Sample Category Title

Daily Pivots: (S1) 0.8419; (P) 0.8435; (R1) 0.8456; More...

EUR/GBP is staying in consolidation from 0.8476 and intraday bias remains neutral first. On the upside, break of 0.8476 will resume the rebound from 0.8282 to 0.8598 resistance. Decisive break there will add to the case of trend reversal and target 38.2% retracement of 0.9499 to 0.8282 at 0.8747 next. However, break of 0.8398 minor support will turn bias back to the downside for retesting 0.8282 low.

In the bigger picture, price actions from 0.9499 (2020 high) are still see a corrective pattern that should be contained by 0.8276 long term support (2019 low). Bullish convergence condition in daily MACD and break of 55 day EMA raises the chance that it might be completed. Sustained trading above 38.2% retracement of 0.9499 to 0.8282 at 0.8747 will affirm this bullish case and target 61.8% retracement at 0.9034 and above.

Daily Pivots: (S1) 1.5876; (P) 1.5932; (R1) 1.5962; More...

Intraday bias in EUR/AUD remains neutral and outlook is unchanged. Further rally will remain in favor as long as 1.5776 support holds. Above 1.6223 will resume whole rise from 1.5354 to 1.6434 resistance first. However, break of 1.5776 will turn bias back to the downside for 1.5559 support instead.

In the bigger picture, rise from 1.5354 is seen as the third leg of the corrective pattern from 1.5250 low. Further rise cannot be ruled out, but even in that case, strong resistance should be seen at 38.2% retracement of 1.9799 to 1.5250 at 1.6988. Larger down trend from 1.9799 is in favor to extend through 1.5250 at a later stage.

Daily Pivots: (S1) 1.0545; (P) 1.0556; (R1) 1.0570; More....

EUR/CHF is staying in consolidation from 1.0602 temporary top and intraday bias remains neutral. Further rally is expected as long as 1.0439 support holds. A medium term bottom should be in place at 1.0298 already. Above 1.0602 will target 38.2% retracement of 1.1149 to 1.0298 at 1.0623 first. Sustained trading above there will raise the chance of trend reversal and target 61.8% retracement at 1.0824 next. However, break of 1.0439 will dampen this bullish view and bring retest of 1.0298 instead.

In the bigger picture, current development suggests that a medium term bottom is formed at 1.0298 on bullish convergence condition in daily MACD. Rebound from there is still tentatively viewed part of a corrective pattern. That is, larger down trend from 1.2004 (2018) could still extend through 1.0298 to 61.8% projection of 1.2004 to 1.0505 to 1.1149 at 1.0223. However, sustained trading above 55 week EMA (now at 1.0673) will argue that the down trend is over, and bring stronger rise back to 1.1149 next.

Daily Pivots: (S1) 1.2652; (P) 1.2684; (R1) 1.2702; More...

Intraday bias in USD/CAD remains neutral first as sideway trading continues. With 1.2648 minor support intact, further rise is mildly in favor. On the upside, break of 1.2795 will resume the rally from 1.2448 to 1.2963 resistance next. However, break of 1.2648 will turn bias back to the downside for 1.2448 support instead.

In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.

Daily Pivots: (S1) 0.7151; (P) 0.7173; (R1) 0.7204; More...

Intraday bias in AUD/USD is back on the upside as rebound from 0.6966 resumed by breaking through 0.7167. Further rise would be seen back to 0.7313 resistance. Decisive break there argue that correction from 0.8006 has completed at 0.6966, after hitting 0.6991 key support. Outlook will be turned bullish for 0.7555 resistance next. On the downside, however, break of 0.7050 support will bring retest of 0.6966 low instead.

In the bigger picture, focus remains on 0.6991 key structural support. Sustained break there will argue that the whole up trend from 0.5506 might be finished at 0.8006, after rejection by 0.8135 long term resistance. Deeper decline would then be seen back to 61.8% retracement of 0.5506 to 0.8006 at 0.6461. Meanwhile, strong rebound from 0.6991 will retain medium term bullishness. That is, whole up trend from 0.5506 is still in progress.

Daily Pivots: (S1) 115.35; (P) 115.52; (R1) 115.71; More...

