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Technical Outlook and Review

USD/JPY:

The current general bias for USDJPY on the H4 chart is bullish. To add to this bias, the price is currently trading above the Ichimoku cloud, indicating a bullish market. Overnight, the price has maintained its strong bullish momentum above the first support line at 145.900, which also happens to be the 100% Fibonacci line. If the bullish trend continues, price may move towards the first resistance line at 147.410, which contains the 127.2% Fibonacci extension line.

Areas of consideration:

  • H4 time frame, 1st resistance at 147.410
  • H4 time frame, 1st support at 145.900

DXY:

On the H4 chart, prices are moving in an ascending trend signalling slight bullish momentum. It is currently moving towards the first resistance at 114.759 where the previous swing high sits. If bullish momentum continues it will bring price to 115.717 where the 78.6% projection. Alternatively, prices could test the first support at 110.084 where the swing low sits. if it breaks this level, bearish momentum will bring price to second support at 107.669

Areas of consideration:

  • H4 time frame, 1st resistance at 114.759
  • H4 time frame, 1st support at 110.084

EUR/USD:

On the H4, price is moving within the descending trendline in a descending manner, with the price moving below ichimoku cloud- we are bearish biassed. Price is testing the first support at 0.9695 where the 61.8% retracement sits. If it breaks this level, bearish momentum will bring price to the second support at 0.9545 where the swing low and 161.8% extension sit. Alternatively, price may test the first resistance at 1.0047 where the 78.6% retracement sits. If price breaks this level, it may test the second resistance at 1.0194, where the previous swing high sits

Areas of consideration :

  • H4 1st resistance at 1.0047
  • H4 2nd resistance at 1.0194

GBP/USD:

On the H4, price has rejected the first support and is moving in an ascending trend hence we are slightly bullish bias- if price breaks the first support at 1.0915 where the 50% retracement sits, bearish momentum will bring price to the second support at 1.0355 where the previous swing low sits. Alternatively price can test the first resistance at 1.1437 where the 78.6% retracement and overlap resistance sit. Subsequently the second resistance at 1.1739

Areas of consideration:

  • H4 1st support at 1.0915
  • H4 1st resistance at 1.1437

USD/CHF:

USDCHF is in a strong bullish trend on the H4 chart. Price is trading above the Ichimoku cloud signalling a bullish trend. Price looks like it’s moving toward the first resistance 1.0046 where the previous swing high sits. Alternatively price can test the first support at 0.9868 where the overlap support and 23.6% retracement sits then the second support at 0.9757 where the 50% retracement sits

Areas of consideration

  • H4 1st support at 0.9868
  • H4 1st resistance at 1.0046

XAU/USD (GOLD):

On the H4, price is rising from the 1st support at 1660.073, which is in line with the 61.8% fibonacci retracement and overlap support, as the price is above ichimoku cloud and stoch is rising from support level , we can expect the price bounce off from 1st support and test the 1st resistance at 1729.880, where the 61.8% fibonacci retracement and previous swing highs are. Alternatively, the price may break the 1st support and drop to the 2nd support at 1616.073, where the swing low is.

Areas of consideration:

  • H4 time frame, 1st support at 1660.073
  • H4 time frame,1st resistance at 1729.880

AUD/USD:

On the H4, the price is moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 0.62085, which is in line with the 61.8% fibonacci projection. If the 1st support is broken, the 2nd support could be at 0.61072, where the 78.6% fibonacci projection is. Alternatively, the price may rise to the 1st resistance at 0.63876, which is in line with the 23.6% fibonacci retracement and 50% fibonacci retracement.

Areas of consideration

  • H4, 1st support at 0.62085
  • H4, 2nd support at 0.61072

NZD/USD:

On the H4, the price is crossing the ichimoku cloud and RSI is rising over 50, we have a bullish bias that the price may rise to test the 1st resistance at 0.56862, where the 50% fibonacci retracement is. Alternatively, the price may drop to test the 1st support at 0.55338, which is in line with the swing low, if the 1st support is broken, the price may drop to the 2nd support at 0.54578, which is in line with the 161.8% fibonacci extension and 61.8% fibonacci projection.

