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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 rise to 1st resistance at 109.281 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 112.489 in line with 100% fibonacci projection and 100% fibonacci projection. Alternatively, price may drop to 1st support at 105.794 where the horizontal pullback support and 61.8% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 112.489
  • H4 time frame, 1st support at 109.281

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 1677.33 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 1677.33

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 1.17625 where the swing low support is. Alternatively, price could rise to 1st resistance at 1.19354 in line with the pullback resistance and 38.2% fibonacci retracement.

Areas of consideration:

  • H4 1st resistance at 1.19354
  • H4 1st support at 1.17625

USD/CHF:

On the H4, with price is shown as a “double top” pattern, we have a bearish bias that price will drop from our 1st support at 0.97584 where the neckline is to our 1st support at 0.96407 in line with the 61.8% fibonacci retracement. Alternatively, price may not break 1st resistance and head for 2nd resistance at 0.98573 where the double tops are..

Areas of consideration

  • 1st support level at 0.96407
  • 1st resistance level at 0.97584

EUR/USD :

On the H4, with price recently breaking the descending trend channel and showing bullish divergence on stochastics, we have a bullish bias that price will rise from the 1st resistance at 1.01063 at the overlap resistance in line with the 23.6% fibonacci retracement to the 2nd resistance at 1.02100 in line with the 38.2% fibonacci retracement. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 0.99584 at the swing low.

Areas of consideration :

  • H4 1st resistance at 1.01063
  • H4 1st support at 0.99584

USD/JPY:

On the H4, with price reversing off stochastic resistance, we have a bearish bias that price will drop to our 1st support at 137.817 where the pullback support, 78.6% fibonacci projection and 23.6% fibonacci retracement. Once there is downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to 2nd support at 136.661 in line with overlap support and 38.2% fibonacci retracement. Alternatively, price could rise to 1st resistance at 139.377 where the swing high resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance at 139.377
  • H4 time frame, 1st support at 137.817

AUD/USD:

On the H4, with price recently breaking the descending trendline and bouncing off the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st resistance at 0.68056 at the pullback resistance in line with the 78.6% fibonacci projection and 61.8% fibonacci retracement to the 2nd resistance at 0.68700 at the overlap resistance in line with the 78.6% fibonacci retracement. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 0.67096 at the swing low in line with the 61.8% fibonacci projection.

Areas of consideration

  • H4 1st resistance at 0.68056
  • H4 1st support at 0.67096

NZD/USD:

On the H4, with price recently breaking the descending trend channel and moving above the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st resistance at 0.62018 in line with the 61.8% fibonacci retracement and 78.6% Fibonacci projection to the 2nd resistance at 0.62529 at the pullback resistance in line with the 61.8% fibonacci projection. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 0.61717 at the pullback support.

Areas of consideration:

  • H4 time frame, 1st support at 0.61717
  • H4 time frame, 1st resistance at 0.62018

USD/CAD:

On the H4, with price bouncing off the ichimoku cloud and moving in an ascending trendline, we have a bullish bias that price will rise from our 1st support at 1.30083 where the horizontal pullback support is in line with the 78.6% fibonacci retracement to the 1st resistance at 1.32281 in line with the horizontal swing high resistance. Alternatively, price may break the support structure at the 1st support and drop to the 2nd support at 1.29499 at the overlap swing low. Take note of the pullback resistance at 1.30794 in line with multiple swing highs.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.32281
  • H4 time frame, 1st support at 1.30083

OIL:

On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will drop to our 1st support at 98.322 where the swing low support and 61.8% Fibonacci retracement are. Once there is downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to 2nd support at 95.726 where the swing low support and 61.8% fibonacci projection are. Alternatively, price may rise to 1st resistance at 105.156 in line with 100% fibonacci projection and 61.8% fibonacci retracement. Should price break 1st resistance, we would have a bullish bias that price would rise to 2nd resistance at 109.029 where the overlap resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance of 105.156
  • H4 time frame, 1st support of 98.322

Dow Jones Industrial Average:

On the H4, with price moving within the descending channel and expected to reverse off the stochastic resistance, we have a bearish bias that price will rise and drop from the 1st resistance at 31390 at the overlap resistance, 100% fibonacci projection and 78.6% fibonacci retracement to the 1st support at 30196 at the swing low support. Alternatively, price may break 1st resistance and rise to 2nd resistance at 31899 where the swing high resistance is.

Areas of consideration:

  • H4 time frame, 1st resistance of 31390
  • H4 time frame, 1st support of 30196

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