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Technical Outlook and Review

USD/JPY:

On the H4 chart, price is still respecting the ascending momentum. We are still bullish bias- Price is testing above the previous low and if bullish momentum continues, it should bring price to first resistance at 144.952 where the 161.8% extension sits. If it breaks this level, it should bring price to 147.301 where the previous swing high sits. Alternatively it could pull back to the first support at 141.652 where the 23.6% retracement and 100% projection sits then to the second support at 139.381 where the 38.2% retracement and overlapping support sits.

Areas of consideration:

  • H4 time frame, 1st resistance at 144.952
  • H4 time frame, 1st support at 141.652

DXY:

On the H4, price is still respecting the bullish channel and has failed to break the first support- we are bullish bias. Price has rebounded off the support level and is moving toward the first resistance at 110.698 levels where the previous swing high sits. Alternatively, price could pull back to test the first support at 109.323 where the 23.6% retracement sits then the second support at 107.677 where the 61.8% projection, 61.8% retracement and previous swing low sits.

Areas of consideration:

  • H4 time frame, 1st resistance at 110.698
  • H4 time frame, 1st support at 109.323

EUR/USD:

On the H4, price is moving within the channel, we are currently bullish bias as price fails to break the first support. Price seems like its moving to first resistance at 1.0112 level where the 50% retracement and previous swing low sits. If bullish momentum continues, it should bring price to second resistance at 1.0274 where the 78.6% retracement and previous swing high sits. Alternatively, price could pull back to test the first support at 0.9913 where the 78.6% projection and previous swing low sits, subsequently the second support at 0.9878 where the previous swing low sits.

Areas of consideration :

  • H4 1st resistance at 1.0112
  • H4 1st support at 0.99134

GBP/USD:

On the H4, prices are still moving in a bearish momentum hence we are bearish biassed. Prices have pulled back slightly but if bearish momentum continues, it should test the first support at 1.1350 levels where the previous swing low sits then the second support at 1.1197 where the 161.8% extension sits. Alternatively, price could pull back to test the first resistance at 1.1605 where the 23.6% retracement and overlapping support sits then the second resistance at 1.1760 where the 38.2% retracement and previous swing high sits

Areas of consideration:

  • H4 1st resistance at 1.1605
  • H4 1st support at 1.1350

USD/CHF:

On the H4, prices have broken the ascending channel and we are currently bearish bias. Price has broken the first support at 0.9623 where the overlapping resistance sits but prices are ranging. If price continues with the bearish momentum, it should bring price back to test the 0.9623 levels before testing the second support at 0.9474 where the 78.6% projection and 78.6% retracement sits. Alternatively, price could pull back to test the first resistance at 0.9755 then the second support at 0.9858 where the swing high sits

Areas of consideration

  • H4 1st support at 0.9623
  • H4 1st resistance at 0.9755

XAU/USD (GOLD):

On the H4, with the price moving within the descending trendline, below ichimoku cloud and RSI is showing a descending trendline, we have a bearish bias that the price may drop to the 1st support at 1658.705, which is in line with the swing low. If the 1st support is broken, the 2nd support could be at 1644.615, which is in line with the 78.6% fibonacci projection. Alternatively, the price may rise to the 1st resistance at 1680.082, which is in line with the overlap resistance. If the 1st resistance is broken, the 2nd resistance could be at 1705.346, where the 61.8% fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st support at 1658.705
  • H4 time frame, 1st resistance at 1680.082

AUD/USD:

On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 0.66717, which is in line with the swing low. If the 1st support level is broken, the 2nd support could be at 0.66122, where the 100% fibonacci projection is. Alternatively, the price may rise to the 1st resistance at 0.67748, which is in line with the 38.2% fibonacci retracement and 23.6% fibonacci retracement.

