EUR/USD:
Looking at the weekly chart we can see that prices face bearish pressure from the ascending trendline support-turned-resistance and 23.6% Fibonacci retracement. On the daily chart, prices found support and bounced at 1.17898, in-line with 61.8% Fibonacci extension. We could possibly see the price swing towards resistance at 1.19000, in-line with 38.2% Fibonacci retracement, 100% Fibonacci extension and 20EMA.
On the H4 timeframe, prices bounced towards resistance at 1.18338, in-line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. We could potentially see the price swing towards first resistance at 1.18506, in-line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and descending trendline resistance. If prices are able to close above resistance, it will swing towards next resistance at 1.18930, in-line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension.
If price drops from this level, it would find support at our first swing low support at 1.17750, in-line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. The next support level will be at 1.17269, in-line with -27.2% Fibonacci retracement and 100% Fibonacci extension.
Areas of consideration:
- H4 time frame, support level at 1.17750 and 1.17269
- H4 time frame, resistance level at 1.18506 and 1.18930
GBP/USD:
Looking at the weekly chart, we can see that the price bounced from our support level at 1.36780, in-line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension. On the daily time frame, prices faced bearish pressure at psychological level of 1.39000, in-line with 23.6% Fibonacci retracement and 20 EMA. We could potentially see the price facing further bearish pressure to support level at 1.36780, in-line with 61.8% and 100% Fibonacci extension and 200MA.
On the H4 timeframe, prices faced bearish pressure at 1.38850. We could possibly see a low-probability scenario where the price faces further bearish pressure and swings towards first support at 1.37544, in-line with 78.6% Fibonacci retracement and 100% Fibonacci extension. RSI is also indicating bearish momentum for further downside. The next level of support will be at 1.36854, in-line with 78.6% and 127.2% Fibonacci extensions.
If price bounces from this level, it will swing towards first resistance at 1.39040, in-line with 61.8% and 127.2% Fibonacci extensions. The next level of resistance will be at 1.39435, in-line with 78.6% Fibonacci retracement, 161.8% Fibonacci extension and daily 200MA.
Areas of consideration:
- H4 time frame, 37544 and 1.36854 support level
- H4 time frame, 1.39040 and 1.39435 resistance level
AUD/USD:
Looking at the weekly chart, we can see that the price is testing the support level of 0.74177, in line with 61.8% fibonacci retracement and 100% fibonacci extension. If price breaks beneath this level we may see a push down towards 0.71245. On the daily time frame, we are seeing a similar picture where price is trending in a bearish momentum under the descending trendline, and is testing the support level indicated on the weekly timeframe. If price rejects the area of support, we may see it push higher towards 0.76499 level, in line with Horizontal graphical overlap, 61.8% fibonacci retracement, extension and descending trendline.
Lastly, on the H4 timeframe, price is showing bearish momentum by creating a descending trendline and reversing from 78.6% fibonacci retracement level, however, the bullish pressure from Weekly and Daily support in line with major level 0.74 are strong. Therefore the market may take more consolidation at this area before a clear direction. We may consider a short position from here towards 0.74522, in line with 61.8% fibonacci retracement level.
Areas of consideration:
- H4 time frame, price consolidating in squeezing triangle
- Weekly and Daily time frame showing bearish momentum
USD/JPY
From the weekly timeframe, prices are holding between the 112.148 resistance level in line with 127.2% Fibonacci retracement and the 104.224 level in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension. On the daily timeframe, we could potentially see prices pushing down towards support level 108.425 which is in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement.
On the H4 timeframe, prices have broken the ascending trendline support and is pushing down towards short term support at 109.220 in line with 127.2% Fibonacci retracement and 78.6% Fibonacci retracement. Prices pull back towards 110.787 level first to retest the ascending trendline support and has reacted off the resistance level before it continues its bearish move down towards horizontal swing low support in line with 78.6% Fibonacci retracement and 127.2% Fibonacci retracement at 109.220. A break above the 110.787 level could possibly see a push up towards 112.148 weekly resistance level. Ichimoku cloud is also above prices, showing a bearish pressure for prices.
Areas of consideration:
- 220 support level on the H4 timeframe
- 787 resistance level on the H4 timeframe
- 425 support level on the daily timeframe
USD/CAD:
On the Weekly timeframe, price has broken the descending trendline resistance-turned-support and is currently testing the long term moving average and MACD indicator is below 0, showing bearish momentum. Price is currently holding between long term resistance at 1.25470 and long term support at 1.20068. On the Daily timeframe, we see that the indicators are showing a build up in bullish momentum. Currently, it is testing the Weekly resistance where we may see a break towards the upside. On the H4, price is consolidating between the weekly resistance at 1.25470 and Horizontal graphical overlap at 1.24443. We may expect price to continue testing Weekly resistance for a bullish breakout.
Areas of consideration:
- H4 showing bullish momentum towards weekly resistance
- 24443 is the support level to watch on H4
USD/CHF:
USD/CHF has shown a strong bounce from the weekly 0.89500 support, in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension, and price is now holding below the descending trendline resistance. The daily chart shows that price is now reversing below the key daily 0.92300 support-turned-resistance and ascending trendline support-turned-resistance. We could potentially see further downside below the 0.92300 resistance.
On the H4 chart, we can see that price is now reversing below the 0.92300 resistance area, in line with 61.8% Fibonacci retracement level and 127.2% Fibonacci extension. We note that RSI is also holding below the descending trendline resistance, showing possible bearish pressure in line with our bearish bias. In this scenario, we could see price reverse and drop further towards 0.90500 support, in line with 61.8% Fibonacci retracement and horizontal pullback resistance. Otherwise, price could also pull back to retest at the 0.92300 resistance as well.
Areas of consideration:
- Price could potentially face further bearish pressure.
- We could see price drop further towards the next 0.90500 support level.
Dow Jones Industrial Average:
On the weekly chart, prices bounced higher above 32765 support. With price holding 32765 support, we might see bullish pressure above this level. On the daily chart, price is currently trading sideways and testing resistance at 35090. With stochastic still testing resistance where price dropped in the past, we see price facing possible bearish pressure.
On the H4, price tested and is still holding below 35090 daily resistance. Stochastic is still testing resistance where price dropped in the past, we still see a low probability scenario where sellers might add to their shorts to push price lower towards 34358 support. Otherwise failure to hold below 35090 resistance should see price swing the other way towards 35485 resistance instead.
Areas of consideration:
- 35090 daily resistance is key level to watch
XAU/USD (GOLD):
On the weekly timeframe, price tested and bounced above key trendline pullback support at 1764. On the daily, price trades sideways, still holding above 1764 weekly support. Further bullish pressure above 1764 weekly support could be possible with an upside target at 1855 resistance.
On the H4, price pushed higher and is coming close to 1835 resistance. With technical indicators showing room for further bullish momentum, a limited push up to test 1835 resistance could be likely. If the bullish pressure is stronger, we might see price break above 1835 as well.
Areas of consideration:
- 1764 weekly support is the key level to watch.
- 1835 H4 resistance level to watch
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