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Technical Outlook and Review

DXY:

On the H4, with prices moving above the ichimoku indicator and along the ascending trendline, we have a bullish bias that price will rise to our 1st resistance at 105.620 where the 61.8% fibonacci projection and swing high resistance are from our 1st support at 103.547 in line with the horizontal swing low support and 50% fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 102.778 where the horizontal overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection are.

Areas of consideration:

  • H4 time frame, 1st resistance at 105.620
  • H4 time frame, 1st support at 103.547

XAU/USD (GOLD):

On the H4, with prices bouncing off the ichimoku indicator, we have a bullish bias that prices will rise from our 1st support at 1838.52 where the horizontal pullback support and 38.2% fibonacci retracement are to our 1st resistance at 1874.22 in line with swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1807.75 in line with swing low support.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1874.22
  • H4 time frame, 1st Support at 1838.52

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 1.23858 where the horizontal swing high resistance and 61.8% fibonacci retracement are to our 1st support at 1.21237 in line with the 61.8% fibonacci retracement and overlap support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24558 where the horizontal overlap resistance is.

Areas of consideration:

  • H4 1st resistance at 1.23858
  • H4 1st support at 1.21237

USD/CHF:

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 0.96474 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

  • 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 drop from the 1st pullback resistance at 1.05956 to the 1st overlap support at 1.04636 in line with the 78.6% fibonacci retracement. Alternatively, price may rise from the 1st resistance to the 2nd resistance at 1.07055 in line with the 78.6% fibonacci projection.

Areas of consideration :

  • H4 1st resistance at 1.05956
  • H4 1st support at 1.04636

USD/JPY:

On the H4, with price expected to bounce off stochastic indicator, we have a bullish bias that price will rise from our 1st support at 131.607 where the horizontal swing low support, 78.6% fibonacci projection and 50% fibonacci retracement are to our 1st resistance at 135.536 in line with the swing high resistance and 61.8% fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 129.619 where the horizontal overlap support and 61.8% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 135.536
  • H4 time frame, 1st support at 131.607

AUD/USD:

On the H4, price has recently reversed off the 2nd support at 0.69555 and we have a bullish bias that price will rise from the 1st overlap support at 0.70485 in line with the 61.8% 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 0.70485

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 0.63735 in line with the overlap resistance to the 1st support at 0.62197 at the 78.6% fibonacci projection and overlap support. 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 0.62197
  • H4 time frame, 1st resistance at 0.63735

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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