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Technical Outlook and Review

DXY:

On the H4, with prices having broken out of the ascending channel and reversing off the ichimoku indicator, we have a bearish bias that prices will rise and drop from the 1st resistance at 107.514 where the 61.8% fibonacci projection and 38.2% fibonacci retracement are to the 1st support at 105.653 where the pullback 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 107.514
  • H4 time frame, 1st support at 105.653

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 bouncing off the ichimoku indicator, RSI moving in an ascending trendline and price has broken out of the descending channel, we have a bullish bias that price will rise to the 1st resistance at 1.20469 where the 50% fibonacci retracement and swing high resistance are. Once there is upside confirmation that price has broken the 1st resistance, we would expect bullish momentum to carry prices to 2nd resistance at 1.21628 where the swing high resistance and 127.2% fibonacci extension are. Alternatively, price could drop to the 1st support at 1.19320 where the pullback support and 38.2% fibonacci retracement are.

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 0.96845 where the 50% fibonacci retracement is to our 2nd support at 0.96434 in line with the 61.8% fibonacci retracement. Alternatively, price may not break 1st support and head for 1st resistance at 0.97340 where the 38.2% fibonacci retracement is. Take note that as the price is showing a “double top” pattern, the price may drop approximately the same height as the double top formation from the neckline.

Areas of consideration

  • 1st support level at 0.96845
  • 2nd support level at 0.96434

EUR/USD :

On the H4, with price recently breaking out of the descending trend channel, we have a bullish bias that price will continue to rise from the 1st support at 1.02158 in line with the 38.2% fibonacci retracement and 100% fibonacci projection to the 1st resistance at 1.03570 at the pullback resistance in line with the 61.8% fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 1.01213 at the pullback support.

Areas of consideration :

  • H4 1st resistance at 1.03570
  • H4 1st support at 1.02158

USD/JPY:

On the H4, with price moving above the ichimoku indicator and along the ascending trendline, we have a bullish bias that price will rise to our 1st resistance at 137.785 where the 61.8% fibonacci projection and swing high resistance are from our 1st support at 137.785 in line with pullback support. Alternatively, prices could break 1st support structure and drop to 2nd support at 136.661 where the overlap support and 38.2% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 139.377
  • H4 time frame, 1st support at 137.785

AUD/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. If price breaks the resistance at the 1st resistance at 0.69138 at the overlap resistance in line with the 61.8% fibonacci retracement and 100% fibonacci projection, we will have upside confirmation that price will rise to the 2nd resistance at 0.70696 at the swing high in line with the 50% fibonacci retracement. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 0.68608 at the pullback swing low.

Areas of consideration

  • H4 1st resistance at 0.69138
  • H4 1st support at 0.68608

NZD/USD:

On the H4, with price recently breaking out of the descending trend channel and price moving above the ichimoku cloud, we have a bullish bias that price will continue to rise from the 1st support at 0.62448 at the overlap support in line with the 50% fibonacci retracement and 78.6% fibonacci projection to the 1st resistance at 0.63246 at the swing high in line with the 78.6% fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.61995 at the overlap swing low.

Areas of consideration:

  • H4 time frame, 1st support at 0.60809
  • H4 time frame, 1st resistance at 0.61424

USD/CAD:

On the H4, with price breaking the ascending trendline and moving with a descending line, we have a bearish bias that price will rise from our 1st support at 1.28990 where the 78.6% fibonacci retracement to our 2nd support at 1.28188 where the swing low support is.Alternatively, price may break the support structure at the 1st support and rise to the 1st resistance at 1.29907 where the 38.2% fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 2nd support at 1.28188
  • H4 time frame, 1st support at 1.28990

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 100.533. 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 bearish channel, crossing the ichimoku cloud, having a bullish break, we have a bullish bias that price might rise from our 1st support at 31999 , which is in line with the pullback resistance and 38.2% fibonacci retracement to our 1st resistance at 32677, which is in line with 50% fibonacci retracement. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 31011, which is in line with the 23.6% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st support of 31986
  • H4 time frame, 1st resistance at 32626

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