Thu, Aug 18, 2022 @ 16:47 GMT
HomeContributorsTechnical AnalysisTechnical Outlook and Review

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 and 61.8% fibonacci retracement are to 1st resistance at 111.831 in line with 100% 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 111.831
  • 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 and 78.6% fibonacci projection 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, 23.6% fibonacci retracement and 61.8% fibonacci projection.

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 1.18748 where the pullback support and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to our 2nd support at 1.17638 where the 61.8% fibonacci projection and 161.8% fibonacci extension are. Alternatively, price could rise to 1st resistance at 1.19206 in line with the pullback resistance.

Areas of consideration:

  • H4 1st resistance at 1.19206
  • H4 1st support at 1.18748

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 0.97233 where the horizontal pullback support is to our 1st resistance at 1.00485 in line with the 100% Fibonacci projection is. Alternatively, price may not break 1st support and head for 2nd support at 0.95268 where the horizontal pullback support.

Areas of consideration

  • 1st support level at 0.97233
  • 1st resistance level at 1.00485

EUR/USD :

On the H4, with price moving in an ascending trendline on our RSI, we have a bullish bias that price will rise from our 1st support at 0.99972 in line with the swing low and 100% fibonacci projection to the 1st resistance at 1.03587 at the pullback resistance. Alternatively, price may break the support structure at 1st support and drop to the 2nd support at 0.98416 in line with the -61.8% fibonacci expansion.

Areas of consideration :

  • H4 1st resistance at 1.03587
  • H4 1st support at 0.99972

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 from our 1st support at 136.706 where the overlap support is to our 1st resistance at 140.025 in line with the -61.8% fibonacci expansion and 100% fibonacci projection. Alternatively, price could break 1st support and drop to 2nd support at 134.292 in line with the swing low support and 127.2% fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance at 140.025
  • H4 time frame, 1st support at 136.706

AUD/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 0.67685 in line with the 100% and 78.6% fibonacci projections to the 1st support at 0.65667 in line with the 161.8% fibonacci extension and 78.6% fibonacci projection. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.68487 in line with the overlap swing high and 61.8% fibonacci projection

Areas of consideration

  • H4 1st resistance at 0.67685
  • H4 1st support at 0.65667

NZD/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 0.61138 in line with the 127.2% fibonacci extension and 78.6% fibonacci projection to the 1st support at 0.61106 in line with the 161.8% fibonacci extension and 100% fibonacci projection. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 0.62039 in line with the overlap swing high.

Areas of consideration:

  • H4 time frame, 1st support at 0.61106
  • H4 time frame, 1st resistance at .61138

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 89.44 where the 161.8% Fibonacci extension is from our 1st resistance at 96.93 in line with the horizontal pullback resistance and 50% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 104.77 where the horizontal pullback resistance and 50% Fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st resistance of 96.93
  • H4 time frame, 1st support of 89.44

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 is.

Areas of consideration:

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

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