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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 and 61.8% fibonacci retracement are to 1st resistance at 111.758 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 111.758
  • 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 rise and drop from our 1st resistance at 1723.09 where the horizontal pullback resistance, 50% fibonacci retracement and 61.8% fibonacci projection are to our 1st support at 1680.83 in line with swing low support and 100% fibonacci projection. Alternatively, price could break 1st resistance structure and rise to our 2nd resistance at 1758.89 in line with overlap resistance and 38.2% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1723.09
  • H4 time frame, 1st Support at 1680.83

GBP/USD:

On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that prices will drop to our 1st support at 1.17597 where the swing low support is. Once we have downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to 2nd support at 1.16560 where the -61.8% fibonacci expansion is. Alternatively, price could rise to 1st resistance at 1.18748 in line with the pullback resistance, 61.8% fibonacci projection and 50% fibonacci retracement.

Areas of consideration:

  • H4 1st resistance at 1.18748
  • H4 1st support at 1.17597

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 0.97732 where the horizontal swing low support is to our 1st resistance at 0.98882 in line with the swing high resistance is. Alternatively, price may not break 1st support and head for 2nd support at 0.97302 where the horizontal pullback support.

Areas of consideration

  • 1st support level at 0.97732
  • 1st resistance level at 0.98882

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 1.01081 at the overlap resistance in line with the 78.6% fibonacci projection and -27.2% fibonacci expansion to the 1st support at 0.98416 in line with the -61.8% fibonacci expansion. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at the pullback resistance at 1.03634 in line with the 61.8% and 78.6% fibonacci projections.

Areas of consideration :

  • H4 1st resistance at 1.01081
  • H4 1st support at 0.98416

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 139.381 where the swing high resistance is. Once there is upside confirmation of price breaking 1st resistance, we would expect bullish momentum to carry price to 2nd resistance at 141.529 in line with 78.6% fibonacci projection. Alternatively, price could drop to 1st support at 137.771 where the pullback support, 61.8% fibonacci retracement and 100% fibonacci projection are.

Areas of consideration:

  • H4 time frame, 1st resistance at 139.381
  • H4 time frame, 1st support at 137.771

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 0.67235 in line with the 100% fibonacci projection and 127.2% fibonacci extension to the 1st support at 0.65627 in line with the 161.8% fibonacci extension. Alternatively, price may rise to the 2nd resistance at 0.68454 at the overlap resistance in line with the 61.8% and 100% fibonacci projections.

Areas of consideration

  • H4 1st resistance at 0.67235
  • H4 1st support at 0.6562

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 pullback resistance at 0.61284 in line with the 127.2% fibonacci extension and 78.6% fibonacci projection to the 1st support at 0.60333 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 and 100% fibonacci projection.

Areas of consideration:

  • H4 time frame, 1st support at 0.60333
  • H4 time frame, 1st resistance at 0.61284

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 1.30780 where the horizontal pullback support and38.2% Fibonacci retracement are to our 1st resistance at 1.32252 in line with the horizontal swing high resistance. Alternatively, price may not break 1st support and head for 2nd support where the horizontal overlap support is

Areas of consideration:

  • H4 time frame, 1st resistance at 1.32252
  • H4 time frame, 1st support at 1.30780

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 expected to bounce off the stochastics indicator, we have a bullish bias that price will rise from our 1st support at 30423 where the horizontal pullback support is to our 1st resistance at 31477 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement. Alternatively, price may not break 1st support and head for 2nd support at 30116 where the horizontal swing low support is.

Areas of consideration:

  • H4 time frame, 1st resistance of 31477
  • H4 time frame, 1st support of 30423

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