Intraday bias in USD/JPY remains neutral and outlook is unchanged. Overall, consolidation pattern from 116.34 is still extending. On the upside, break of 115.68 will resume the rebound from 113.46 to retest 116.34 high first. On the downside, break of 114.14 should extend the consolidation with another falling leg through 113.46 support.

In the bigger picture, no change in the view that rise from 102.58 is the third leg of the up trend from 101.18 (2020 low). Such rally should target a test on 118.65 (2016 high). Sustained break there will pave the way to 120.85 (2015 high) and raise the chance of long term up trend resumption. This will remain the favored case as long as 55 week EMA (now at 111.21) holds.

Daily Pivots: (S1) 0.9224; (P) 0.9240; (R1) 0.9257; More....

Range trading continues in USD/CHF and intraday bias remains neutral at this point. Further rise will remain mildly in favor as long as 0.9090 support holds. break of 0.9372 will resume the choppy rally from 0.8925 to 0.9471 high. However, break of 0.9090 will turn bias back to the downside for 0.8925 support instead.

In the bigger picture, medium term outlook will be neutral at best as long as 0.9471 resistance holds. Larger down trend could still extend through 0.8756 (2021 low). However, firm break of 0.9471 will argue that the trend has already reversed and rebound the rally from 0.8756 with another impulsive move.

Daily Pivots: (S1) 1.3512; (P) 1.3550; (R1) 1.3574; More...

Range trading continues in GBP/USD and intraday bias remains neutral. On the upside, break of 1.3627 will resume the rebound to 1.3748 resistance. Firm break there will revive the bullish case that correction from 1.4248 has completed with three waves down to 1.3158. Further rally should then be seen to retest 1.4248 high. On the downside, however, break of 1.3356 will bring retest of 1.3158 low.

In the bigger picture, as long as 38.2% retracement of 1.1409 to 1.4248 at 1.3164 holds, up trend from 1.1409 (2020 low) is still in progress. On resumption, next target will be 38.2% retracement of 2.1161 to 1.1409 at 1.5134. Nevertheless sustained break of 1.3164 will argue that whole rise from 1.1409 has completed and bring deeper fall to 61.8% retracement at 1.2493.

The short-term Elliott wave view in S&P500 (SPX) shows that we are looking for more upside to complete a 5 waves impulse structure, before see at least 3 swings pullback. The impulse move started from 4219 low to end wave ((i)) at 4453. A pullback in wave ((ii)) ended at 4292 low. SPX then resumes higher in wave ((iii)) with internal subdivision as another impulse in a lesser degree. Up from wave ((ii)), wave (i) ended at 4387, dips in wave (ii) ended at 4332, wave (iii) rallied to 4525 and a pullback appeared as wave (iv) ended at 4483. The last push higher to finish wave (v) ended at 4595. This completed wave ((iii)) in a higher degree.

Wave ((iv)) pullback ended at 4451. This level entered into the territory of wave ((i)) high which suggested a leading diagonal structure. Then the rally continued and we expect 5 waves up to finish wave ((v)) and wave 1. We could see already 3 waves up from wave ((iv)) low and we need 2 more waves complete the leading diagonal. The possible place to end this wave 1 comes in 4629 – 4684 area where we could find profit taking to begin a correction in 3, 7, or 11 swings. The view is valid as long as we stay above 4219.

S&P500 (SPX) 1 Hour Elliott Wave Chart

DXY:

On the H4 timeframe, prices are on bullish momentum and abiding by our daily ascending trendline. We see the potential for a bounce from our 1st support at 95.568 in line with 50% Fibonacci retracement and graphical overlap towards our 1st resistance at 95.695 in line with 23.6% Fibonacci retracement and 50% Fibonacci retracement. Our bullish bias is further supported by our RSI portraying bullish momentum.

Areas of consideration:

• H4 time frame, 1st resistance at 95.693
• H4 time frame, 1st support at 95.366

XAU/USD (GOLD):

On the H4 chart, prices are at a pivot and strong graphical overlap resistance. We see potential for a pullback from our 1st resistance at 1836.379 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension towards our 1st support at 1824.397 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci retracement. RSI are at levels where dips previously occurred.

