the H4, price has recently reversed off the 2nd support at 0.68528 and we have a bullish bias that price will rise from the 1st support at 0.69175 in line with the 23.6% fibonacci retracement to the 1st resistance at 0.72678 in line with the 100% fibonacci projection and 50% fibonacci retracement. Alternatively, price may reverse off the 1st support and drop back down to the 2nd support in line with the multiple horizontal swing lows.

Areas of consideration

  • H4 1st resistance at 0.72678
  • H4 1st support at 0.69175

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 0.62847 in line with the overlap resistance and 78.6% fibonacci projection to the 1st support at 0.62129 at the multiple swing lows. Alternatively, price may break the 1st resistance structure and rise to the 2nd resistance at 0.64227 in line with the 61.8% fibonacci retracement, 61.8% fibonacci retracement and overlap resistance.

Areas of consideration:

  • H4 time frame, 1st support at 0.62129
  • H4 time frame, 1st resistance at 0.62847

USD/CAD:

On the H4, with expected to reverse off the stochastics indicator, we have a bearish bias that price will drop to our 1st support at 1.27639 in line with the horizontal pullback support from our 1st resistance at 1.29710 where the pullback resistance and 78.6% Fibonacci retracement is. Alternatively, price may break structure and head for our 2nd resistance in line with the horizontal swing high resistance.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.29019
  • H4 time frame, 1st support at 1.27639

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 117.14 where the horizontal swing low support and 50% Fibonacci retracement is to our 1st resistance at 123.12 in line with the horizontal swing high support. Alternatively, price may break structure and head for 2nd support where the horizontal swing low support is.

Areas of consideration:

  • H4 time frame, 1st resistance of 123.12
  • H4 time frame, 1st support of 117.14

Dow Jones Industrial Average:

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 30568 where the horizontal swing low support and 61.8% Fibonacci projection is to our 1st resistance at 32592 in line with the horizontal pullback support. Alternatively, price may break structure and head for 2nd support where the 78.6% Fibonacci projection is.

Areas of consideration :

  • H4 time frame, 1st resistance at 32587
  • H4 time frame, 1st support at 30568

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