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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 prices will drop and rise from 1st support at 105.794 where the pullback support, 38.2% fibonacci retracement and 100% fibonacci projection are to 1st resistance at 109.711 in line with 78.6% fibonacci projection and 78.6% fibonacci projection. Alternatively, price may break 1st support structure and drop to 2nd support at 103.401 where the horizontal swing low support and -27.2% fibonacci expansion are.

Areas of consideration:

  • H4 time frame, 1st resistance at 109.711
  • H4 time frame, 1st support at 105.794

XAU/USD (GOLD):

On the H4, with prices moving below the ichimoku indicator and along a descending trendline, we have a bearish bias that prices will drop to our 1st support at 1721.41 where the horizontal swing low support, 78.6% fibonacci projection and 161.8% fibonacci extension are. Once we have downside confirmation of price breaking 1st support structure, we would expect bearish momentum to carry price to 2nd support at 1678.73 in line with swing low support and 100% fibonacci projection. Alternatively, price could rise to our 1st resistance at 1760.80 in line with overlap resistance.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1760.80
  • H4 time frame, 1st Support at 1721.41

GBP/USD:

On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that price will drop to our 1st support at 1.19773 where the horizontal pullback is. Once there is downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to our 2nd support at 1.17884 where the -27.2% fibonacci expansion and 61.8% fibonacci projection are. Alternatively, price could rise to 1st resistance at 1.21611 in line with the pullback resistance and 61.8% fibonacci retracement.

Areas of consideration:

  • H4 1st resistance at 1.21611
  • H4 1st support at 1.19773

USD/CHF:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 0.97169 where the horizontal pullback support is to our 1st resistance at 0.98065 in line with the 127.2% Fibonacci extension and 61.8% Fibonacci retracement. Alternatively, price may not break 1st support and head for 2nd support at 0.96336 where the horizontal pullback support.

Areas of consideration

  • 1st support level at 0.97169
  • 1st resistance level at 0.98065

EUR/USD :

On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.02118 in line with the 161.8% fibonacci extension and 100% fibonacci projection to the 1st support at 1.00140 in line with the 100% fibonacci projection and -61.8% fibonacci expansion. Alternatively, price may reverse off 1st resistance and rise to the 2nd resistance at 1.03587 at the pullback swing low in line with the 61.8% fibonacci projection.

Areas of consideration :

  • H4 1st resistance at 1.02118
  • H4 1st support at 1.00140

USD/JPY:

On the H4, with price moving along an ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 136.706 in line with the swing high resistance and 100% fibonacci projection. Once there is upside confirmation of price breaking 1st resistance, we would expect bullish momentum to carry price to 2nd resistance at 141.325 in line with 61.8% fibonacci projection and 100% fibonacci projection. Alternatively, price could drop to 1st support at 134.292 in line with the swing low support, 100% fibonacci projection and 23.6% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 136.706
  • H4 time frame, 1st support at 134.292

AUD/USD:

On the H4, with price recently breaking out of the descending trendline and RSI moving in an ascending trendline, we have a bullish bias that price will continue to rise from the 1st support at 0.68182 in line with the pullback support and 61.8% fibonacci projection to the 1st resistance at 0.69637 at the swing high in line with the 100% fibonacci projection. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.6724 at the swing low in line with the 78.6% fibonacci projection.

Areas of consideration

  • H4 1st resistance at 0.69637
  • H4 1st support at 0.68182

NZD/USD:

On the H4, with price moving in an ascendig trendline on the RSI, we have a bullish bias that price will continue to rise from the 1st support at 0.61977 in line with the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection to the 1st resistance at 0.63238 at the swing high in line with the 78.6% fibonacci projection and 61.8% fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.61353 at the swing low in line with th e100% fibonacci projection.

Areas of consideration:

  • H4 time frame, 1st support at 0.61977
  • H4 time frame, 1st resistance at 0.63238

USD/CAD:

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from our 1st support at 1.29525 where the horizontal pullback support and fibonacci confluence are to our 1st resistance at 1.30780 in line with the horizontal swing high resistance. Alternatively, price may not break 1st support and head for 2nd support where the horizontal swing low support is.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.30780
  • H4 time frame, 1st support at 1.29525

OIL:

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 97.1 where the horizontal swing low support is from our 1st resistance at 104.22 in line with the horizontal pullback resistance and 50% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 111.34 where the horizontal swing high resistance and 78.6% Fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st resistance of 104.22
  • H4 time frame, 1st support of 97.1

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 31218 where the horizontal pullback support is to our 1st resistance at 31866 in line with the horizontal swing high resistance. Alternatively, price may not break 1st support and head for 2nd support at 30434 where the horizontal swing low support.

Areas of consideration:

  • H4 time frame, 1st resistance of 31866
  • H4 time frame, 1st support of 31218

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