Areas of consideration:

• 4h 1st support at 1824.397
• 4h 1st resistance at 1829.265

GBP/USD

In the H4 chart , price is trading in an ascending channel and near 1st support level of 1.35043 which is also 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially continue its bullish momentum to the 1st resistance level of 1.36461 in line with 61.8% Fibonacci projection and 78.6% Fibonacci retracement. Our bullish bias is supported by the ichimoku cloud indicator as price is trading above it.

Areas of consideration:

• H4 1st resistance 1.36461
• H4 1st support 1.35043

USD/CHF:

On the H4 timeframe,in reference to last week’s analysis price indeed bounced at the 1st Support level. Price is abiding to the daily ascending channel signifying an overall bullish momentum. We can expect the price to bounce from 1st Support in line with 78.6% Fibonacci projection and 61.8% fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and previous swing high. Our bullish bias is further supported by the RSI indicator where it is at the support level. Traders should wait for prices to swing higher or lower before entering.

Areas of consideration:

• Watch 1st Support at 0.91750
• Watch 1st Resistance at 0.93175

EUR/USD :

On the H4 chart, price is near the 1st resistance level of 1.14816 which is also 61.8% Fibonacci retracement. Price can potentially dip to the 1st support level of 1.13523 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection. Our bearish bias is supported by the RSI indicator as it is abiding by a descending trendline

Areas of consideration :

• H4 1st support at 1.13523
• H4 1st resistance at 1.14816

USD/JPY:

On the H4 chart,in reference to last week’s analysis, price indeed bounced at 1st Support and it is reaching our potential 1st Resistance level @ 115.598.

Price is trading in an ascending channel signifying an overall bullish momentum, however, we can expect a short-term bearish drop from 1st Resistance level in line with horizontal resistance and 78.6% Fibonacci projection towards 1st Support in line with previous swing low and 100% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Areas of consideration:

• H4 1st support at 114.025
• H4 1st resistance at 115.598

AUD/USD:

Price broke out of the descending channel, signifying an overall bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement and graphical overlap support towards 1st Resistance in line with previous swing high and 100% Fibonacci projection. Our bullish bias is further supported by the Ichimoku indicator where the prices are holding above the cloud.

Areas of consideration:

• H4 1st Support level 0.71631
• H4 1st resistance level 0.72584

NZD/USD:

On the H4 timeframe, prices were on bearish momentum and are abiding to our descending trendline. We see potential for prices to dip from our 1st resistance at 0.67005 in line with 23.6% Fibonacci retracement, 38.2% Fibonacci retracement and 78.6% Fibonacci extension towards our 1st support at 0.65916 in line with 161.8% Fibonacci retracement. Our bias is further supported by RSI being at levels where dips previously occurred. Alternatively, our stop loss will be placed at 2nd resistance at 0.67567 in line with 61.8% Fibonacci retracement.

Areas of consideration:

• H4 time frame, 1st resistance at 0.67005
• H4 time frame, 1st support at 0.65942

USD/CAD:

On the H4, with prices moving below the ichimoku cloud, we see a potential drop to our 1st support at 1.25644 in line with horizontal overlap support and 161.8% Fibonacci projection from our 1st resistance at 1.26664 in line with horizontal overlap resistance. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.27779, in line with the horizontal swing high resistance.

Areas of consideration:

• H4 time frame, 1st support at 1.25644
• H4 time frame, 1st resistance at 1.26664

OIL:

On the H4, with prices moving above the ichimoku cloud, we see the potential for a bounce from our 1st support at 90.15 in line with horizontal overlap support towards our 1st resistance at 95.76 in line with the 127.2% Fibonacci extension and -61.8% Fibonacci expansion. Alternatively, price may break 1st support structure and head for 2nd support at 86.09, in line with the horizontal swing low support and 127.2% Fibonacci extension.

Areas of consideration:

• H4 time frame, 1st resistance of 95.76
• H4 time frame, 1st support of 90.15

Dow Jones Industrial Average:

On the H4, with price moving above the ichimoku cloud, signifying an overall bullish momentum. We can expect price to rise to our 1st resistance at 36251 in line horizontal graphical swing high resistance and 161.8% Fibonacci extension from our 1st support in line with horizontal overlap support at 35680. Alternatively, price may break 1st support structure and head for 2nd support, which coincides with horizontal swing low support at 34978.

Areas of consideration:

• H4 time frame, 1st resistance of 36251
• H4 time frame, 1st support of 35680