Sat, Jan 28, 2023 @ 16:15 GMT
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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. Price has maintained its strong bullish momentum and crossed the key level at 148.00. If this strong bullish momentum continues, expect price to continue towards the 1st resistance at 149.313 where the 161.8% Fibonacci extension is located.

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 a descending trend signalling a bearish momentum. Prices are moving towards 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. Alternatively if bullish momentum continues it will bring price to 114.759 and if it breaks this level, bullish momentum will carry price to 115.717 where the 78.6% projection.

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 still overall bearish biased. Price has bounced off the first support hence it might 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. Alternatively, bearish momentum might bring price to 0.9695 where the 78.6% retracement sits. if it breaks this level, price would test the second support at 0.9545 where the swing low and 161.8% extension sit.

Areas of consideration :

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

GBP/USD:

On the H4, price has rejected the resistance and is moving in a descending trend hence we are slightly bearish bias- price looks like its moving toward 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 could test the first resistance at 1.1437 where the 78.6% retracement and overlap resistance sit. If it breaks this level, it should test 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 has tested the first resistance at 1.0046 where the previous swing high sits and it’s pulling back slightly. If bearish momentum continues, 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 failed to break above the 1st resistance at 1660.90 which is in line with the 61.8% fibonacci retracement and overlap support. As the price is within the descending channel, we could expect the price to reverse from the 1st resistance to drop to the 1st support 1617.96, where the previous swing low is. Alternatively, the price may break through the 1st resistance and rise to test the 2nd resistance at 1690, where the 61.8% fibonacci retracement and overlap support is.

Areas of consideration:

  • H4 time frame, 1st support at 1617.96
  • H4 time frame, 1st resistance at 1660.90
  • H4 time frame, 2nd resistance at 1690

AUD/USD:

On the H4, the price is reversing from 1st support, with the price is below the descending channel and ichimoku cloud, we can expect the price test the 1st resistance at 0.63411, which is in line with the 23.6% fibonacci retracement and 50% fibonacci retracement and then drop to the 1st support at 0.61921, which is in line with the 61.8% fibonacci projection and swing low support. If the 1st support is broken, the 2nd support could be at 0.59800, where the 100% fibonacci projection is.

Areas of consideration

  • H4, 1st support at 0.62085
  • H4,1st resistance at 0.6341

NZD/USD:

On the H4, the price is breaking the ichimoku cloud and descending trendline, if the price can break the 1st resistance, we can expect the price rise to the 2nd resistance at 0.58022, where the previous swing high, 100% fibonacci projection and 38.2% fibonacci retracement are. Alternatively, the price may drop to the 1st support at 0.55399, where the swing low support is. If the 1st support is broken, the 2nd support could be at 0.54640, where the previous swing low is.

Areas of consideration:

  • H4 time frame, 1st resistance at 0.56698
  • H4 time frame, 2nd resistance at 0.58022

USD/CAD:

On the H4, the price trades at the 1st support of 1.3726 which is in line with the 23.6% fibonacci retracement and 78.6% fibonacci extension level. As price continues within the ichimoku cloud and the bullish channel, we continue to have a short term bullish bias. The price could bounce from the 1st support to reach the 1st resistance of 1.3967, which is the previous swing.

Areas of consideration:

  • H4 time frame, 1st resistance at 1.3967
  • H4 time frame, 1st support at 1.3726

OIL:

Looking at the H4 chart, the current overall bias for Oil is bearish. To add confluence to this bias, the price is currently below the Ichimoku cloud which indicates a bearish market. Overnight, price continued to consolidate under the 1st resistance at 93.381 where the 78.6% and 38.2% Fibonacci lines are. If this bearish momentum continues, expect the price to head towards the 1st support at 88.186 where the 100% Fibonacci line and 78.6% Fibonacci line are located.

Areas of consideration:

  • H4 time frame, 1st resistance at 93.381
  • H4 time frame, 1st support at 88.186

Dow Jones Industrial Average:

The current overall bias for DJI is bearish, according to the H4 chart. Overnight, price reflected off the 1st support at 29653.29 where the previous low and 100% Fibonacci line is located. If this short term bullish momentum continues, expect the price to possibly head towards the 1st resistance at 30982.97 where the 38.2% Fibonacci line is located.

Areas of consideration:

  • H4 time frame, 1st support at 29653.29
  • H4 time frame, 2nd support at 28715.85
  • H4 time frame, 1st Resistance at 30982.97

DAX:

On the H4, as the price is crossing ichimoku cloud, we can expect the price to break the 1st resistance at 12668.06, which is in line with the 50% fibonacci retracement, 100% fibonacci projection and overlap resistance. After breaking the 1st resistance, the price may rise to test the 2nd resistance at 13490.91, where the overlap resistance is. Alternatively, as the price is below the descending trendline, the price may drop to the 1st support at 11874.07, which is in line with the swing low.

Areas of consideration:

  • H4 time frame, 1st resistance at 12668.06
  • H4 time frame, 2nd resistance at 13490.91

ETHUSD:

Looking at the H4 chart, the current overall bias for ETHUSD is bearish. However overnight, price has closed above the Ichimoku cloud which might indicate a short term bullish momentum. Expecting price to head towards 1st resistance at 1405.86 where the 100% Fibonacci line and previous swing low is.

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 crossing the ichimoku cloud and descending trendline, and Stoch is rising to test the resistance, we can expect the price to rise to the 1st resistance at 20427.23, where the overlap resistance and 50% fibonacci retracement are. Alternatively, the price may drop to the 1st support at 18220.96, which is in line with the swing lows. If the 1st support is broken, we can expect the price to drop to the 2nd support at 17556.55, where the previous swing low is.

Areas of consideration:

  • H4 time frame, current price
  • H4 time frame, 1st resistance at 20427.23

S&P 500:

Based on the H4 chart, the current overall bias for the S&P500 is bearish as price continues in the bearish channel and stays below the ichimoku cloud. While price continues to trade along the risk area of 3638.20, price could fall to the 1st support of 3492.42, in line with the fibonacci extension and previous swing high from October 2020. Alternatively, price could climb higher towards the 1st resistance of 3792 which is the previous swing high and top of the bearish channel.

Areas of consideration:

  • H4 time frame, 1st support at 3492.42
  • H4 time frame, 1st resistance at 3792.11

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