Areas of consideration

  • H4, current price
  • H4 1st support at 0.66717

NZD/USD:

On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 0.59456, where the swing low is. Alternatively, as the Stoch is reversing from the support, the price may rise to the 1st resistance at 0.60262, which is in line with the pullback resistance and 38.2% fibonacci retracement. If the 1st resistance is broken, the 2nd resistance could be at 0.60788, which is in line with the overlap support and 61.8% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st support at 0.59456
  • H4 time frame, 1st resistance at 0.6026

USD/CAD:

On the H4, with the price moving within the ascending channel and above ichimoku cloud, we have a bullish bias that the price may rise to the 1st resistance at 1.33094, which is in line with the swing high. If the 1st resistance is broken, the 2nd resistance could be at 1.33581, where the 161.8% fibonacci extension is. Alternatively, as the Stoch is reversing from the resistance, the price may drop to the 1st support at 1.32077, which is in line with the 23.6% fibonacci retracement and previous swing highs after testing the 1st resistance. If the price breaks the 1st support, the 2nd support could be at 1.30958, which is in line with the overlap support and 61.8% fibonacci retracement.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.33094
  • H4 time frame, 1st support at 1.32077

OIL:

On the H4, with the stoch is reversing from the support line and here is a golden cross, we have a bullish bias that the price may test the 1st resistance at 93.434, which is in line with the 50% fibonacci retracement. If the 1st resistance is broken, the next key resistance could be at 96.349, which is in line with the overlap resistance. Alternatively, the price may drop to the 1st support at 90.155, where the78.6% fibonacci retracement is.

Areas of consideration:

  • H4 time frame, 1st resistance at 93.434
  • H4 time frame, 2nd resistance at 96.349

Dow Jones Industrial Average:

On the H4, price is reflected off nicely at the first resistance at 32500.85 where the 50% Fibonacci retracement is and broke right through the first support at 31029.34 where the 78.6% Fibonacci retracement is. Price might continue heading downwards towards the second support at 30343.73 where the previous swing low is.

Areas of consideration:

  • H4 time frame, 1st support at 31029.34
  • H4 time frame, 2nd support at 30343.73

DAX:

On the H4, price has reflected of the first resistance at 13505 where the 61.8% retracement is and got a big reaction breaking through the first support at 13084. Price might continue going down towards the second support at 12606 where the swing low is.

Areas of consideration:

  • H4 time frame, 1st support at 13084
  • H4 time frame, 2nd support at 12606

ETHUSD:

On the H4, price has pushed through the 1st Resistance at 1420.81 where the previous swing low sat. Price has also pushed through the 1st support at 1356.35 where the 127.2% Fibonacci extension lies. Expecting a pullback from the 127.2% Fibonacci extension back up to the 1st resistance at 1420.81.

Areas of consideration:

  • H4 time frame, 1st resistance of 1420.81
  • H4 time frame, 1st support at 1356.35

BTCUSD:

On the H4, price reflected off the first resistance at 22600.00, broke past the second resistance at 20756.87 and is moving in a bearish momentum hence we are bearish. Price has moved and pushed through the first support at 19557.00 where the 78.6% retracement sits. If bearish momentum continues, it should bring price to the second support 18540.00 where the previous swing low sits.

Areas of consideration:

  • H4 time frame, 1st resistance of 22600.00
  • H4 time frame, 1st support at 19557.00

S&P 500:

On the H4, the price reversed from the 4100 price area forming a bearish channel, with the price falling towards the 1st support are of 3900. With our bearish bias still valid, as price trades back towards the 61.8% Fibonacci retracement, look for price to test the 1st support area. Price has broken below the 1st support level, the price could fall towards the 78.6% Fibonacci retracement level of 3784.19. There could be some pullback up towards the 1st Support level area else it could head towards the 2nd support of 3636.87. As the price falls towards the 2nd support, it could find some pullback towards the 78.6% Fibonacci retracement pullback support area.

Areas of consideration:

  • H4 time frame, 1st support at 3900
  • H4 time frame, 2nd support at 3636.87

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