EUR/USD:
Looking at the weekly chart, we can see that prices broke our ascending trend line and key support level at 1.20000, where we could see a further downside before prices reach the next support target at 1.16000, which coincides with graphical swing low support level. The daily time frame echoes the same bearish view as well and we could see a further downside below our resistance level at 1.2000, with 1.17500 as the next support target.
On the H4 timeframe, prices are facing bearish pressure from our resistance level at 1.19567, in line with the 23.6% fibonacci retracement. We could see a further drop below our H4 resistance level to test our support level at 1.18574, in line with the 100% fibonacci extension.
Areas of consideration:
- 18574 support area found on H4 time frame
- 19567 resistance level found on H4 time frame
GBP/USD:
Looking at the weekly chart, we can see that prices are approaching our ascending trend line and weekly support area at 1.35000 where we could see a further downside before it reaches our support level, in line with the graphical pullback support area and 38.2% Fibonacci retracement.
On the daily time frame, prices are approaching our support area at 1.37500, which coincides with the 78.6% Fibonacci retracement, 61.8% fibonacci extension and ascending trend line. Both time frames echo the same view that we could be seeing further downside before prices reach our support area.
On the H4 timeframe, prices are facing bearish pressure from our resistance area at 1.38669, in line with our graphical pullback resistance area and 38.2% fibonacci retracement. We could see a further drop below this level to test our next support level at 1.37500, which is the key support level found on the daily time frame. This support level is also in line with the horizontal pullback support level and 78.6% fibonacci retracement.
Areas of consideration:
- 38669 resistance area found on H4 time frame
- 37500 support area found on H4 timeframe
AUD/USD:
From the Weekly timeframe, we can see that the price has broken the ascending trendline support turned-resistance drawn from 9th March (2020), where we may see a retest of this level if price continues to drop further.
On the Daily timeframe, price has bounced off the support level at 0.76743, in line with 78.6% Fibonacci Retracement, 127% Fibonacci extension and horizontal swing low support. If the bearish momentum continues, we may see a break of this level towards the 76.4% fibonacci extension and previous swing low level at 0.75996. On H4, price has also broken the ascending trendline support turned- resistance, price is making a short-term bullish pullback towards the 78.6% fibonacci retracement, where we may see a further push towards the -27% fibonacci retracement, which is also in line with the Daily support.
Areas of consideration:
- H4 shows price broken beneath ascending trendline support turned resistance, and may continue its bearish move towards major figure of 0.76, -27% fibonacci retracement, and Daily suppot
- Weekly and Daily time frames are showing weak bearish momentum.
USD/JPY
From the weekly timeframe, prices are taking support from the ascending trendline support, facing resistance from horizontal swing high resistance which coincides with 78.6% fibonacci retracement and 100% fibonacci extension.
On the daily timeframe, prices have touched horizontal swing high resistance turned support which coincides with 78.6% fibonacci retracement and 50% fibonacci extension. On H4, prices have already passed the daily support level which coincides with 127.2% fibonacci extension. Prices might pull back to the resistance turned support before bouncing higher towards the weekly resistance at 109.850. EMA is also showing a bullish pressure on price.
Areas of consideration:
- On the H4, prices might pullback to 107.153 which coincides with the resistance turned support level on the daily timeframe
- 850 might be a possible upside target
USD/CAD:
Looking at the weekly chart, price has pushed away from the descending trendline, where it may test its previous low. It is important to note that the long-term picture has pointed the direction down (trend) since March (2020). In the daily time frame, price has retested the trendline as expected and shown a clean reversal with a doji-like candle. We may see a push back towards the previous swing low, as a continuation of this bearish move.
And on the H4 timeframe, price has closed beneath the level of 1.26539, where we may potentially see price dropping towards the daily support level at 1.2579.
Areas of consideration:
- H4 may drop towards 1.2579 to test its previous low as well as Daily support level.
- Weekly and Daily time frames are still showing bearish momentum.
USD/CHF:
On the weekly chart, USD/CHF is testing the 0.93000 weekly resistance level, which is in line with our 161.8% Fibonacci extension and weekly descending trendline resistance. The daily chart also shows a similar picture as price failed to close above the 0.93000 resistance level last week. The 0.93000 weekly resistance level will be an important level to watch and see if price manages to hold below it.
On the H4 chart, we can see that price is currently facing resistance at the 0.93000 weekly resistance area, which is also in line with our 100% Fibonacci extension level. We note that the Stochastic indicator has also just reversed from the upper 95.005 resistance level where it has reacted off before. We could potentially see a reversal at this level and a further move down to test the resistance-turned-support level at 0.91800 level, in line with our 78.6% Fibonacci retracement. Otherwise, a break and close above the 0.93000 resistance area could see price pushing higher to test the next weekly resistance level at 0.95000.
Areas of consideration:
- 93000 weekly resistance level is a key level to watch, which is price is now testing
- Price might pull back to the 0.91800 resistance-turned-support area as seen on the H4 chart.
Dow Jones Industrial Average:
On the weekly chart, price continues to hold between 32643 resistance and 29568 support. Despite price holding above the long term moving average, there remains no strong levels for entry for now.
On the Daily, price tested and is bounced above ascending trendline support. It is possible that traders could see a bounce above this support and should be careful when deciding to trade any short term pullbacks as the bullish momentum still remains strong.
On the H4, price ended last week reacting above 30695 daily support. With price now holding between daily support at 30695 and last swing high at 32009, with no good levels for entry we prefer to remain neutral and watch now. However we note that technical indicators on the H4, favour further bullish momentum in the markets.
Areas of consideration:
- Watch closely daily support at 30695
XAU/USD (GOLD):
On the weekly timeframe, gold pushed lower towards 1670 support which is in line with key 61.8% Fibonacci retracement level. A weekly close above this support level could possibly see a bounce next week. On the daily chart, we see price drifting lower and is currently approaching weekly support at 1670. Like the weekly, a daily close above 1670 could see a bounce reaction next week.
On the 4H timeframe price is holding below 34 period EMA, a further push down below 1723 resistance towards weekly support at 1670 could be likely. However, failure to hold below 1723 could see price show a limited rise towards next resistance at 1752.
Areas of consideration:
- 1670 weekly support is the key level to hold any chance of a deeper drop
- 1723 support on the H4 is the intraday level to hold for a further drop
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