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Technical Outlook and Review

DXY:

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that prices will drop to the 1st support at 105.642 in line with overlap support, 61.8% fibonacci projection and 61.8% fibonacci retracement. Take note of intermediate support at 106.410 where the overlap support is. Once there is downside confirmation of price breaking 1st support structure, we would expect bearish momentum to carry price to 2nd support at 103.475 in line with swing low support. Alternatively, price could rise to 1st resistance at 107.514 where the pullback resistance and 50% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 107.514
  • H4 time frame, 1st support at 105.642

XAU/USD (GOLD):

On the H4, with price moving within a descending channel and RSI moving in a descending trendline, we have a bearish bias that price will rise and drop from 1st resistance at 1739.80 where the swing high resistance is to 1st support at 1679.28 in line with 100% fibonacci projection and swing low support on the daily timeframe. Alternatively, price could break 1st resistance and rise to 2nd resistance at 1786.59 where the 50% fibonacci retracement, 161.8% fibonacci extension and pullback resistance are.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1739.80
  • H4 time frame, 1st Support at 1679.28

GBP/USD:

On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the 1st resistance at 1.20469 where the swing high resistance and 61.8% fibonacci projection are from the 1st support at 1.19320 where the pullback support, 38.2% fibonacci retracement and 78.6% fibonacci projection are. Alternatively, price could break 1st support and drop to 2nd support at 1.17599 where the swing low support and 100% fibonacci projection are.

Areas of consideration:

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

USD/CHF:

On the H4, with price moving along the descending channel, we have a bearish bias that price might drop from our 1st resistance at 0.96407, which is in line with the previous swing low to the 1st support, which is in line with 78.6% fibonacci retracement, if the price keep going down, it may drop to our 2nd support at 0.94952, which is in line with the swing low. Alternatively, price may break 1st resistance and head for 2nd resistance at 0.97250 where the close swing high and 50% fibonacci retracement is.

Areas of consideration

  • 1st resistance level at 0.96407
  • 1st support level at 0.95647

EUR/USD :

On the H4, with price moving above the ichimoku cloud and breaking out of the descending trend channel, we have a bullish bias that price will continue to rise from the 1st support at 1.01904 at the overlap support. If price breaks above the intermediary resistance at 1.02698 in line with the 50% fibonacci retracement, we have upside confirmation that price will continue to rise to the 1st resistance at 1.03570 at the pullback resistance in line with the 61.8% fibonacci retracement. Alternatively, price may break the support structure at the 1st support and drop to the 2nd support at 1.01213 at the overlap support.

Areas of consideration :

  • H4 1st resistance at 1.03570
  • H4 1st support at 1.01904

USD/JPY:

On the H4, with price broken out of the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our 1st resistance at 136.661 where the overlap resistance is to the 1st support at 134.781 where the swing low support and 61.8% fibonacci retracement are. Alternatively, price could break 1st resistance structure and head for 2nd resistance at 137.792 where the pullback resistance and 61.8% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st resistance at 136.661
  • H4 time frame, 1st support at 134.781

AUD/USD:

On the H4, with price moving above the ichimoku cloud and breaking out of the descending trend channel and moving in an ascending support, we have a bullish bias that price will rise from the 1st support at 0.68863 at the overlap support to the 1st resistance at 0.69939 at the swing high in line with the 78.6% fibonacci retracement. Alternatively, price may break support at the 1st support and drop to the 2nd support at 0.68023 at the overlap support.

Areas of consideration

  • H4 1st resistance at 0.69939
  • H4 1st support at 0.68863

NZD/USD:

On the H4, with price breaking the descending trend channel, short term ascending support and moving above the ichimoku cloud, we have a bullish bias that price will rise from the 1st support at 0.62177 at the overlap support. If price breaks the intermediary resistance at 0.62707 at the swing high in line with the 61.8% fibonacci retracement and 100% fibonacci projection, we will have upside confirmation that price will rise to the 1st resistance at 0.63269 at the swing high in line with the 78.6% fibonacci retracement. Alternatively, price may break the support structure at the 1st support and drop to the 2nd support at 0.61419 at the pullback support.

Areas of consideration:

  • H4 time frame, 1st support at 0.62177
  • H4 time frame, 1st resistance at 0.6326

USD/CAD:

On the H4, with the price breaking the ascending channel, we have a bearish bias that the price may drop from our 1st support at 1.29356, which is in line with 23.6% fibonacci retracement to our 2nd support at 1.28500, which is in line with 127.2% % fibonacci extension. Alternatively, the price may rise to the 1st resistance at 1.29875, which is in line with the close swing high.

Areas of consideration:

  • H4 time frame, 1st support at 1.29356
  • H4 time frame, 2nd support at 1.28500

OIL:

On the H4, with price moving along the bearish channel, we have a bearish bias that price might drop to our 1st support at 102.004, which is in line with 50% retracement. If the price keeps going down, it may drop to our 2nd support at 100.405, which is in line with 61.8% fibonacci retracement. Alternatively, price may rise to 1st resistance at 106.207, which is in line with overlap resistance.

Areas of consideration:

  • H4 time frame, 1st support of 102.004
  • H4 time frame, 2nd support of 200.405

Dow Jones Industrial Average:

On the H4, with price moving with a bearish channel and having a bullish break, we have a bullish bias that price might rise from our 1st resistance at 31906, which is in line with the swing highs to our 2nd resistance at 32701, which is in line with -27.2% fibonacci expansion. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 31529, which is in line with the overlap support and 38.2% fibonacci retracement, if the price keeps going down, it may drop to our 2nd support at 30971, which is in line with 61.8% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance of 31906
  • H4 time frame, 2nd resistance at 32701

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