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Technical Outlook and Review

DXY:

On the H4, with prices breaking out of the ascending channel, we have a bearish bias that prices will rise and drop from the 1st resistance at 108.043 where the 61.8% fibonacci projection and 50% fibonacci retracement are to the 1st support at 106.911 where the swing low support is. Alternatively, prices could break 1st resistance and rise to 2nd resistance at 109.265 in line with swing high resistance.

Areas of consideration:

  • H4 time frame, 1st resistance at 108.043
  • H4 time frame, 1st support at 106.911

XAU/USD (GOLD):

On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will rise and drop from the 1st resistance at 1742.91 where the swing high resistance and 23.6% fibonacci retracement are to the 1st support at 1676.00 in line with the 100% fibonacci projection and swing low support on the daily timeframe. Take note of intermediate support at 1699.76 where the swing low support is. Alternatively, price could break 1st resistance on the upside and we would expect bullish momentum to carry prices to 2nd resistance at 1786.39 where the pullback resistance and 50% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1742.91
  • H4 time frame, 1st Support at 1676.00

GBP/USD:

On the H4, with prices breaking out of the descending channel and RSI moving along an ascending trendline, we have a bullish bias that prices will rise from the 1st support at 1.19320 where the 38.2% fibonacci retracement and pullback support are to the 1st resistance at 1.20469 where the swing high resistance and 50% fibonacci retracement are. Alternatively, prices could break 1st support and drop to 2nd support at 1.17625 in line with swing low support.

Areas of consideration:

  • H4 1st resistance at 1.20469
  • H4 1st support at 1.19320

USD/CHF:

On the H4, with price breaking the bullish channel, we have a bearish bias that price might drop from our 1st support at 0.97591 where the neckline is to our 2nd support at 0.96407 in line with the 61.8% fibonacci retracement. Alternatively, price may not break 1st support and head for 1st resistance at 0.98573 where the multiple swing highs are.

Areas of consideration

  • 1st support level at 0.97591
  • 2nd support level at 0.96407

EUR/USD :

On the H4, with price moving within the descending trend channel, we have a bearish bias that price will drop from the 1st resistance at 1.02009 at the swing high in line with the 38.2% fibonacci retracement and 100% fibonacci projection to the 1st support at 0.99888 at the swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 1.03534 at the overlap resistance in line with the 61.8% fibonacci retracement.

Areas of consideration :

  • H4 1st resistance at 1.02009
  • H4 1st support at 0.9988

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 moving in an ascending trendline on the RSI and price recently breaking the descending trend channel, we have a bullish bias that price will rise from the 1st support at 0.68056 at the pullback support to the 1st resistance at 0.68891 at the swing high in line with the 50% fibonacci retracement. Alternatively, price may break the 1st support and drop to the 2nd support at 0.67664 at the pullback support.

Areas of consideration

  • H4 1st resistance at 0.68891
  • H4 1st support at 0.68056

NZD/USD:

On the H4, with price recently breaking the descending trend channel and price moving in an ascending trendline on the RSI, we have a bullish bias that price will rise from the 1st resistance at 0.61424 at the pullback resistance to the 2nd resistance at 0.61992 at the overlap resistance in line with the 61.8% fibonacci retracement. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 0.60809 at the swing low in line with the 2 78.6% fibonacci projections.

Areas of consideration:

  • H4 time frame, 1st support at 0.60809
  • H4 time frame, 1st resistance at 0.6142

USD/CAD:

On the H4, with price moving in an ascending trendline, we have a bullish bias that price will rise from our 1st support at 1.29371 where the overlap support is to the 1st resistance at 1.30778 in line with the multiple swing highs resistance. Alternatively, price may break the resistance structure at the 1st resistance and rise to the 2nd resistance at 1.32271 at the swing high.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.30778
  • H4 time frame, 1st support at 1.29371

OIL:

On the H4, with price moving along the descending channel and testing the overlap resistance, we have a bearish bias that price will drop to our 1st support at 100.463. Once there is downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to 2nd support at 95.744 where the swing low support is. Alternatively, price may rise to 1st resistance at 109.277 in line with 61.8% fibonacci fibonacci retracement. Should price break 1st resistance, we would have a bullish bias that price would rise to 2nd resistance at 113.233 where the 127.2% fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st resistance of 109.277
  • H4 time frame, 1st support of 100.533

Dow Jones Industrial Average:

On the H4, with price moving in a descending trend channel and stochastics showing price recently reversing off the resistance level, we have a bearish bias that price will continue to drop from the 1st resistance at 31391 at the overlap resistance to the 1st support at 30169 at the swing low. Alternatively, price may reverse off the 1st resistance and rise to the 2nd resistance at 31830 at the overlap resistance in line with the 61.8% fibonacci retracement and 61.8% Fibonacci projection.

Areas of consideration:

  • H4 time frame, 1st resistance of 31391
  • H4 time frame, 1st support of 30169

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