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Technical Outlook and Review

DXY:

On the H4, with prices reversing off the ichimoku indicator, we have a bearish bias that prices will drop to the 1st support at 105.642 in line with overlap support and 61.8% fibonacci retracement from the 1st resistance at 107.543 where the pullback resistance and 50% fibonacci retracement are. Alternatively, price could break 1st resistance and rise to 2nd resistance at 109.291 where the swing high resistance and 61.8% fibonacci projection are.

Areas of consideration:

  • H4 time frame, 1st resistance at 107.543
  • H4 time frame, 1st support at 105.642

XAU/USD (GOLD):

On the H4, with price moving within a descending channel and RSI moving along a descending trendline, we have a bearish bias that price will drop from 1st resistance at 1724.44 where the pullback 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 1739.61 where the 38.2% fibonacci retracement and swing high resistance are.

Areas of consideration:

  • H4 time frame, 1st Resistance at 1724.44
  • 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 1.20566 where the pullback resistance is. Once there is upside confirmation of price breaking 1st resistance, we would expect bullish momentum to carry price to 2nd resistance at 1.21594 where the pullback resistance, 127.2% fibonacci extension and 61.8% fibonacci retracement are. Alternatively, price could drop to 1st support at 1.19320 where the pullback support and 50% fibonacci retracement are.

Areas of consideration:

  • H4 1st resistance at 1.20566
  • 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 0.96536, which is in line with overlap resistance to the 1st support at 0.95799, which is in line with 78.6% fibonacci retracement, if the price keep going down, it may drop to our 2nd support at 0.94953, which is in line with the swing low. Alternatively, price may break 1st resistance and head for 2nd resistance at 0.97332 where the 50% fibonacci retracement is.

Areas of consideration

  • 1st resistance level at 0.96536
  • 1st support level at 0.95799

EUR/USD :

On the H4, with price moving in a descending trendline and RSI showing a descending trendline, we have a bearish bias that price will drop from the 1st support at 1.01487 in line with the 38.2% fibonacci retracement at the pullback support to the 2nd support at 0.99500 at the swing low. Alternatively, price may break through the 1st support and rise to the 1st resistance at 1.02728 at the swing highs in line with the 50% fibonacci retracement and 100% fibonacci projection.

Areas of consideration :

  • H4 1st resistance at 1.02728
  • H4 1st support at 1.01487

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 drop to our 1st support at 136.723 where the overlap support is. Once there is downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to the 2nd support at 134.781 where the swing low support, 161.8% fibonacci extension and 61.8% fibonacci retracement are. Alternatively, price could head for 1st 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 resistance at 0.69838 at the overlap resistance in line with the 78.6% fibonacci retracement to the 2nd resistance at 0.70663 at the swing high. Alternatively, price may reverse off 1st resistance and drop to the 1st support at 0.68021 at the overlap support.

Areas of consideration

  • H4 1st resistance at 0.69838
  • H4 1st support at 0.68021

NZD/USD:

On the H4, with price breaking the descending trend channel, RSI showing an ascending trendline and moving above the ichimoku cloud, we have a bullish bias that price will rise from the 1st support at 0.62073 at the overlap support. If price breaks the intermediary resistance at 0.62708 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 0.61354 at the pullback support.

Areas of consideration:

  • H4 time frame, 1st support at 0.62073
  • H4 time frame, 1st resistance at 0.63269

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 1.28166, which is in line with swing lows to our 2nd support at 1.27578, which is in line with the 161.8% fibonacci extension. Alternatively, the price may rise to the 1st resistance at 1.29509, which is in line with the overlap resistance.

Areas of consideration:

  • H4 time frame, 1st support at 1.28166
  • H4 time frame, 2nd support at 1.27578

OIL:

On the H4, with price moving along the bearish channel, we have a bearish bias that price might drop from our 1st resistance at 106.178, which is in line with the close swing high price to our 1st support at 102.304, which is in line with 50% fibonacci retracement. Alternatively, as the price is almost at the upper bound of the channel, the price may rise to 2nd resistance at 108.527, which is in line with overlap resistance. Take note the breakout point of 107.324 could be our intermediate resistance, which dropped after breaking the descending channel.

Areas of consideration:

  • H4 time frame, 1st resistance of 106.178
  • H4 time frame, 1st support of 102.304

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 32227, which is in line with the swing highs to our 2nd resistance at 32767, which is in line with overlap resistance. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 31525, 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 30978, which is in line with 61.8% fibonacci retracement. Take note the price is testing the support of 31682.

Areas of consideration:

  • H4 time frame, 1st resistance of 32227
  • H4 time frame, 2nd resistance at 32767

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