Areas of consideration:

  • H4 time frame, current price
  • H4 time frame, 1st resistance at 0.56862

USD/CAD:

On the H4, the price trades higher near the 1st resistance of 1.3832 which is the previous swing high level. With the price trading above the ichimoku cloud, we have a short term bullish bias. The price could break the first resistance to test the second resistance at 1.4033 where the 61.8% projection sits. Alternatively it could fall to the 1st support at 1.3495 which is in line with the 38.2% retracement level and the previous swing low subsequently the second support at 1.3184 where the overlap support sits

Areas of consideration:

  • H4 time frame, 1st resistance at 1.3828
  • H4 time frame, 1st support at 1.3495

OIL:

Looking at the H4 chart, the current overall bias for Oil is bullish . To add confluence to this bias, the price is currently above the Ichimoku cloud which indicates a bullish market. Overnight, price has tapped onto the 1st support line at 93.381 where the 78.6% Fibonaaci line and 38.2% Fibonaaci line is located. Price is currently resting on that 1st support line. Expect price to possibly reflect off this 1st support line and back upwards towards the 1st resistance at 96.538 where the 100% Fibonacci line and 0% Fibonacci line are located.

Areas of consideration:

  • H4 time frame, 1st resistance at 96.538
  • H4 time frame, 1st support at 93.381

Dow Jones Industrial Average:

The current overall bias for DJI is bearish, according to the H4 chart. To add to this bias, the price is currently trading below the Ichimoku cloud, indicating a bearish market. Price has continued to consolidate below the first resistance line overnight. If the bearish momentum continues, price may move towards the first support line at 28715.85, which contains the 0% Fibonacci line and the 127.2% Fibonacci extension line.

Areas of consideration:

  • H4 time frame, 1st support at 28715.85
  • H4 time frame, 1st resistance at 29653.29

DAX:

On the H4, with the price moving below ichimoku cloud and long term descending trendline, we have a bearish bias that the price may drop to the 1st support at 11874.07, which is in line with the swing low. Alternatively, the price may rise to the 1st resistance at 12668.06, which is in line with the 50% fibonacci retracement, 78.6% fibonacci projection and overlap resistance, if the 1st resistance is broken, the 2nd resistance could be at 13572.68, where the previous swing high is.

Areas of consideration:

  • H4 time frame, current price
  • H4 time frame, 1st support at 11874.07

ETHUSD:

Looking at the H4 chart, the current overall bias for ETHUSD is bearish. To add confluence to this bias, the price is currently under the Ichimoku cloud which indicates a bearish market. Overnight, the price has continued it’s bearish momentum downwards. Price has been consolidating between the 1403 and 1220 area for the past 3 weeks. If the bearish momentum continues, expect price to possibly head towards the 1st support line at 1220.00, where the 0% Fibonaaci line is located.

Areas of consideration:

  • H4 time frame, 1st resistance of 1405.86
  • H4 time frame, 1st support at 1220.00

BTCUSD:

On the H4, price is showing a descending trendline and below the ichimoku cloud, we can expect the price drop to test the 1st support at 18527.00, which is in line with the swing lows and 61.8% fibonacci projection. If the 1st support is broken, we can expect the price to drop to the 2nd support at 17478.87, where the previous swing low is. Alternatively, the price may rise to the 1st resistance at 20427.23, where the overlap resistance and 50% fibonacci retracement are.

Areas of consideration:

  • H4 time frame, 1st support at 18527.00
  • H4 time frame, 2nd support at 17478.87

S&P 500:

Based on the H4 chart, the current overall bias for the S&P500 is bearish. To add to this bias, the price is currently below the Ichimoku cloud, indicating a bearish market. Overnight, the price has consolidated under the first resistance line at 3636.87, which is also the 100% Fibonacci line and prior swing bottom. If the negative trend continues, price may move towards the first support line at 3448.80, where the 127.2% Fibonacci line is placed.

Areas of consideration:

  • H4 time frame, 1st support at 3448.80
  • H4 time frame, 1st resistance at 3636.87

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